Shiner gazette. [volume] (Shiner, Tex.) 1893-current, 1909-05-20

obCdQ VI ClldllBG yOu ISCC1Nt dAi
/. 0. U. from the treasury. At
the hotels and oyster cellars tits
the same thing. Call for a glass
of brandy and water and the,
change is fifteen tickets, each
good for one glass. of brandy
and water, AT an oyster shop,
eat plate of oysters, and you
have in return seven tickets,
good for one plate of oysters
each. R1
ut is the same everywhere.
The BARRIERS give you tickets
good for so many shaves, and
were there beggars in the street
l presume they would give you
tickets in change, good for, so
much philanthropy. Dealers in
general give out their own bank
notes, or, as they are called here,
shin pGastars, which are good for
one dollar and from that down
to two and a half cents, all Of
which are redeemable only upon
a general return to cash pay
ments. -
Hence arises another variety
of exchange in Wall street,
"'Tom, do you want any avs
tiers for lunch today?'
eyes
Then here's a ticket, and
give me two shGves in return. ;"
Commenting on the reason for
the financial difficulties of those
days, Captain Marryat says :"If
any one will look back upon the
commercial history of these last
fifty years he will perceive that
the system of credit is always at
tended with a periodical bloaO
up; in England perhaps one in
twenty years. in Aemica once in
from seven to ten. This arises
from there being no safety valve
no check which can be put to
it by mutual consent of all par
ties.
The most prominent cause of
this convulsion has already been
laid before the English public,
but there is one-that of specu-
lating in land-which has not
been sufficiently dwelt upon,
nor has the Importance been
given to it which it deserves,
as, perhaps next to the losses oc-
casIoned by the great fire, it led,
more than any other species of
'over-speculation and overtrad-
ling, to the distress which has
ensued.
"Not but that the event must
have taken place in the usual
course of things. Cash pay
ments produce sure but small re-
turns, but no commerce can be
carried on by this means on any
extended scale. Credit, as long
as it is good, is so much extra
capital, in itself nominal and
non-existent, but producing real
returns"
+ In spite of the example of dis
aster incident to the use of cred
it, Captain Marryat does not,
on that account, go to the ex-
IRENE of condemnIng the system,
'"The facility of credit" he ex-
| plains, enables those who OBJ
tain it to embark in other specu-
lations, foreign to their business,
for credit thus becomes extra
capital, which they do not know
how to employ. Such has bene
the case in the present instance
but this is no reason for the
credit system not being contin.
ued. These occasional explo.
sions act as warnings, and, fol
the time, people are more eau.
tious; they stop for while tc
repair damages and recover
from their CONSERVATION, and
when they go ahead again it is
not quite so fast.
"The loss is severely felt, be.
cause people are not prepared t.
meetoi it, tbut If all the profits Of
the years of healthy credit were
added up and the balance strucl
between that and the loss at the
explosion the advantage gained
by the credit system would still
be found to be great. The ad
vancement of America depends
. wholly upon it. 1t is by credi
alone that she has made sucl