10 THE OMAHA DAILY OBEE : SUNDAY , JULY 7 , 1895.
|
Coin at School in Finance
I
-/I AIVVX SI * !
THIIU ) EXTRACT.
The discomfiture of Coin at the first session
was the talk of the town. Many declared
that they had so far lost Interest In him that
they did not care to attend nny more of the
session ? .
"Why should I want to hear any more ? "
asked one. "He came here with the proposi
tion that we had all been swindled and pro
posed to show how. He has already virtually
confessed that he was In error about our
losing anything , but ho wants to go on and
give us his theory about the swindling Just
the samo. I have no use for It now. "
Another declared that the attempt to com
pare the corn crops of 1872 and 1893 , when
several great corn states had been opened In
the meantime , by the yields In Illinois In
those years , had settled him. "The fellow
cither schemes to deceive or doesn't know
how to teach , " ho said.
However , the general Interest In the sub
ject brought n good audience to the second
session.
Coin opened the address substantially as
given In the first chapter of his book. He
said that our forefathers after-eight years'
war had escaped from foreign domination ,
and that among the first things they did waste
to make 371U grains of silver the unit of
value. lie said that much depended on this
decision , because the silver dollar being once
fixed was of necessity ever after our measure
of value , Itself unchangeable. The number of
grains In a dollar once fixed was settled for
all time , and no one had a right to rcopon
the question of what Is a dollar. Other
things might go up nnd down , ns measured
by It , but that remained the dollar.
Having made this opening statement , ho
asked If any one took Issue with him on
this historical narrative.
The blmetnlllst arose.
"In considering this fact , fixing the num
ber of grains In a silver dollar and passing
upon Coin's claim that , like the laws of the
Medes nnd Persians , It must never be
changed , wo should Inquire why congress
made the dollar of that size. Perhaps the
reason that tnlluenced It has passed away.
Perhaps the same purpose which suggested
871U grains then requires n different number
now. Has anybody read the suggestions of
Ilobcrt Morris to congress ? "
"I have his letter , " said Mr. Gates , editor
of the Eagle Grove Gazette.
"Please read the most significant utterance
by Mr. Morris on that subject. "
THE DOCUMENTS IN THE CASE.
Mr. Gates read ns follows :
The various coins which have circulated
In America have undergone different
changes In value , so that there Is hardly
tiny which can bo consldeiod as n , general
standard , unless It bo Spanish dollars.
"Hag any ono read Thomas Jefferaon'g rec
ommendations ? "
"I have them , " said Mr. Miller , who had
taken an Intelligent Interest In the debate
since yesterday.
"Read enough to convey his Idea. "
The unit or dollar Is a known coin and
the moat familiar of all to the mind of the
people. It Is already adopted from south to
north , has Identified our currency and there
fore happily offers Itself as an unit already
Introduced. Our public debt , our requisi
tions and their apportionments , have given
tt actual nnd long possession of the place of
unit. The course of our commerce , too , will
bring us moro of this than of nny other
foreign coin , and , therefore , renders It
worthy of moro attention. I know of no
unit which can bo proposed In competition
with the dollar but the pound , Hut what Is
a. pound ? Ono thousand live hun
dred and forty-seven grains of line silver In
Georgia : 1.289 grains In Virginia , Connecti
cut , Ithodo Island , Massachusetts nnd Now
Hampshire ; loilH : grains In Maryland , Del
aware , Pennsylvania and New Jersey ; %
grains In North Carolina nnd New York.
Which of these shall we adopt ; to
whlgh state give that pre-eminence of which
nl ! arc so Jealous ? And on which Impose
the illtllcultles of n new estimate for their
coin , their cnttlo and other commodities ?
Or shall we hang the pound sterling as the
common badge about nil our necks ?
Thin rontnlns 1,7181 grains of pure sil
ver. It Is dllllcult to famlllurlzo a new coin
to u people. It Is moro dllllcult to familiar
ize them to a new coin with an old nnmu.
Happily the dollar Is familiar to them all ,
and Is already as much referred to for a
measure of value as their respective state
( provincial ) pounds.
"Concerning the ratio to be adopted ho
tald :
Just principles will lead us to disregard
_ egal proportions altogether ; to Inquire ln * <
the , market price of gold In the several coun
tries with \ \ hlchve shall bu principally con
tiectcd In commerce , and to take un average
from them.
"So much for Jefferson. Considering how
much Jefferson hated England , wo mlghl
have looked for aoino of Coin's star- spangled
banner financial Independence to have come
from him. But his entire anxiety was , first
to select for n measure of value a coin with
which cur people wore familiar , and whlcli
would not Impose new valuations on their
property , and , second , to fix n ratio between
gold and silver coins In the closest possible
harmony with the Intrinsic value of those
inetiU throughout the world. Remember
this , for Coin wliliex now to disregard botl
considerations. Has anybody read the repori
of the committee on coinage ? "
"I have It , " snld Mr. Schaffer.
