8
THE SCRANTOK TRIBUNB-SATURDAT MOBNIN-O, APRIL i?7f 1895.
.Which" Kind of Moeey
Is the Safest Ktad?
The Instructive Argument of Charles Jieber
. Clark In Favor of Bimetallism.
In response to the Interest which has
lately been awakened In the financial
questtun; and In order that the average
reader may understand the views of
eminent men representing all shades of
belief, concerning this question. The
Tribune will, from Saturday to Satur
day, present, either verbatim or In sub
stance, the expressed opinions of our
leading publicists regarding It. Inas
much as the discussion of the "silver
question" in this state was formally
opened at Htirrlsburg, April 9, by
Charles Heber Clark, secretary of the
Manufacturers' club, of Philadelphia,
we deem It fair to let his speech on
that occasion head our llHt. Next Sat
urday we shall print Hon. Charles
Emory Smith's reply. We Invite com
ment from our readers on these
speeches. Let the Important topic be
thoroughly dlspussqd.
Mr. Clary's Address.
After some preliminary remarks, Mr.
Clark said: The most Btartllng phen
omenon of our times Is the persistent
decline of the prices of commodities.
This fall has been In operation for
twenty years, and It has resulted In a
shrinkage of values and a consequent
extermination of wealth which cannot
be contemplated by Judicious men with
out alarm. Two years ago wheat was
worth about 73 cents a bushel: In Oc
tober last It was worth but 63 cents.
Cotton was worth' 8V4 cents a pound;
lately It was sold as low as 6 centB.
Silver was worth 82 cents an ounce;
recently it could be bought for 62 cents.
In 1S73 the value of one acre's product
of wheat, cotton, corn, oats and hay
was $15.65; In 1S93 It was worth $8.15
a decline of nearly 48 per oent. and
the decline was continued through this
year. Pennsylvania produced 18,000,000
bushels of wheat In 1S77, and the pro
duct sold for $24,750,000. Eighteen mil
lion bushels this year would bring but
a trifle more than $9,000,000 a loss of
nearly $15,750,000 In one state on one
crop. If American farm products had
sold In 1893 for the prices of 1873 they
would have brought $1,500,000,000 more.
Is It any wonder that our westwn farm
ers, In despair, rush Into the extrava
gances of Populism?
It Is not claimed that the decline has
been absolutely uninterrupted. The
usual influences have put prices up
and down, but over and above those
Influences some one great influence,
operating generally and all over the
world, has compelled the ultimate de
cline of values. Distinction must be
made between fall of prices and fall
of values. If a loom Is Invented which
will weave three yards of cloth In the
time and with the labor heretofore
required to weave one yard, the price
will go down, but the world will ' be
richer. If conditions be provided which
compel a farmer to give three bushels
of wheat In payment for a debt which
could have been paid with one bushel
when the debt was contracted, the
world will be poorer. In the former
case less effort produces more wealth.
In the latter, more effort produces less
wealth. Business can never thrive
while prices continuously decline
The Enlargement of Debts.
Moreover, the fall of prices means the
enlargement of all fixed obligations.
The whole world Is In debt. In our
own country. In 1890, the state, nationnl,
city and school debts amounted In
round numbers to $2,000,000,000, or $30
per head of the population. The mort
gage debt upon real estate reached the
sum of $6,000,000,000. . Besides, there are
the railroad debts and the personal and
other debts. These debts, In fact, are
owed by the people, for the people
have h pay them. No man can say
that he Is out of debt. Each bond is
an order for commodities produced by
human toll. The debts aire paid finally
in the articles which men produce.
Thus, as prices fall, more and more of
such articles must be given to meet
the requirements of fixed obligations.
Just how this has operated to Increase
the burdens of the people may be per
ceived upon examination of -these
figures:
The National Debt.
Years.
1866 It was $2,000,000,000
Paid, principal, interest and
premium 4,350,000,000
1S94 Rnlance due, In dollars,
about 900.000.000
Bales.
1866 Could have been paid in
cotton 14,184,000
Paid principal, Interest,
etc., In cotton 94,690.000
1894 Balance due. In cotton, at
5 cents 51.000,000
Bushels. .
1866 Could have been paid In
wheat 1,007,000,000
Paid principal, Interest,
etc., in wheat 6,022,000,000
1894 Balance due In wheat 2,054,900,000
Thus, after paying In cotton nearly
even times the original amount of the
national debt, the American people still
owe, in cotton, nearly four times the
original deb; and In cotton, wheat and
similar materials this debt and all other
debts are, as a matter of fact, paid.
What Causes Tills Shrinkage?
It Is of the first Importance to ascer
tain what Is the cause of this astonish-,
ing shrinkage of values. There Is but
one key to the riddle. It Is found in
the fact that gold Is constantly advanc
ing. No other completely satisfactory
explanation of the problem can be sup
plied. It is a common mistake that
the value of gold never changes, and
because people hold fast to this error
they fall to comprehend this question.
Gold, like every other commodity, Is In
fluenced by the relation of supply to
demand. Just now an artificially large
demand Is produced by the demonetiza
tion of silver. The fall of general prices
began In 173, when silver was formally
deprived of the money function. Prices
had been rising through a long period
prior to 1873. As soon as sliver was
demonetized they started upon a down
ward course, which they have ever
since followed. This must necessarily
have ensued upon the rejection of sil
ver. For thousands of years the two
metals have been employed together.
