The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1873-11-13
HARD MONEY PREFERABLY no
RAG CURRENCY.

With the quotations Of green backs at
one dollar and six and one dollar and seven
as compared with gold, it seems to us strange
that there is not an immediate resumption
Of specie payments. What better time will
ever come? The present difference between
silver and currency is so trifing that the
resumption could injure no onc materially.
We have had paper basis and consequent
initiation OF values, with attendant specula-
ton and over trading, long enough. The
late financial crash has shown the rotten
ness and inability of the paper money sys-
TEN. 1t has been always full of iuiquity
and injustice. 1t is great and serious in
jury to the masses and contributes only to
the benefit Of spectators and sharpers. Do
our readers know how much of the paper
money, used since the commencement of
the late civil war, has been lost9 We
have not the exact amount before us,
but it reaches many millions. This Of
course, has been so much clear gain "a thn
government, but dead loss to the people,
and what is worse, the class of people least
able to bcarIl. II is the poor of our coun-
try who suffer mostly by rag currency.
The small paper change, which is so likely
to wear out or be lost, is almost entirely in
their keeping, and the loss falls upon them.
The sharp traders and spectators get clear
of it, and none ever dies in their hands,
Here in Texas, and especially in Western
Texas, VIC have not been troubled with
these greasy, dirty, little pieces of paper,
containing falsehood on their face, if it
has not been obliterated by wear and tear
in much handling. But any of our readers
who have been at the North OF Northwest
know what . nuisance they are. You buy
something you need at one shop and
receive in change what you are told at the
next is worthless or uneurrent. II the banks
would resume specie payments, this nui-
sance would cease and the purchaser would
get silver in exchange for his five dollar
note. Why is this pcrnicious system kept
up when it is so practicable and easy to dis
pense with ita It is continued solely for
the benefit Of the millionaire traders and
spectators, who think the change from a
profuse currency to a solid specie basis will
be a loss to them, and interfere with their
business arrangements. What if it shouldg
It is better for them to suffer some loss than
that the great mass Of the people should be
injured continually by the operation Of this
insidious but deadly system of irrcdeemablc
paper money. Every country, in all
ages, which has resortcd to it, has been
injured by it, ind has at last been COM
PEELED to return to hard money, the
currency Of the world over A change
from the one system to the other is, Of
course, always attended by loss to some
body, but few must suffer for the benefit
Of the great whole When the difference
between the two is large, tic greater will
be the loss apparently, but stiIl the loss has
its compensation in the general good. The
real wealth Of any country remains the same
under theonc system or the other, but the
mischief Of the paper system is that its
tendency is to put all the property in the
hands Of few at the expense Of the many.
Let the rag system end as soon as possible,
say We Now IS the time. Let none wait
for better. L is not likely that the
difference between paper and gold win
ever be less than now. We think every
newspaper in the land should now take its
posisioa for The resumption 81 specie pay
ments. L IS now comparatively an easy.
metier-some time hence, il this opportu-
nifty is permitted to pass BY, it may Be far
more difficult, ana all know Il must l'e done