"Ploaso revl what you deem as most slg
nlfli-ant In view of the selection of the dollar. '
Mr , Schaffor read ns fcltaus :
In favor of this plan It Is urged that n
dollar , the proposed unit , lm long been In
general use ; Us- value Is fnmlllar. This no
cords with the national mode of keeping
accounts , anil may. In time , produce the
happy effeot of uniformity in counting
money throughout the union. '
"That Is the game idea offered by Morrl
and Jefferson , viz. ; th.it tbe Spanish della
Is a coin to which our people are used. Non-
baa nnybndy road Hamilton's report ? "
"I have It here , " aaii ! the chairman , JuJg
Dlrdsell. "It Is a very exhaustive nnd ex
eeedliiKly Interesting document. U deals a
length with tbo delicate subject of aubrtltut
Ing our own ccln for foreign coins , v.'lilc
wore then the circulating medium. " Ho tuy *
Bui the quantity of cold nnd silver In th
national coin ; , correipoi illnff with a gtv
turn , cannot bo mnd ls ; than herctofor
without disturbing I he bnlntico of Intrlnsl
value and making over } * ncro of land , n
ivoll at every bushel of wheat , of less
actual worth than In the pattt. If th
United States were Isolated nnd cut erf frmi
Intm'cmrso with the rest of tunnktml thlx
reasoning wuuM not bo equally c-.n luslvo.
Hut It appears decisive when considered
with n view to the iplatlons which com
merce hns created between us unil other
countries.
It Is , however , not Improbable that the
effect meditated would be defeated by n rise
of prices proportioned to the diminution
of the Intilnslc values of the coins. Tills
mlKht be looked for In every enlightened
country , but- perhaps In none with greater
certainty than In this , because In none arc
men less liable to be dupes of sounds ; In
none has authority so little resource for
substituting names for things.
"I think that is sulllclent , " said the bimetal *
list. "I am sorry wo have not tlmo to
read these documents In full , but you can all
procure thorn. My conclusion , after reading
all of their deliberations , Is that the con
trolling Idea with all these men at this time
was to establish our own coinage with the
slightest disturbance to business and In the
closest possible conformity to the world-wido
ratio existing between gold and silver. Do
you agree with me , gentlemen ? "
"We do , " was the unanimous response.
"
CHANGING STANDARDS INJUHIOUS.
"The plain lessons arc to beware of chang
ing from one measure to another and to keep
as closely as possible In harmony with the
world-wide values of the precious metals.
There is nothing In this record to justify
changing the measure In which the vast
property "interests of such a nation as the
United States In 1895 ate established or to
encourage us to adopt free coinage at 16 to 1
when the ratio elsewhere Is about 32 to 1.
"There Is no .spread eagle cbout escape
from foreign domination , no politics , appar
ently. In it , no suggestion ot great stability
In silver , for , on the contrary , Hamilton ,
while recommending the double standard , expressed -
pressed his opinion that gold was the more
stable. In the coinage act Itself , as pastel ,
gold anil silver are treated exactly alike.
The first coin provided for Is the eagle , 'to
bo of the value of $10 , or units , and to con
tain 217 grains and four-eighths of a grain
pure , anJ 270 cralns of standard gold. '
"This specification of the number of grains
gives the eagle a standing of Its own , Inde
pendent of the sliver dollar.
"Tho act provides that the dollar shall be
'of the value of the Spanish milled dollar ,
as the same Is now current , and contain 371
grains and four-sixteenths of a grain of pure
sliver , or 416 grains of standard sliver. ' "
The discussion over whether the silver dollar
lar was made the sole measure of value la
rolltless. For If It were so made It ceased
o be In 1834 , nuJ we are under no obligations
o Jump a gap of sixty years to restore it.
nut. In fact , the .silver dollar was made the
nit solely In the sense that It was the stari
ng point In creating our system of coins.
The gold coins were independent of It and
ad no relation to It save as It representeJ
ho then existing standard of value. The
dollar , " in gold as well as silver , was the
, nlt , but no gold dollars were coined , be-
auso the size would have been too small ,
'his was Hamilton's Interpretation , and the
dea that Jefferson differed with him on this
xilnt Is disposed of by his letter to Ham'lton
ated February , 1792 , as follows :
Dear Sir I return you the report on the
mint , which I have read over with a great
leal of satisfaction. I concur with you In
hinklng that the unit must stand on both
metals , etc.
"This Is the historical truth as to the es
abllshment of the double standard. The dol-
ar was planned to take the place of the
Spanish dollar which was the coin most gen
erally used In this country nt that time. The
gold eagle was planned lo be exactly equlva
ent Intrinsically to ten sliver dollars , but I
soon became worth more , nnd all of the goli
was exported or hoarded. People never - payout
out a coin In current business when It Is
worth more to melti it down nnd ship to an
other country. In this way cheap money Is
said to drive out dearer money. It Is why
paper money drove out both gold and sllve
during the war.
