The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1873-10-18

foreign aatIpn ,1f "a ttt
9 .ressivo tral ugorl.~aH y
dOmr -, .Il '.ht ''
rct iew 49, u s,rUn iaIti'
lnce tii aga ,at t''t It.n ~ lH'
"jwp y,roat Gauss, MI. 'atr hio'F,
ula t.,e culup lois ,l1' g"Ntr'l' emf
Whc, ,age. u 81 W. a.ivp,ed
auas1io var 81 3urlr"td 10 he
Temporary. Air NJ Hl!os1I 'a T"t-
rr,Iiv % t,c' 'tICasilr, lu tie ~ tnii'a
t.on pi az. WI,. called 'uf l-'" 'lH.' a.
C1ngres, g. TIE fact .ia' iIS'i iNa.i'.
notes were UucanSt'lctiJ-r ta'rPtlh9
US necessity during the Wal, aHd
urged preparations, by la i"4 .St7ilol'
of ConTrrss, for . tptuID t,c cur
renoy OF tiit ro.lsiiGlon speed nis
did not suit tie interest oi a.. corr"pi
advcnturera aui spctalatOr-, which IN"
war had thrown iniopoWci. INeS pre-
ferIcd Il paper currency, Whict' iACT
could USE by it- pXpaHsi"n, to uphold
and initiate their sptMdatiunS. IL was
equivalent To 20 much capital, ttroWl
into tiir hands of t!ne who obtained
it, and, rs currency, could be made
available for ten times more profit,
than the fictitious capital it created.
The consequence was, an enormous
Stimulus TO all enterprises. Property
rose in nominal value, and everybody
FASTENED 10 he rich, not by the sweat
of their hrows, but III epeculations.
We hecane u nstiOlI ol spectators.
It is true that the Snprene Court ofthe
United State, deerced that the legal
tender notes were unconstitutional;
but this only occasioned the Supreme
Bench to he doctOred; and by incrcas-
ing the Judges on the Bench, to obtain
u majority, who adjudicated that they
were constitutional.
Being thus rcldered constitutional,
paper MOI ey in all its forms spread its
wings to carry Us on to the beautiful
and never changing regions of prosper
ity. 1T was said, here ut last is the
grand desidcratum in finance obtained;
u currency immutahlc in value, because
it has no value; and above all, panics,
because, being valucless, it is not anne
nable to boarding. Hence, always fly
ing, the avenues of trade and COM
merce will be filed with its beneiicent
presence, and by going where il is
wanted, like the atmosphere, it will
inspire life, happiness and prosperity
everywhere.
Now, there was one shadow which
fell on this beautiful vision, which its
self-complacent political charlatans
seemed to have totally disregarded.
The United States was mot a small
island, or IN insignificant province,
which could he easily henlmed around
by Gordon Of prohibition. 1t was n
vast country, in its eonlherec next to
one only Of the great nations Of the
world. The currency Of the world, by
which all the mutual commprcc be-
tween the nations of the world is gar
ried on, is specie. Paper currency of
the United States, US . worldwide cur
rency, is not worth the ink and figures
it contains, To do anything with this.
currency to carry on their foreign COM
merce, ii must become a matter of
Ii is not specie on equiva-
lent to specie. Its value is Eauged BY
the metallic currency of ihe world
Hence il fluctuates according TO the
estimate, without the United States, Of
foreign traders and merchants, carry
ing on their mercantile operations ~
the currency Of the world thdy diGs
tate the depreciation according TO Inc
volume or the appreciation Of tlic pa
Der currency, and If the United States
bonds. which Constitute the basis OF
the greater part of t.is currency,
should fall in value, they may treat the
whole of it as Of SO little value as to.
set it aside, even us an cement OF
in trade.
Here, then, independent OF the fiuc-
tuntion which has eyer ntleMea u
hithsrto from L1tesNaf lnllne'lnes y
foreign controlling power III operation,
10 Judge of the value and shake the
OF paper currency IN the
United States. But the hadicai spec-
ulators, Brokers and capitalists OF the
United States ignoredth lnfitienceahd
totally denied its existence over
paper currency, which they maintain
ed was Incapable OF boarding or
panics. lt was demoneytized-Dehg
unlike specie, without value. Ana yet
IN their very next breath, they aillrln-
ed that it was IS good as gqld; pseausn
It was issued on the faith oil the United
States bonds, which were as good rs
gold. Credit piled on credit. This silly
Inconsistency has been exploded in the
late financial convulsions at all the
centers Of -commefce. Gold attacked
this paper currency, under the leader
ship of Jay Gould ;'and itshrunk away.
Then came the panic, because the
paper currency had disappeared, and
stocks ragged on Wall street. And
when more paper currency was thrown
upon the market, it was swallowed up
by boarding as fast as it was issued,
aud the naNic went on. The Golern.
meht Of the United Stefes ppt forth
ss2 ,0O0, 900 of legal tenders, and the
banks of the city of New York SlS,-
UOO,0D0 of their consolidated certificate
paper within one week, and yet the
cry for currency was not appeased.
These facts conclusively show two
things:
]. That the financial convulsion
under which we are laboring, is con-
vulsion produced by our paper cur
rency If the currency of the country
had been gold and silvrE, ar of paper
equivalent 10 gold and silver, no such
would have been undertaken
as that OF Jay Gould TO depreciate
stnQEu with sffl fhn avenues nf trade