The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1877-10-04
Honey Against Muscle.
D Editor of the Herald.

10 tho EdltoTo the Herald
In a communication 70 another
paper | referred 10 tho duplex capacity
that the English politicians aud bond
holders acted toward the government
Of America In the late "uupleasant'
ness,n and In which she failed but
in the meantime they were so0oping
our bonds from forty 10 sixty cents Ia
the dollar, and up TO this writing the
English bOndh0lders own one billion
Of bonds that are paying no taxes, but
rather the great majority OF same are
drawing six per cent interest IN gold,
payable semi annually, which IN ten
years and nine months would double
Itself and yet the government oil
America Ii continually contracting
greenback circulation and Issuing non'
taxable bonds In lieu, would ASK,
what IL the cause of all this financial
depression According TO Spauldlng'H
History OF the War, page 2Ol, the pub
lic debt OF the United States October !,
1865, was S2,sOs, 549, l37, and according
10 same authority, who IL an advocate
Of special payment, out OF this debt ia
1864, the Imitation paper issued was
over 81 100, 900, 900, and goldreached its
highest quotation So So.
Now the money changers, specnia-
tors and imporsers, were willing TO
give - SIS for 81 90 in gold, yet they
were using this currency TO buy flour
and exchange commodities NJ prices
that were for less than this inflated
- nnlI Ia A auil hnnE Ina.
came the policy OF our government to
reduce all OF our paper currency TO the
standard and par value OF gold. This
was attempted by the withdrawal Of
paper currency, and by absorbing the
sam . by y. ltrary law into Il debt Tor
10 much gold AS the face OF the paper,
in the shape OF gold bonds bearing
yearly interest of six per cent. in gold.
And In the course OF eight years this
change was effected, and the peoples
money of all kinds was subsequently
reduced from 1912 ,305,527 as repre-
scented on the treasnrers book Septem-
Der |, 1865, to the sum of 1851 ,48S, 676
on the first of November 1873, making
the reduction in eight ears 81 1852, 0O6, =
S5l. This brought on all our financial
troubles in 1873. Shortly after the war
contraction of the currency looking to
special resumption began, and ever
since, we have had an annual aug
mentation OF bankruptcy. To Illus
trate, in 1853 there were four hundred
and ninety.hve failures, amounting to
81 800 900, and in 1878 there were 5, lSS
failures, amounting to sos, 400 600, and
up to 1875, 1t has been going on ut the
same ratio, and still the failures are in
creasing. In 1860, this government
owed comparatively nothing,and there
were $500 per head, and to-day the
government owes -, 200, 1000, 900, and
yet there is only about $500
per head, there is now outstanding in
the way OF circulating medium only
$625,000,000, S325000,O00 of which is
required to be held In reserve, and tos
day there is only $500, 100000 of paper
money In circulation, to meet the de-
mands of something near forty-tive
eight dollars to the head. Mr.. Editor,
from Sherman's mode of contracting,
aud from the same ratio, 1t will not be
long before the "per caput will be
considerably reduced from eight dol
lars. In the month of July, 1871 there
were 100000 in greenbacks burned,
and the same amount of non-taXable
bonds issued in lieu. This is the cause
of shrinkage of values in the way of
goods, wage' and SO on; this is the
cause of poor laborers being thrown
out of employment and their families
in state of beggary; this is the cause
of the recent strikes, and unless there
is some speedy remedy devised in the
next congress, the last strikes will be
hut step-stones to what will come,
when men, women and children are
starving for something to eat. b