"Gold was thus lost to our currency untl
1834. During these years the silver della
was unmistakably the measure of values. Ii
all contracts , market quotations and buslnos is
.rausactlons wherein dollars were named , sll | .
ver dollars were unquestionably contemplatei
by all parties , because gold dollars wer
quoted at n premium and consequently ni
lebtor expected to pay them. Do you tak <
any exception to this , Mr. Coin ? "
"No , gold was undoubtedly out of curren
use during tho&e years , " \
"This condition , " continued the blmetalllsl
wns the subject of much consideration b
the succeeding administrations and congress
Several very exhaustive letters were wrltte
by the secretaries of the treasury. The coun
try needed more money nnd the question wa
how to holu our gold. There were tw
methods by which our gold and sliver coin
could then bo made Interchangeable unde
frw coinage : By reducing the amount o
gold In the one , or by Increasing the nmoun
of silver In the other.
WHY CONGRESS CHANGED THE RATIO
"Yes , " said Coin , "I' ' called attention 1
my book to the fact that congress altered th
gold coins to correspond with the valua of th
silver dollar , U proves that congress In
tended silver to bo the standard. "
It has no such significance , " said the
metallst. Congress avoided any dlsturbanc
of contracts by changing the coin which wa
not In commercial use. H It had decree
that the silver dollar should be Increase !
It would have been n hardship on ever
'debtor. ' But the taking of a few grains out
ot the gold dollar hurt no one. "
This consideration is shown In the report
of Hon. S. D. Inghuin , secretary of the \
treasury , dated May 4. 1S30 , Jn reply to an
Inquiry of congress , which was then contem
plating some change In the ratio which would
keep both metals In the country. The sec
retary paid on this point :
In pursuing this Inquiry Into another
branch of the subject It seems to be neces !
sary to refer to the well known fact , that ,
wherever nn erroneous mint regulation ex
ists , the metal rated highest is always used
us * tlio standard measure of property ; and
whether the fluctuation to be corrected lius
arisen from u superabundant supply of one ,
or a deficient supply of the other , the only
correction that can be safely'made Is to lyn
crraso the mint vnlun of the coins of that
metal which IIUH been estimated too low.
It would not bo proper to uhango the mint
value of ( hut which had been rated too
hlch , because of Its Immediate and obvious
effect on contracts. For Instance , all con
tracts In the United States uro now de
\\lth reference to the mint value of er
coins ; gold being rated too low at the mint
for Its market value , no payments will be
made In It , because silver being made by
thii mint regulations a tender at a higher
rate thnn Its market value , and the er
payer having lilt option , will always pay In
tlio ccln that pays the moat debt In Iny
tion to wliut It costs htm. The most easy
change may therefore ) be inndo In the value
j uf tbo gtihl coin ; but , In determining what
| ought to bn the ratio of coins to coins , it Is
DY
George E. Roberts.
Important to keep In view the constant lia
bility of the metals to fluctuation , and so to
adjust the ratio. If possible , that , while both
metals mny be kept In circulation that
which Is most desirable for currency may
not be at nny time estimated lower In tbe
coin than In the market. It Is this consld-
eritlon which , constitutes the essential dif
ficulty In the establishment of mint regula
tions , The fluctuation * In the vnlue of gold
and silver cannot be controlled ; nnd uvcn
the attempt to conform the mint to the
market values must produce u change In the
latter. Hut If. after adjusting the ratio at
tbo mint by raising the value of the gold
coins , It should happen that silver shou.d
rise in the market above the mint value ,
tbo silver coin ? , exchange with foreign
countries being unfavorable , would bo with
drawn from circulation ; and the only rem
edy within the power of the government
would bo to reduce their weight , as Is now
ptoposed with respect to gold coins.
There was evidently no thought In his
mind that the sliver coins were unchange
able. It may be added that in this report
Mr. Ingham recommended that the proposed
change In the ratio be not made. He ad
vised that congress make no effort to use
both gold and sliver , but adhere to silver
alone. His reajon was that the ratio would
change again and that It would be Impos-
slbls to keep both metali- circulation.
Coin looked confused. He had laid great
emphasis on that point and It annoyed hltn
to have It completely explained away , but ho
said nothing.
"TMf , " said the blmetalllst. "Is another
Illustration of the care with which our fore
fathers guarded the stability of value ? . Wo
are now , at the suggestion of Coin , studying
their example. If wo are to bo guided by
them It should be by their purposes , not by
legislation which they used. If they Inquired
nto the market ratio of gold and silver and
n harmony with It fixed our ratio nt 15 to
and afterward changed this to 16 to 1 In
n effort to keep In harmony with its In-
rlnslo value , there Is no reason In thalr
ctlon for us to adhere to 1C to 1 after the
itrlnslc value has become 32 to 1. "
"Is It possible , " said the traveling man to
oln , "that he has turned the forefathers
gainst you , also ? Next to the fall In prices
hey were the chief pillars of your
eniple. "
ACT OF 1831 INAPPLICABLE.
