The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1873-10-12

IT.
We became nstion Of SPECTATORS
II IL true that the Supreme court ofthe
United States decreed that 700 legal
tender notes were nnconsl iiutiOnal
but this only accustomed the supreme
Bench to be doctored; aud rs incrcas-
ing the Judges on the Bench, 10 obtain
n majority, who adjudlcateI thnt they
were constitutional,
Being thus rendered constitutional,
paper MOI ey In all lls forms spread It's
wings 10 carry lis on 10 the beautiful
andncver changing regions of prosper
ity. 1t WIS said, here NJ last Is the
grand deslderntum In finance obtained;
Il currency immutable In value, because
It has no value; and above ALL pnnics,
because, being vnlueless, II IL not anne
nnble TO boarding. Hence, always fly
ing, the avenues Of trade and COM
merce will he filled with III benclcent
presence and by going whore II Is
wanted, like the atmosphere, II VIII
inspire life, happiness and prosperity
everywhere.
Now, there was one shadow which
fell on this beautiful vision, which Us
sef-complnccnt political chnrlatans
seemed TO have totally disrcgarded,
The United States was not II small
island, or IN insignificant province,
which could be easily hcmmcd around
by Gordon Of prohibition. IL was Il
vast country, in It's commerce next to
one only Of the great nations of the
world. The currency Of the world, by
which all the mutual commerce be-
tween the nations of the world IL car
ried ON, Is specie. Paper currency Of
the United States, M II worldwide cur
rcncy, IL not worth the Ink and figures
II contains, To do anything with this
currency to carry on their foreign com
mercc, II must become II mntter Of
brokerage. 1t Is not specie, or equiva-
lent to specie. It's value is gagged by
the metallic currency Of the world.
Hence II tluctuates according TO the
estimate, without the United states, Of
foreign traders and merchants, carry
ing on their mercantile operations in
the currency Of the world. They die
tate the depreciation according TO the
volume or the appreciation Of the pa
per currency, and If the United States
bonds, which constitute the hnsis Of
the greater part OF this currency,
should fall in value, they may treat the
whole of il as Of so little value rs to
set IL aside, even rs I'M element of
brokerage In trade.
Here, then, independent Of the iluc-
s,,n La i.h fhnfln1
hitherto from Rie,U0i influences, is
foreim controlling power IN operation,
to Judge of the value and shake the
stability of Il paper currency IN the
United States. lut the Radical spec
ulptors, Brokers and capitalists Of the
UnitndStpios ignnredthis inlluenccand
totally denied its existence oyer y
pnper currency, which they maintain
ed was incapable of boarding or
panicS. II was MISUNDERSTANDING
unlike specie, without value. And yet
in their very next breath, they affirm
ed that II was rs good rs gold, because
il was issued on the faith Of the United
States bonds, which were as good rs
gold. Credit piled on credit, This silly
Inconsistency has boon exploded in the
late financial commissions at all the
centers of commerce. 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 raged on Wall street And
when morepapcr currency was thrown
upon the market, it was swallowed up
by boarding rs fast as il was issued,
and the panic went on. The Govern
ment of the United States put forth
So, 100000 of legal tenders, and the
banks Of the city of New York SlS,-
600, 000 Of their consolidated certificate
paper within one week, and yet the
cry for currency was not appeascd.
These facts conclusivcly show two
things;
|. That the financial convulsion
under which we are aLoring, is Il con-
vulsion produced by cur paper cur
rcncy, II the currency of The country
had been gold and silver, or of paper,
equivalent to gold and silver, no such
enterprise would have been undertaken
as that of Jay Gould to deprcciate
stocks. With all the avenues of trade
filled up with gold, or paper converti-
bic into gold, as 1t is in Europe, n
broker by buying up gold and holding
il, may make II temporarily little
higher in value; but shipments of gold
from Europe could be realized within
ten or twelve days, and no CONFUSION
from the currency could arise.
9. The delusion that u paper currency
will never be boarded, because value
less in ITSELF is exploded; but 1t is
proved that 1t is just us amenable to
boarding as gold and silver, and far
more productive of panics, from its
fluctuations. This, we believe, Is the
fourth panic we have experienced since
the establishment of paper currency
in the United States, during which
time there has not been single finan-
cial panic throughout the specie-cur-
rency nations in Europe, while France
has sustained the expenses of desc
lating war, with the payment of enor-
nous subsidies to Germany, without
the least financial disturbance from her
unchanged metallic currency. These
facts point out the remedy for stability
and power in our currency-the gold
and silver of the constitution.