New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-11-13
THE SOUTH.
TEXAS.
TEXAS.
TFROM Az OCCASIONAL CORRESPONDENT

rejoice men rejoice WHO lCcl lHdl lHtJ hdNo Co
caped terrible calamity.
am not going TO discuss the effects or speculate
as to the policy of the coming Administration. If
the election has determined anything in regard to
this section it is that the governments based upon
EQUAL RIGHTS must unaterably stand. Now that
the basis of representation is unchangeably hXed
upon voters well numbers, there cannot long De
n party who would exclude class at the expense OF
the loss of representation i'll Congress.
But pass by this speculation TO the peculiar con-
dition of unfortunate Texas, financially. do not
profess to occupy the standpoint from which to as
cuss the great financial questions oi the Day Ohl9
wish 10 mention fact as fnci, ana 20 leave your
money editors TO draw their own conclusions; Out
side of Galveston, everything IS priced ana solo, ana
all labor in Texas is paid for mt specie prices Inc
Government pays ont millions OF treasury hoitS
every month and in TO place more tlan mere ana i'll
San Antonio But this makes no percelyable impress
sion. Gold is the standard; paper currency COM
modify. II the premium on god De ~ per cent
every freedman and frcedw oman IN the country Iu-
derstandS that this means that Mexican SILVER uo-
lar is worth 81 40 III paper; ana, elthei Ny pIactCo
or intuition, every one learns thaU .! III IapCi, 10
worth about 20 cents in coin. so there u no dlncuy
among the dealers. They play broker between liem-
selves. and the money not wanted ior 'aA'S ~ so4u W
the regular brokers' or passed to the Merchants i'9
remitted by them To your city, where IL Is received
and credited. dollar Tor dollar. =, -.
am not prepared To say Whethcr tne IeIcIl in
,ybo buys his goods in your market mt currency prices
and sells at gold prices IS the average gamer Oh
loser lie marks his goods ut specie rates, and to
the man recently from the StatrN WI1cn SINH u,
cant formula in the days of the Texas hepnghc Is
vet i'm fashion, the figures marked on PAIR oil Doos
or coat took cheap: but if you pay IN currency, ihe
process Of sharing your paper soon col me- w n
the merchant has a very respectable piOt over Cot
and charges. Competition OF course. prevents OK
torion. The system of free labor has greatly M
creased the number ot small eaters, ana CdIlcu Jo'
stores far into the interior Ii.
An that wish to say in favor Of tho specie blsIs
il that il keeps gold upon the surface III Is rue l
the gold and silver sink deepest IN the poekct' any
the material the paper dollars. are pad Ist III
is also true that where sales are made on ciet ana "c
counts closed al speceratcs, the dishonest 19o1oi aS
an advantage since he may tender paper. But mere
il A general principle of good faith when regulates
this And it cannot be denied that the paper IS re-
u,itted by the merchants and hence there IS more
ronid drain than there was when gold was almost
the only circulating medium. But proDa0y lhi'
drain 10 settle balances Is more directly altlbt3oio
to the fact that, owing 10 tho arrangement III lDor
and the villanOus caterpliIars our eAPolla o lcaS
i'm proportion TO our imports than before tue war
The demand for goods IN new country, where hO'n
inc il manufactured. greatly exceeds the deiluS OF
the same number of inhabitants III an old manu-
featuring settlement. The bal ances over exports arc
paid in land, and money brought IN by grants
Texas although new, has passed through every
phase of the financial question. WINE the P0Pu
intion was all Mexican, all was silver. Inc
Repubc had no banks, but the Government created
a currency, which soon ran down 10 h0ulIhs'
The State has never had any banks before the war
Louisiana bank bills sometimes obtained ioolholdi
but they were received with dsrust and soon forced
back through the merchants. During the war. the
confederate Treasury Notes drove coin ehiitely
ont Of sight. But. rs these were based upon pima
faith they increased IN quantity and deprecated IN
value until thirty dollars were rated M Que dollar
Then they suddenly disappeared, ana Mexican DOL
lars and American gold Was soon sliicieDty plcnu-
ful To answer every purpose Of exchange III - true
that there was pretty lively expectation OF cot
ton on wagons, which was paid for ~ com or mer,
rhaudZe but the deeper secret was that the Oaided
Gold renppearcd The appearance of United States
currency and National bank bills has net so m9ch
displaced this active circulating com as mas He us
turbed state Of society, which mas caused many
families To hoard money.
And there il another fact in connection with Texas
trade which is worthy of the reflection OF every pTac-
teal hnancicr: Western Texas still draws a large
amount of coin from Mexico IN exchange Tor goods
exported 10 that country, whose mineral resources
are iucXhaustinlc.
There are tho,c who believe that this alone
enables us maintain specie basis ana 10 build up
our Western towns, which are improving 80 IapidJ.
II tins be 80. how important that the nited states
should encourage the building of the lutciWtOnal
Pacific Railroad IN order Ia establish commerce
which would give us "a volume OF com Oh MY mn
lions per annum IN exchange for exports now wasted
for want Of demand.
conclude by saying that think one Of the surest
means of rcUsiablishing specie payments, or more
properly free circulation OF coin. would be 90 prce
everything by common consent, IN gold. This would
restore the jingle of precious metal in very short
time aud very soon IL would bring the paper 10 the
level of CON- or the paper at discount would De
driven out of circulation As To the questions on
quantity there il needless alarm about that supply
and demand must govern IN TINS as IN everything
else. But promised not TO argue the matter. only
mint. little direct European trade. com.
paratiyely foreign immigration, aud
no advantage over any other State.
except what 6nr limited commerce with Mexico
gives, Texas does support healthy circulation Of
coin, by which all deprecated paper j. Eeduced to
specie value and sold in market az 4 c6mmodity
And from these premises do deduce that If the ln-
ternational Pacific Railroad from Cairo To San Bias
or Mazatlan, completed, enough of coin and bull
lion would soon be drawn from that country in eN-
change for American manufactures and Western pro-
duce TO force the result all over the country
And will add. n new fact. that by loan of its
bonds TO the amount of $20.0OO0O0. on perfectly
secure basis that road can be built, and the whole
Mexican trade secured TO the United States.
Wv. p.
A BAND OF ROBBERS IN COLLIN COUNTY, TrNAS.
On Saturday night last II band of Hwless
heir ran tO