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When Laws Were Worse
Thoso who have experienced
difficulties in the present finan
cial stringency will find much of
interest in comparing it with the
conditions which prevailed dur
ing President Jacksons adminis
tration Captain Marryat that
afmous sea story writer paid a
visit to America at that time
when the panic was at its height
Two years later he recorded
some of his impressions of the
period in A Diary of America
The New York Evening Post
ijrints a portion of this Diary
with a few comments from
which wo quote
All the banks have stopped
payment in specie and there is
not a dollar to be had remarks
iCaptain Marryat of his first ex
perience I walked down Wall
street and had a convincing
proof of the great demand for
imoney for somebody picked my
pocket
Two hundred and sixty
houses have already failed and
no one knows where it is to end
Suspicion fear and misfortune
ihave taken possession of the city
Had I not been aware of the
cause I should have imagined
that the plague was raging and
I had the description of Defoe
before me
Captain Marryat did not fail
to notice and comment on the
characteristic American spirit
which was able to enjoy the hu
mor of the situation even at its
own expense and in the midst
of disaster to lay plans for a new
startTho
Tho militia are under arms
as riots are expected he writes
The banks in the country and
other towns have followed the
example of New York and thus
has General Jacksonse currency
bill been repealed without the aid
of congress Affairs are now at
their worst and now that such
is the case the New Yorkers ap
pear to recover their spirits
One of the newspapers humor
ously observes All Broadway
is like unto a newmade widow
and doosnt know whether to
laugh or cry
There certainly is a very re
markable energy in the Ameri
canjdispositibn if they fall they
bound up again Somebody has
observed i that the New York
merchants are of that elastic na
ture and that when fit for
nothing else they might be con
verted into coach springs and
such really appears to be their
character
They may say the times are
bad said a young American to
me but I think that they are
excellent A twentydollar note
used to last me but a week but
now it is as good as Fortunatus
purse which was never empty
I eat my dinner at the hotel and
rthen show my tyentydollar note
The landlord turns away from it
as if it were the head of Medusa
and begs that I will pay another
time I buy everything that I
want and I have only to Offer my
twentydollar note in payment
and my credit is unbounded
tthat is for any sum under twen
ty dollar If they ever do give
change again in New York it
will make a very unfortunate
change in my affairs
In that day the importation of
gold was slower and more diffi
cult and currency it appears
was not to be had even at a pre
mium Nobody refuses to take the
paper of the New York banks
writes Captain Marryat in de
scribing conditions although
ithey have virtually stopped pay
ment they neyer refuse any
thing in New York but nobody
will give specie in change and
great distress is occasioned by
this want of circulation medium
Some of the shopkeepers told me
that they had been obliged to
turn away a hundred dollas a
day and many a Southerner
who has come up with a large
supply of Southern notes has
found himself a pauper and has
been indebted to a friend for a
few dollars in specie to get home
again
The distress for change has
produced a curious remedy
Every man is now his own bank
er Go to the theaters and places
of public amusement and in
Proposed Amendment to tho Consti
tution IlelatinK to Commis
sioners Precincts
Joint Resolution to amend Section 18
Article 5 of the Constitution of the
State of Texas so as to provide for
subsequent redlstrlctlng ot a
county Into cbmmlssloners pre
cincts defining the manner there
of for submitting same to the
electors of the State and making
an appropriation therefor
Be It resolved by the Legislature of
yn
stead of change you receive an tho state of Texas
I 0 TA from the treasury At a r 0V ALWmni ir
of
tIce tho Constitution of
J v the
n iatn i 11 H la
the hotels and cellars it is
oyster
statS 0 Texa3 bo ain6naod so as t0
tho samd thing Call for a glass hereafter read as follows
of brandy and water and the Each organuedcounty in the state
ow or hereafter exist ng shall be dl
chanire h fiftppn ticket each <
doJ f t t
good for one glass of brandy yenlence of the people Into justice
and water At an oyster shop precincts not leas than four and not
eat a plate of oysters and you
have in return seven tickets
good for one plate of oysters
each It is the same everywhere
The barbers give you tickets
good for so many shaves and
were there beggars in the street
I 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 piasta < s 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 ays
ters for lunch today
Yes
Then heres a ticket and
give me tfyo shaves in return
Commenting on the reason for
the financial difficulties of those
days Captain Marryat says If
any one will look back upon tho
commercial history of these last
titty years he will perceive that
the system of credit is always at
tended with a periodical blow
tip in England perhaps one in
twenty year3 j 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
overspeculation and overtrad
ing to the distress which has
ensued
Not but that the event must
have taken place in the usual
course of things Cash pay
ments piOtitoeSore bufsmflll tS
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
nonexistent 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
treme of condemning the system
The facility of credit he ex
plains enables those who ob
tain it to embark in other specu
lations foreign to their business
for credit thus becomes extra
capital which they do hot 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 cau
tious they stop for a while to
repair damages and recover
frjom their consternation 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
explosion the advantage gained
by the credit system would still
be found to be great The ad
vancement of America depends
wholly upon it It is by credit
alone that she has made such
rapid strides and it is by credit
alone that she can continue to
flourish at the same time that
she enriches those who trade
with her
