Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-02-19

Our luminous contemporary. the
Austin Statesman, flatters Itself that
1t was not caught in the Gazette's trap.
1t was asked by the Gazette to state
how much gold Is held by all of the
national banks OF the United States
Any bank janitor could have looked up
the Official statistics for 1t. but the
Statesmans financial mentors do not
seem to have reached that high emil
nence; they all belong, apparently, to
the curbstonc, hence the following OK
hlbit. which is not made to confuse our
aforesaid luminous contemporary. but
to show that a vast deal OF the financial
wisdom that Is being preached in Texas
in the name of the gold standard
must be taken with a grain OF salt;
tThe Gazette.)
The truth is that II all the national
banks OF the United States were to
unite In the purchase OF the new issue
OF bonds II would exhaust two-thlrds
OF their stock Of gold to tender pay
ment The Gazette is not making any
guesses on this subject. II refers to the
official reports Of the comptroller or the
currency. Later Information Is given
In the issue of January goth of the FL
nanclcr, New York financial Journal
recognized by "the street. as a stan
dnrd authority. In a lending editorial
under the caption Where is Gold to
Come From" II says;
'Thc question of gold payments for
the new bonds ", however, vital
one. There is reason to believe that
the treasury estimates Of free gold arc
grossly misleading, and little calcu-
lntion converts this Into certainty.
According TO the best information the
national banks hold about SlG2. gg5 900
specie. THE COMPTROLLER or
THE CURRENCY figures Tint tho to.
tai specie In banks OF all kinds Is In
the neighborhood OF slsoOOO,OOO"
(Thc Stutesman)
The Fort Worth Gazette regrets 10
expose the lamontahlo ignorance OF the
Statesman In reply 10 an Inquiry from
that paper OF how much gold wnl
stored in the banks of the United
states, by the answer that the States
man did not know. and In the very ar
urle exposing the Ignorance ot tho
statesman the Gnzcttc convicts itself
Of ignorance by quoting an unnamed
New York commercial paper which
takes issue with the treasury estimate
Of the free gold In the United states
or course, the Gazette takes the csti-
mate of the unnamed paper that CON
trAdlcts the treasurer Of the United
uNod a little trap fur the statesman on
the suppoHltlpu that the Statesman
would give the treasury estimate, the
Gn4otte'5 intention being to pop down
mn ua with the estimate OF its unknown
Sew YORK commercial paper. hut tho
statesman II little too old coon to
10" trapped 10y the tyrn OF tho Gazette.
The very fact that Tho amour: OK gold
Is mnttur uf controversy warrants
m" Statesman in replying II did not
know.
Treasury statistics show that the
total gold possessions Of all the nation.
nj banks OF the United states ON De-
ccmbcr ~, 1895, as reported by them TO
the controller Of the currency In re-
Spouse TO his regular call for state
mcnts was, In round figures.
'iGS.oooo0o over onc-thrd Of this
AMOUNT was held In the three
central reserve cities, aud the
'nnks OF these cities were then
close 10 tile required legal re. |
serve, It Is not strange that advocates |
~ gold standard should seek to con- !
zeal these figures. and to cvndc the dis
'ussion OF their Significance. What
ever may be tho view OF an intelligent
mind upon the subject OF silver coin
,gc, 1t can hardly escape tho conclu-
ion II 1t will frankly face the fncts,
hat the nttempt to base the currency
'ystem OF a country whose commerce
S ms vast as that OF the United States
ipon the slender prop OF Its gold re-
serve is frnught with the gravest con-
sequences TO every legitimate interest.