THE SATURDAY ABORNING COURIER
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THE DEPRESSION.
(Cif7ine fitom First Page.)
upward ntnl price another full, desperately
KgrrivntlnK Instead of nlluvlntltig thelitis!
now depreMlon. K. Uk:;j. Andhkwb.
Providence
1'rom Ixlilor Strain, llnnkrr, w York.
Money lias been dlnicitlt to otitnln even
at tlio exorbitant rate wlilcluinvo prevailed
during the pint hIx week.
A year ago it wn n elrujr In tlio market
at 8 per cent per ntinnni; recently it com
manded am high as TO per cent per nnmmi,
and it was inoru readily procurablont the
former than at the latter rate. There h
approximately ns much money In the coun
try today as there was n year nKO. Then why
has its valuo beenmo co much enhanced?
Confidence in slinkrn, people have become
alarmed, and the vehicle v hlch carries nine
tenths of the commerce credit lias in con
sequence been weakened, curtailed.
What is the cniiso of the. commotion?
Many believe that the purcliiwInK clause oi
tho no calkd Sherman act is tlio chief ii
not tho only disturbing element.
I do not think I overstate it when I say
that this belief is shared by three-fourths
of the merchants of the country. Why
should we therefore hcsltatototry the-tinned
y which is so generally oupposed to be
Mjo restorer of confidence?
If it should prove that the trouble was
diagnosed Incorrectly, none will bo so ready
and anxious to reuiKiilu It and retrace
their steps as the present advocatis of the
measure, for they have but onenim In view,
and that is not to demonstrate n theory,
but to remove tho cause that Is driving
banks and merchants Into bankruptcy and
clogging the wheels of Industry.
If the fear of tlio sliver advocates that
there is not gold enough to go around lc
well founded, nothing will effect the re
monctlzation of silver so quickly as bring
ing tho commerce of the world face to face
with such n condition.
By. theories we have twice failed to con
vert Europe to bimetallism, as two inter
national congresses, both initiated by the
United States, tho last one held only nlwut
a year ago, have been a complete ill "ap
pointment to their projectors.
If wo now tako the step which will pro
claim that we are ready to enter tho fight
for the possession of our share of the stock
of gold, and there be nny ground for
tho fear that there is not enough of tho
precious metal, It will not be long before
tho cry will go forth, "Enough of this," and
that cry will not emanate from our sldo of
the water either. We are healthy and vig
orous enough to enter tho lists if we are
no longer handicapped by ill advised legis
lation. Tho advocates of free coinage- of silver
call themselves blmetallists. At tho pres
ent juncture, unless tho axioms of finance
and commerce Gresham's law and the law
of supply and demand are a snare and de
lusion, free- coinage of silver can only lead
to sliver monometallism. Docs it not re
boIvo itself, then, into the question, Shall
we have monometallism of tho yellow or
tho white-metal?
I am a believer in bimetallism, but do
not consider it feasible, excepting through
an international agreement, which can
never bo brought about while a compulsory
silver purchase law is on the statute books.
Therefore, as a friend of silver, I favor
the Immediate and unconditional repeal of
the purchasing clause of the act of July 14,
1800. Isidou Straus.
New York.
From William 1. St. John, I'retldent of the
Mercantile National Bank of Mew York.
The present widespread scare from which
the country-suffers bo acutely has been a
matter of growth.. It is not now impnrtaut
todtscover its origin. I prefer not to ex
press my opinion of its priuuur cause, ac
cordingly. My views on the makeshift called the
Sherman law are well known already. It
has seemed to me the ablest compromise
between extremes that could have been en
acted. Under the present administration
the notes which are automatically created
by tho operation of this law are redeemable
invariably in gold. Inasmuch, therefore, as
tho silver absorbed in the treasury in the
operation cannot be emitted except in the
form of legal tender coin, it practically can
not be emitted at all under the present ad
ministration. Hence the publia is, not concerned nt all
as to the silver bullion taken monthly, but
is concerned and concerned only with tho
legal tender notes which are thus created
every month. At about the present price
of silver, if tho law were carried out, we
should have- a monthly issue of about
$3,000,000 of notes. They are receivable for
all dues to the government, including re
cetpts for customs. They are a legal tender
between man and man. Tho faith of tic
United States is pledged to redeem them
in coin. Tho present administration has
committed itself to redeem them Invari
ably in gold. I have such confidence in tho
ability of the United States to redeem its
notes in gold, when undertaking to do so,
that Iain not in the least degree concerned
as to the quullty of these legal tender notes.
