The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-03-23
FINANCE AND COTTON
FINANCIAL.

,x Ohio banker traces the crash of 1873
"A he subsequent depression, to over
s sa;rs the construction of railroads. There
wanting remarkable about this. Other
n."ters. and people who are not bankers,
IN The same thing long ago. In fact, the
s u, beginning of the collapse-the failure
'ysy Cooke ( Co.-pointed Enthusiastically
sathis cause, because their failure was due
~ an unsuccessful attempt to sustain the
~sorstrucuon Of second railroad to the Pa
s6c in advance Of real demand Tor such
."od But the Ohio banker startles
s sor people, and goes further than
some other bankers would go, by
ssyipg that We are just getting up
sam to the point where We were ten
Ssars ago, except that we are, so far as the
:overnment is concerned, on better finan-
III basis than we were then, the paper
@rrency being at par with gold coin, and
the grcenback craze having subsidized. In
,bs Building of railroads we are again going
mead of actual demands, and constructing
ines which will not be able TO earn divi-
bends for years, and which may have en-
rcbed SPECTATORS but will one day bring
investors to grief. at is fact that every
Sne should understand by this time" says
Me banker shat the people who furnish
the money that constructs roads never, or
almost never, get anything for it, A road
must be sold at q wonderful sacrifice, gener-
llly at forced sale, time or two, before it
reaches hands who make it go; and still
tbev 20 on building" After some further
statements respecting the methods of the
yeculators, and the ways in which sub
sribers are taken in and done for, the
banker intimates that he looks for another
til l,,t ,f Ia
ant day. 1t is in our favor, he thinks, that
Nry little of our railroad construction is
being done on credit For that reason we
may be able to pass the turning point in
excessive building without disaster, but
great care is necessary. Disaster or no dis
aNer, dull times are pretty sure to succeed
The driving times OF the past two or three
years.
The subcommittee on silver of IKE
house committee on coinage have author
led their chairman, Representative Ding
ley, OF Maine, to prepare report embedy-
hg their views respecting silver Sskars and
silver certificates. 1t will be remembered
that the secretary of the treasury recon-
mended in his annual report the suspension
Of the coinage of the silver dollar, and has
directed the suspension of the issue of sill
yer certificates. His recommendations will
be embodied in the bill which the sub-com-
mltee now propose to report to the full COM
mittee, and which the committee will adopt
wa large majority, should it ever come
before them. The subcommittee are dis
posed however, before making q specific
recommendation in the premises, to await
the assembling of the second session of the
International Monetary conference. The
conference meets again in Paris next month.
II its tone seems to be adverse to the estab-
lishment of an international bi-metallic
Standard, if the representatives of the Eu-
r0pean nations refuse to aCcede to the prop
Osition of the United States, then the sub
committee will report to the full committee
the bill above referred to, and will, in its
report (which will be the report of the COM
mttee) urge that the coinage of silver dol
tltcates be suspended until either
the nations of Europe shall agree
to an international bi-metallic stand
ard, or the United States put 100 cents
worth of silver in its standard dollar. The
committee will indirectly reflect severely
on the report made by the committee on
coinage, weights and measures, some weeks
since, recommending the unlimited coinage
Of standard silver dollars OF present weight
and an unlimited issue of silver certificates.
The International Monetary conference is
to re-assemble in Paris April II. 1t is pos
sble that there will be two vacancies in the
representation from this country. The
delegates on the part of the United
States are William Nj. Evarts,
Allen G. Thurman and Timothy o,
Howe. Mr.. Howe, of course, will not
leave his position in the cabinet to 60 10
Paris. Mr.. Thurman is understood to be
unwilling to again cross the ocean. Mr..
Eyarts alone remains, and it is expected he
will return. There will then be two vacan-
tles. 1t is not known what the purposes OF
the administration arc but it is believed
that Minister Morton and Consul General
George Walker, now in PARIS, will be desig.
mated to fill the places. s. Dana Horton,
the secretary, will return. He has been
devoting, his time during the recess of con.
gress to disseminating arguments in favor
OF the discontinuance Of the coinage of the
standard silver dollar, OH the. theory that a
suspension Of coinage might prove to be the
very strongest argument that could be used
to induce Great Britain TO adopt the interna.
tonal bi-metallic standard.
DALLAS EXCHANGE AND COIN.
Buying Selling. Buying Selling
n y, Elk. haSpar@S St. Louis .Is@xPar@Ga
Chicago. h@APar0A N, o.. ,HClS ParCd Z
Galveston X Par@A Houston. u par6o /,
Exchange, all points X to Z discount. Sterling
sghl 81 IS. Francs, sos 10. Marks, 25.
Trade dollars e.. ,e0cts. Mexican dollars. scots
Mexican halves. .4octs. Mexican quarters l5cts