Shiner gazette. [volume] (Shiner, Tex.) 1893-current, 1909-07-29

l. 0. u. from the treasury. Al
the hotels and oyster cellars it Il
the same thing. Call for a glass
of brandy and water and the
change is fifteen tickets, eacl
good for one glass of brandy
and water At an oyster shop
eat a plate of oysters and you
have in return seven tickets,
good for one plate of oysters
each.
ut is the same everywhere.
The BARRIERS give you tickets
good for so many shaves, and
were there beggars in the street
| 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 arefcalled here,
shin plastars, 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?'
Yes
Then here's a ticket, and
give me two shGUes 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 blow
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
1t by mutual consent of all par
ties.
THE mcst prominent cause of
this CONFUSION 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
Misrepresentation and OVERHEAD
ing, to the distress which has
ensued.
mot 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 1T is good, is so much extra
capital, In itself nominal and
nonresident, 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" ne ex-
plains, enables those who OBJ
tain it to embark in other specu-
latlons, 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, for
the time, people are more eau
tlous; they stop for while to
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 to
meet it, but if all the profits of
the years of healthy credit were
added up and the balance struck
between that and the loss at the
the advantage gained
by the credit system would still
be found to be great. The ad-
of America depends
wholly upon it. 1t is by credit
alone that she has made such
rapid strides, and it is by credit
alone that she CON cnntinnn 70