"Nor , " said the blmetalllst , continuing ,
'can the act of congress reducing the weight
f our gold coin In 1834 , when It was not
he measure of value , be used as an argu-
nent for reducing the weight of our gold
oln nbw , when It admittedly Is the measure
if value. Here Is Alexander Hamilton's
iplnlqn on such a policy as Coin's subter-
uge to bring the metals together without In
creasing the sliver In n dollar.
Rut the quantity of gold and silver In
he national coins corresponding with a
given Hum cnnnot be made less than hereto
fore without disturbing the balance of In-
rlnslc value and making every acre of
and , ns well as every bushel of wheat of
actual less worth than In tlmo past. If the
'lilted State ? were Isolated and cut off
fiom all Intercourse with the rest or man
kind , this reasoning would not be equally
conclusive. Hut It appears decisive whQti
considered with n view to the relations
which commerce has created between us
nnd other countries.
"If said the blmetalllst. "the United States
were not sufficiently isolated In 1792 to cut
oose from the world's commercial standard ,
low Is It In this age of steam and ocean
cables ?
"Hamilton understood the sophistry of
rising prices under such conditions , for he
[ oes on to say :
It la. however , not Improbable that the
effect meditated would be defeated by a
rise In prices proportioned to the diminu
tion of the Intrinsic value of coins. This
might be looked for In every enlightened
commercial country , but perhaps In none
with greater certainty than In this , because
n none are men less liable to be the dupes
of sounds ; In none has aulhoiity so little re
source for substituting names for things.
"Substituting names for things Is a very
good description for nn act which would
ironounce 50 cents worth of sliver to be a
dollar. " said Mr. Miller.
"I am not quite through with Hamilton , "
said the blmotalllrt. "It Is hard to stop
quoting from these men who discussed this
subject so thoroughly 100 years ago. He
goes on In the same connection :
A general revolution In prices , though
only nominally and In appearance , could not
fail to distract the Ideas of the community
and would be apt to breed discontent , ns
well among those who live on the Income
\ > f their money as nmonj , ' the poorer classes
of the people , to whom the necessaries of
live would seem to have become dearer.
Among the evils attendant on such an
orVratlon are these : Creditors both of the
pullc nnd of individuals would lose a part
of their property ; public and pilvnte debt ,
woijld receive a wound ; the effective reve-
nuev of the government would be dlmln-
Isheu. There is scarcely any point In the
economy of national affairs of greater mo
ment than the uniform preservation of the
Intilnslc value of the money unit. On this
"Why , " said the traveling man , "Alex
ander Hamilton seems to have written that
100 years ago for the express purpose of
answering Coin in 1895. "
'Hamilton ' was an aristocrat. " said Coin.
'Indeed. ' " said the blmetalllst , "was Jeffer
son likewise ? "
'I ' don't care what Hamilton and Jeffer
son said , " snapped Coin. "The creditor class
can loolc out for Itself. We must help the
debtors. The > creditors are the rich , and
many of them are English. Wo do not want
to legislate In tlielr interest. "
"Wo do not want to legislate for the In
terest of any class against the rest of the
people1- said the blmetalllst. "We want to
maintain stability , so that all may receive
their just dues on'existing contracts and
know what to count on for the future. The
country can be prosperous upon no other
basis. "
WHO THE REAL CREDITORS ARE.
"And , " said he , "let us examine your
theory that creditors are rich. The largest
number of creditors In any one class are the
bank depositors. On second thought , how
ever , I will correct the statement that they
compose the largest class. The wage earners
are the largest class. Their wages are now
fixed at given sums , which they receive
weekly and monthly. The first effect of a
depreciated currency , nnd the rising prices
which Coin proposes to bring by that means ,
will be that these wages will not go as far.
Hero is a loss to begin with to every man
on a salary or wage , which ho wjll have to
get back by a strike , or some other moans
of persuasion. "
"Excuse me , " said the traveling man.
"Then comes the shave on bank deposits.
The savings banks of this country owe nearly
$2,000,000,000 to their depositors , all of which
would have to stand nny have which we
force on the English bondholders. The latter
eeem to be the people Coin Is after , but our
savings bank depositors have n greater In
terest In the Integrity of our currency than
all the English Investors concerned in this
country. "
"I have a little money out nt Interest my-
I self. " said the traveling man. "I wouldn't
I | like to In paid off In money that had a pur-
chjblnc power . of only . 50 . . cents on the dollar ,
nnd get my salary In the same way also. I
bslie\e that Is what they call getting whip
nsawed. . ' "
"All life Insurance policies are payable In
any money that Is legal tender , and If this
government decides to make Its dollars of
only one-half their present Intrinsic value the
policy holders thereafter will get practically
only one-half of their policies. "
"Great Scott ! " said the traveling man. "I
have a life Insurance policy also. It seems
to me , Mr. Coin , that your scheme was de
vised on purpose to skin me. "
"Nonsense ! " said Coin , ' "you will get the
dollar that was established In 1792 , the same
number of grains of sliver. "
"Do you think , " said tlio traveling man ,
"that I am one of those whom Hamilton
called 'dupes of aound ? ' Do you think you
can 'substitute a name for a thing ? ' I want
the purchasing value of my life Insurance to
stay as It U now , subject only to the natural
Influence of supply and demand. When the
little money that I have saved and put at
Interest Is paid , I want It to come back with
cubitnntlally the same purchasing power that
It had when I loaned It. And I don't want
the purchasing power of my salary altered
until I have first made arrangements to have
It correspondingly Increased. "
"Hut. " protested Coin , "this Idea that ( he
purchasing power oMhedollar will bs changed 1
Is based on foreign valuations of our money.
