The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1878-08-15

DC Unly 20 q year SlZ0 TO- SIX months.
n Wis the time 10 >uhscrihe.
THE mILLEN ,IUn WNS-wa
SEE Ia NOV.
People whose patriotism and poll
tics are merged into and measured by
q paper dollar, whose craftsmanship
and public policy are defined by paper
pennies, whose platform Is a green back
and whose god is a substitute for
money, aud the meanest possible sub
stltute, born of hard times and of
desperate straits to which patriotism
was driven By accidents and brutali-
ties Of war-these good and patriotic
people are told by their great
leader, Kearney, to make the paper
dollar their platform till they get Office,
and then they will look round and see
what is to be done. These exceeding
good men often misconceive or mlsrep
resent the amount of money in circula
tion or IN esse. If it does not circulate
It is because nobo iy wants it or no
one has aught 20 give for it, or
people prefer properly to the money.
We have often stated that the amount
Of paper money in circulation in 1862
was $3.50. Asa, G79, and was equivalent
TO $2S6 769, 500 in coin; two years later
the paper had increased to 1888 rs, =
9S4, but would then purchase only
$3.50, 649 346 the increase of $780,
900, 600 in paper dollars having added
only $34, 900, 900 to the value of the
whole sum of paper dollars. While
the amount of paper dollars had been
increased $50 per cent. within the two
years, the aggregate value OF the in
creased sum Of paper had been increas-
ed only ten per cent To add $780,
600, 900 to the paper currency at this
time, and have the same irredeem able
in coin, would not add one per cent.
to the coin value of the aggregate in
creased issue oil paper
''Iu 1876 the outstanding paper mon
ey was 1888 376, 535. and had a coin
value OF $500 SIC, 900, while a year
later, the fractional currency having
been withdrawn. the amount of paper
was less by $40, 900 600. and the value
of the reduced sum of paper money
was $500. 600 greater than thu of the
whole one year BEFORE
The following is the available mon
ey at this time, not counting the gold
held in reserve in the Treasury:
Total bank notes. ...... 1924 $40. 7SS
Total legal tenders. go. 346 68I 0l6
Other paper. l6 975 All
Total paper. .$6SS 597. 275
Silver coinage. ......... $50, 600 600
Gold coin. ............. 80, 900, 900
Grand Total. $3.50, 597, 275
Or a. little more than $40 for each man,
woman and child in the United States.
The amount might be increased prop
erly enough, but when it is
proposed to convert 1880. 900, 900
Of bonds into greenbacks and
abolish the banks aud substitute
greenbacks for bank notes, plain, sen
8s people begin to discover that one
ideaism becomes Insanity. and the
worst and most RIDICULOUS monomania
that ever afflicted a country is this
greenback lunacy. II is the morus
nultiedulus fever over again, or the
crszness of KnownOIhingism of 1856,
or Of hard cider in 1910. 1t is ridic-
ulous madness which seizes countries
and States as we'll as individuals. The
few sensible people demented here will
soon recover their senses, and only the
ignorant and unthink'ng will vote f
theorists whose policy wonld be as alb
surd as utterly tuinou> to the best in
terests of the UnIted S ates. II is a
new thing, and therefore popular. II
Is fresh sensations, therefore idle PEG
Pile run after Kearney. 1t will not
last, and those who would escape ridi-
cule, when the collapse comes, should
stand aleof. Party leaders are to be
pitied when they Can only point to the
paper dollar and say to the expectant
people, his is our platform and our god.
But We ol.y propose to show that If
We have currency enough to-day, which
may not be tue, to subserve all pur
poses of trade and if we add to the
volume Of paper we do not add TO the
sum Of valus of the currency but only
to the number of collars. It is value
that buys and not paper OF figures or
marks or words on paper. When this
proposed ''6at"money is redemptionless
It has no value whatever. Otherwise
the government need never levy tax
and instead should issue ''fiat" money
each day to pay its debts and thus the
American people, untaxed forever, will
be perfectly blest. Throw up your hats
and shout for the fiat" money, fell
lows for the death of the taxgather
ard for that universal state of erich
ness to pervsde the universe VIII N 1t
is flooded with paper monsv.
E. V. sMALLEY, of the New York
7ri6une write. TO shat paper that the
leaders Of the Nationals in Ohio are Of