My concern Is to gat enough of them, day
by day, for tho conduct of nty business.
My views of what would prove perma
nently acceptable in legislation are fairly
well known already. A literal fulfillment
of the Democratic platform's demands
would seem to me eminently wise and
timely.
A bill to fulfill the demands of that plat
form might possibly shape as follows:
First Our mints to receive without limit
all deposits of gold bullion and silver bul
lion, not too base for minting, and issue
therefor unlimited legal tender notes of the
United States at coin valuo, these notes to
be redeemable in gold or silver ooln, At the
option and convenience of the United States,
and on request of the note holder, but at
the like option and convenience, to be re
deemed in gold bullion or silver bullion at
not less than coin value. All outstanding
gold, certificates, silver certificate and
treasury notes of 1800 to be canceled when
ever received and the proposed notes sub
stituted therefor at face value, this act re
pealing the to called Sherman law entire.
Second If a new coinage ratio for gold
and silver is provided in the bill, provldo
also that the existing legal tender silver
and gold coins shall be available for re
demptions of the proposed new uotes until
the new coinage is ample therefor, say for
one or two years after the date of the en
actment, anil thereafter let tho present sil
ver dollars be held for a later determina
tion by congreM as Jo the permanence of
this new valuation, that determination to
abide events.
The bill proposed would fulfill two re
quirements of the platform referred to: 1,
It offers equal access to the mints of the
United States for gold and silver. 9. It
"safeguards' the "established parity" by
anchoring it into our already yast and pro
digiously enlarging domestic trade demund
for money. Soon there would be bo other
netea. '
Our silver certificates afford a slight In
dication of results mere paper titles to
legal tender silver dollars dellvcraliluou
surrender of tho certificate. Three hun
dred ntid thirty million dollars of thenc
silver ccltlllcntes aro how nlloat and In
banks as mouey, In parity with gold.
WILLIAM V. St. Joiix.
From II, W. Minolta!! of Indiana.
In a country like ours, where wo have n
ontlneut of land to huImIuc, towns and
cities to build, roads to ainke, streams to
bridge, millions of acres of new land to
bring under cultivation and factories of all
kinds to erect, is it any wonder that, amid
the thousands of opportunities surround
ing us to make money rapidly, wo should
occasionally bo caught going too fast?
Troubles like tho present arc more likely
to occur In n new and rapidly developing
country than in an old one, nnd they would
probably occur under nny system of finance,
although I think both our ildlculous tariff
and silver legislation liava aided In produc
ing this one.
Tempted by promises of largo returns,
we havo gone on multiplying roads and
factories until now our capacity to produce
from n clo'ttirsplu to n locomottvo Is nearly
twice as great as the consumptive demand.
Wo bnvo thus converted too Inrgo a share
of our active, operating capital Into fixed
capital not available for debt paying pur
poses, and wu aro not going to rebound as
soon ns congress repeals tho Sherman law,
but several years will have to bo devoted to
a readjustment of credits and .values and
a new start mailo on n new basis of valua
tion a reappraisemeut of our property and
a cutting down to an nctunl productive
basis.
Wo must also pass through an education
al period, and tho asses In Kansas must bo
taught that tho government can't make us
rich bylaws and that the best dollar for
the farmer nnd laborer is tho dollar that
will buy the most .and bo current every
where In the world. A slnglo stnudard
gold dollar and tho right to spend it wher
ever your interests require which menus
free trade will, In my Judgment, be the
ultimata outcome, but as wo will probably
have to go through n period of tinkering to
reach this I do not look for tho end of
pinching times for several years to come,
or until wo learn to recognize a few funda
mental truths u hlch wo have to too largo
an extent Ignored. Very truly,
D. W. MlKSItALL.
From Governor Lewelllng of Kama.
CAUSE.
The present financial trouble is tho rip
ened fruit of a series of legislative enact
ments and financial policy extending over
30 years: The exception clause upon tho
greenback currency In February, 1803; the
calling In of tho currency that paid tho ex
penses of tho war of tlio reltelllon, and mak
ing a vast debt of it to 1o paid, both inter
est and principal in gold, by tho people of
future generations, Instead of refunding it
in full ltfgul tender currency and sending it
back to tho people.
Tho issuing of currency based upon the
debt the nation owes, Instead of tho weulth
tho nation owns, nnd putting into tho hands
of corporations the control of the amount
of such issuo and tho machinery through
which it must reach tho people.
