Year: 1872




The question of the adoption Of q cur
rency basis in oil the branches Of COM
merce in .he State Of Texas is becoming
one of some importance. The advent of new
railroad and other enterprises is putting
q greater amount Of currency into the
hands of the people than they were wont to
handle; therefore it is, that universal pub
lie attention is being drawn to the fact
that currency is ns much n commodity Of
commerce as cotton, hides or wheat, and
that instead of having made gold the basis
Of paluation heretofore we have held and
used it 40 an article Of commerce. The
fact Of gold forming the ajor part of our
circulating medium, necessi tating the
merchant or the farmer when he desired
currency to ask his Banker "what is cur
rency worth ?" is well calculated to lead
the unreAecting mind to the opinion that
gold formed the bnsis, and currency the
contingent staple Of his transaction, and
that by his steady adhesion to the "gold
circulation" principle, he was advanced
one step at least ahead Of those of other
states in the attainment Of the much desir-
ed end of o national specie basis; when
the contrary is the case, for it is patent,
that if we make coin tho rule and cur
rency the exception in commercial trans
actions, coin at once forms the element Of
traffic, controlled in it's values and gov
erned by the few which hold currency to
sell; thus, while they seem to max curren-
oy subordinate to gold, as it is elsewhere,
they are actually setting price upon the
metal while they dignity the paper by
creating 1t master of the commercial
| situation.


1t is mistaken idea that, in the 9TH
er states of the Union where currency
forms tho basis of allactive monetary and
com mmercisl transactions, gold is made an
article of traffic, and we can readily un-
derstand how easy it is for the popular
miad to accept this error, for the quota
tions read "gold worth so and so, when
in point of fact the meaning is exactly the
reverse. In Wall street men say they
speculate in gold, they understand that
tho actual article of traffic consists in the
currency and that GOLD CAN HAVE BUT
ONE VALUE, So that the 'gold market
does not fuctuate an iota, as it is the
source of currency valuation hence its
governor. This state of things, then, ex-
isting in tho other states, a state of things
exactly opposite to that of Texas, 1t FOL-
lows as logical sequence, that our system
being diametrically opposite, the results
are as radically different, or, that the one
using currency as the circulating medium
with gold as the creator and master of its
value, define the yfred status of gold, and
subordinates that of currency to the thou
sand and one exigencies of commerce, thus
creating it Oh article of commerce, as is
right and proper--the other-our own
systcm-just reversing this state of case ns
an original proposition arrives ut exact
ly opposite results. While we would be
pleased to mark the day when gold shall
rsle the hour, commercially, all over the
country, the men and measures creating
the legal tenders still exist, and we are
powerless TO dethrone the one or change
the other, therefore believe that the adop
tion of a currency circulation ruled ant
governed by its legitimate superior-gold
would redouned to the benefit of Texas
Itwould simplify the ordinary transac'
tions of business wonderfully, and woult
result in harm to no man or interest
those Of our people having surplus 0
ready money (gold) can lock'it up if the,
choose, and those whose efforts yield only
supply sufficient to meet necessity, coult
purchase with their greenbacks the sam
things in the same ratio that gold woult
purchase, and should ''goId be porth' 1lO
while they would receive, say one dolla
gold for bushel Of wheat, they woul,
then receive, of course one dollar and to,
cents currency; for il wheat is wort
one dollar in gold, and gold one dollar an
ten cents currency your wheat is the


worth the ST 10 currency, so yon see you
wheat has its commercial gold value in tn
same ratio your currency has, as both ar
merchsntable articles. The necessities Of tn
hour in the larger cities of the State hay
) wrought this change, and We have th
testimony Of some Of our shrewdest on


best merchants and finsnciers that th
change is o good one, and that the onl
thing wanting to perfect its good result


to our every interest, is Its universal adoi