The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-03-08
FINANCE AND COTTON
FINANCIAL.

FINANCIAL
The New York Mining Record says the
inter falslty Of the constantly repeated twin
statements, on the one hand, that our
Inints are being prostituted 10 the coinage
of a dishonest, underyalued character OF
money-the standard dollar-which nobody
wants or will draw out OF the treasury and,
secondly, that such coinage, further pro-
loused, must soon deplete, II not entirely
stIip, the treasury OF gold. Having rightly
characterized the moral aspect Of those who
are thus working to destroy our silver
industry-whose product last year aggre-
gated SlS, COZ, Geo, and incidentally involved
the production OF about $4,000 GOO of the
s2g, 600, 600 gold yield for the same year
our Chicago contemporary, upon looking
further into the subject, will readily see,
and make its readers see that the suspen,
sion OF silver coinage in this G untry-the
chief producer of silyer-means not only
the early disuse of silver as legal-tender
money by the Unit States but also the
early Inevitable decentralization of silver in
all the commercial states of the word, Un-
deniably this would involve contraction
of at least 81, 25O, 0OO,000 of the specie or
metallic money of the world.
According TO the table recently published
by Mint Director Burchard, the amount of
gold and silver full legal-tender money
held by Europe Asia and America about
the LIST OF October, 1852, was as follows:
Gold 1873 3,6iS, 53i
Total legal tender specie money S. $50, ti2 e3i
Sweeping away the silver component OF
this sum, and the commerce aud industry
OF the world would be left TO go on with a
prOpulsiye force of less than SS,400,000, 600
r A
90, as at the present writing. In other
words: The commercial world of 1885 would
be left with no more specie money with
which to carry on the vastly expanded bus
mess OF the epoch than was at its disposition
III 1850 The absolute effect would be to
sweep out OF existence as money factor
quite as much specie rs has been added TO
the worlds supply sincethe discovery ofgold
in California and Australia, thirty odd years
ago! Nor would this be the end OF con-
traction. While, rs we have said, the
worlds present stock Of metallic money
aggregates IS, 536, 71S G34, it must be remem-
bered that at this time there is in addition
to that sum of specie as much as SO, S25 ,220,-
U7S in paper or credit money. Consequently,
with contraction TO the extent OF 50 per
cent OF the specie basis, there must neCes.
sariy be further contraction to the ex-
tent of at least 25per cent of the paper or
credit money, namely, 4 shrinkage of it to
not more than 81, $50, 900. Thus, under the
proposed monometallc system the worlds
stock of money would stand about as
follows.
Specie that is gold. 49, 400 900
Paper or credit money. ................. 1850 600
s6,25O,O GOO
In other words, to discontinue the use OF
silver as full legal-tender money factor
hn N pt ha
from So, 100, U3, OOO-the amount in circula.
ton about the 30th OF June,
1Ss2-to ST. 290,U0O00J. And the
share of the United States in
this prodigious contraction would leave our
people 1871 100000 at the most, or $95S per
head in specie, with 5000 100000, or $ll per
head in paper money, or q total of 500 81
per head OF the population, against $27.5l
at present.
The immediate disastrous effect of such a
contraction of the sinews OF all industrial
and commercial enterprises would fall most
heavily and irremediably upon the capital
classes OF all countries, the fatuously over
reaching men who are strenuously engin-
eeIlng their own ultimate financial destruc-
ton, as SO often has been the case in human
history. The end they aim Tor, in result,
would be their own financial suicide. As in
1873 every industry and every interest
would be stricken with paralysis, but TO far
greater degree than at any previous period
OF financial and industrial disaster. those
who do not see and comprehend this are as
Diind us bats are said TO be under the blaze
OF the midday sun.
NEW YORK Herald MATTERS are begin.
nlng to look more bullish than bearish.
Weighing the bull arguments in one scale
ana the bear arguments in another, the
latter has the better prospects of kicking
the BEAM This impression is not derived
from the ephemeral fluctuations manuiacl-
ured by the gambling traders of the board
room, but from the solid facts which are
presented by the improved condition of
Trade generally, the increased earnings of
the railways which bring produce To the
seaDoard, and the heavy shipments of our
products being daily made to fereigu ports.
rms Tact OF their being enormous exports
ana Insignificant imports is never alluded
TO by the bears, who blindly hammer away
~ the old notion that STOCKS are too high
that there " no public demand for them,
anu that nothing but Il general tinau-
clal Cataclysm can bring prices down
to their true bearings. With due Difference
TO the opinion of stock jobbing board room
bears, il is respectfully suggested that their
artificial manipulation of prices has no
elect upon the prosperity of the country
whatever. In utter ignorance of the exist
enoe OF stock market, people buy and sell,
ship goods and get paid Tor them, and as
matters look are reaping u handsome profit
by doing so. As an evidence of the great
foreign demand tor our products that is
spring ng up may be cited the statement
that the amount paid to the New York
Central Tor the carrying Of the same to tide
water during the last four months has ex-
oeeded any previous sum in the history of
the road the increase from October to
February l being equal TO S2000,0O0, as
compared with the same period last year.
The earnings of Lake Shore are reported to
be proportionately large, and those of Mich
igan Southern are said to be- more than
enough to insure the next quarterly diyi-
dend OF 2per cent
DALLAS EXCHANGE AND SILVER
Buying. Selling
n, Y Sight. Observation-Disclosures. Il dis, u prem
Chicago. .,........ "a dis, n prem
SalVeston. ."......,....,,..," ~ dis. y prem.
~ iouls''''''s '..ss..'.,'..,s. n ulh, y prem.
New orleans, ....,,.,.,........ y dis, y prem.
sterling sight. ..........,.,. AS5
FRANKS, ......,...,.,,,.,. $40
MARKS. OBSERVATION-DISCLOSURES. rs
Trade dollars. .......g0o Mexican halves. 40
Mexican dollars. SOC Mexican quarters. :, 20
i
RAILROADS.,