In 1873 one was thrown aside and the
whole stress of the demand for metallic
money had been diminished one-half.
Forbid the use of beef and mutton will
become dearer. Prohibit woolen cloth
ing and cotton will advance In price.
When silver was denied Its place among
money metals, gold began to go up.
This Is an Indisputable fact.. The rise
of gold might have been foresu'Mi and
it was predicted.
You have often heard the present
standard silver dollar alluded to as a
"50-cent dollar" and a "light-weight
dollar." , You may be surprised to learn
that it contains Just the same quantity
of silver that the American standard
dollar has always contained no more,
no less. The gold In the gold dollar
has been twice changed; the sliver In
the silver dollar never. It is said that
a gold dollar melted down will be worth
its weight In coin, while the silver dol
lar melted down will be worth but 60
cents. Fifty cents in what?. That' shape
less mass of stiver will buy Just as
much cotton, wool, wheat; 1 petroleum
and other things as it ever, would. It
holds precisety-the same relation to the
products of human toll as It ever held.
It will not buy so much of one thing
It will not buy so much gold. Why?
-Because gold haa gone up. Here is
proof of the fact that the change has
been not in silver, but in sold. We
have no BO-cent silver dollar, but we
have a gold dollar worth about fl.35.
Demonetize gold, and silver will go up
Just as gold has done. The fault lies
not with the metal, but with the acts
of legislation whljh discriminate
against one metal In faor of the other.
T ho Theory of Overproduction.
An attempt has been made to,account
for the fall of prices upon the theory
that there Is overproduction. It is un
reasonable .to ask us to believe that
there has been overproduction all along
the line for twenty years, and the fact
that millions of men have not enough
food or clothing Is sulliolent to demon
strate that the theory is absurd. Take
wheat, for example. The belief Is gen
eral that this country constantly ex
pands Its wheat-growing area. In truth,
we had 2,000,000 ucres less In wheat In
1890 than we had In 1880. The wheat
crops of the world are not excessive.
They do not Increase as fast as the re
quirements of the population demand.
Here are the figures for ten yeavs:
WHEAT CROP OK TUB VOHI.I.
Years. . Bushels.
1SN4 2,00(1, (J77.C97
lSNii 2,0ti3.r2,9:!5
lMstf 2,lKI.!i97.000
1SS7 2,227,415.1100
1SK8 2,212,813.000
1K!9 2,085,505,0110
WJ0 2.170,123.010
1NH 2,359,294,0110
1W2 2,392.727.0lK)
2,359.030,000
It Is urged that Russia and India are
pouring out wheat in extraordinary
quantities. In truth the exports of Rus
sian wheat, last year, were less than In
1890 and 1891. India b?gau to export
wheat only aftur 1873. She does bo be
cause her great annual tribute to Kng
land, like ours, Is paid In commodities;
and, as prices fall, a greater quantity of
material is required to pay the same
amount of debt. India and Russia are
famine countries. Thi people have no
surplus food for export. When they do
export food, they do so because they
must, not at all because they have more
than they can eat.
It Is also said that there Is overpro
duction of sliver. The mint report for
1893 Bhows that the world's stock of sil
ver Is but eighty odd millions larger
than the world's stock of gold. Three
quarters of the people of the earth use
sliver alone. Those who use gold also
use silver. Thus, the demnnd for silver
exceeds the demand for gold, and yet
the supply Is little greater. The over
production of silver Is not a fact but a
delusion.
low Silver Was Demonetized.
Why and how was silver demonetized?
The purpose was to Increase the debts
of the people. This country, for ex
ample. Is enormously in debt to Kng
land. England produces not wheat
enough to feed her people, she grows no
cotton for her mills, she has no silver
mines. Would it not be a good thing
for her to arrange that we should pay
our great debt to her In wheat, cotton
and sllvtr, at half or one-third price?
Where greed Is apparent It Is not worth
while, in such cases, to look for any
other motive. Gold monometallism, like
free trade, Is a British Invention; It is
a device of the creditor for the Injury
of the debtor. Monometallism as a de
vice for oppressing creditors is not a
novelty. Holland and Germany both
demonetized gold after the California
gold deposits were discovered, because
silver was more valuable. The East
India company forced India upon a
silver basis for the same reason. How
was silver demonetized? "Silently"
says President Andrews, In his history of
the United States. The American peo
ple never voted upon the question. The
deed was done in 1873, without the
knowledge of many of the men who are
alleged to have voted for It In congress.
The speaker here read extracts from
the Congressional Record, showing that
men like the late Judge Kelley, Sena
tors Allison, Beck, Ingalls, Thurman,
Hereford and Bogy and Representa
tives Holman, Cannon, Burchard and
others repudiated all knowledge of the
fact that silver was demonetized by the
act of. 1873, for which they voted.
What Is Honest Money?
The gold doirar thus set up as the
standard dollar Is continually alluded
to as "honest" money; the Implication
being that the silver dollar is dishonest
money. But It is honest money that
grows more valuable day by day? Is It
honest money that records a debt of
ten bushels of wheat nnd compels pay
ment of twenty bushels? Is It honest
money that makes our national debt far
larger. In terms of wheat or cotton,
than It was originally, after more than
half the debt, in teri.ht of dollars, has
been paid? The only honest-money is
stable money. As Right Hon. A. J.
Balfour puts It, "Money should be a fair
and permanent record of obligation over
long periods of time." The money which
does not change In value, In its rela
tion to commodities, and that alone. Is
honest money. Melt down ten silver
dollars, and the raw bullion will buy as
much wheat or cotton or petroleum as
It ever would. The relative values have
not changed. Is not silver indeed really
the honest money?
