The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1878-10-31
WHY THEY DREAMED ABOUT IN
AND THE FOLLY OF TIE VS.

NOW is the time 70 suOscr1Oe.
WHY THEY DREAMED ABOUT II
AND THE FOLLY OF TIE VS.
ION.
Most advocates of abundant money
owe debts slowly maturing, which il
many instances are liens upon homes
and farms. Whether they confess the
purpose or not, it exists to take advan.
tage of the contemplated iEhstion Of
currency to extinguish debts easily and
eheaply. Therefore the stress placed
upon. the word absolute. When q gor.
geous Greenbacker gloats over substi'
tutes for gold, he sees mortgages DIS
appearing and his home paid for, ant
dreams of degree of temporal bless.
edness never felt before. We havt
heard one street preacher of politics
declare that the execution of the VAST
Jones fiat money scheme would be the
equivalent to him of the extinction o.
his debts at twenty-five cents on thu
dollar. In fact, were it not for thu
expectation that the Greenbacker''
policy would enable those in debt tC
pay out for a song there would be no
Greenbackers, and fiat shinplasterS
would be as thoroughly despIsed as
those that gave origin to "Flush Times
in Mississippi and Alabama. "Wash
Jones" we use the words to illustrate
the fact, and because it Is common
and not proper name, owes $4,000
bearing ten per cent. interest and Still,
who is a gentleman but never still,
AID therefore his appellation is mig
nomef and we have right to use it in
illustrating the facts before US, owes
$500. Cotton is selling at 8 1-2 cents,
wheat at 81 and workingmen's wages
are So per diem. Fiat money will be
rsubstituted for all we now have and
for 81, 300, 900, 900 U. S. bonds, and
will soon be worth not more than % or
80 cents on the dollar and cotton will
sell for 30 cents, wheat for So. 50 and
wages will GO up to 81 or IS per day.
The supposed Still and supposed jones
win pay oil they owe and when freed
from liabilities will be ready for honest
money and honest industry.
But the question is, will this
nice little scheme of the supposed
Jones and Still pan out as
they propose. If Greenbackers
become omnipotent in both branches
of Congress, if they triumph over
the Presidents veto, will not their
purposes fail OF accomplishment These
people represented by this Jones and
this Still are wholly deluded. They
are cheating themselves, and innocent
people burdened with debt follow a
delusion. The Senate, the House and
the President, and all the power of the
States upheld by the genius of our
supposed Still and supposed Jones,
cannot make existing debts, that are
payable In gold and silver or in legal
tender, which is gold or silYer-no
earthly power can make such debts
payable in paper or fiat money,
so called. Congress cannot en-
act operative en- post Jaeto laws.
Congress cannot abrogate valid, sub
sisting contracts to pay in gnl2 or sill
yer. The day will never come when
these supposititious or real debtors and
bowling deryishes of Greenbackism
can get even by cheating those they
owe in accordance with forms of law.
When we have SAID that the volume of
currency should be enlarged, it never
occurred to us to suppose that it would
be made so great that there could not
be gold aud silver enough to redeem
It. Under the old State banking sys-
TENS the rule was to have three of
paper for each gold dollar. Since the
credit Of the government with its
vast income would be infinitely bet
ter than that of any private corpora
top, the number OF paper dollars paya-
BILE on demand IN gold and silver might
be safely made four or five-fold greater
than sums of silver and gold in the
treasury. The people would never or
rarely demand gold if they knew, as
they would know, that the govern
mept could always pay gold or silver;
but surely nobody ever dreamed of
this fat money folly who did not pro-
pose to rob creditors and pay nothing
or extinguish debts at a heavy dis
count. Since we have seen how i'm
possible this must be and how wrong
full, even If possible under the Consti-
tuition, surely there can be few honest,
thoughtful citizens, whatever their
financial condition, who viii not ADAM
don the purpose to provide an ''easy
way to pay old debts" by adopting the
absurd and imprscticable theories
Of the supposititious Still aud Jones.
We modestly appeal to good sense and
common honesty and ask whether, if
Congress order the creation of fiat
'ansaey, We can pay debt now payable
IN coin or in paper payable in coin,
with this scrip which is not payable in
coin or payable At any time. and which
Is not com. Is not the whole scheme
absurd and delusion and snare to
ensrap the selfish and unthinking who
happen 10 owe money and would pay
with 3 eheap substitute for money
Tho Federal Constitution interposes its
Dat to defeat tue purpose Of this ''fatn
% philosophers of Texas when it pro-
nounscs Against laws vielative of sub
sisting contracts. No creditor would
aecept this new tangled money in pay
ment Of his dues, and no court that
tser sat would compel any creditor TO
resolve such money and iat noon
shlne would be dissipated in the hancs
of its manufacturers.
- -
WnAr viii Randall do. il returned
10 the House, shout Tom SCOTS road
wan he take both sides of the question