, 1874-03-20

for what they would bring. Contribu"
tionH worc solicited. Nov. 80, 1895, tho
Council gavo John HutohinB, Of Nntch-
ez Miss, formal voto OF thanks
for his donation Of s1p0 to tho State. In Do
comber, 1886, 1t was decrocd that properly
audited draftB on tho 9tato Treasury should bo
received for all taxes except those on billiard"
tables, liquor, oto. Tho exception was sweop-
ing one and only about 81, ,000. 900 worth Of aucl
drafts got into circulation. They woro for odd
sumB, which doubtless proyonted their serving
Us currency to any grent extont. In December,
1857, whom tho drafts ha1 deprecated until they
wero worth less than 15 cents to Tho dollar.
tho ssato declined to recolvo them any
longer for taxes. In November, 1887,
Texas commencod printing her frst sories
Of Treasury notos. They wero secured
on tho customs, the taxos, and, in fact on every
thing the Btato ownod. and they bore 10 por
cont interest. When they wero issuod. tho
State could not sell bond, and audited drafts
on hor Treasury were at a discount Of s5 per
cent. Nevertheless, the now currency kept at
mar, or noar 1t, for aomo months, until over
$500, COO had boon put forth. In other words,
until tho supply Of currency exceeded $40 per
capita, it did not dopreciato. II Isl curious
fact that tho Continental currency did not lose
moro than por cont Of its nom
inal value until tho Issue exceeded
$40 per capita Of tho inhabitants Of
tho thirteen Colonies. Tho first step was thus
taken in Loganlam. A bill was soon introduced
to mako money choap by manufacturing more Of
It. Moro WAS manufactured. 1t bocamo very
cheap indced. Tho now isRuea did not boar In
toroat. Their bucks we're printed IN red, and
| they vera known aa "red-haoks.r In January,
1880, thoy wero worth forty eents Oh tho dollar.
Soon It required "afteon dollars in
Troasury notes to buy three glasBeB OF
brandy and water, without sugar" The
| Illinois Senators should ba warned in time.
| In 1912, tho Texan notes sunk to 10, 8, a. z
conta On tho dollar, aud then became worthless
Buainess was paralyzod and commerce stopped
And yet these people. who persisted in being
poor, ought to have boon rich for did they mol
have 1896 Of currency apiece On m averagei
i AND 10 W0 nQF RQUW tuAk 4uo why " uant
people roh ia to ses printing-prosaos NJ work OF
green Tor rod) paper. until money" is cheap
From 1888 to 1911, during tins Of peace am
Treasury notes, tho state Govornmont coz
sl,61s, ,4o5 each year. From 1s42 to 1874, durin'
timo of war, with no Treasury notes In circula
ton tho Government cost S170.3G1 each yaar. L
the first period, tho imports woro skiold tho Oh
ports. In tue second, tho two wero nearly equa
By tho time TINT Texas was annexed, ehe ha
tried everything In tho way Of substitutes Il
spocie. Each and Gil had failed. She adopted
constitutional provision agalnBt tho issue {
"paper Of my description intondcd to ctrcula
~ money" Specie flowed in upon her. e.
> trade became steady and prosperous.
Tho facta hero reviewed arc but ono Of t!
long serios Of proofs..os HI. Wells assertion, til
: "thoro cannot be ono single instance roferr
to in tho history OF any stato, nation, or peol
in which the adoption and uso Of irrodeemat
t paper money has not been wholly disassrous."