The demonetization of silver in 1873,
thereby appreciating the valuo of gold.aud
depreciating the price of silver nnd all
other products of labor, except gold, until
tho ability f.o pay debts was destroyed.
Tho refusal to supply sufficient money to
do business upon a cash basis, thereby mak
ing. the- Americau.people .borrowers for a
large per cent of their capital.
A rate of interest twice greater than tho
percent of tho annual Increase of the wealth
of tho nation, thereby transferring not only
the earnings of tho peoplo annually, but
part of their post holdings, to pay such in
terest.
Corporate control of labor and the prod
ucts of labor, depriving the producer and
toller of his fair share in thedUtitbutlonof
the wealth by him created.
Together these causes have operated in
producing the most deplorable financial
condition that can exist concentrating the
wealth of the nation In the hands of a few
of its citizens and leaving the many with
out Just requital for their labor.
ItEMEDV.
Provide for an increase of the currency
by tho free coinage of American gold and
stiver, together with au issue of currency
based upon the faith of the nation, thus re
ducing the purchasing power of gold so that
something may be left for the products of
labor with which to pay debts. But no
bonds should be issued, thus creating ad
ditional indebtedness for tho people to pay.
A government depository should be es
tablished in each trade center to take the
place of uutloiial banks. And these should
be presided over by a directorate, or a sal
aried agent who should bo under proper
bonds and under government supervision.
And these depositories should have power
to make loans direct to the people.
This would Insure an cqultablo distribu
tion of the currency and absolute safety
lor tlio depositors. And it would also re
move tho incentive to vast accumulation"
In bank vaults, by which the money vol
ume is contracted, business paralyzed and
industry destroyed. L. D. Lk WELLING.
Topeka.
Chauucejr M. Depew.
(From Our Now York Corrcupondout.
Chauncey M. Depew, in answer to an in
quiry as to the cause of the present troubles
and the remedy, was careful not to express
any opinion as to tho advantages or disad
vantages of bimetallism, regarding the con
sideration of that subject as a matter which
may be well postponed until after congress
shall have removed what he believes to be
one of the chief reasons for the present dis
trust. Mr. Depew said:
The causes which have been operating to
bring about the panic of this summer are
various. Some of them can be traced back
for several years. Chief among them un
questionably Is the revelation which wo
have now had that the purchasu of silver
bullion at market rates nnd the Issue of
treasury notes In payment therefor, which
may be and In fact must be redeemed In
gold if the credit of the country is to be
maintained, havo created a fear that the
time may come, if it is not already at hand,
when the government would be unable to
meet Its obligations in the most valuable
mouey.
Whether it Is going to be possible by In
ternational agreement or by any other
method to secure iv satisfactory relation be
tween gold and silver as money metals is
something which has yet to be deter
mined. I suppose there would be no great
objection to tue use or anything upon which
the government fixes its stamp, excepting
the objections of iuoonvenleuce possibly,
provided the people of this country ami tho
nations of Europe as well hod perfect con
fidence in the ability of the United States
to redeem Its issues In wbut Is regarded the
world over us the best money. There ought,
m fact, to be no best mouey In the sens
that any moury bearing the stamp of the
government l any better than any other.
There is uo doubt ut all about the rela
tion of gold to tho commercial and llnau-
ilul markets of the world, and that being
10, and our lrnd and commercial relation"
with other countries being what they are,
the United Stntx-t must bo prepared toen
nblu Its citizens who aro engaged In com
merce to pay their obligations Tlth that
money which Is icgnnlcd tlio world over as
best. That mean, of course, that nil peoplo
In tliuUiiltetl States should receive forthelr
services not depreciated but perfect money.
Whether sliver bo employed, ns money or
out, It Is necessary In viewed theo rela
tions that tho money standard bo that
which Is recognized tho world over ns tho
K-rfect one, and that is gold. It will bo
time, howovur, to consider the future finan
cial jiollcy of the government when tho Im
mediate necessity, tho repeal of tho silver
purchasing clause, is met.
From V. K. Htmlohakrr, Nrrnml Ylrn 1'rc -lilont
and Treasurer Htiulnliaknr Manu
facturing Company,
You ask what Is tho cause of tho.preaenfc
depression in business nnd tho remedy,
Permit mo to say business depressions and
reverses nre sure to coma periodically, no
matter what tho basis or volume of our
money is, nor does it matter what party Is
tu power, as tho true cause is overtrading
and overextension of credit. For au Illus
tration, no man was ever financially panic
stricken If ho were nut of debt. Hut they
are less disastrous when they do coma when
wo nre doing business on a sound financial
basis and when tho government Is in con
trol of those in whom wo have tho greatest
confidence.
