AVI IAT JACKSON DID.
CRUSHED BANK3 IN ORDER TO RE
STORE GOLD TO CIRCULATION.
Changed Ratio From Flftceo to Sixteen to
On to Bring- Gold Ttack Wm Om Who
Thontht That All Mankind Had Pred
ilection For Of.ld Sllrerttea Who Enlo
fftae Jackeon Rhoald Read History.
The silwr Democrats have bora un
usually profuse thin year in eulopios of
Jefferson and Jackson. Thoy have at
tempted to make it aplonr to those
with Democratio instincts thnt it has
been the regular thing for 100 yenrs for
Democratic statesmen to chnmpion sil
ver and obeap money. Jefferson's oppo
sition to cheap money and repudiation
of debts, and his advocacy of a coinage
ratio which should always be kept close
to the natnrnl or market ratio, hns been
made clear during the last few months.
The appeals of the silver Democrats
to General Jnckeon are meeting with
the same fate. In a recent speech
ex-Oongressman Josinh Pattersou of
Tonnessee, after calling attention to the
fact that previous to 1876 no American
statesman of any party approved of the
absnrd doctrine that govrrnment can
maintain bimetallism regardless of nat
ural ratios, spoke at some length npon
Jackson's position on money and cur
rency. Here Is what he said:
"Nothing within the range of po
litical absurdity could equnl the spec
taole presented by the followers of Bry
an when thoy met on the 8th of Janua
ry to eulogize Jackson, who courageous
ly restored the gold currency.
"Have these gentlemen ever paused
long enough in their assault on the pros
perity of the country to inquire why it
was during Jackson's administration
the ratio was changed from IS to 16 to
1? If, as they tench the people, we had
the concurrent circulation of gold and
Filver from the passeae of the act of
1799 down to the suspension of the coin
age of the silver dollar in 1878, why
was this change mndo? Are thoy igno
rant, or do they disguise the fact that
after the act of 1708 gold relatively to
silver was undervalued and went out of
circulation because it was worth a lit
tle more as bullion than as money? Do
they forget or do they suppress the fact
that gold remained out of circulation
for more than 80 years prior to 1884?
"Are tbey uninformed, or do they
conceal the fact that statesmen illustri
ous In Democratic annals for many
years prior to the administration of
Jackson advocated the restoration of the
gold currency? Have they libver read
history, or do they withhold the trnth,
when tbey ignore the fact thnt the bank
of the United States selfishly opposed
the restoration because the people would
prefer its bank notes to a currency so
bulky and Inconvenient as silver? It
was Jackson who saw the necessity for
action and who struck the blow which
crushed tbe bank and brought bard
money to the pockets of the people. It
Was Thomas H. Benton, speaking for
the administration of Jackson, who de
clared in the senate that the only way
to crush the power of the bank was to
restore gold to circulation. Here was
the necessity and the only reason for
-tbe passage of the act of 1834 establish
ing the ratio of 16 to 1.
"The similarity between the discus
sion which took place in 1884 and the
discussion which took place in 1806 is
striking and instructive. Hard mom y
Democrats, in supporting the policy of
Jackson, advanced the Rnnie arguments
which the sound money Democrats ad
vanced in supporting the policy of
Cleveland. If the hard money Dem
ocrats insisted that tbe undervaluation
of gold by the act of 1793 foroed it out
of circulation, the sound money Dem
ocrats insisted that the proposition in
tbe Chicago platform to overvalue sil
ver, if carried into effect, would bring
about the same result.
"If the bard money Democrats recog
nized that tbe act of 1703 had no per
ceptible influence on the commercial
value of eitljr-r gold or silver, and the
only way to restore gold to circulation
was to change the ratio, the sound mon
ey Democrat recognized that the free
mintage of silver at the ratio of 10 to 1
when the market ratio was 82 to 1
would result inevitably in Bilver mono
metallism. If tlx hard money Dem
ocrats contended "that all mankind bad
a predilection for gold," the sound mou
ey Democrats contended thut a gold
standard was preferable to a silver
standard. If tbe hard money Democrats,
in order to maintain jthe gold onrreui-y
when restored, undervalued silver by
making tho coinage ratio 16 to 1 when
the market ratio was 15.08 to 1, the
sound money Democrats resisted tlie
scheme to overvalue silver bo as to
force the retirement of gold. If the hard
money Democrats, after the pniwr.ge of
the act of 1884, pointed with prido and
exultation to tbe prosperity which ful
lowed the restoration of the gold cur
rvney, tbe sound money Democrats hnve
never faltered in warning their noun
trymen of the disaster whloh would fol-
VThe truth is toe country is indebted
to tbe bard money Democrats, of whom
Jackson was tbe chief, for the gold
standard. I could go on and show how
tbe act of 1834 bud an effect exactly op
posite to that of 1703, bow under the
operations of the same inflexible eco
nomic law gold went out of circulation
under the one and silver under the otb
or, how coutohs In 1863, on account of
the retirement of silver, was forced to
coin it as subsidiary money in order to
supply tbe peoplo with small change,
and bow tbe silver dollars ceased to
(low from the mints and gold was coin
ed in greut quantities. But tills is for
eign to my text
"My purpose is to show that tbe ad
" vocutes of the Chicago platform have
co riyht to conjure with tlx) name of
Audruw Juckaou. That pint form has no
precedent ill tiie history and truditions
of the Democratic purty. It promises a
in w dls'ieosution iu inonetury science
vtr dreamed of in the philosophy of
its urisat leaders.
