The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1878-01-29
THE CAUSE OF HARD TINES IN TEXAS,


ing times in Texas Tho prioo Of cots
ton, while II il vastly under the old
standard, got Is fair, and unlike many
other crops, commands money whom
ever II Is offered In market No. too |
with cattle, there IL no limit 10 our sup
ply, aud the range Of markets accessible
10 ~, cOmprlae--sin the late i'm
proyoments in carrying facilities we're
adopted-the entire civilized world
With all these advantages open 10 ~,
why II Is that Texas feels 50 sensbly
the pressure Of hard tlmcBY Our banks
are not crushed like those of other
states, They seem 10 have plenty OF
money 10 meet all demands, showing
that II Ia not here altogether as II is
elsewhere, u short supply of money
which il 10 cruelty depressing trade Of
all kinds. let us inquire what Is ~,
and from whence comes the trouble,
The farmers, planters and stockmcn
Of Texas, are not suffering. They have
more money than sulIioos TO supply
their wants, and tho list Of depoaItors
in our banks dsclOses the laGt that the
deposits OF the farmers are larger and
more in number than ever before
While an inspection Of the outlying set
Elements, and all the surrounding coun.
try will show that there has been, inn
stead of falling oil, or suspension of
improvements, decided sadvance in
this respect, The cause of the hard
times Ia fcOHomH Great rs the principle
N, correct and proper m II IL, our eXpe-
ricnce Of the present season conyinccs
us that this great principle even may
be over done, In preceding seasons,
Whenever bale of cotton hns been sold
in Dallas or any other city or town in
Texas, at say fifty dollars, forty dollars
Mt least was paid by the farmer TO the
merchants of the town, now he scarcely
! even pays ten of it for supplies OF any
kind The consequence Ii, that the
goods bought in anticipation of the
usual trade, remain on the shelves OF
our stores, and the merchant who gave
thirty, sixty and ninety days paper for
them, win he bankrupt if his creditors
move on him
The silver lining to this dark cloud is
this the sale il only deferred and the
reward postponed The people must
have these goods sooner or later, and
il one is only able to weather the next
few months the realization is certain
our idea Of how this economy works
may be understood better if we admit
for arguments sake, that man has
been in the habit Of wearing out three
pairs OF shoes u year, and concludes
that he can get on with two Perhaps,
il this rule obtained, it world cmlnil
the demand for, say, twelve or fifteen
million pairs in year in the aggregate.
How many factories would that close ?
How many people would be thrown out
of employment And this is true
of all other branches of manufacturing
industry. The surplus must be thrown
manufacturer, both usually. The mer.
chant has the goods on his shelves,
and the manufacturer holds the overs
due paper, and threatens destruction
if the demand is not satisfied. 1t is u
good thing for the farmer. 1t must res
suit sooner or later, in making the
farmers Of Texas the richest in the
world. Ultimately the economy of toN
day, which distresses hy being too rigs
idly practiced without the requisite
preparation for it, will prove the saving
business policy of the country. The
country was brought to the very verge
of ruin 10y the extravaganza and waste
which naturally obtained after the war,
when the whole country was flooded
with money The natural reaction,
which thoughtful people looked for, has
been just little more than the busiN
ness OF the country could stand.
The goods which were unsold after
the holidays will be sold before mid>
summer, and the delay experienced
comprises the injury inflicted, and no
moro.