You are not goTiij/Ito Europe to spend your
salary. " nc tr >
" 'If the UnlAtili ! States were Isolated and
cut off from all Intercourse with the rest ot
mankind ' " Je >
"Oh , I haveUad'onongh of Hamilton , " In
terrupted ColnJt l'Ht all this should l > 9 ttue
It would only oven' up for what the creditor
class gained byitba chnngo from the silver
standard to gold Values. "
"That Is the next point I wish to discuss , "
said the blmoU'lH.TiJ "Wo have brought our
historical searchrtfown to 1834. Prior to that
tlmo wo lmve"Mn that our sliver money
was the only nlca-tUre of value , our gold coins
being at n prclnlund No class ot money U
a standard onHmeasure when It Is at a
premium. 1'rlcerMb adjusted to the money
Jhat Is In use. If , In 1S65 , you asked u
man the price of his farm or his horse , he
measured t'ae value to you In ( Kiper money ,
because that wns what he expected you to
offer In payment. Is not this true , Mr.
Coin ? "
"Yes. "
NO SILVER STANDARD SINCE 1834.
"Well , then , since 1S34 , have prices been
measured In sliver ? "
Coin started In dismay. Ho had no an
swer.
"I pause for a reply , " said the blmetalllst.
"If gold became the measure of values In
1834 , and has been ever since , except during
the war period , your theory of a crime In
1873 which changed our measure is nn error. "
Coin remaining silent , the blmetalllst con
tinued :
"When the gold coins were cheapened In
1834 it was hoped tint wo had established
the exact commercial ratio , so tliat our gold
and silver coins would circulate together
without preference. But It was not so. It
lias nlwnys been the weakness of the double
standard that a ratio , fixed by a single na
tlonlll not stay fixed. This time we had
overdone the thing. Silver coins now be
came more valuable as bulllcn than as money
and went to a premium , From that time
on , all prices were made In our gold coin ,
just j , as previously they had been made In
liver. From i834 to 1873 the premium on
liver dollars over our gold coin equaled on
n average , 2.25 , being highest In 1S59 ,
vhen It rose to 5.22 , and lowest In 1813 , Vrtien
t fell to 0.34. On page 19 of this book Coin
hews that when the act of 1873 was passed ,
liver , as measured In gold , was worth 1.02.
" .If Coin during any of these years had
given his note for a , certain number of dol-
"ars. and his qrtdltqr , at payment , bad do-
'
nanded silver do'l'ars , Coin would have
aughed in hta faqe. . He would have said :
I did not recQfve 'silver dollars from you , '
jf , 'that property for which I gave the note
was not valued la sliver dollars. Silver dollars
lars are not our present currency. You are
hanging the basis upon which our bargain
was made , and demanding moro than .wo
igreed upon. Gold Is a legal tender , and I
low offer It to you. Take It or nothing. ' "
"Now , " said the blmetalllst , " 1834 and not
873 was the time when we ceased to price
_ ur property in silver dollars and mean silver
dollars In our notes. Silver was not ban
ished by conspiracy of creditors , but retired
by the option of debtors who had the right
; o use the cheaper legal tender We ran
'or nearly forty years with silver dollars a
egal tender , but nobcdy tendering them ,
creditors not claiming them because debtors
had the option. That brings us to 1873 ,
when , we are told , a dreadful conspiracy
was hatched among creditors. What do you
suppose It was ? The only conspiracy that
creditors could bo expected to form , In the
light of all the knowledge of that time , was
one to deprive the debtor of his long exer
cised option to pay In gold ! But , wonder of
wonders , this Is not the conspiracy charged.
It is gravely alleged that the creditor class
conspired to prevent the poor debtors from
paying silver dollars , then worth $1.02 each. "
THE ALLEGED CRIME OF 1873.
The bimetalllst paused , and the audience
broke Into n round of laughter and applause.
The "Crlmo of ' 73" had vanished Into thin
nlr.
'Coin , I see , " sal'J the speaker , continuing ,
"says that it was done secretly. , and as proof
challenges the production of anything about
It In the dally press of that time. The ab
sence of 'scare heads' In the papers at that
time Is easily understood. Why should any
body have been Interested In the abandon
ment of an cptlon which nobody wanted ? In
the revision of the coinage laws the silver
dollar was dropped because It had been super
fluous for forty years. Probably not a dollar
of debt contracted on a silver basis was then
owing In the United States. Few men who
were In business prior to 1834 were still ac
tive. A new generation was on the stage.