Kew IJaveB to Sua Yle.
Nrw Haven Oct. 19 There la legal
auth-n-Uy fur th5 assertion thut a suit
f,.r about HfOlKXP is to be broUKht
ar.Hlnt Vale college during the month
.f November by the town of New
Haven lor The coileetlon of taxes. It
in t' ' n rumored for some time that
tiie mutter wuutu be sub.leeted to arbl-t.-nton.
but it Is now understood that
In lb iiirtita Intend to right It out, and
tf.e -waiter will -probably come up before
ii. e Bui erior court during the succeed-
' It InvMH,
UNCLE SAM'S MILK CHECKS.
f
A Story of a Dairy, a lead Mine, lead
Coins and nf Some Qneer People Who
Wanted Wages Redneed.
There was once a dairyman who did
lnrgo and prosperous business. He
was known and respected by a large
community, and nearly all tho peoplo
who knew him did business with him.
I do not know what his real name wns,
but they called him Uncle 8nm. At the
early day when these things happened
thero was very little money, and people
used bar lend, bullets and tobacco for
change. Piunlly Uncle .Sum, who was a
rnther unusual character, rend a pas
sage iu one of Aristotle's works In re
gard to the invention of money, thnt "it
was afterward determined iu value by
men putting a stamp on it in order
that it may save them the trouble of
weighing it"
Bo Uncle Bam built a stamping ma
chine which would stamp out an Kng
lish penny's worth of lead and was worth
pint of milk, as be was then sell
ing milk. These checks proved to be
quite convenient People found them
all full weight, and Uncle Bain's work
men and servants took their pay in
them. People also sold him their cows
for them, and Undo 8am sold milk for
them. Sometimes tbe peoplo used tbe
lend coins for bnllots and for weights,
but Uncle 8am didn't care very much.
Although it did cost him something to
coin them, be had panned them at their
lead value. In fact. Uncle Ham would
exrhnnge coins for bar lead at any time,
weight for weight, as a matter of pub
lic convenience. Some other people
mndo coins in a mold occasionally, but
people generally weighed them in order
to find whether they wore as heavy as
Unoln Barn's coins. Uncle Bam said be
didn't care tow many coins tbey made,
ud he would take them himself if tbey
were full weight
A lead mine was discovered not very
far from Uuclo Ham's, ami lead went
down in price to about half what it bad
been. A great many people who bad
some of Uncle Ham's lead began to
wonder what he was going to do about
the ninttrr. The checks were worth on
ly a halfpenny now. They discovered
thnt Uncle Ham was still receiving
them for a penny's worth of milk and
that he was continuing to pay them out
to his workmen just as before.
His business was enlarging, and be
was stamping out these checks in larger
numbers than ever. People sold him
bay and cows for them at the Hume rat-o,
for he hnd said that be intended to
maintain the parity of bis checks and
the penny. Peoplo didn't use his checks
for bullets now, for bnr lead cost only
half as much. And Undo Ham request
ed his friends not to make any of those
checks out of bar lead, for he didn't
like to accept halfpenny checks for a
penny unless he bad passed them oil on
the pnblio for a penny's worth of labor.
The next thing of note that happened
to Uncle Sam was this: The people Who
owned the lead mine beard about his
scheme; and they got up a convention
in order to see if something couldn't be
done for lead. They wanted to get tho
good old prices. They proposed that
Unole Ham should coin the whole out
put of their mine free and let them cart
away the checks, since they owned the
lead. They tried to make Uncle Bam be
lieve that this would double tbe price
of lead and be could go right on doing
business as if nothing had happened.
There was also some talk to the effect
that people couldn't pay their debts un
less they could get some cheap mouey
to pay with. -
Tho working people were getting
penny a day, and many of them
thought these load pennies they, were
getting were too good and would boy
too much at the stores. Thoy jolnod
the free coinage movement in order to
got a chenp penny which would buy on
ly half as much as tbe present penny,
with a view of restoring Joad to its old
price, so people could pay their debts in
cheap mouey. Tbey said they would
trust to luck to get their wages doubled,
' Some of tbe wiser ones snook tbeir
beads and said Uncle Bam certainly
couldn't carry tbe whole lead output at
twice its market value. Tbey were
confident that if be shou Id attempt "to
do so the lead coins would soon pass at
their Junk value. This would upset
credits and business and ruin the whole
community.