Our present condition, I think, has been
precipitated by u lnck of confidence on tho
part of tho world In tho ability of our gov
ernment to maintain Its silver certificates
at n parity with gold and tho fear that we
would eventually do business on a silver
hauls. Then It has been aggravated and In
tensified by tho fear of sudden nnd radical
changes being made in our tarllf system by
the present administration.
The first remedy Is tho repeal of the
clause In tho law known as tho Sherman
act compelling tho government to pur
chase a certalu amount of sliver monthly.
Then let President Cleveland assure tho
peoplo that ho will not encourage sudden
and extreme changes In our tariff system.
Our peoplo seem to differ very widely in re
gard to tho proper basts of our money sys
tem, and especially in regard to tho relative
valuo of gold and silver. To mo it seems
to 1)0 utterly imposslblo and impracticable
for us to hnvo more than ono basis by which
we measure our values, nor do I think it Is
to the interest of our people to havo more
than one, nnd that should be gold. Yet I
think we could use n great deal of silver in
trading lictwccn ourselves. History proves
that never hnvo tho two metals remained
at a permanent relative valuo for any great
length of tlmonnd that thoy always vary,
but that they linvu varied more since 1800
to tho present time than they ever did be
fore. Tho reason for this is that the rich
discoveries of silver in this ountry were
made nt a time when wo had suspended
specio payment and were not using any
silver in our own country except whnt was
used for manufacturing, and oven that was
limited, for then wo were comparatively
poor. Tito result wasour silver was thrown
upon foreign markets and fi ightened Ger
many to such uu extent that they demone
tized silver. Since then tho whole world
has been engaged in discussing the silver
question, and the best minds seem to bo
puzzled and bewildered to know what is
best to do. Tho International congress met,
but failed to agree.
To me it seems plain that a chango in the
ratio of values between tho two metals
must bo innde, nnd ns our foreign friends
intimated that wo should take tho initia
tive why not tnko the bull by the horns
and do so? I have always believed in the
principle of free coinage of sliver with a
limited legal tonder power. Therefore I
would suggest that tho government in ad
dition to repealing the purchase clause of
the Sherman act afterward pass a law to
lock up all the silver they have on hund for
five years and to' call in all tho old coins
and pass a free coiungo bill based upon U
an ounce and limit its legal tender power
to 15 or 110. By doing this it would increase
tho quantity of silver In the dollar about 25
per cent, hence requiring 25 per cent more
silver bullion to perform the function of
money and increasing its demand and use
to that extent. Yours very truly,
P. E. SninKnARcn.
Chicago.
From J. F. Colgate, Danker, New York.
lam distinctly opposed to the purchase
of silver by the government and In favor
of repealing what Is geuernlly known ns the
Sherman act, hut In place of this I am in
favor of the free coinage of both silver and
gold. I am a blmetnllist, but if wo aro to
have either gold or silver I prefer silver to
gold. Silver Is the normal currency of the
world. It is used by every Inhabitant, man,
woman and child. It is therefore the uni
versal currency. It is also an absolute ne
cessity, for iteuters intoull tho small trans
actions of. life.
These small transactions iu the aggregate
are tho basis of commerce. It is therefore
the people's currency, while, ou the other
hand, gold is only local; it is not universal;
It Is but a higher expression of value than
silver, convenient, but not a necessity. It
is the most convenient for the settling of
balances, and it is truly the bunker's cur
rency, not the currency of tho people. Both
are useful. The one is an aid to tho other.
Since the demonetization of silver in 1873
the value of gold has been advanced to
such an extent ns to produce almost a pan
ic, the debtor classes severely suffering.
One of the questions which confront us
nt the present time is, Has gold advanced
or has silver fallen? It is a pertinent ques
tion. "What makes the value of gold?" Is
it not simply law? By tho force of law,
greenbacks, not worth the paper on which
they aro written, become a lawful tender
for the payment of debts. It is difficult to
ascertain the bullion value of gold, when
It is arbitrarily fixed by law, and one be
comes weary of the slang term which is
universally used, "Make a dollar's worth
of silver equal to a dollar of gold."