more than twelve Thq present county
courts shall makeHhe first division
Subsequent divisions shall be > made
by the commissioners court provided
for by this Constitution In each such
precinct there shalljje elected at each
biennial election one Justice of the
peace and one constable each ot
whom shall hold his office fdr two
years and until his successor shall be
elected and qualified provided that
In any precinct In which thoro may
be a city ot eight thousand or more
inhabitants there shall be olected two
Justices of the peace Each county
shall in like manlier and In the first
instance be divided Into four com
missioners precincts in each of
which there s hallbe elected by tho
qualified voters thereof one county
commissioner who shall hold his
office for tw6 years < and until his suc
cessor shall be elected and qualified
Subsequent divisions of u county Into
coimnlslsoncrs precincts shall bo
made an Is now or liercaftcr provided
by law The county commissioners so
chosen with the county Judge as pre
siding officer shall compose the
county commissioners court which
shall exercise such powers and Juris
diction over all county business as Is
conferred br this Constitution and
the laws of the State or as may be
hereafter prescribed
Sec 2 That the sum of one thou
sand 1000 dollars Is hereby ap
propriated out ot the State Treasury
not otherwise appropriated for the
purpose of dfraylng th ncssadgkq
purpose of defraying the necessary
oxpense of submitting the above pro
posed amendment to he people of the
St the next general or special
ejection in tho manner required by
law by the Governor of the State
A true copy
copyty It DAVIE
Secretary of State
>
TAXATION Proposed Amendments
to Constitution
Joint Resolution amending Section 3
Article 7 of the Constitution of
the State of Texas Increasing the
amount of tax that may be voted
on chool districts and providing
for a majority yote of the property
taxpaylng voters of such district to
voto Buch tax
Section 1 Be It resolved by the
Legislature of the State of Texas
That Section 3 of Article 7 of the
Constitution ot the State of Texas
be so amended as to hereafter read
as follows
Section 3 Onefourth of the reve
nue derived from the State occupation
taxes and a poll tax of 1 on every
male inhabitant ot this State between
the ages of 21 anjUcO years shalljbe
> Ri lapart annteJV if the benefit ot
the public freeichools and In addl
tlon thereto there shall be levied and
collected an annual ad valorem State
tax ot such an amount not to exceed
20 cents on the 100 valuation as
with the available school fund aris
ing from all other sources will be
sufficient to maintain and support
the public free schools of this State
for a period of not less than six
months In each year and the Legis
lature may also provide for the for
mation ot school districts within all
or any ot the counties of this State
by general or special law without tho
local notice required In other cases of
special legislation and may author
ize an additional ad valorem tax to be
levied and collected within such
school districts for the further main
tenance of public free schools and
the erection and equipment ot school
buildings therein provided that a ma
jority of the qualified property tax
paying voters of the district voting
at an election to be held for that
purpose shall vote such tax not to
exceed In any one year 50 cents on
the J100 valuation of the property
subject to taxation In such district
but the limitation upon the amount
of district tax herein authorized shall
not apply to Incorporated cities or
towns constituting separate and In
dependent school districts
Sec 2 Tho Governor ot the State
of Texas shall be and Is hereby di
rected to issue the necessary procla
mation for the submission of this
amendment to the qualified voters ot
tho State of Texas at the next gen
eral election or at a special election
called by the Governor and the sum
of four thousand 4000 dollars or
so much thereof as may bo necessary
is hereby appropriated out of any
money not otherwise appropriated to
defray the expenses of publication
of such proclamation At such elec
tion tho qualified electors voting and
favoring said amendments shall have
written or printed bn the battlot as
follows For amendment to Section
3 Article 7 of the Constitutipn of the
State relating to public free schools
and those opposed to sald amendment
shall have written or printed on the
ballot as follows Against amend
ment to Section 3 Article 7 ot the
Constitution ot tho State relating to
public tree schools s
A true copy > f
wn DA VIE
Secretary of State
o
Consult 11
P S TOiSON M S Chemist
Formerly 8tateChemlst i
for analysis of fee dustufts waters
ores soil etc
Doctor In Commercial Fertilizers
216 Main t Hsfcotoa Tex
BANK SALOON
Ju3l open and everything new i The best 6t
WINES LIQUORS JQEER AND CIGARS
You Are Welcome
AUG JAEGER Prop
WM JAEGEn Mgr
SHINER OIL MILL
AND
MANUFACTURING CO
Is ready lor business and will buy all your
seed and pay the highest market price
HULLS AND MEAL ALWAYS ON HAND
Sell your seed to the HOME MILL and pat
ronize a HOME INSTITUTION
D C DANIEL Manager
BISMARK SALOON
J H
HEUBNER
Proprietor
THE BEST WHISKIES WINES
AND LIQUORS ALWAYS IN STOCK
We sell the lavorite PABST BEER
FINE CIGARS
Polite and Courteous Treament
NEXT DOOR TO WALTERS BROS
OPERA HOUSE BAR
Having purchased this Saloon I Invite all my Friends
and old Customers to
mm
WD SEl
ME
ffa
I will keep a full stock of the Best Whiskies Wines
Beer and Cigars and will always treat y u right
ALBERT BERCKENHOFF
The PaJacce SaJoqn
Newly Renovated and Improved
Has just Been Reopened by
E J Wangemann Proprietor
I Will Carry the Finest and best of Wines
Whiskies Beer and Cigars in
Town Call and See Me
You Will be Made Welcome
P T FEHRENKAMP
The KVIoulton Lumber Dealer
Not only carries a Full Stock of tho Very best
Lumber Shingles Sash and Doors
But ho can also supply you with
Brick Paints Oils Builders Hardware Barb Win
Poultry Netting Pumps Pipe Fiiting and
Dandy Windmills
Prompt and close attention given to all orders
Moulton Texas
Before
You Buy or
WIsb to Sell
Your Hay and Gr
Communicate with me about the matter It will pay you to sellts me as
sure as It will If you want to Buy Write Phone or Telegraph me
Houston E S Dixon S Go Texas
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