When I finish tbe translation of this
story and learn how the tanglo was Bet
tied, I will write again. Francis E.
Nipbcr in St Louis Globe-Democrat
Hon Money In Circulation.
If tbere was any actual relation be
twoen the quantity of money in circula
tion and national prosperity, we would
now be on a Hood tide. For more than
a twelvemonth now the amount of mou
ey in circulation in the United States
has been steadily on the increase. July
1, 1800, about the time the Chicago
platform was iu the process of iucuba
tiou and the mouth of the popocrat was
full of demands for more of the circu
lating medium, the total money in clr
dilution iu tbe United States waa f 1,-
600,725,200, muking $21. 16 per capita
on an estimated population of 71,tilM),-
000.
. Nov. 1, 180i, on the eve of the eleO'
tion, when tbe peoplo of tbe United
Stutes were to give their verdict against
a debased and depreciated currency, the
money in circulation was (1,637,066,
614, making (22.63 per capita on an es
timated population of 71,002,000.
March 1, 1807, on the eve of McKin
ley'a inauguration, the total inouoy iu
circulation iu the United States had
risen to the unprecedented sum of (1,-
676,604,063, muking (23. 14 per capita
on an estimated population of 72.418,
000. To fully appreciate this increase of
tbe money iu circulation in the United
States it is only necessary to suy that
in the last ten mouths it amounted to
(105,0(10. 768, or more than (2 per cap
ita of the entire population.
Vihilo the absolute circulation has
puHHMl all previouB bigh water marks
the per enpita ciroulutiou io still (1.U0
below that of 1802, Just before tho pan
to. But the per capita is now higher
thin it was iu 1800 or any year iu tbe
history of the reprblio prior to thut.
Then why are tbe times not as good as
they were along in tbe lute eighties?
Siuiply becouae good times depend ou
'lublio conllduiice und iuduHtrial activ
ity, and not on tbe amount of money iu
ciiculutiou. This U simply the touching
of the old piover! th:,t a nimblo six
pence is better thun a blow Bhllllllg.
Chicago TiuhW-Hcrald.
1897 00T0BEK. 1897
Su. Mo. Tu. Wo. Th. Fr. 8a.
ZZZZZii
JLJ 11111
0 JL1 12 13 04 T5 6
17 1Q Id 20 21 22 23
24 25 26 27 28 29 JK)
31
PEll CAPITA MONEY.
DO PRICeS DEPEND UPON AMOUNT
OH UPON KINO OF MONEY f
Pacts Which Will Help to Dlnpel tho
"ftforo Money Delnaloo rVwno PooMra
For the ftUverlto FvofeMoi Who Ara
CoiMtaettfMI tho "National maaoHal
School- Why Am FWtM Hffrtt and Per
Capita Money "Low (a Mirer Standard
Ootintrleat Should Deposit In Itaafct
Re Included la Xfctlmatlnff Amount of
Monef Which AflVcta Frtoesf
One of the numerous fallacies upon
which the free silver delusion is found
ed is the assumption by all sllverites
and clienp money advocates that prices
are regulated by tiie amount of monoy
tu circulation and that there is any nec
essary relation between prices and
amount of money. When driven from
one position, tbe blmetalliuts take ref
uge in another just as insecure and il
logiool, but perhaps a little more hid
den by Bophlstry The more enlighten
ed among them do not now assert that
to double the amount of money Is to
double prices. They generally admit
that the rapidity of circulation and tbe
use of credits affects the efficiency of
money and prevonts an exact statement
of tbe relation between amount of mon
ey and goods, but that more money un
doubtedly means higher prices, and vice
versa.
Tlie per capita idea of money so prev
alent with sllverites is disproved in
many ways. Statistics or prices and
amount of money per capita in use in
different countries at tbe same or at
different times fail to' show any cer
tain relation between prices and money.
Thus, while prices have declined in the
world and in this country very greatly
since 1800 or 1853 or 1872, tbe amount
of money in use bns increased enor
mously. From a per capita circulation
of (4.09 In 1800, (14.68 In 1853 and
(18.10 in 1878 we now have, one of (28,
and this notwithstanding tlie greater
rapidity of circulation of modern dol
lars and the vastly Improved and ex
tended use of credits. Will some "more
money" advocate please explain this
great fall of prices in connection with
tlie great increase in per capita money?
