The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1875-07-29

Printing a twenty or ff.y-dollar note IS
much less expensive than making mint
drops to either amount, and, when the note
is worn out, the cost OF renewing 1t Is com
paratively nothing.
But il may be said that paper dollar is
but rag, even il based upon p 1ge OIL
the entire faith and credit of solvent gov
eminent or country. This is not 50. True,
a p.per dollar would not procure dinner
for starving man on 4 wreck at sea or in
the centre of Q desert any more than a gold
dollar would, but if the government that
issued it were sound it would be of equal
value with the gold dollar where it was in
tended to circulate as money, unless the
government itself made some unwise dis
elimination against it.
Our own experience is not very extended,
yet we have witnessed the most dire dis
tress in countries which had only metallic
currency, and, on The other hand, we have
seen paper currency command premium
over both gold and silver, though the paper
had no basis of credit save that which the
faith and wealth of its own manufacturers
secured. 1t will be seen. therefore, that q
metallic currency gives no assured pros
perity to the people who use it, and conf
dence is all that is necessary to make a con-
yenient and properly secured paper money
equal if not superior to gold. 1t must also
be remembered in this connection that a
currency issued directly by the government
on the faith of the country is the peoples
own currency; it makes every man his own
banker to the extent of his means; and if it
be accompanied by intcrchangeability with
national bonds bearing a fixed rate of in
terest, it will give to the current volume of
currency a self-adjusting quality which will
hold panics and money gamblers largely at
defiance
II the people and the government have
faith in their own currency and make it re-
ceivable for all dues, it will very soon rise
to par with gold, and gold coin, instead
of being, as at present, a mere article of
commerce, will soon take its place as part
of the currency of the country, and thus
| fill useful place in our financial economy,
especially in its international aspects. What
now keeps gold over seventeen points above
national bank notes, so-called, is that these
notes and greenbacks are interblended in
such a manner as to impose onerous bur
dens on the taxpayers, directly and indi-
rectly, while both are discredited by the
government in its refusal to receive them as
its receipt of customs. Gold is required to
pay duties, and importers are compelled to
purchase about two millions of its every
business day in order to meet the demands
of the government itself. Were this not
the case, even as our currency now stands,
there would be no such margin between
our paper money and the precious metals.
But were the government to issue no money
save that pledged on its own and the peo-
Piles faith, and then make that money re-
ceivable for all dues, gold, instead of COM
handing premium, would speedily become
drug in the market, and as every one
possessed of Treasury notes could get it no
one would want it, except the government
itself when it elected to become a pur-
chaser.