Which Is the Host Monc?
The claim Is also made for gold that
It Is the. "best" money. Clearly, how
ever, the best money is that which will
give the most varied and effective ser
vice. It would be a great loss to the
world to have gold no longer used as
money; but the world could do without
it. But finally withdraw silver, and the
commerce of mankind would suffer par
alysis. Not only Is silver the sole money
of three-fourths ofthe human race,
but It Is Imperatively required by the
gold standard nations for the perform
ance of small transactions, which make
all the wholesale business and without
which, wholesale trade would Bhrlve) up
and disappear. It is not true, as often
assorted, that 95 per cent, of exchanges
are made by checks through the clear
ing houses. In, fifteen states there are
fio clearing houses. It may be doubted
If more than 10 per cent, of the Amer
ican people keep bank accounts, and of
those who do every one must draw
small money dally for his retail pur
chases. Dollars and sub-dlvlslons of
dollars are absolutely necessary to the
smaller commerce, which Is the source
of all commerce. But, If It were true
that checks are the most common In
struments of exchange, why not check
silver? Don't Vou see. how the gold
monometalllsts, in arguing against silver-
because it is too heavy, destroy
their own argument by claiming that
checks do the work? Depend upon It
that 'an abundance of actual mon?y
Is a positive essential of prosperity.
Money is a tool. If there are -not
enough tools for the workmen some
work w!IP be left undone, some men
will be compelled to remain Idle.
It Is asserted that creditors will be
Injured by a return to bimetallism be
cause it 'Will scale down debts. But the
creditor is entitled only to the normal
condition of things, and no man can
claim that conditions are normal which
have been produced by gold monometal
lism which the country knew nothing
of until It was, by stealth, thrust upon
us twenty years ago. , .. .
Is lllmctalliatn Practicable?
Can gold and. sliver Indeed be kept
together by legislative action? Is the
double standard 'a practicable thing?
The double standard Is not, as some
persons seem to think, two standards.
The whole body of metallic currency to
gether measures the value of other
kinds of property. The average fluc
tuation of the- value of two thjngs Is
likely to be, smaller than that of the
value of one thing, Under the double
standard a man has the option 'to pay
in either gold or silver. If silver shall
go up he will pay in gold. The demand
being taken off of sliver and falling
upon gold, silver will come down, gold
will go up and there will be a continu
ous tendency toward ah equilibrium.
Observe these figures.
World's Product of Gold and Silver.
Year. Oold. Bllver.
1792-1848 $800,000,000 $1,600,000,000
1849-1862 1,450,000,000 574.0UO.O0O
1802-1878 1,300,000,000 600,000,000
1873-1892 1,200,000,000 1,600,000,000
In the first period twice as much sil
ver as gold was produced. In the sec
ond period nearly three times as much
gold as Bllver. In the third period twice
as much gold as silver was produced.
And yet, despite these variations and
disproportions, the two - metals . re
mained practically at par under the
double standard. In the last period
only one-fourth more silver than gold
was produced. Who can- believe that,
with the production of the two metals
so little different, they could not have
been maintained at par had silver not
been demonetized? The best and final
answer to the assertion that the double
standard will not work Is that It has
worked. It was In successful operation
when the demonetizing act of 1873 wns
passed. It was Introduced Into our
system by Alexander flamllton with
the cordial approval of Thomas Jeffer
son. It was overturned apparently at
the Instigation of our British creditors.
Can Government (ilve Value?
It Is said that "the government can
not give value." If a luw should be
passed forbidding any one to make n
tin roof, the price of tin would fall. If
a law should be passed forbidding any
one to use anything but tin for roofing
purposes the price of tin would go up.
When the government took from silver
the money function, the most Important
of all Its functions, Bllver declined. Re
store that function to it by law, and
Bllver will regain the value that It lost.
Will (iold llo Driven (flit?
It has been declared that the result
of un attempt to restore the coinage of
silver will be to drive nway our gold
nnd to induce a flood of foreign silver
to pour Into this country. The fact Is
that we have more than doubled our
stock of gold since we began to reeoin
sliver. Here are the figures:
Cold in the United States.
Jan. 1, 1879 $278,000,0(10
July 1, 1893 598,00,000
Which nation has the largest stock of
gold? Is It Germany, Great Britain or
the United States, the gold monometal
lic nations? No; It is France, which
holds fast to bimetallism. Thus
France, the country which has the
most silver, has also most gold. What
haa been the effect upon the American
stock of gold of repeal 'of the sliver
purchase law, which was sild to drive
out gold? We made a net loss of gold
In the first nine months of 1S94, after
repeal of the law, Just seven times
greater than that made In the first nine
months of 1893, when the sliver pur
chase law was In operation. Under a
system of bimetallism gold will flow
Into the country because nobody will
care to hoard It or to corner It If there
shall be silver enough to do all the work
that gold will do.
Are we likely to be flooded with for
eign silver? Where will It come from?
Europe has no silver, but silver money
which circulates at par with gold, as
our silver dollar does. To send that
money here would be to Involve a loss
of 3 per cent., plus the cost of transpor
tation, for the European silver is coined
upon a ratio of 15 to 1, while ours Is
upon a ratio of 16 to 1, Not a dollar
of .European sliver will ever come to
this country under suph conditions.