Again, the per capita circulation of
the gold standard countries of the world
is about (18; that of the silver stand
ard oonutriajB only about (f.00. Will
Borne of the silverite professors who are
Conducting "fiuanoial schools" in west
ern and southwestern states explain to
their classes why prices In sijver stand
ard countries are about twice as high
as in gold standard countries, although
the per capita circulation is less than
one-third as great? Will tbey explain
that the value of tbe material from
which money la. made has much mora
to do with prices - than tbe Amount of
money in usef , Will tbey tell tbolr Class
es that gold baa always been more val
uable, weight for weight, than silver,
and that it has recently become 88 times
as valuable while most ef tiie coining
ratios of the world were established
when gold was only 10 or 16 times as
valuable as silver? W11J they tbea ex
plain that the value of both gold and
silver bullion is fixed In tbe kmg ran
by tbe cost of product.) on and nbafetbere
fore tbo valno of bullion dees not de
pend upon the quantity of mouey in cir
culation? Will tbey try to make it clear
that if it takes five hours of tabor to
produce a bushel of wheat and five
hours of labor to produce 88. 93 gmfns
of gold one product will exchange for
tbe other tliat is, tbe price of wheat
will be (1 per bushel under our present
standard? Will they then add tbat if it
requires only 2 hours' work to pro
duce enough silver (8T1 grains) to
make a dollar that tlie bushel of wheat
will Dot exchange for less than two sil
ver dollars, aud that this is the reason
why prices are hiehvr in silver standard
countries? Will tbey explain tbe origi
nal "American fliiiux:inl policy," which
wus to keep tbe coinage ratio as bkme
as possible to tbe market ratio? Will
they ask the members of their classes to
vote to restore this "thoroughly Amer
ican financial policy?"
If the corps of silver professors and
cheap monoy statesmen who are con
ducting the "national financial school"
fail to answer tbe preceding questions,
perhaps they are willing to explain
what kinds of money are included in
making up tbe amount of money which
affects prices,. Does it include, all kinds
of government or state paper money, as
well as gold, silver aud copper ooliis?
Duos it include bank notes, which form
a consiojejrable proportion of oar present
circulating medium? If yon include
government and bank no tea, why not
, include bonk credits? Are not more ex
changes and greater exchanges effected
by means of obecks than by means of
either paper mouey or coins? Is it not
aa easy for one who has "credit" ( de
posits) iu a bank to buy and sell as if
be bad money iu his pocket? Do these
credits or deposits necessarily couslut of
money at all? If a man bus that amount
of property, can be not have (1,000,000
credit with his bunk on which to draw
checks at any time? Cannot rach a man
buy aud sell on a large scale without
tlie use of ordinary money? Why. then.
should bank deposits not bo included in
making up the per cupita circulation of
a country?
Viben the oIukhcs of the "national
flimnciul school" con pass an examina
tion on tbeoe ' per capita ouetHuuis. wo
w ill prepare a wt of queatlous ou other
ubjx;t, as, for instance, the cause of.
bigh and low Interest rates, the advan
tage of bigh prices, the bleiug8 of
cheap money, etc. Byrou W. licit.
The Interest Barometer.
Ik will nnv (rilvoi ito bo want cheap
mrmoTtht K money at low rates of
lntere to stady the rates of ititorert
charged iu gold and silver standard
countilas aiMl to compnrw w.
rate of interert on certain classes of
loans in Bound money states, which
never fcivm- repudiation, and in stoics
which favor free coinage and which
sometimes favor repudiation of debt
It is difficult to get exact figures of in
terest rates In different states and coun
tries, but Vie statistic obtainable ore
not favorable for the farmer w!k votes
for free silver with tlie expectation thut
It would enable him to borrow money
at lew rates of interest.
According to the last census, the
average rate of Interest on farm mort
ngos in liJHO was T.86 per cent, The
rate has undoubtedly declined since
then, except, pcrhjir. ne"'"-
which are Voting and legislating against
oajrHwl. Tbe rate is also higher than
that on most otrsjr classes of securities.
tt is pre""1 tbfl avpr,e '
hitnrwt in this country Is now consider
able less than per cent. In England.
Franco, Oerroaiiy and many othor gold
itandarfl countries it Is undoubtedly less
than 8 pev cent. We have, however, put
tbe rate on the barometer at 8 pov Cent.
In Mexico, Control mid South Amer
ican countries and in roost other coun
tries on a silver basis the rntos of Inter
est will probably average more rather
thon less than 10 per cent Btntistics on
ordinary loans on farm mortgages are
not available for comparison in these
countries. Perhaps tbe best available
are those prepared by Professor Irving
Fisher and published in August, 1806,
by the Amerioan Economio association.
These show only market or bank rates
of interest in London, Berlin, Paris,
New York, Calcutta, Tokyo and Shang
hai for a series of years, aud of course
theso are far below tlie average' rates.
Professor Fislier finds that the average
bank rate of interest from 1875 to 1879
was 8.8 per cent in the four gold stand
ard countries and 10.1 per cent in the
throe silver standard countries. In sil
ver standard countries the rate had fallen
but little, the average for 1870-4 being
10.7 per cent, : In gold Standard coun
tries tbe rate had fallen over 85 per
oent, or from 6.S In 1870-4. These facts
tend to show that tbere is some good
reason1 why interest is lower In gold
standard countries. Tbey are ronfrrtned
by the further facts tbat many large
loans and some small ones made in sil
ver standard countries are made pay
able iu gold and at rates of interest far
below those prevailing. One of the al
leged reasons why Japan has changed
from a silver to a gold basis is to obtain
lower rates-qf interest on loans which
sbe wished to negotiate.