No man could have told without computation
from paper to gold and from gold to silver
what sum In silver he would take for his
property. Nobody cared to take silver to the
mint and receive U for what he could sell
In the market for | 1.02 , and It occurred to no
one that he was losing anything by being de
prived ot the privilege. This la a sufficient
reason why no ono was Interested at that
time l.n the shelving of the sliver dollar. The
act of 1873 was pending three years , printed
repeatedly , had the usual publicity , and no
candid man can Investigate the history of It
and give any credence to the theory of con
spiracy , "
"If no one was Interested , why was It
done ? " said Coin. "Somebody evidently was
Interested , "
v . < z
"In 1870 , " replied the blmetalllst , "a com
munication , under date of April 25 , was ad
dressed by Hon r4Mr.IItJoutwell , then secretary
of the treasury tiJ"Hon , Mr. Sherman , the
chairman of thqiccmmlttee on finance of the
senate , Inclosinga ; ) > lll for the thorough re
vision of all Iai ! s renting to the mint , Ac
companying the-bll was a report , prepared
by Mr. J. J. Ktibr.'then deputy comptroller
of the currency , presenting the reasons for
the various pro.v.I l * is in the bill , one of
whlcli was the jdlsag/itlnuance of the silver
dollar as one of.flie'ccfns , for the reason that ,
In consequence'of ' \ excess of bullion over
Us nominal valiW'It"had long ceased to be
one of the colnsvlni-clrculatlon In the coun
try. On the 2811J of April the bill was re
ferred to the stmatqi committee on finance ,
and a large number df copies ordered printed ,
with wide marfllnsjtmnd distributed among
experts and persons whoso opinions were re
garded of value , In order to elicit the widest t
comment and criticism. Numerous replies
were received , the purport of all being em
braced in that of Dr. Linderman , who thought
It better 'to discontinue the Issue of the sti
ver dollar altogether ( than to Usue It at a reduced -
duced value , as a subsidiary coin ) . The gold
dollar Is really the legal unit and measure of
value. Having a higher value as bullion
than Its' nominal value , the silver dpllar long
ago ceased to bo a coin of circulation , and be
ing of no practical use whatever. Its use
should bo discontinued. ' This , In brief , U the
reason why congress took this action. "
"John Sherman did It. " said Coin.
"Singularly enough , " said the blmetalllst ,
smiling , "John Sherman voted against It ,
while one cf the men who voted for It was
the preaent senator from Nevada , Stewart.
It It tbe same SUnvjrt who , whlla urging
an exclusively llvcr crrrercy upon the coun
try , keeps his own mney loaned -out for
uotoj payable In K'M rily. It Is worthy of
n-to also that the silver mining companies
of Stewart's state require that all assess
ments upon their stock shall be payable only
In standard gold coin of the United States.
They won't risk the value of our sliver doN
lars from the tlmo of an assessment to the
date of collection ,
"Soon after this the price of silver bullion ,
for reasons which I will refer to later , passed
below the coinage value , and trouble began.
Every man who had silver bullion began to
ask the way to the mint , and became full of
Indignation when ho learned that the neg
lected privilege of coinage which ho had
laughed at for forty years JinJ been taken
from him. "
"I would like to ask , " said the traveling
man , "If you think silver would have con
tinued to fall , as compared with gold , If the
mints had been open to Its free coinage when
It came down to par ? "
"It Is hardly worth while for mo to make
nn answer which Is cnly an opinion , " said the
blmetalllst. "Tho free coinage of silver by
any great nation supports the price of the
metal , but Just how much nny one nation can
do Is a speculation. Wo cnnnot test our
power now from that vantage ground. The
bullion value of sliver has gone 50 per cent
below our level of prices. The problem Is
how to bring It back to that level without
disturbing them.
"About that' tlmo the greenback move
ment was active In the land. Its promoters
wore opposed to the resumption of specie
payments. They had a better argument than
Coin makes now , for the greenbacks were ,
In fact , the measure of value in this country ,
and to bring them up to par meant to de
press the value of property. But there were
advantages In the stability of a spcclo basis
which outweighed the evils that attended re
sumption , and the people of this country
had the foresight and courage to bring their
paper to par.
"That was a magnificent feat , although It
must never be forgotten that it brought ruin
to thousands of Individuals , Its wisdom as
a policy for the whole country was vindicated
by the decade of wonderful prosperity which
WHERE COIN CONTRADICTS HIMSELF.
followed. f Now such financiers as Coin pro
pose to drag the country back to the foot
of the hill up which It so wSarlly cl'tnbed '
from 1865 to 1S79. To think that all wo
sacrificed then may be thrown away now is
appalling.
