Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-31


against and yet supporting and protoit-
ing each other IN the circulntion--thnt In
rational bimetallism. II is. OF necessity. n
foe to speculation In the currency and
for that reason. among others. u has now
as always It's persistent and formidable
enemies. II covers the possibilities OF
safe. sound and ample currency. IT is the
system OF the constitution. II brought
the nations out OF darkness and Its his
tory Is full Of glory. But Il has been
married. perhaps inadvertently. In the
house Of It's filrnde. II now rnqnirei
work of re-ostablishncnt from the stand
point OF the fathers In 1902. Two cond-
lions which patriotic law makers, under
the constitution. did then and can now
provide. arc Indispensable 10 mound BIZ
mctallsm via: |. A legal ratio between
the metals: 2. The expression OF the unit
OF value IN each metal. The contention
OF some theorists that the ratio between
the metals now fixed by law IL radically
erroneous because OF n greater disparity
In their commercial values, would he less
exposed to logical criticism N u consid-
| erately measured tho effect, manifest TO
reason and In the lessons OF experience.
which the legal ratio, the expression OF
the unit or value In cuch metal and "the
use OF both gold and silver az the stand
ard money OF the country and the coinage
OF both gold aud silver without discrlmi-
nation against either metal or charge for
mintugc" would IN turn. have uron their
commercial valuations
To measure the extent u any, to which
n change IN our ratio Is required by rcas-
on OF Determinations by foreign countries
| against tho coinage and use OF eithcr Of
the metals and. on the other hand TO de-
icrinine how far tho effect Of such dts
| ordinations would be ncutrnllzcd or ne
Hativcd by the Independent coinage and
use Of silver, ms demanded IN tho dcmo-
| cratic platform OF 1902 by the greatest ma
/ ifAu OF tho gupfh sol
/ Ing power, as shown by Mulhali, ~ equal
! TO that or Great Rritnin and Germany
combined IN the duty OF wise and dlspas-
sionate statosmanship
J There are thrco points OF view from
which the present financial issue In this
country Is observed and contemplated.
| Tho observatory, No TO apcalS.is triangular
/ and II may not be amiss 10 consider the
| effnct on the vision from the several
angles of reflection I, the standpoint OF
the sold gHthorers Is that OF class In
! tcrrgtUd In % monopoly for the money
they poasess. IN schemes OF contraction and
! the shrinltalge OF values. 2 The stand.
| point OF the owners Of silver mines and
bullion IA that Of Il class lntereated In the
free and unlimited coinage or silver at
the best ratio for that metal obtainuhle
| Those Of the former class, dcprecatlnr
any competition with the yellow metal
| IN the monetary arena are rRally and
! sternly opposed TO true biinotnllism
though they ostcnsiby "cr'y havoc and lot
slip tho dogs OF war" against the ratio
and free coinage OF silver, urging spr-
cious arguments through comparisons be-
tween things md countries having no
relations and filling tho politlco. financial
! horizon with sncctrcH OF rotten money and
ruin. Their contention that blme,allsm
would result IN deprecated currency
and disparity between dollars and there
by AFFORD them vast opportunities for
gambling and gain, but would prove dis
astrous to the industrial masses, has the
vishge and voice Of superhumnn self.nb.
negution and philanthropy. while Il pnts
those masses In the Hight and attitude az
seli-saorifiolne tollors olamoring for that
which VIII destroy them but prosper the
money gamblers, Those or the second
class seem willing TO sweep Awny All
Ahtegnnrds OF the currency to secure un-
limited demand for their property
y Tho standpoint of the yoyofnncnt
should be- that Of Ia. whole people. lire
rpectivc of special class interests Tho
huty OF the government as to the currency
and blmotalllsm Is indicated In the con-
slitution. or sound money for the peo-
PIC neither this nor any other govern
mont has ever yet succeeded IN providing
too much. aud protest that tho popnllst
reformcrs have neither phlloronhy nor
history 10 sustain their proposition to
prescribe limit for the pur capita cir
culntlun. Money II dcnncd M a measure
~ N"iHVAs II W lllAl ana more II ~ also
called circulating medium. This ~ Is
, when II cirrulntot prirurly. A. Is n IN d.
tiin OF exchange. Incidentally, measure
of values. From n conception or the prlm.
AIRY object and functions OF money Il may
he called a convenience, and II ~ difficult
10 conceive OF good convenience being
too abundant for our race. Those who
Rtlll contemplate the original office and
purpose of money as n convenience rec
bonohccnce In its enlargement and believe
II ought 10 he so ample that ita nhund-
ance would be an inducement to II to
, circulate, TO invest, to no about doing
GOOD In the performance OF its mission
, among men, Those who have come 10
think OF II not 30 much as q convenience
TO facilitate exchange Of values as de-
pnritory OF values or store OF wealth. IA
vor tho contraction OF It's volume 80 that
n small quantity OF money win MEASURE n
large quantity OF other property and OF
, labor. Tho rule OF convenience IN the only
law Of Inhalation upon the volume Of good
money If amy people on tho earth have
, ever been smlttcn with the aftliction OF too
much sound currency tho fact has escaped
, the inquest Of history. Among individuals
, l have often heard complaint OF the
scarcity, but never Of tho abundance OF
money. The want Of II opened the abysB
, of darkness for tho nations. In the first
century the Roman empire had loo t01, 900
Eight hundred years afterward that vol
ume had shrunk 10 tlbo,oOJ0lo aud Europe
entered the gloom. | am OF those who
, believe that the people OF the United
! States need more money now than ever
: before In the history OF the country. he
? cause they have more reserve fund.- 10
: absorb II from circulation, more coloHsal
! transactions TO employ II, larger enter
pi1sas to engage II and vnBter amount
, OF property and values for II TO measure
= and exchange. I believe also that the
true basis OF this country's credit is It's
rtsarvos And II Is the richest Nation in
: the world Its wealth " over seventy
thousend million dolara-ii third greater
than that OF Great Britain and double
. that OF Germany or France. Its Industry
> creates annually more values than that of
E any two of them. ] feel tempted 10 add
r that n dollar which Is worth one hundred
: cents worth OF any of that mighty vol
! nmc OF property and values IL n very
7 convenient thing to have about ones per-
!. son.
r have unexpectedly and automatically
4 written at too great length. II wnH my
8 purpose In the beginning of this letter to
Q offer some observations on the import
3 anne and feasibility OF the development,
. through government aid, IL Buffalo bayou
9 into u ship chnnnel--ss commercially I'M
: portant and valuable 10 Houston aud tho
: First district ns the CLYDE to Glasgow
: or the Tyne to Newcastle. hope 70 give
@ me attention to that subject in future
and marshal nome statistics Illustrating
? the Importance to this district. 10 Texas
: and the Southwest OF making the railroad