But, if the peril was Indeed great, why
should It not be averted by the simple
expedient of placing a duty upon
foreign silver? . ,
Our Trade with Europe.
Complaint is made that If we shall try
to restore silver, and gold shall dis
appear, we cannot conduct our trade
with Europe. If we should Indeed go
upon a silver basis there would still be
no difficulty In conducting commercial
operations with gold standard coun
tries. India and Mexico, sliver coun
tries, trade easily with England. We
trade with nations having different
kinds of money and different weights
and measures. But nobody desires that
we shall part with gold. The blmet
alllst wants both gold and Bllver and he
Is sure that we can retain both. If
gold be necessary to trade with Europe,
so is silver necessary that we may
tratle with Asia and Southern America.
We face Asia on the west as we face
Europe on the east, and we have in this
hemisphere a string of silver UBing na
tions reaching down from the Rio
Grande to Terra del Fuego. And mark
this! While there Is hardly an article
for which we are dependent upon the
gold using countries, we are depend
ent for multitudes of the necessaries
of life upon tha silver using nations.
Shut us off from buying in Europe and
still we should thrive. Shut us off
from Asia and Southern America and
Incalculable injury would be done to
the nation.
The question of the best and safest
means for obtaining the restoration of
bimetallism is one of great difficulty.
The conditions are wholly new. There
are no precedents. Never before since
the world was made were men so fool
ish as to discard one of the precious
metals. Therefore any movement
toward restoration must be In a degree
attended with uncertainty. The man
who positively declares that free coin
age attempted by ourselves will pro
duce hurtful consequences has no bet
ter ground for the assertion than the
man who, with equal posltiveness, de
clares that It will be perfectly safe. I
should say that there Is at least a fair
reasonable possibility that we could
perform the feat single-handed; but, If
the assistance of foreign nations be
needed, then our self-respect requires
that we shall not solicit It but com
mand It. A promising method of doing
that was indicated last summer by
Hon. Thomas B. Reed. It was that we
should give tariff-favors to the nations
which will consent to act with us. If,
however, the choice lie between going
back to bimetallism by our own ef
forts or not going back at all, or If it
lie between independent action on our
part and waiting long for foreign help,
the opinion of the American people will
probably be that we should act without
foreign help.
The Duty of the Hour. '.'
We are disposed to believe that the
perils which once menaced the republic,
the perils that are past, ore the great
est that can menace It. But it Is not
so. The Btruggle for existence is per
petual with the nation as with the In
dividual. The forces which tend to
break down, disintegrate and destroy
are as Incessant In their activity as
those that build up and maintain. Each
generation has its own hard problems
to solve and these problems come to It
In unlocked for shapes, from unex
pected quarters. The generation that
preceded ours had to deal with slavery.
That was hideous and formidable, but
It wag visible, tangible, openly aggres
Blve and plainly antagonistic to the
prnlclples of our Institutions. At the
last it came upon us in the full tumult
of war. But the evil which now assails us
Is subtle, Invisible, insidious, even mys
terious. Men suffer and do not dis
cern why. Like a hidden disease It as
sails the vitals and It will destroy us
upless we conquer It. Shall we -conquer
It ourselves or suffer still more
while we wait for help that may never
come? V ...... v
This Is a question which you can help
to answer and I trust that you will be
Impelled to send to this nation some
message that the great commonwealth
that has always been in the very front
a the champion of American protec
tion as against British free trade will
till hold that place In the contest be
tween British gold monometallism and
.that bimetallism which was introduced
to our political system by the great
men who set up the pillars of the re
public. .
THE FINANCIAL QUESTION.
Short end Pithy Letters on This Subject
Are Welcome.
Editor of The Tribune.
- Sir: We understand that money is
something with which we can go into
the markets and buy, making; Immedi
ate payment. Now, any substance of
convenient form and size, and suffi
ciently durable in its nature, to per
form money's functions; that Is, to bear
the friction of exchange, and having a
recognized value, whether it haa an In
trinsic value or not, I submit would
answer all purposes for which money
is required. Now then, as to what will
give to any money a recognized value.
Is It not confidence? If it Is confidence,
it is o.nly necessary that a contract of
recognition be entered Into and kept
in good faith by those mutually inter
ested. The way this contract is made
is by chosen representatives decreeing
what shall be a recognized medium of
exchange. The old cry against, flat
money Is, and was, absurd and foolish,
the gold dollar of Uncle Sam and the
unit of value of every other country
nre flat money Just as much as a green
back to those who have not agreed to
receive the coin or note at Its face
value.
The question next arises. What Is the
best system of currency? Suppose that
we take gold as a basis of redemption,
and concede that no other substance
can be fixed upon as a standard of com
mercial value and see where this will
lead us. It Is not claimed that the
American product of gold, that is, what
is produced in th? United States, is
sulliclent, even though It were all
coined Into money, to stand ready at
call to redeem what currency is re
quired for a free and full interchange
of. commodities. Then what must we
da? Either manufacture and sell our
goods In foreign markets at a price
lower than they themselves can sell,
even with their cheap labor, or else pur
sue the course the present administra
tion has pursued, borrow gold to pay
the Interest on the debt we already owe
and thereby Increase the Interest bear
ing debt to be paid In gold. This policy
will reduce us either to a race of slaves,
working at the command and prices of
foreign capitalists, or to the other alter
native, bankruptcy.
