Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-02-23

49, VI tiiN Treasury 70 purchase
four million Ave bundled thousand
ounces OF silver bullion or SO much
thefeof as may be offered in each
month at the market price of one dol
lar FOR 3ii Ia grains OF pure silver and
10 issue treasury notes VI certain de-
nominations In payment therefore.
| THESE treasury notes were made re-
deemable ON demand in Din md were
made legal tender for all debts gub-
TIC and private except where otherwise
expressly stipulated In the contract;
We're receivable for customs, taxes and
an public dues and when held 10y ma
tionai banks might be counted as a
part OF Its lawful reserve. The secre-
tafy was given the discretion to re-
deem said treasury notes either in
soid or silver, And the act declared
y to be the established policy OF the
United states 10 maintain the two
metals on parity with each other
upon the present legal rltio ar such
ratio as may be provided ny law The
secretary Of the treasury was required
each month to coin two million ounces
/ or the silver bullion purchagrd under
Nald act into standard SILVER dollars
until the FIRST day OF July, 1891. and
after that to coin Of tho bullion so
I purchased 20 much as might he nccoa-
tery TO redeem the treasury notes is
sued IN payment Of the silver bullion
| purchased under snld ict.
That part OF the Bland silver act
providing for the purchase of silver
bullion and the coming OF the same into
standard legal tender dollars was re-
pealed. On the third day OF March,
iSSd the following act had passed and
signature:
"7'hnt all laws md parts OF laws nu-
thorlging the coinage and issuance OF
United states trade dollars Is hereby
repealed"
Thus the financial question stood
When the national Democratic conVen-
uon assembled at Chicago In 1892. The
only law upon the statues authorizing
the coinage Of silver dollars was the
sherman act of 1890. the passage OF
winch the Democrats opposed, and this
law had virtually become inopcrative
by reason Of the provision which linz
tied and restricted the time for the
coinage OF the bullion into standard
silver dollars until July |, 1881. And
thereafter only SO much silver could be
coined as was sufficient to redeem the
treasury notes Issued in payment Of the
silver bullion when presented Section
OF the Chicago platform contains the
following language: we denounce the
Republican legislation known as the
sherman act Of 1890 as cowardly
make-shlft, fraught with possibilities
of danger In the future. which should
make all Its supporters MS well rs Its
author anxious for It's speedy repeal
We hold to the use of both gold and
silver as the standard money OF the
country. and to the coinage of both
gold and silver without dlscriminatine
against either metal or charge for
mintage," ETC., etc. Make-shift is thus
defined by Mr. Webster: That which
answers u need with the least means
at hand: temporary eNpedient'
Therefore. the national Democratic
party by Its platform clearly declared
for return to bimetallIe standard.
for a restoration of silver and the com
age OF II into standard money upon
terms OF equality with gold. and de-
clared It's opposition to mere tempo
rary expedients This is the clear i'm
po.t and meaning of this platform II
the English language can be under
stood. Tne people 80 understood II and
upon this understanding MIR. Cleveland
was elected to the presidency
That which followed closely upon the
Inauguration OF Mr. Cleveland on
March L. 1898, was the darkest and
most damnahle plot against the Amen-
car people ever entered into by band
OF conspirators Under the law the
charters of nearly all the national
banks will expire In 1906 II IL stated
that ON March the 18th, 1898, just eight
days after the Inauguration of Prcsi-
dent Cleveland. the Bankers assoc-
alton issued to its members what is
known as the panic Bulletin" which
Tead as followsf Dear Slr-The inter-
ests of national bankers require imme-
dinte financial legislation by congress.
Silver certificates and treasury notes
must be retired and the national bank
notes upon a gold basis, made the only
money. This will require the authOri-
zation OF from $500. 100000 to 81 00O. JOO,-
900 of new bonds as a basis of circula-
ton, You VIII at once retire one-third
of your circulation and call in one-half
of your loans BE careful TO make n
money stringency felt among your
patrons. especially among influential
business men. Advocate an extra ses-
sion OF congress for the repeal of the
purchase clause OF the Sherman law,
and act with other banks of your city
In securing a petition TO congress for
its unconditional repeal as per &C.
companying form. Use personal in
fuence with congressman and partlcu-
larry let your wishes be known TO your
senators. The future life of national
banks as fixed and safe investments
depend upon immediate action. as there
Ia an increasing sentiment IN favor of
government legal tender note and sill
Yer coinage" Reporting II conference
between New York bankers and Mr..
Carlisle, the Sun of April q 1893. said:
There is n determination also to
show the miners OF silver the evils of
the Sherman law. This work has been
started by number of bankers In the
solid communities of the East, They
are daily refusing credits TO the South,
Southwest and West" on the goth OF
April the Sun added; 1.-THE statement
OF Mr. Carlisle to the New York bank
ers makes 1t clear that while Mr..
Cleveland works In congress, the bank
ers Will be expected to work, not in
country, doing their utmost TO pinch
business In the expectation Of causing
a money crisiy that viii affect congress
powerfully from every quarter" The
philadelphia Manufacturer Is quoted as
saying, on September 20, 1898: THE
question has been from the first how
FAR the panic was natural and una
voidable and how far II was artificial
and manufactured. The scare was evil
IDENTIFY artificial in a large measure.
II Is moreover believed by many that
II was deliberately planned TO excite
public dlstrust to give excuse for the
assembling Of congress and to exert
pressure for the repeal Of the Sherman
act. To endeavor TO create by manipu-
lation and artiice fresh financial dis
tress is simply an attempt to commit
n public crime compared with which
arson IL trivial. Gentlemen, whoever
Won are who propose TO make distress
wantoniy, you are playing with fire
ard may perish with flames OF your
own creating.
Thus these national bank conspir-
.,.ra h,, ,naaus NJ financial distress |