"In 1878 an effort was made to stay the
downward course of silver by the Bland-
Alllson act , which restored Us full legal
tender quality and provided for the coining
of not less than $2,000,000 per month. The
dollars floated at par , a fact which was eon-
fused by many people Into proof that an un
limited Issue would likewise float at par.
In 1890 another step was taken with a view
of sustaining the still sinking price of sliver.
This was the Sherman act , which provided
for the purchase of 4,500,000 ounces per
month , and the issue of treasury notes In
payment. This law expressly declared It to
bo the purpose ot the United States govern
ment to maintain the two metals at parity
with each other at the legal ratio.
Still the price of silver continued to de
cline , and It being evident that grave doubts
cxtstod at home and abroad of our ability to
keep this pledge good If the silver currency
was continually Increased , the purchasing
clause of the act of 1890 was repealed. "
Under the act of 1878 , 419,332,550 sliver
dollars were coined , and under the silver pur
chasing act of 1890 , $152,735,188 In treasury
notes based on silver were Issued , all of
which arc still In circulation and a full legal
tender.
THE REAL PROBLEM BEFORE US.
"This completes the historical survey of
the subject. The problem of how to restore
silver to free coinage without disturbing the
present level of values and all the complex
business Interests of this country Is with us
to be solved. It Is our duty to approach It
Ite
with candor and prudence , ahd with all the
light that we can gain from the wisdom of
our forefathers and the experience of civi I-
lized peoples. "
'It. Is not a proper subject for rant and
buncombe. It cannot bo settled by Fourth
of July rhetoric. Wo may load the experi In
ence and judgment of foreign peoples Into n
cannon , and , with sublime egotism , blow It
all Into the Atlantic. Afterward wo may
wish wo had studied It. There are some
quite Intelligent people In the world who are
not so fortunate as to live In the United :
States. Especially Is It shortsighted to disre
gard their judgment when the question in
hand is largely how to Induce them to re
verse their present policy , and how to coun 1-
teract the effect which It has had upon sil 1- 11
ver. " 111.
"Other peoples will join us , " said Coin.
"They are waiting for us to move. Even 11.in
England , under the leadership of Balfour ,
there is a strong party free from the domina :
tion of Lombard street. Let us act with ;
them. "
"I am glad you referred to Balfour , " said
the bimetallism "He Is a statesman and a
friend of bimetallism , but ho pronounces
Coin's theory a dream. He said in his
famous Mansion House speech of 1894 :
'I believe there are individuals who cher
ish the dream that currency Is u matter for
the s'tate to regulate Independently nnd for
itself alone , that with Its currency no for
eign nalon has a right to Interfere , that rIt
Is a matter for the citizens of every com
munity in relation to each other , and thai
the outside jvorld need not bo taken account
of at all In coming to a decision upon nta
question which Is ono of purely domestic :
policy. Ladles and gentlemen , this Is Ica
dream. ( Hear ! Hear ! ) I will RO further anil !
say It Is n dream worthy only of n medliieva '
dreamer. Wo have long passed that stage
In civilization when each country wns soI !
self-contained or approximately self-con-
talned national unit , and when It conic
afford to disregard the Internal commcrcla
relations of other countries. '
"I have today begun with Coin where he
hen
wanted to commence , at the establlshmen
of our mint , and touched upon the points
which need to bo considered for a comprehension
hension of our situation. Wo have seen tha
our forefathers were governed by a purpose
to make no changes In the standard to ch
values were adjusted. If any changes In
ratio were desired they made them In the
coin ! of the other motal. That policy would
lead us to confine our changes to sliver com
Instead ot to the gold coin , as Coin advises ,
"Wo have seen that at no time In our his-1
Ise
lory have our gold and silver coins circulate !
freely side by side , except in recent years
when the government's policy of exchanging
gold for silver on demand made them Inter-
changeable. A very slight variation of the
Intrinsic ratio from the coinage ratio has
been sufficient to cause one or the other to be
hoarded , while all the property of the country
became valued In the ono remaining In me.
"We have goon thst the chingo Irani valua
tion In silver to valuation In gold took place
In this country In 1834 , over sixty years ago ,
and that from that year down to this no prop >
erty has been priced In the bullion value of :
sliver.
"We have seen that the act of 1873 was
pasted when illrer was at a premium and
cannot In reason be attributed to a conspiracy
of creditors to make debtors pay In gold ,
"Wo saw In yesterday's developments that
there Is nothing In the decline ot price * IBto
urge precipitate action. The subject Is a
grave one , but neither our liberties nor our
properties are In danger so long as the pur
chasing power ot a day's labor Is steadily In
creasing. All theories must como at last to
hla test , for It Is proof that our civilization
s uplifting the musses.
"Lot us then approach the question how to
estoro silver to free coinage with dollbera-
on and without prejudice. I ( halt bo glade
: o discuss it with Coin tomorrow. "
TIIK Adi :
Honiorvlllo Journal.
We live In an electric ngo ,
There Is no doubt of that ,
The woild Is spinning co It's hard
To know Just where we're at.