There is more in this subject of cheap
money than some si 1 writes dream of.
Tbe best money is, in fact, tbe cheapest
If the borrower thinks otherwise, let
bimJiave his obeap money and pay tbo
Increased rates of interest charged for it
Byron W. Holt
The National Financial School.
The National Financial school is
the name of an organication which is
making some headway in tbe middle
northern states and perhops also in oth
er aectknn of tbe oountry. Its ostensi
ble objeot is to conduct nonpartisan
study of American finance. Its pioa-
petrtus, however, contains some expres
sions such as 'restoration of a thoroneh
ly American nnanolai policy," which
indicates the real object oi the pro
moters. Tbe organization was recently
extenoea into JUoone county, Ind..
Where Seven financial schools besides
the "advance school" and tbe "oouuty
school" are now in operation, each with
presidents, secretaries, instructors and
directors.
These financial schools should be en
oouragod by all sound money men and
orgnnizttitons. There is no more orr
tulu way of ridding tlie country of
the 16-to-l-er than by educating the
voters on the money quest lou. If the
schools are real schools aud not merely
lecture rooms, thero cannot be too many
of tbem. As they are nonpartisan, books
and literature on both sid-s of tho sil
ver question should be provided for
their use. In this connection the sound
currency committee of the Reform club,
62 William street, New York city, of
fers to send free of charge a limited
supply of literature to tbe officers of
any of these schools asking for same.
Send for Its literature and be ready to
vote intelligently on thk question should
it be up for settlement at the next con
gressional and presidential elections.
Btlverttea Bhoald rrop JedBnon.
It is in vain to invoke the authority
of Jefferson for tbe coinage of 60 oent
dollars or any other debasement of tbe
currency. Our "noo - Democratic"
friends, if tbey wish to vindicate tbeir
oluiin to tbe title of "old line Dem
ocrats," who have Jefferson for their
father, will have to abandon thuir idea
of free coinage at the ratio of 16 to 1
or anv othec arbitrary rate, but if thoy
will have a double standard make it 83
to 1, in order to be honest in the pay.
men of debts and to conform to the ac
tual ratio in the value of tha two met
al ia the markets of the v.orld, U be
ing, as Jefferson Bays, " mercantile
pjobkau altogethei. " Baltimore Bun.
Important ""-rtniaa
"Appoint your commiWws, Mr. Iteed,
snd let the house go to work, advise
the Chicago Time-Herald' (Rep.).
"Two grout eubjceU are now preying
upon tlie boute for consideration, fhui
Is the bankruptcy bill aud th the i
fir v
Mt
13
IJ
- 5
, t
' -i fc3
i s
8 : i -
CDtflTRltS'
II- g
fl , 3
J g
1 c
6 ! , U
2 ' -s
On War to Oet Hid of the Silver Question,
AU'l FREE COINAGE X
Let the sllverites have their o
Way and the end will not be far off.
MORE MONEY" CRY.
(T COME8 FROM FARMERS, WHO HAVS
A REAL MONETARY GRIEVANCE.
tltey May Be Mistaken aa to the Canaa
and Remeri bat Rot na to the F.xtnt
ence nf Thetr Tronble Why Interest lm
Hlh In the tt'eet and Sonth StatUtloI
of 11iiMii Power In TMfrerent Section!.
Upon tracing tlie movement for a
larger volumo of circulation back for a
score of years It will be found that it
has invariably manifested greatest
strength In the agricultural sections of
tho country. Obviously, then, wo must
seek for the underlying cansoa In these
communities.
When the subject Is annlyied. k, will
be observed that the ground for discon
tent at existing conditions lies In tbe
fact that notwithstanding greatly im
proved means ol production, notwith
standing greater facilities and materi
ally reduced rntes for tho trtmsportn-
tion
nnd distribution of products, tbe
agiiomransr, upon wnom so large a
part of our economio system la depend
ent, finds himself, generally speaking,
after a twelvemonth of hard work, no
farther ahead than at the beginning of
tbe year, and in many instances his
status la worse. Through the failure to
make a proportionate income he hns not
been able to reduce, but has, in fact,
increased his money obligations.
It is net maintained that such i9 the
oaso throughout the laud, nor are all
agriculturists entitled to equal credit
for care and economy. Many cases there
are, doubtless, where sympathy Is not
deserved, but iu most of tbe commnnl
ties where discontent prevails the rea
son here given is the true one, the dis
sertations of Belt satisfied theorists to
tho contrary notwithstanding.
Numerous examinations made by
painstaking Investigators warrant the
statement that tho unequal distribution
of capital and of money and the conse
quent gross Inequality in interest rates
are the chief cause of the inability to
carry on tbe Important business of ogrl
culture profitably.
