Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-12

Of Infinitely greater Injury TO our people
than tho imposition Of ten times Tho
amount OF tarntion.
1t Is said that the Law 10, their contin.
ued reissue 10 mandatory. Tha Is not
fair construction Of tho law, The pihtu
meaning OF 1t Is thht tho Redemption, O.
tho notes shall not cause their -Anoeiis-
tion. They nro placed ca tho foot,s Of
hank notes. What soiyor, bank woulf ro-
issuo its notes whom III 10 was q run upon
III II would ho.d than uNtii the de;.-.nd
ooasrd Tho government ought 20 exercise
the same prudence. Tho president Il OF the
opinion that tho United States notes md
treasury notes should b0rctircd n.ss give
place TO bank n6tos. Thisis q qnusti0n .or
congress to decide. II II certainly not oi
TINT opinion now, nor was tho last con.
gross Of That opinion, Outside OF fcw
large cities whcrc banking facilities ara
abundant aud business Ia conducted by
chocka and commercial paper there is no
dosirn for tho retirement Of national paper
monny. II II not right for tle executive
authorities TO dlscrodit this money by ua-
ing 1t for current deficiencies. II was the
USE and dispersion Of tho redemption fund
that created thu circle OF which he COIN
plains
l believe that under existing laws tho
aggregate sum " United States notes and
treasury notes Issued under the act Of
1890, amounting TO about t40o, 900 900,
can be easily maintained at par with ooin
II tho two amendments have mentioned
arc adopted by congress. These notes nre
II legal tender FOR nil debts public or pri-
vate. They nro debt OF tho United Stntoa
without interest and without other ma,l-
rial cost to the government thnn the inter
est on the cost Of the coin or bullion hold
In the Treasury to redeem them. They nre
preferred by tho people to any other form
of paper money TINT has boon devised.
They have all tho sanctions OF law and all
tho security that has boon or can ho given
by our boads. They have the pledge OF the
public fifth that they will bd redeemed In
coin. Tho Substitution OF these notos for
state bank paper money Is ono Of the great
est benefits that have resulted from tho DIV
Il war. THESE notes have all the sanction,
protection and security that have been or
can be given TO our national hank nutns,
with tho added benefit that thn largo say.
Ing derived from them inures 20 the poo
pie OF the United States instead Of tho
bankers. Another reason founded upon
belief IL that tho national banking system
could not long endure II the nitcd States
notes wern withdrawn Will not at this
time discuss this or any other of tho numer.
GUS financial questions involved, such hs the
policy Of requiring THE duties OF imports
to DO paid In gold The imports are pur.
chased with gold, arc pnld for In gold, and
wo may require gold duties.
Disposition OF silver Certificates.
Tho disposition Of silver certificates Ia
much MORO serious prohlon Thoy nre In
express terms rodnemable In silver dollars.
While the silver dollars AFRO maintained NJ
par with gold 10 would seem that thrrs
WINS no injustice IN paying tho silver dol.
lars for silver certificates. Then comes up
tho question OF free coinage OF silver,
which regard ns tho most dangerous pol.
ley. All these hrc vital questions do not
wish TO mlDglc with tho pressing recon-
mendntion OF thu president In his Inst nm.
nunl mossnPo TINT authority ho given the
suorctary OF the treasury to issue bonds OF
tho United Rth,es bearing low ratio Of
interest payable by their terms IN gold for
the purpose Of maintaining sufficient
gold resorye and also for the redemption
and cancellation OF outstanding United
States notes and tho treasury notes Issued
for the purchase Of silver under the law Of
$780," lie recommends tho exchange Of
gold interest baarina bonds for ths loyal
N'lhtT hNA0a VI tAt " biAtfN hNN NHu
substitution Of national bank notes M our
only currency. lilo IS supported IN this by
largo and influential clnssos OF DIR fellow
citizens, most OF ihcm engaged In bBnkllr
or chased Us onpitallsts. Their argument
mainly rest upon the difficulties oncoun-
tored by tho administration In maintains
ing reserve In coin 10 rndeein United
States notes. They forget TINT during q
period OF IA years, WHOM tho revenues Of
the government exceeded the expenditures
aud when the public debt was beipg re-
duood with unpxAnplcd rnpidity, there
was no difficulty In maintaining our notes
at par with coin. Tbcro H. scarcely doubt
that In nil probable conditions Of trado
or finance except the contingency of war,
the whole mass Of the United Sthtes notes
now In circulation can 10 maintained at
par with coin II 1t IL supported by TO
serve OF gold coin or bullion or silver bul-
lion In due proportions equal to ono.third
or ono-fourtb Of tho amount OF such notoa.
coucerhing Iiinastaiiism.
a careful study OF ttis Systeins Of bank
Ing, currency and coinage adopted by tho
principal nations Of Europe oony:noes mo
that our system, whom cured OF fow do
focts developed by time, founded upon the
bimetailio coinage of gold and silver main.
tainsd ut par with each other, with free
national banks established In every city
and town OF Importance In tho United
States, Issuing their notes secured beyond
doubt by United sthtcs bonds or soino
equivalent security redocmnble on demand
In United States notes, and tho issue Of
an amount OF United 6intcs notes and
treasury notes equal TO the amount now
outstanding, With provision for n ratnhls
increase with tho increase OF population,
always redoomnble In coin, supported by
nm ample reserve Of coin In the treasury
not to DO Invaded by doficispclea OF revenue
and separated by tho subtrcasury system
from NIL connection with tile receipts and
expenditures Of the guvornment-stoh q
system would make cur money current In
commercial circles In evofy land md cliua
better than the best that now aSists In
Europs, better thnn that Of Great Britain,
which now holds tho purse strings Of the
world.
10 ia not given tp man to foreses with
certainty the future, but II We may judge
the future by the past, the growth and
progress OF our country will continue, the
diversity and extent of oir industries will
expand, the vast pininB Of our broad terri.
tory will be teeinine with population. This
rapid growth Of our oties, unexamplcd In
the history Of mankind, will continue. A
century spsns the life OF tho republic
What will tho next century dof have |
seen great changes In my life. but tIioss
who come after uN will ssp 0rtzttur changes |