While the Sherman act has Iu It much
good as well as evil, the export of our gold
at the present time should not be wholly
chargeable to it, Australia, which Is said
to have gold currency, and South America,
a paper currency, are both in a worse finan
cial condition than we are, and yet neither
has a Sherman act to repeal. Are we large
ly Indebted for the export of gold to the
fact that we are spending more money than
we earn? A householder who earns 111) and
sponds 113 soon comes to poverty, and what
is true of the individual l 'rue of us as a
nation.
Our excessive Imports, the great amounts
we nre aylng for interest on our securities
sold and held in foreign countries, the fab
ulous amounts spent by tourists, the
amounts spent for support of a large Amer
ican colony iu almost every city In Europe
and the exportation of rich American heir
esses to be married to impecunious hub
bands, with worthleM title in the judg
ment of many, are the truthful oausea of
ur excessive exports of gold. A more rigid
cooomy would correct tails.
It is urged that the' alteration oi tha ra
tio between gold and sliver can only lw
fixed by n congress with other nations. As
an American clt len I repudiate such vas
salage. We hnvo been snubbed too often
In International councils, and Is It. not now
high time that we should declare our finan
cial Independence of other nations, nswo
did our civil Independence in Willi Eng
laud, without consulting Us, hns Just al
tered tho ratio of tho silver rupeo of India
ns 1 to 21 J, nnd that while nuluturimtloiml
council Is pending, of which she Is a mem
ber. Aro wo not bound to look after our own
Interests? And may It not I hi well for us to
inquire, Whnt havo other nations dotio for
us that we should do so much for them?
If as a country wo should comu ton silver
basis and gold bo quoted at a premium,
this, though deemed by some as a calami
ty, might prove n great benefit. Iu 1873
Kuglnnd and Germany, followed by other
countries, to subserve their ends, changed
theunltof valuo from sliver to gold, thereby
demonetizing one-lialt of tho metalllo cur
rency of the world. Hnvo wo not had
enough In 20 years of this destructive ex
periment, and may wo not wisely return to
silver ns a unit of valuo? This would not
bo an experiment, for It hns served tho test
of thousands of years without bringing
financial calamity upon nny nation.
It Is argued that n silver basts would de
stroy our credit abroad and foreigners
would not purchase our securities. Hnvo
wu as a nation coino to this? Must wu de
stroy ono of our largest and most produc
tive Industries merely to sustain our credit
abroad? Moses said over 11,000 years since
(see Deuteronomy xxvllt, 43, -14) that
among the calamities which would fall
upon tho Jews: "The stranger which Is
within tliee, ho shall lend to thee, and thou
shall not lend to him. Ho shall ho the
head, and thou shnlt be tho tall," Happy
deliverance awaits our country when wo
shall cease to bo "tho under dog."
Jaml'b U. Coloati:,
lion. William II. Oracr,
From Our Now YorkCurrcspoiirfcnt.
Ex-Mnyor William It. Grace of New
York, who baa very Important business re
lations with South America and Europe,
said of bimetallism: "Nobody objects, I
suppose, to the employment of silver ns
money so long as there Is certainty that u
dollar's woith of nirvcr represents n dollar's
worth of gold not only In name, but In fact.
If tho problem can be solved by which this
relation can be brought about and be
maintained not only In tho United Stntes,
but by the commercial nations of tho world
on a common understanding, then there can
be no objection to bimetallism. Until this
isdouetho onlysafo policy Is thu honest
one, nnd that Is Iu the United States tho
maintenance of tho purpose to redeem all
tho obligations of tho government In the
best money, which is gold. For tills coun
try to attempt to maintain without mutual
arrangement with other nations with which
our trade relations nre so great silver nnd
gold at a parity would certainly result in
financial distress in comparison with which
tho present trouble is but as a summer
brcezo to n winter hurricane."
' From Major ). J. Hmllh of New York.
Our business troubles nro duo ton col
lapse of credit. Thu collapse of credit is
due to the unsoundness of the credit sys
tem. Credit is n boiler which explodes
once In 10 years. Our financial system is
an inverted pyramid. Upon its apex, which
serves as its foundation, is a lump of gold;
next above comes a larger mass, consisting
dtallvcr, greenbacks, national bank notes,
Htc.; then a heavy volumoof bnnk deposits,
upon which drafts are made for exchanges;
and, finally, nt tho top a great mass of debts
all payable in actual money. It is not
strange that business suffers occasionally
from a lack, of confidence; A pyramid up
side down does not inspire confidence. So
lor us business is done an credit we shall
have commercial panics. O. J. SMITH.