Tbe sections of the country polling
tbe largest silver vote in 11106 have,
generally speaking, insufficient credit
facilities. The small farmer who, ad
vancing from tho oondition of farm la
borer, seeks a larger measure of inde
pendence and greater comforts for his
family, fs not only compelled to mort
gage his realty, frequently at rates as
high as 15 per cent, but is under the
necessity of borrowing upon his pro
spective crop. Having no banking office
to call upon, ho turns to the storekeep
er, who extends credit for the needed
supplies and taxes the borrower first for
interest upon tho loan, second in the
way of Increased prloea for staples for
nisned and finally in the way of dis
counts or commissions upon the product
of the farm turned in as payment
These items not infrequently aggregate
60 per oent upon the actual credit ex
tended, and In a very large number of
oases the total exceeds 30 per oent
It is perhaps unnecessary to add that
business of any kind nnder socii condi
tions would be unpofi table.
Is it, then, surprising when tbe agri
culturist, who knows little relatively of
tbe principles of Bound finance, imagines
that an increase in the volume of money
would benefit him? Is it to be wondered
at, when he bears or reads of money go
ing begging at 8 per oent In the metrop
olis, ho fancies that, by some hocus
pocus. Wall street Is constantly striving
to grind him down?
It is our business to teach him other
wise; to teach him that tbo prosperity
of tbo commercial centers is closely iu-
terwoven with bis is, in fact largely
dependent upon his welfare but tbe
lesson can only bo brought borne to him
by the introduction of means through
which his own prosperity shall be as
sured. For, oven as It is Impossible to
interest a starving man in the plan of
salvation, so the debt ridden farmer oan
only acquire fuith in our views of sound
finance when relieved oi ni present on
erous burdens. To blin a system which
operates so unequally as the existing
one does must appear not only unsouna,
but absolutely tyrannical Any change.
he feels, would be for the belter, uou
senui ntly tbe southern furmer demand
ed the reinstatement of tlie state bonk
note system four years ago, and last
year tho free coinage of sliver appeared
to him the best solution of tlie difficulty.
Tbe remedy is manifestly not to bo
found iu any form of inflation of our
circulation, but iu providing by legisla
tion or otherwise increased credit faoia
ties, both for long term loans upon
mortoaccs and short term credits upon
crorm. aud a better distribution of tbe
circulation which we have.
Iu this, as in many other matters, we
must refer for guidance to human expe
rience elsewhere. Iu no country has the
system of advancing abort time credits
in nirricultnrists reached the high stute
of development which ia found In Scot
land. The Scotch banker bos learned
tbat tho farmer is, under a well guard
ed system, as fairly entitled to credits
to float bis venture aa tbe merchant or
tbe manufacturer.
Scotland has one bank lug firm for
each 4,000 of population and a ratio of
banking capital to total resources of
banks of 1 to 1 a. By this economy in
tbe use of capital tho banks are able to
declare dividends averaging fully 10
per cent while giving credits ordinarily
at rates rarely exceeding 4 percent,
and every hawk t in the ktiigdom bus a
baukiug office within its limits ox iu its
immediate vloiuity.
slppl and Arkansas ns an example, It
Will be found thnt these have about
4,000,000 population and 171 banking
institutions, including private bankers,
with a total cspitel of (17,000,000; to
tal resources, (10,000,000, or a ratio of
capital to resources alxmt 1 to 8 1-8,
aud one banking offiiw to 88,000 of pop-
ulnnon.
The reason for exorbitant Interest
rates in the last mentioned section is
obvions. And It will contlnno to exist
unlcfs some menus of economizing cap
ital, as is done in Scotland, is provided
and the storekeeper is compelled by
competition to reduce rates. Tho comp
troller of tbe currency, in his annual
report for 1806, presents a table show
ing tbo banking power of tho several
states and territories, from which tlie
following abstract Is compiled, to illus
trate this point more forcibly
AvamAua dajtkino povbr rra OArrrj., irar-
gp ft-raras, w.
rTntln- Ixwn
al, Rfate and
and trtait PoT
pr!Bta rem- ins
lieiijis. iMtnliw. hnnkq. slL
Vnltecl States..,. 2.sa I10.H5 tM-M
Maximum, Rhodfl
iHbinrt 121.85 M.03 ISO. 78 B71.SS
Minimum, Ar-
kanwia 4.99
New England
stnt.M TR.oo p.n) mm
mtcMIn Ptntcw ffll.74 22.78 B4.M
4.8(1
Uf.3.00
17 00
10.70
e or
73.OT
the
If) southern states 17. (ti .1)1 .09
gcntml states.. iS.H 2.11 6.31
18 wi-tern stiite. M.WI 1.1R
PnclUc stnt.M... l.8 2fl.l
Tho greht disparity between
bunking facilities is seen nt a glance.