Recognizing still the theory that a
stable substance should be held as a
redeeming fund, let us, with fairness,
say that there Is not gold enough for
the requirements of this great nation
of ours. Then what Is the next best
thing for us to consider? The human
mind would naturally turn to the past
and learn Its lessons. Suppose that
gold Is the best and most precious of
metals. If we have not gold enough,
shall we enter voluntarily Into eternal
bondage, and make of our nation and
people, not the kaders in civilization
and freedom we have been considered,
but the bond-servants of aristocratic
money centers? We claim to have
the best market In the world.
We claim to have the best
paid labor of the world. Cannot the
one sustain the other? Suppose that
congress shall say that silver and gold
coined on a ratio of 16 to 1, or CO to 1,
I care not which, and stamped by the
government of this land, shall consti
tute the basis of our currency; that
coin bearing certificates may be re
deemed in either: that for all purposes
of exchange and Interchange certifi
cates redeemable In gold or silver, shall
be a legal tender. Suppose further that
foreign countries will not take our
silver In exchange for the products of
their manufactories? Is not this the
best protection possible to our Indus
tries? Would not gold accumulate If
It were not needed? Would not gold be
cheaper If silver took Its place In part?
The only argument that can be made
against the free coinage of the silver
of the United States is that, to the man
who sits In idleness, watching his In
animate money accumulate and swell
by the growing demand for more cur
rency in a country whose population
Is rapidly increasing, and whose money
Is being cornered with Just as much
rapidity, It means the placing of one's
money Into active work and not out
at usury. In this way we can pay our
Indebtedness without repudiation. In
this way wages will advance and so
will the price of every useful article.
Gold will not be required where her
twin Bister can do the work. Try It
and let the masses be benefited al
though a few may Imagine they' are
temporarily Injured.
L. P. Wedeman;
Forest City, April 22.
CURRENCY AND PROSPERITY.
Editor of The Tribune.
Sir: "The free coinage of silver;"
what does It mean? Does It mean
what the words imply, that If any per
son takes silver bullion to the mint he
can have It converted Into coin free of
cost? Or does It mean that if a man
takes $1,000 worth of silver to the mint
he can have It coined into $2,000, or
thereabouts, as the market value of the
metal will allow as compared with the
Intrinsic value of the coin? Or does it
mean that if a man takes $1,000 worth
of silver to the mint and gets $1,000 In
coin, the mint Is to retain the balance
to pay the cost of minting? No gov
ernment would be foolish enough to
convert fifty ioents' worth ' of silver
into a silver dollar for the benefit of
the man who owned the silver. There
fore, the talk of free coinage of silver
In the literal sense of the word. Is lim
ply absurd; unless a fixed and perman
ent value can be placed on silver and
a dollar's worth of the metal made Into
coin of the value of one dollar.
I can not see how any sane man, oth
er than the owners of silver or silver
mines, can advocate the free coinage
of silver, or any further coinage at jail,
for that matter, In view of the fact
that there are millions upon millions
of silver coin stored In the treasuries
and vaults, which cannot be put Into
circulation. There are 60,000,000 silver
dollars In the Philadelphia Bub-treasury
alone. The government Is already
overburdened with silver and had to
build more vaults to store It In. Con
gress was "hoodooed" once by the sti
ver men Into passing a law to purchase
more silver every month than the gov
ernment had any use for. That law is
wiped out and not likely to be repeat
ed. How the coinage of more silver Js
going to benefit the country I am un
able to see. Nor have I seen any state
ment how the benefits claimed are to
be brought about. Surely the country
has all the bimetallism it wants Just
now," Sliver circulates as freely as
any other money, and there Is as much
of it In circulation as can be circulated,
unless wage-earners have mora work
and get more pay. The only way to
circulate money Is to loan It out or pay
it out in exchange for something else.
How can any new law "on finance
change the condition of business af
fairs? How can the government es
tablish a fixed value for silver any
more than It can place a certain and
permanent value on cv.ppef or pig iron?
The law of supply and demand and the
work of speculators 'fix the prices
upon all products of the earth.
As for bimetallism, it Is a name for
an Impossibility, so far as the relative
Intrinsic value is concerned. For. the
reason, in the first place, that a certain
quantity of gold Is said to be worth a
dollar, the government puts a stamp
on it and makes It money. Then, In the
second place, the government takes
fifty cents' worth of silver, gauged by
the gold dollar, and Btamps it one dol
lar also. Now that fifty-cent silver dol
lar circulates as freely as the gold
dollar or the paper dollar, with the gov
ernment stamp on it, simply because
they all have the government stamp,
and the people trust the government.
TheBe three kinds of money are the
medium of exchange, in which every
body has confidence. But the. silver
dollar Is not the equal of the gold dollar
intrinsically, and 1b purely a flat money
to the extent of the difference In value.
If It should happen that an excessive
amount of silver should be coined, some
combination of speculative or dishon
est men might raise a hue and cry, and
a scare against sliver money, and cause
It. to depreciate the same as was done
with the trade dollar, once in circula
tion; the people were fleeced out of fif
teen cents on the dollar. Bimetallism
Is an Impossibility while silver is so
plentiful, and its production on the in
crease. There can be but one stand
ard (or money, and that is either gold
or Bllver. For bimetallism you meas
ure the silver by the gold, consequently
the gold Is the real standard after all,
and silver 1b subsidiary to the gold, and
Is simply an Illusion.
As for the Increase In the value of
money or the decrease In the value
of products, those conditions affect only
the debtor class, and every one con
tracting a debt must take his chances.
