The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1879-09-18
PRESIDENT HAYES AND THE
LUCK OF AUSTIN.

Efcsiueut hayes uIu noiuiuB hOIO
last Friday at Cincinnati than translate
patent accomplished facts when he
said. s'if Name had elected a Green
hacker or Democrat, and if Ohio
should prefer Ewing, the Democratic
candidate, these wild theories of in
fation would die all the same" At
6fst they csptivate the ignorant, but
none who think continue to entertain
them. Only party leaders who must
consolidate and maintain an organizes
tion OF followers adhere to philoso-
ply .as yapid as that on which Green
backism is based. In truth practical
facts before our own eyes here in Aus
TIN demonstrate the folly of Brick
Pomeroy's philosophy so thoroughly
that his boldest disciples are silenced.
Four and five years ago large areas OF
city property were sold on five years
time. Contraction begat scarcity
Of money. The volumes of cur
fency was lessened, and mossbackism
consplred with Sherman and moth
ing was done to give mechanics or la
borers employment. These instead of
directing public opinion into practical
channels and compelling as they could
the inauguration of railway and other
bene6cent local enterprises, held paper
Cat money, moonshine meetings, aud
exploded much twaddle and nonsense.
Property declined in value with great
rApidity until tax-gatherers wept, and
the city's and county's rulers, when
they contemplated assessors rollr, hast
ened to have friends of those in authOrl-
~ to whoopup prices and fix new stand
ards of valuation. They, too, like the
0feenback clubs, went off on false
scent, and only asserted on paper the
denial of the extraordinary decline in
taxable values. Instead of this they
should have induced the people to in
augurate schemes of public benefcence
and Of progress. Popular wealth might
have been augmented much more rap
idly than It's volume was lessened by the
contraction OF the currency. officehold-
ers and Greenback philosophers both
went of ezra false scent. The place
holders sought to maintain old prop
eriy valuations and assessments, and
more absurd Greenbackers absolutely
undertook to compel the augmentation
oi the volume of paper money. How
people could be enriched by holding
their own promises to pay, called fiat
money, nobody has ever discovered,
and howA county or city can be ag.
erandized by pulled up assessment
rolls none have learned. But the in.
come Of governments was made greater
By the great wrong done taxpayers,
nd crime was perpetrated when
property values were expanded on tax
books. This augmentation of values
should have been real and
effected by practical measures
and BY the promotion of public enter
pFises. II the genius and force Of
Teenbaokism had been directed tc
the purpose of doubling property val.
ots instead of doubling and thus less.
tnsne By half the value OF money, Aus
ID would be to-day the most prosper
cue Of American cities and purchasers
lots sold four and Eve years age
would not - hopelessly bankrupt
fhsy must lose the money they have
expended and the property they
toeRht and houses they built. There
Is bat one remedy. the mortgages,
generous and just as they are known
e Be. will extend all debts one or even
|Eo yeArA il these tax-consumers
.nd LEVERS of taxes and these ar
cent lovers Of the people will
Us insugurate practical instead 81
Empty. delusiSe paper money scheme
. Il progress. A local railway can re-
@<.se tie course Of events and assure
80 relief Of the unfortunate and give
En|p7 ment to every working man and
soluble the actual value of property
e..eed Of doubling the volume OF pa
@ siioat. The President told the
.|IE.,e truth. The Cat money delusiou
rqa ils course. Thin paper never
Iichsa : country. 1t may expand
0t'1ir values, but only that its hold
relieve themselves OF it and
[e. instead. gold or silver or prop
.iy. This l. not the relief sought by
~ ciil or the country. We would
70 the resources of the city and
1aatfx developed and property gwen
s. sexual sad greater productive value
"a is price thus increased. Then
number Of gold dollars It win CON-
>.d pill be as great IS the number
81 paper dosisrs, aud the indebted
>Ple VIII be rick instead Of threat.
-. Ike The Ifish tenantry. with
s.ons and famine.
Hr1ftEHHS and ladies OF literary