From A. Foster Ulgglnt of the Now York
Chamber of Commerce.
It would Iw difficult to specify tho vari
ous causes which have combined to produce
the present unprecedented financial condi
tion. Tho richest country on the ulobe.
having a bulk of actual money represent
ing r-M cocu per capita oi its population
and a grand total of nearly 1,000,000.000. is
so "short" of Its supply that buyers of tho
best investment stocks nnd bonds cannot
be obtained at all at any fnlr value and
only to n limited extent at enormous sacri
fices. Savings banks are unable to pay
their depositors because of this impossi
bility of realizing on securities by peremp
tory sale. Banks aro fulling in every di
rection. Industries are discharging their
workmen and closing their works because
of no sale of product or further accommo
dation from capitalists or banks cannot bo
obtained.
Such are the evils. Why do they exist?
Principally because of thu widespread loss
of confidence and fears which have taken
possession of every one who is even in a
small degree a capitalist, and each is ev
ery man, woman and child tbnt has a sav
ing. Loss of confidence In whom F Fear of
what? Let us try to analyze and see If we
can discover tho answers.
First The government has declared iu
the most positive and unmistakable man
ner that It will at all times maintain an ac
tual parity between gold and sllvitr at Its
established ratio of 10 to 1 ami will at all
times redeem Its currency of every kind iu
( either silver or gold at the option of thu
holder.
Thopubllo does not believe It evidently,
for they have heard repeated so many
times, by tho howlliig press, that we ure
drifting, driving headlong into silver pay
menand silver alone that thu government
Is utt rly unable to carry out its pledges
and will soon bo forced to abandon all pay
ment iu gold that at last it has seized hold
of tho entire public mind, nnd the loss of
rmi41,lt(ifi It, t In. i.m.'.ittrttt(it la ....In....! 1...
the senseless behavior we now witness of
hoarding money, withdrawing of deposits,
etc.
Who is to blame for this effect but those
who raised this clamor those who, regard
less of the awful ruin they thereby have
wrought, persistently day and nlulit have do-
clared that the Sherman bill was sweeping
I usull to ruin, totally regardless of tho gov-
ernment's pledges or of the plain, palpable
relief to a strained mouey market the issue
, of over 13,000,000 per month of tangible,
, debt paying money was having? I date the
, positive evidence of loss of confidence with
tho beginning of this fashionable clamor,
which was and is such a reflect ion on the
! power, ability ami even good faith of the
1 government that it is a disgrace to the na
tion and should bo a source of remorse to
I every one participating lu it and con t rib
1 utlng to the results now experienced,
I Second Is it fear of the future of trade
and commerce? Here again wu must say
yes. Overproduction lu everything has
been the singular characteristic of thu past
few yean, to which of course our protective
tariff has largely contributed. I am n pro
feesed Iwllever lu a protective system, but
. the more oue studies It the more It is seeu
that such a system lived guards and the
I utmost vlgiUuce to prevent its utter pros
titution to selfish nod Individual ends,
Utterly foreign to tho true principles which
iliould govern It,
A further doubt of tho future has been
rrentril by thncnlhtpso of "combinations."
Wo need hot enter Into details, but lliu
tendency to luigi consolidations has had a
most baneful ellVct capitalization In mil
lions, when hundreds of thousands more
coirectly represented value; these stocks
IuVid through syndicates and shrewd hm
icm, the result of which juts liecit generally
Mint about one-half of the entire sums hnvo
been floated by loans from banks and trust
companies, thus withdrawing hiigo sums
from legitimate trado and commerca and
adding n fearful load to n tlmnof strin
gency. Third Aro there other fears yet undo
scribed? Yes, Indeed. Willi tho vision of
millions of unemployed working people
now fast becoming a reality, what will 1m
douo to again sut I he wheels lu motion nnd
relievo tho agony of a strugglo for life and
dally bread? Is tho reply to be, "Hepenl
thu Sherman bill and have no further leg
islation of any kind ut this tlmu?" Bo say
a number of our dally solous. Others re
prat tho cry, adding, "I leave the remedial
measures to thu future," etc
Can any sauu man entertain thu belief
that such u course will nt once nlTord any
positive relief? For ono I do not believe It
nt all, There must ho provision, Immediate
provision, whereby money can at once nnd
promptly be provided to meet tho necessi
ties of thu peoplo of tho United Stntes.
