Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-07

Wilson law, aud asurtca that during
the twenty-five months OF the Mcllinluy
law the average monthly surplus wus
Sl,l2v,s2l. During the existence Of the
Wilson law the United States exported
In a year agricultural productions val
ucd nt S3Vl ,oIS.SSJ. while during the
last year OF the Mckinley law the ex-
ports Of similar PRODUCTIONS were SAIL
125,29y. lie declared that tho lailclcncy
OF revenue WIS the primary carsc Of
the demand for United States notes and
that the only remedies were either o
radical reduction OF expenditures or an
increase OF taxntion, aud perhaps both.
The senator asserted that iurlug the
iiist term OF Mr. Cleveland when he
was powerlcss 10 affect the currency and
tariff policy, the senate being republican,
the god Increased from Sz4U,'iUO,UOO on
the LIST Of April, 1855 TO S320,OJO.0 900 on
the LIST Of April, 1889. This gold came
change for United States notes or gold
certificates. What other remedy, he
asked, is there for our financial Diff
entities except 10 borrow money Gu the
lest terms possible to pay currency de-
Lcicncios nnd to provide additional reve-
rue for future wantsf 10 this extent
and for this purpose, am willing to
much | disagree with Its general policy.
lie did not wish TO criticlse the sale Of
bonds authorized by the resrn,r'inn -
10 meet the deficiencies caused by the
passage OF the NI4son NV. aa.- 49,
circumstances the administration wa
justified In doing this,
The senator held that notes once re-
deemed should only be reissnod for
Cpd coin, and such Reissue shnull he
mandatory When r0in is deposited IN the
tuamry. With this provision Of law
the scarcity Of currency would crea to
such II demand for II TINT gold would be
freely deposited in exchange for the
more portable and conycni,Nt notes of
the United States. The relcmptien fund
should bc aggregated from al other
MONEYS OF the United States mud paid
our ouly in redemption Of United States
notes. Deficiencies 10 the revenue should
lie provided for by bonds or certificates
Of indebtedness Of small denominations
at n low rate of interest, which wouli
be readily taken by the people through
National banks, sub-trcasdrics and post
offices.
The senator, continuing. said IN part:
"As the term lawful money Includes
gold coina. there is disposition by timid
banks TO convert Their United States
notes into coin. thus aiding In depicting
the redemption reserve. This ought to
he prevented by provision of law that
the bank reserve of lawful Uoney shall
be United States notes or treasury notes
only. The redemption fund Is the cafe
guard OF the money Of the people mud
It's use for any other purpose is rrac-
teal rcpudia ton of the public faith.
"A careful study OF the systems Of
banking. currency and coinage adopted
by the principal natione of Europe CON
WINGED me that our system when cured
L.. 81.
founded upon the himetnllic coinage of
gold aud silver maintained at phr with
cnch other with free National banks cs-
tabishcd in every city of Importance in
the United States, issuing their nutee Sc
cured beyond doubt by the United States
notes aud the issue of mn amount of
United States notes aud treasury notes
equal TO the amount now outstanding,
with provision for u ratablc Increase OF
population, always rcdeemlbc In coin,
supported by an ample reserve IT coin
In the treasury not to be Invaded by de-
fcieucies Of reserve aud separated by
the revenue and separated ny the sub
treasury system from all connection with
the receipts and expenditures of tue
goyerument--sueh system would make
orr money currncy in commercial cir
Giles in every and all cllmes, better than
the best that now exists in europe, bet
ter thnn that Of Great Britain, which
now holds the purse strinra Of the
world. All | ask now IL That you will
not disturb 1t with yonr deficiencies;
yon will not rob II OF its safeguards;
you will not return to the 1nys Of Wild
cut money: you will not lessen the saw
Jugs of prudent labor or lhe accumuln-
lions Of the rich. Time makes all things
even. Lct US give to the executive au-
thorities ample means 10 meet the APP
proprutious you have made. but let us
strengthen rather than weaken cur mon
eiary system. which lies MT the found9-
tiou of our prosperity aud prbgross."