Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-04-22

and for the continued use ana H, n,'1'i'a
OF standard silver money ms lora.,e
wiue range but the foundation ~ ~, :,
~ me fact that the supply OF ro,a Il,
, NJ M.riu ~ inadequate for coinage
purposes and that the necesait1aa y
commerce demand tho use Of both eoid
ana silver as redemption money ' M
~ SHOWN both by tho very nefura ~
the subject and by the disastrous eefec "a
upon debis ana the course Of prices
Nscp,nf " Wow the Fundamental
economic truth that the value ~ inh,,'
ana property Is measured hv ~
Noiume OF coin redemption money n
~ evident that the supply ~ coi1 T.
insuiiitient. The United States c~r.., -
Y " war periods have always been on a
npeule lohls, every representative az
i, g., peing based ON and redeemable
y com and the principle Is well es-
taplished that there must be d,io nro-
portion OF metallic estandard money
IN every sound financial system rha
,otai Eoid coin and bullion in thc world
Is only 5000 900 900, while in shps
country there is only $685., 1000 gold
proyide a per capita circulation in ths
world with q population or / 100 900 ooo
Tor 1879, based on the worId's nrod,,ct
OF SiS0o2b,lcO gold for that year or ~ IA
and a probable increase each wear az IA
cents per capita. In the United states
tnere y now per capita circulation Of
ABOUT Va, ~ OF gold. 80 OF silver and "a
OF paper. that Is TO say, Il requires siS
OF metallic standard money to support
- OF paper under present conditiona ar
sl.zoV,VeV. 900 OF gold and silver 10 float
S9vO,Vp,VVO Of paper. To adopt the gold
STANDARD 80 OF gold must support SIS
OF silver and paper or s695. coo 600 ~
gold must float ii,i25, 600 900 Of silver
ana paper, else the volume OF represen
! lhtlNe money must be pontrant "a
me per capita of standard
money Ia now only SIS which
y s proposed 10 reduce one
mar py making silver redeemabic In
gold, besides retiring the paper abso-
iutely, and to which will only be added
each year 10 cents for each person. Not
| only does experience confirm that .hIs
is inadequate but the per capita circu-
iadon does not fairly represent our
cepted statistics that the production OF
gold and silver has not increased IN
proportion to population and commerce.
From 1860 to 1890 II is shown by ac-
cepted statistics that the production OF
gold and silver Increased only Sc per
cent while population increased 100 per
cent, and commerce to a far creator
extent Our population is increasing
per cent a year; our power OF consump-
tion Is conceded TO equal three times
our number In Europe; our internal
traiiic exceeds that ratio and our coun-
Try Is In progress OF development and
requires more standard money. France,
with a population of only 40, 900 600 and
n thoroughly developed country, has a
per capita circulation Of $50. The made
quacy of gold to commercial necessit ties
IS shown In the further admitted fact
that OF the seven great powers of the
world, each endeavorlng to procure and
keep enough gold to do SO and together
having more than ee-fourths OF all
the gold in the world, only England
and Germany are certainly and secure
~ on a gold-paylng basis. The situa-
ton becomes appalling when we pass
from these seven powers and consider
the lack Of gold for trade purposes and
the utter inability of individuals to
meet their liabilities with gold BY the
census OF 1880 the public and private
debts Of the United States exceeded
twenty billion dollars. The Interest on
this debt. which under the single stan
dard must be paid in gold annually Is
100000 900. and yet there Is only $685.
100000 gold In the country 1t Is true
there is not enough gold and silver on
the globe to pay the annual interest
of tn world II due and presented at the
same time. but instead OF supporting
the policy OF single standard, this
fact Is an irrefutable argument against
It and calls loudly for an Increase of
redemption money. Manlfestly the
policy which would narrow the volume
of standard money from that existing
when contracts were made. or prevent
Its natural Increase, lessons unjustly
the power OF debtors to discharge their
obligations by making 1t more difficult
and expensive to procure the money OF
final payment. diminishes the value OF
property with which this money must he
obtained and operates solely in the In
terest OF money dealers and those hold
inr~ ffrnp Fnntr1 ~ n NJ AsrOH
Nor is this deplorable condition Of ar
fairs relieved by the suggestion that
substitutes for money in the form OF
checks and drafts have dispensed with
It's necessity. As said by Senator Bacon
OF Georgia: This may be to the in
terest of the money powers In the
money certers where. with clearing
houses these great financial associa-
tlons arbitrarily suspend money pay
ments when money Is most decided
by their creditors and In violation OF
law issue certificates to pass as cur
rencY between themselves in the place
of money, which they either have not
or with which. II they have II. they will
not part. But TO ninety nine one-hun-
dredths OF the people there can be no
substitute for money In business tran
sactions. They have no clearing house
certificates or other credit devices
which viii be accepted when the de-
Moreo, err rs admitted by Giffen. the
banking facilities and other methods |
of economizing coin have not esectiye-
iy increased the past twenty years.
Credit does not necessarily or in fact |
diminish the use of money. on tho
contrary the effect is TO increase the |
volume of business and in the end |
create additional need for money. for |
while in instances credits may offset |
each other a large number of them
must finally be paid in cash. Besides,
credits are obviously unsafe foundn-
lions upon which TO build sound imam
oial systems which may be impaired or
destroyed by unscrupulous SPECTATORS
To be secure they must rest upon an
ample volume of standard money.
The fact that prices OF all principal
commodities have declined enormously
and the value Of gold has about
doubled since 1873 is admitted. The
great majority of economists attribute
this to the action Of different govern
ments in demonetizing or limiting the
coinage of silver thereby enhancing the
value Of gold, while some rest II upon
overproduc.inn and lessened cost OK
Glffen says: III events
are the touchstones OF prophecies no
prophecy was ever more certain than
the increased dearness OF gold. Thnt
the fall OF prices TO an extent 80 Gener-
~ 80 |