Onco before wo were faced with tho same
dire necessity, Europo was deaf to our
cries, nnd tho United States promptly de
vised tho greenback currency, Wo existed,
carried ou an nw fill war and really pros
pered with It. Tho necessities of tho peo
ple of the United States are worso today
than they were w hen greenbacks were de
vised, Wu did not consult tho financiers
of Europo then.
I sco lu all this present distress tho exact
realization of what was prophesied as cer
tain to follow if the world persisted In th
attempt to establish a slnglo gold standard
and am content to profit by my present ex
perlencu without inviting further aggrava
tion of tha existing distress by additional
steps In that direction. Tho bare repeal of
tho Sherman hill Is distinctly nothing else
than such n step. It Is n contraction of tho
issuo of money to a very largo extent
money needed sorely nt this time although
thesaplaiitgeutlemnuwhnsedutynnd privi
lege it Is to administer this relief has lost
sight entirely of tho necessities nnd distress
of tho nation In his solicitude to savo a few
hundreds of dollars tu tho price paid for
silver.
So far as his administration of tho law is
concerned, it might better bo repealed.
But that It could and should bo made a
source of gracious relief no ono can doubt.
Surely wo all have but one motive in view
tlio real good of our country nnd people,
It Is silly to cry out on tho one sldo against
tho "silver miners" nnd ou tho other
against the "goldbugs." Tho miners are
but a few of tho nation, nnd tho capital
ists are in n similar minority. It Is tha
working people, tho liorrowcrs, tlioso who
really carry on tho nation's Ufa and activ
ities, wo must consider. Thu "wo" must
not Ihs willing to seo a continuance of this
pressure which Is slowly squeezing tho life
blood out of tho nation, nnd such it wilt bo
to advocate the repeal of tho Sherman bill
without nny legislation to take its place.
ar better would It Ins to adopt Mr. Win
dom's expedient of bonds Interchangeable
at will for currency or enter boldly into tha
struggle with free coinage of silver -and
maintenance of tho parity at all costs than
tho alternative of supine submission to tho
dictates of European bankers.
A. Foster Hiaaixs.
Vanderbllt's nroker'a Views.
From Our New York Correspondent.
Samuel Barton, Esq., has represented
the Vanderbllts upon the exchanges for
many years, although perhaps his larger
responsibilities were those which were com
mitted to him by tho late Commodore Van
derbllt, who was his uncle. Mr. Barton
has given a good deal of attention to the
currency question, and when he was asked
what his view at present is he said:
I must confess that I have been surprised
at tho utter failure of the Sherman law to
keep up the price of silver. That It has
failed completely of its object must be con
fessed, even by tho most ardent and unrea
soning partisans of silver. It shoild there
fore be repealed as soon as possible and
should in fact have been repealed the mo
ment It became apparent that the interna
tional bimetallic conference would adjourn
without accomplishing anything in the di
rection of international bimetallism,
I am and always have been a believer in
bimetallism. But iu view of tho enormous
ly Increased annual production of silver and
its consequent depreciation In price as com
pared with gold, and lu view of the recent
action of India and the probahlo curly dis
memberment of thu Latin union, this coun
try would bo simply committing financial
suicide to undertake alone and unaided to
maintain tho parity of gold and silver, even
at the ratio of 20 or 25 to 1. International
action, therefore, in my judgment, is tho first
essential to any movement in the direction
of bimetallism unless we wish to isolate
ourselves commercially and financially
from the rest of tho world.
Such International action can only be
reached by demonstrating practically to
the nations of Europe that the oft repeated
assertion of blmetallists which, by the
way, I have often mudo myself and still be
lievethat there is not gold enough in the
world to transact tho world's business is
well founded, and this can bo demonstrated
only by this country putting itself firmly
and rigidly on a gold basis nnd compel
ling the importation of sufficient gold to
strengthen thu treasury reserve to such an
extent ns to put its ability to maintain gold
payments beyond all question.
Selling Interest bearing ImiikIs to do this
would lie absurd as long as we have 4200,
000,000 or 1800,000,000 worth of silver bullion
piled up iu our treasury vaults. As the law
now stands, this bullion must be kept on
band as long as the currency Issued against
It is outstanding. Unless the law lschnnged,
therefore, this bullion could not be sold
without occasioning n disastrous contrac
tion of our currency. But the Inw could be
changed and should be. Wo have several
different kinds of government paper money,
some of which are secured by deposits of
gold, some by deposits of silver and some
by the so called 1100,000,000 reserve fund.