Sometimes the price of products ad
vances, as Is Just now the case with
beef and petroleum and wheat. No
body wants to' have his greenbacks re
deemed In gold but monled men who
find profit In It, or money sharks who
want to fleece the government. Every
body, is satisfied with the money we
have In circulation, except that there
are too many silver dollars to be
handled by bankers and trades people.
I cannot see how the currency can be
Improved. Only I would prefer all the
paper money alike, and only green
backs. The currency will have to be
let alone for the present.
But the country Is "going to the
dogs," all the same, getting into debt
to Europe all the time, and the balance
of trade largely against us. Times will
not be restored to their best condition
eo long as the people are so unpatriotic
as to prefer foreign-made goods to
home products to the extent of Im
porting more than we export, and run
ning in debt to the old world, which
debts must be paid in gold or bonds.
As a country, we are the most prosper
ous when the balance of trade is largely
In our favor, and we are growing richer
instead of poorer. Before the civil war,
when the country was politically In the
hands of the Democratic party, the bal
ance of trade was against us nearly
every year, and the country never knew
prosperity that would In any way com
pare with the prosperity It has ex
perienced since the war, and until It
was known that Democracy was again
coming into power. Even the blight of
1873 was not nearly as bad as some
periods before the war.
Respectfully,
H . B. Van Benthuysen.
Scranton, Pa., April 23.
DRAMATIC NOTES.
Lena Mervllle has Joined the "Brownies
Ed Harrlgan and his company are play
ing in Boston.
Otis Skinner closed' his season at Corn
ing last Saturday.
Daniel Frohman has gone to Europe to
look for new plays.
Richard Mansfield Is writing a biogra
phy of David Garrick.
Ada Rehan and Stuart Robson are In
Washington this week. ,
This Is the lest week of the Kendal's en
gagement In New York.
Tragedian Ward will aid Falstaff in
Henry IV to his reportolre.
E. A. Southern will play Clyde Fitch's
"Major Andre" next season.
Beerbohm Tree has purchased the dra
matic rights of "Trilby" for England.
Mme. Janauschek and Kate Claxton are
playing "The Two Orphans" In Buffalo.
Ada Rehan will not appear In New
York until next November. Bhe will act
In Boston next week.
George Alexander and his St. James
theater company of London will make a
tour of this country next year.
The ' new theater In Brooklyn, to be
called the Montauk, will be located in
Fulton street near Hanover Place.
Miss Adelaide Prince, the well-known
actress, has been married to Creston
Clarke, actor, a nephew of Edwin Booth.
Shakespeare's birthday was observed
this week by a series of performances at
the memorial theater at Stratford-on-Avon.
Minnie Landers, who replaced Eleanor
Mayo in Willard Spencer's "Princess Bon
nie," has become a great favorite In Phila
delphia. Richard Mansfield's' new Garrick theater
(formerly Harrlgan's) was opened this
week with Bernard Shaw's play, "Arms
and the Man."
It is Anally settled that the Actor's
Fund benefit, which will witness the pro
duction of Estelle Clayton's comic opera
"The Viking,' shall occur Thursday after
noon. May s.
Alexander Salvlnl Is to produce "The
Outlaw'" on May 31 at the Hollls street
theater In Boston. ThlB is the play In
which the elder Salvlnl made one of his
best successes.
Eleanora Duse signed a contract In
Paris on Monday last with Harry Miner
of New York for a tour of the United
States which will begin In November next
at the Fifth avenue theater. New York
city. Slgnora Duse will be supported by
her own company.
William H. Thompson, the character ac
tor, has in his possession thirty-two differ
ent wigs ranging from the curly blonde
hirsute covering of the dude to the thin
white locks that cover the head of the
nonagenerlan. "I have a collection of
Wigs which Is good," said he the other
day, "but my collection of voice is equally
good. A voice goes with each wig."
The benefit for C. W. Couldock will be
given at the Fifth avenue theater on Fri
day, May 31. "The Rivals" will be played
by . cast including Joseph Jefferson, as
bod Acres, w. s. crane as Sir Anthony
Absolute, Nat C Goodwin as Sir Luolus
O'Trigger, Thomas W. Keene as Faulkner,
De Woir Hopper as David. Mrs. John
Drew as Mrs. Malaprop, Miss Viola Allen
as Lydla Languish and Miss Nellie Mc-
Henry as Lucy.
i ' '
. - Clay Not of Legal 'Ago. '
The constitution of the United States
says: "No person shall be a senator who
shall not have attained the age of $0
years." Henry Clay was appointed to fill
a vacancy and took hie seat Deo, 29, 1800.
He was born April 12, 1777, and consequent
ly was In his 80th year, but had not "at
tained the age f 40 years." No question
on this ground was raised when he was
sworn In, and It Is probable that he did
not give the matter much thought. In
strictness he was not of legal age. This
small difficulty was soon cured, however.
and he lived to serve his country long
and honorably. '
Gathered lira
Melody.
A PROMISING COMPOSER:
He was born half a century after Mozart,
On the very same day of the year;
And this singular fact was a source of
great Joy'
To the Press, which exclaimed: "A good
omen the boy
Will most certainly make a career!"
At the great age of four he could play all
the tunes
Which he heard on the organ, by ear.
And at ten he composed such a beautiful
song
That they said: "We must praise, for
surely ere long '.