The six New I'.ngmnd statut, with an
estimated population ( lHO(l) of 5,900,.
0f0, posooss neerly (79 per capita; the
18 southern states, with 80,O00,0rX
population, show bnrely (18 per capita,
or 88 per cent of tho former. Including
savings bntiks and kmn and trust com
panies the ratio is mnterinlly roduoed.
the south showing only 7 per cent of tbe
amount given for Now England. An
alyzing the items given in the last col
umn, as stated in tho comptroller's ta
ble, it is found that the states and ter
ritories representing 70 per cent of the
poimlntion have less than 88 percent of
tlie entire banking power, estimated nt
((1,700,000,000. Maurice U Muhleman
In New York Herald.
"Free Coinage' Demand Ia Mtuleadlna,
If any advocate of tlie free coinage of
silver dollars or copper dollars or iron
dollars at any ratio, 16 to 1, more or
less, will agree to stop there and ask
nothing more, I for one am prepared to
meet him, and In that way to step the
present contest Who would want tbem?
Not one of theso men will consont to
free coinage on those terms. Not one of
them would be satisfied. Not one of
them would then get what he is after
under tlie pretext that froe coinage and
"equal rights of gold and Bilver" are all
that he wants. I challenge any one to
find an advocate of free coinage at 16 to
Win theso simple terms that both gold
and silver should be treated alike; that
both gold and silver coins shall be made
for any one who takes the bullion to
tho mint to any number that ho wants.
I challenge any advocate of free coinage
to dony that froe coinage, pure and sim
plo, is not what ho demands, aud not
one of tbem will dare to meet this chal
lenge,.
This demand lor free coinage is a
cover intended to conceal the true pur
pose of those who nek it Most of those
who support tills measure have been de
ceived and misled. Lot such men put
the question to any owner of silver
mines, to any senator or representative
In congress or to any and every oandi
date on the free coinage platform in
the following terms:
If we grant free or unlimited cola-
age, without charge for the corning,
will you demand nothing more?" Not
a man who knows what tho tine pwr-
poeo fs will answer "Yes" to that ques
tion. Eihvard Atkiuaon.
Which II Hi OooeeT
A eertuin mnn had the good fortune
to possess a goose that laid him a gold
en egg every day. But, disappointed
with the incoine and thinking to seioe
the whole treasure at once, he killl
the goose, and cutting her epi u found
her just what any ether goose would
bet
Much wants more aud loses all.
Silver Stamford a Ilrawback.
M. Leroy-Boaulieu, tbo French eoon
omtMt, writing to the Journal ties De-
bats, says be considers Japan's adoption
of the gold standard to be a n:pkte
refutution of the bimetallic, theory that
a depreciated monetary standard gives
a country an advuutage iu international
trade.
A lawyer in Butler, Mo. , has buptiaed
his twin sons Gold aud Bilver.
I Japan Fifty Tear Ahead of CT
Tbe exportation of gold under exist
ing circumstances involves no danger
to this country, but it is not pleasant
to reflect that the present shipments
are called for partly to furnish tbe sup
ply fur Japan. It ia less than 60 years
since we bombarded the heathen Japa
nese to bring hi in to a realizing sense of
our higher civilization, aud now appar
ently Japan is 60 years ahead of a huge
Dumber of our people in that practical
and important development of civiliza
tion wbtca demands that it shall take
100 cents to make a dollar. New York
World.
- Aa Painfn Oawntf Baatt,
Something should be done to place
tha currency of tho country oa a uni
form busia. The constant reiusue cf the
greenbacks as often as received by tin
treasury department l an jtpomaly iq
UUiUjco. li-kiburj (Ulsg. ) feat
NEWS OF THE WEEK.
Thnrtday, Oct. 14,
The fifteenth eonferenee of friends of
the Indian opened at Lake Mohunk.
Two women were drowned In ths
Neverslnk river, in Sullivan county,
A freight elevatfr at S2S West Forty.
first street, New York, fell and seriously
Injured two men.
The flwlss nntlnnal council, by a vote
of 08 to B. has adopted a bill making
acrldent Insurance compulsory In tha
case of all persons nn-i having Inde
pendent means of existence.
Reports were received In London
that an Abyssinian army of J, 000 men
under Has Mackonnen wns annihilat
ed by Somalls at the end of June, onljr
men escaping to tell the news.
The organization of the greatest
combination of window class makers
ever formed In this country was com
pleted at Onmden, N. J. Pittsburg was
chosen as the general selling agency.
Friday, Oct. IS. .
Tito Crespo, a son of tha president of
Venezuela, died in Paris.
Four men were killed in a collision on
the Canadian Pacific railroad. ,
Thirty race horses belonging to the
Msf-quls of Zetland were sold for il.027
guineas.
It Is proposed to carve out of Alaska
new territory, to be called Lincoln,
with Its capital, Wears, on the Yukon
river.