Iu point of fact, the credit of the govern
ment is what makes them all good. Now,
why not unify all these different Issues,
turning the gold held as a special vtecurlty
agalust the gold note Into the treasury m
a part of the reserve fund and selling silver
bullion for gold In Iondou or elsewhere
and adding the gold thus obtained to the
same fund? This ought to give the treas
ury a total gold reserve of about ftoo.OOO,
OOO ami would be ample to maintain our
preseut outstanding government paper cir
culation ut par In gold. Moreover, thu ac
cumulation of such au amount of gold here
Would probably Induce some international
actlou in favor of bimetallism. If It did no(
have that effect, we might as well coustdor
bimetallism doomed forever.
Only the Scars Remain.
"Among the ninny tcllnumlrilj which I
see lu regard tu curtain lueillclnos perform
(or rumi, rlcnnslng tho Mood, etc.," writes
IIi.miv Hudson, of tlio Jnmns Hmllh
Woolen Machinery Co.,
riil!nlliiln, I'a "iioiio
ImpiimuiiMiitirutlinntiiy
own rate. Twenty years
nno, at llioriKoof Uyimrn,
I had smuIHiik coma on
inyli'Ki.wlitch broke and
liocatiio minting rr.
()iirf.imllypli)'lclnncoiilil
ili mono itoml. mill It whs
femed Hint tlio tiotieS
woiihlhunffectod. At hut,
tny good old mother
urged mo In try Aver'
Huisnpnrllla, Ilcmktlireo
bottle', tlio sores healed,
nnd I linvo nut boon
troubled sluco. Onlyllin
srar remain, and I tin
iiiMtinry of (tin punt, to
remind mo of tlin ttnoil
Ayer's Hnrinpnrlllit has donn me, I now
wolgli two hundred nnd twenty pounds, and
am In tho boat of health. I lumihcouontlio
rood for the past twelve yearn, hnvo noticed
Ayer's HaisapnilllA nilUTtliod In alt pnrts
of tho United Htatcs, ami alwas tnko picas
liro lu tolling what Rood It did fur Inc."
For tlio euro of all illica.iei originating In
Impure blood, tho host remedy It
AYKR'S Sanaparllla
I'ropsrtd by Dr. J. O. Ayer fc Co., LowtJI, Mm
Cures others will cure vou
immmmm
Dr. T. Oconnor,
(Huccmor to Dr. Charles Hunrlse.)
CURES CANCERS, TUMORS.
'J
Went nntl FMulns without tho mo ol Kulf,
CliliMiiforiii or llllirr.
iIIIIch 1304 O Strovt-Owt'il lilock.
LINCOLN, NEB.
Chicago, Rock Island & Pacific .Ry,
Dfrg,r
vBnTwA
Best Dining Car Scrvlco In the World;
TO THE WORLD'S FAIR
TAKE THt
GREAT ROCK ISLAND ROUTE
FROM THE WEST.
Baatawbar, tkla Zlaa has a Sspot for all
tralaa at BaarUwooa (aakatfcorckioaffoj,
olosa to tat world's Valr Oat.
TAKE THE ROCK ISLAND.
JHO. SEimiaN, G. T. MOP. I. CHICAGO. ILL.
BEST LINE
TO
ST, LOUIS
AND
CHICAGO
OM THE CREST OF THE JIILE6HANIES.
(Main Lino B. O. K. It.)
SEASON OPENS JUNE 15, 1893.
Rates, W0, $75 and 990 a month, ac
cording to location. Addrcsa
GEORGE D. DeSIIIELDS, Manager,
Cumberland, Md.. up to Juno 10: -after
thut dato, either Deer Park or Oakland,
fiMrrott county, Md,
THKEE-MINUTE TALKS iV muK
,nnn rd folder do-
ABODT wrlblo tU
NEW MEXICO. "rSSU.
tnlnM sod town of New Mexico. Tho proAU
rf fruit raUlnit uro t forth IndotnUiatiofseU
roiatlTA to nhoop. ml tie itad jpnorl farmlna.
So other cuuoiry ikxwpkxc such a dolryil
i-)Unt nl) tho )iar nnmod. Write to K. It.
PaUn. r, V. A. HanU ft Bout, Ouwbs, Nfe
for (tm nop.
M H
si wa
11 H
tfMom r
. WPHOPO;
-attL.! WtliiiiiB 1
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