He will make an unheard-of career 1"
At twenty, a symphony whteh he com
posed With delight drove musicians quite wild;
Bo the Press took him up: "The work
shows signs of haste,
But It promises well, and we've not the
bad taste
To discourage this talented child."
At thirty an opera oame from his pen.
And to hear It all Londoners ran;
Again were the critics most kind: "Wo
are glad
To be able to state the work's really not
bad,
He's a promising, rising young man!"
At forty, at fifty, at sixty, more works
Were produced with enormous success.
And they gained for him every where
money and fame;
"We are so pleased to see that he's mak
ing a name
For himself by degrees," said the Freaj.
At seventy one more great work he com
posed, .
And It took the whole world by surprise;
Tho critics were now quite enraptured:
"In truth
He will do something yet, will this prom
ising youth.
If thus fast be continues to rise."
At eighty he died; then with sorrow they
spoke
Of the Iobs which all Europe befell.
And expressed themselves thus: "It Is
sad we must say
That a talent so great should be taken
away
At a time when it promised so well."
Warner's Magazine.
W. Von Sachs writes to the New York
Sun that Joaef Hoffmann, now a man
of , 18, has developed as a pianist,
under the Instruction of the late Anton
Rubinstein and of Moszkowskt, Into
one of the three greatest living masters
of the keyboard, his only rival being d'
Albert and PaderewBkl. He continues:
"Josef Hoffmann's first appearance in
Vienna was effected at one of the Phil
harmonic concerts under Hans Rlchter,
who had heard him last summer In
England, and forthwith engaged him to
appear here this winter. That he could
not be a pianist of a mean order was
evident from the invitation Itself,
which Is a signal honor that no artist,
however great, is likely to undervalue;
but who he was and what he had done
were at the time of his debut unknown
to most.Vlennese. However, It needed
but a few bars of the Rubinstein D
minor concerto to convince his hearer
that a player of the first rank was
before them. His first public appear
ance In the most critical of musical
oitlos won. a jomKlt triumph far the
young artist, which his subsequent
two recitals only confirmed. It is not
often that such scenes of enthusiasm
are witnessed as at the conclusions of
these two memorable occasions in the
old Bozendorfer Saal, where every one
who is distinguished in the tone world
and has visited Vienna has been heard
at one time or another. The audience
positively rose as a body, cheering
loudly, and refusing to leave the hall
till a servant came in to close the piano
and all the lights were turned out.
Since Rubinstein's last appearance and
the farewell of Alice Barbl'the like
had not been witnessed."
V '
THE TRIANGLE: .
Ye countless stars, both great and small,
The poetic sky who spangle,
Not one of you, that I recall,
Has hymned the sweet triangle!
With lyre and lute too long , too much,
Ye've thrld love's mazy tangle,
Yet unresponsive to your touch
Have left the sweet triangle. '
And so the Muse commissions me
A lay to newly fangle
I play the Instrument you see
In praise of my triangle.
No tambourine, no minstrel bones
Give forth what Hilda Wangel .
Would cull BUCh "frightfully thrilling
tones"
As those of my triangle.
No self-respecting band may try
To play 'twould simply mangle
Good music, unassisted by
The silver-tongued triangle.
In vain does Strephon with a lute
Round Phyllis always dangle;
She'd have him. If he urged his suit
With passionate triangle.
Full brave may bray the loud trombone,
Full sweet the cymbals Jangle,
The bagpipes till they burst mey drone.
So I have my triangle.
The stately cold piano may
All depth of feeling strangle;
To rouse deep feeling I essay.
Nor fail, on my triangle!
O'er rival claims of violin
And 'cello some may wrangle '
For pure expression nothing's In
The hunt with my triangle.
The diamond bracelet must exceed
In worth the silver bangle
No Instrument, string, wind, or reed
Compares with my triangle I
. Punoh.
V
"People sometimes complain," writes
Mme. .Melba in Llpplnoott's, "that the
opera Is expensive. Why should it not
be? Paintings by Daubigny, Rous
seau, Vlbert. Cazln, Jean Beraud, Dettl,
etc., are expensive, because they are ex
cellent, and the possessors of the tech
nique required to produce them are
few In, number and know their own
value. There. are very, few composers
who are able to produce really1 great
operas, and they must be well paid.
Then how many vocal artists arc there
,n the known world who are competent
to Interpret music? Do we appreciate
the enormous expenditure of time and
effort, the long, laborious.uninterrupted
training which the . singers must go
through with, before audiences will lis
ten to them? This species of training,
too.demands the sternest and most con
scientious personal sacrifices. There
must be often a Spartan regimen, great
forfeitures of social pleasures, dally
and unceasing study and practice, no
matter at what cost of weariness and
often irksome labor. All this must be
accomplished whtle the golden hours of
youth are fleeting, and without the sure
promise of ultimate success as an In
centive. The attainment of renown as
the
Interesting Notes About Famous
Musicians at Home and Abroad.
f a singer Is like the high prize In a lot
tery, and after all the aspirant may
draw a blank. Even when fame la
achieved, and In the great cities of both
hemispheres the brow of the singer is
crowned with laurels, and opulent
managers outbid each other In order
to secure engagements, some unfore
seen accident may at once destroy the
entire fabric of availability so carefully
constructed, of genius, musical skill
and capacity, dramatlo fervor, and
conscientious devotion to art. Then the
voice Is silenced forever, and the singer
lives only in memory, while the Income
stops. Even at the best the career of
the vocalist is brief. The great lawyer
or physician often touches his zenith at
threescore, or perhaps threescore and
ten; a Gladstone retlreB only from
choice at 65; a Bismarck Is never
greater than In old age; but what of the
singer when Inexorable time attacks
the vocal organs?