The president appointed ex-Senator
ohn A. Kniraon of Iowa as special com
missioner to negotiate reciprocity trea
ties with foreign countries.
Pamuol Enders and Henry Conrad,
who were sent to the Kings county pen
itentiary from Westchester, N. Y., for
larceny, made their escape.
Frank Loretto. ftsed 80 years, com
mitted ulrlle by plunging down an alr
ebsft from the fifth floor of a tenement
at 20 Roosevelt street, New York.
Saturday, Oct. 10.
President McKlnley reviewed the
paraje of the Washington police and
re departments.
Henry Gordon, a young mechanic In
New York, on account of lack of work,
offers to sell himself an a slave for $100
and his hoard and clothes.
The British government Intimated to
Embassador Hay that It would take
part In a sealing conference In Wash
ington in which Japan and - Russia
would not participate.
The warship Yantlc, against which
there have been many protests In the
Canadian press, sailed from Hoston for
Detroit, to he used as the training ship
of the Michigan naval reserve.
Katie Clum, the pretty 17-year-old
daughter of Henry Clum, a well to do
farmer of Prattsvllle, Greene county.
N. Y., was abducted from her home by
hree negroeB, Henry, Frank and Mary
Dorr.
Monday, Oet. IS.
The schooner Alfred A. was wrecked
off Marblehead, Mass., and two of tha
crew were drowned.
Algernon S. Paddock, who represent
ed Nebraska for two terms In the Unit
ed States senate, died at his home In
Beatrice, Neb,
The city of Windsor, N. S., was al
most completely destroyed by fire, ren
dering 8,000 people homeless. The loss
is estimated at $3,000,000.
The coastwise steamer Triton, plying
between Havana and other towns on
the Island of Cuba, was wrecked, and
fully 160 persons were drowned, most
of whom were Spanish soldiers.
Information was received In Troy, N.
Y., of the death in Alaska of H. B.
Tucker, formerly of that place and a
son of Henry O'R. Tucker, editor of the
Troy Press. Young Tucker died from
exhaustion on the trail to Klondike.
The Rev. A. B. Simpson of the Chris
tian alliance collected S78.000 for for-.
elgn missions at three meetings In the
American theater, in New York. One
man contributed his New Jersey farm,
another his library and several women
their Jewelry.
Tnesday, Oet. 10a
President McKlnley appointed Frank
C. Partridge consul general at Tangier,
Marocco.
Surgeon General Newton L. Bates of
the navy died In Washington. He waa
President McKlnley's family physician.
William A. Collins of th Brooklyn,
Bicycle club was arrested at the end of
a century run, charged with stealing a
bicycle.
Sir Edwin Arnold, most widely known
as the author of "The Light of Asia."
was married In London, the blide being
a native of Japan.
The United States supreme court con
firmed New York state's title to many
thousand acres of Adirondack land ta
ken under tax sales.
There are further reports from Lon
don to the effect that England will not'
make a favorable reply to the American
monetary commissioners.
Prominent Cuban merchants and
planters are said to be arranging a
movement to secure annexation to the
United States, believing that no schema
of autonomy will be satisfactory.
Frank M. Haines, 18 years old, has
disappeared from his home In Brook
lyn, and local tradesmen complain that
he passed worthless checks on them.
Mies Ethel Cowell, whom Haines knew,
is also missing.
Wednesday, Oct. SOw
The Catholic archbishops of the Unit
ed States began their annual meeting
in Washington.
Ex-King Milan of Servla returned to
Belgrade for the first time since his ab
dication In lUS'J, and the cabinet resign
ed In consequence. '
Armed men are searching In the Cats-
kills night and day for the four negroes
named Mondore who abducted Kats
Clum, a 17-year-old girl.
Captain Levering has sleeted to havo
his treatment of Private Hammond at
Fort Sheridan made the subject of a
court of Inquiry rather than to be court
martlaled.
The steamboat Favorite, with 809
members of the Evans Outing club of
Brooklyn on board, ran ashore off.
Whiteatone Point, N. Y. All on board
were saved.
The steamBhlp Kaiser Wllhelm dcr
Grouse arrived In New York, and &
rough passage was reported. Tho ves
sel beat the St. Paul's best record, but
did not equal her own previous one.
The New Jersey state board of can
vassers declared the antigamhllng;
amendment recently voted upon cariiedr
by a majority of 8U2 and denied a mo
tion submitted on behalf of the race
track men to send the returns back to
the oounty canvassing boards on tha
ground that certain ballots bod been,
rejected Illegally.
Thioe Facta.
( 1 ) The mouey supply of this oountrjr
and of the wurld at large is not aun
traotiug, but Increasing rapidly; (3)
the low price of farm produces is caused
by tnereused production, not by oontruo
tion of the curroucy; (3) free ooinuge cf
silver would not Improve tbe condition
of any ono and would be the cause of
great hardships aud privutlona to the
wage earning classes and all persons of
smull mean. '
currency rwyrui. "