V
It Is expected that the Royal Welsh
Ladles' choir, under the directorship of,
the celebrated Madame Clara Novello
Davles, will pay a visit to Scranton
during the month of July. Their for
mer visit to this city la well within the
recollection of those who heard the de
lightful music in the Frothlngham.
Since they won the first prize at the
World's fair, Chicago, their successses
have been constant and steady. The
choir comprises thirty-one ladles, who
have been selected for the purity of
their voices and ability to read and ren
der music, and It Is no exaggeration to
state that they represent the talent of
the semi-professional musical ability of
Wales.
Recently they have made a triumphal
tour through England and the musical
critics of the Times, the World, the
Lady, and other newspapers, have after
a critical analysis of their perform
ances passed glowing tributes upon, the
fair singers. The following excerpt
from the London Times will be read
with Interest: "Madame Clara Novello
Davles, leader of the 'Welsh Ladles'
choir,' has received from the queen a
handsome gold brooch In commemora
tion of the recent concert given by the
choir before her majesty, at Osborne
palace. The brooch is In the form of a
monogram 'V. R. I.' In gold, laid over
with ruby enamel, and studded with
sixteen diamonds, the whole being sur
mounted by a gold crown, small pieces
of enamel representing the different
colored velvets.
V
One of the features of the visit of
Governor Hastings to the city this week
was the rendition for the first time in
public byBauer'sorchestraof the "Gov
ernor Hastings March," a composition
of Thomas Kershaw, musical director
at Davis' theater. The Hastings March
is a tuneful, spirited quIckBtep of the
character of "Liberty Bell," and con
tains elements that should make It
equally popular. The march Is pub
lished for piano by the Lyric Muslo
company of Scarnton, represented by
George N. Rockwell and Fred C. Hand.
Professor B. E. Pitts, who has been
the leader of the Mozart orchestra In
Carbondale during the winter months.
win vc that oir May i tar Sylvan
Beach, N. Y., where he will conduct an
orchestra In one of the leading summer
hotels.
V
MUSICAL NOTES:
Dr. Antonln Dvorak has gone to Europe.
Calve won a great success in St. Peters
burg. Josef Wlenlawskl is giving concerts in
Berlin.
Albert Niemaun, the veteran tenor, is
111 In Berlin.
Faderewskl gave a concert In Paris last
Thursday evening.
Adele Aus der Ohe has given up her
New York recitals owing to lHnese.
Camllle d'Arvllle will appear In a new
opera, "Marlon," in New York, next
month,
A performance of "Tannhauser" In pan
tomime Is the latest craze in Geneva,
Switzerland.
Miss Eleanor Mayo was married last
Wednesday to James Everion, Jr. Thiy
will go abroad for the summer.
Myron W. Whitney, Jr., a son of the
famous basso, who Is still a student In
Harvard, made his debut as a singer In
Boston last week.
Edward Strauss, the composer's younger
brother, le to revisit England this Bum
mer with his celebrated band, and to play
cmeny ine aance muaic cumpuaeu vy vari
ous members of the Strauss family.
A Brooklyn newspaper writer calls at
tention to the numerous Emmas In the
field of music. He mentions Emma Ab
bott, Emma Calve, Emma Thursby, Em
ma Eamee, Emma Albanl, Emma Howe,
Emma Heckle, Emma Juch, Emma Win
ant, Emma Nevada and Emma Materna,
Literal,
From the Chicago Inter-Ooean.
"How does Fanny stand in her classes?
Well?" Flossie. Oh, no; Just awful
pigeon-toed, .
' MUCH IN LITTLE.
California shepherds use bicycles.
When flying at its highest speed the
house fly makes 600 strokes of Its wings
per second, and the dragon fly 1,600.'
The sound of a bell can be heard through
the water at a distance of 45,200 feet.
Through the air it can be heard at- a dis
tance of only 466 feet.
It Is said that dew will not form on some
colors. While a yellow board will be cov
ered with dew, a red or black one beside
It will be perfectly dry.
Th Japanese begin building their houses,
at the top. The roof Is first built and ele
vated on a skeleton frame. Then' it af
fords shelter for workman from storms.
The brain Is not affected by the move
ments of the body, even though these are
sometimes very violent, because it rests
on a basis of soft cushions between bones
of the spine.
It Is a well-known fact that the milk
maids In SwIUerlaad whs can sing get
better pay than those who cannot sing.
The reason Is that a tuneful maid Who
sings at her work coaxes one-fourth more
milk from a cow than a songless milker
can extract.
A Paris doctor who has been studying
the effect of liquors on the voice states
that none of the great singers have ever
been teetotalers. Wine taken in modera
tion, he believes. Is useful for the voice;
but beer thickens it and makes It gut
tural Mallbran used to drink Maderls.
The starfish kills the oyster by envelop
ing It closely in its arms, then placing bis
Jects a very acrid and venemoue Juice
within. The poor oyster, disgusted by the
poison, opens his shell to admit water and
so rid himself of It, and thus falls prey
to the destroyer.
The sea gaUey in tropical seas Is very
dangerous to bathers. One of these crea
ture fastened to the body causes a pain
so Intense that swimmers have been
known to faint ere they could reach the
shore. "The pain has been compared to
that of a very acute attack of. Inflamma
tory rheumatism.