Electrical dlscoveilcs
Have revolutionized
The world , till IP the dead could wnko
They'll be just paralyzed.
Imnclno Caesar at first sight
Of an electric enr !
HeM turn and run from sheer affright ,
Nor look bark till afar.
Imagine good George Washington ,
( Whom we were proud to own
The hi'io of his time ) perplexed
IJeforo n telephone.
Sir Isaac Newton would bo dnzed
To HOC the telegraph ;
The thought of talking under f-ens
Would make Columbus laugh
In scorn ; and old Diogenes
Would tnko a speedy flight ,
And drop his lantein , If bo saw
A big- electric light.
Yet greater wonders are to come ,
So wise men prophesy ;
This Is the ngo of miracles ,
And long before you dlo ,
Dame progress you may sec , perbaps ,
A p.ilr of bloomers don ,
And even Philadelphia
May get a wiggle on ,
TOLD OF LINCOLN.
ls VltHTB on tlio Sort of I'rnyer that Is tlio
.Mint liniiillly AiiMrerril.
At the commencement exercises nt Summlt-
vllle , says the Anderson Democrat , the class
address was delivered by Benjamin F.
Phemlster , one of Van Buren's teachers , who
Illustrated the spliit of his subject In the
following story of Lincoln
"On t'no first day of January , 18C4 , while
a blinding snow storm swept will , untold
violence through the northern and New Eng
land states , while thousands of our bravo de
fenders wore suffering upon the gory fields of
the south , a man , tall , gaunt nnd homely ,
wns seen standing in Pennsylvania avenue
In Oie city of Washington. A woman with
her head bared to the huirlcano of heaven ,
wltti her feet naked to the frozen ground ,
with her gown tnttcred anil torn , saw him.
She , supposing him to be a minister of the
gospel , ran to him and falling at his feet , ad
drvssed him , thus :
"Oh , tlr , If you are a minister of the gos
pel , if you servo the God who fed Elijah by
ravens and Israel with manna , pray to Him
to provide me a shelter from the storm nm !
food for my poor , starving children ! I am a
widow. My 'nusband sleeps In the blooJy
bosom of Gettysburg. I'm sad nnd forlorn.
Oh , pray to the Mastertill He hears my sad
cry , that lie may shelter and feed , us , or
pray that we may die. '
"The tall , ugly man , with his heart over
flowing with sympathy and his eyes flooded
with tears , extended both his hands to the
dirty kneeling woman nnd said : 'Woman ,
get up ; you are mistaken. I nm not a min
ister of the gospel. Jt'iiovah never appears to
hear my prayer. For four long years I have-
been praying for the restoration of cur federal -
oral union and the cessation of this cruel
bloody war. Not until a petition was sent to
the states In rebellion in the form of the two
nest magnificent armies that ever shoulderei1
i musket , linder the guiding hands of Gen-
irals Grant and Sherman , was there even
he remotest reeemblancs of an answer. My
iraycrs have finally been answered through
lie Instrumentalities ot these two nrmlea
under the matchless and daring skill of these
wo generals. Now , If I had nny Idea tlin
a prayer wouM shelter , feed and clothe you I
vould bow down , but I think the best prayer
I can make In your behalf is a prayer to
hat groceryman on yonder corner. '
"Suiting the generous net to the kind am :
lympathetlc words that ugly-beautiful man
oak from his pocket a small order book am
vrote :
"WASHINGTON. Jan. 1. , 18C4. Mr. Gro
'eryman ' Sir : You will please supply the
learer with $23 worth of provisions as slie
may direct and choose and charge the same
o yours truly ,
"ABRAHAM LINCOLN. "
A Storrlinunn for llunlinnilii.
Ladles leaving the city for the summer
lave keenly felt the need of n place where
hey could , as it were , store their husbands
ow comes a "refined widow lady , " says the
loston Herald , who can give and will require
he highest references , who offers for a con
sideration to "lodge and board respectable
msbands , look after their linen , give thcin n
mother's care If HI. " Everything will be do'no
o nmuso and Interest them while under her
care , while at the same time discipline wll
> o maintained and no latchkeys will bo al
? SWEET SAVORY SATISFYING
SWIFT'S ' PREMIUM
Think of the thousands of hams
and bacon that fjo out from South
Omaha daily ! Wo select but the
best ones for the brand"SWIFT'S
PREMIUM. " Smoked lightly
trimmed nicely extra mikl not
salty. No man could tiiako thorn
bettor.
For Sale by all First-Class Dealers.
SWIFT AND COMPANY ,
SOUTH OMAHA. NEB. j
r , - p
This extra Constipation
ordinary JlO' ,
Juvenator 13 Falling Ben-
the -
most
wonderful satioriKjNerv-
onstwltchlng
discovery of
of the
the age. \ , and eyes
ether
has been
en
dorsed by tlio paits.
leafllngsclcn- Strcncthcns ,
title men of invigorates
Kuropo and and tones the
America. entire ny > trin ,
Hudyan H Hudtin cures
purely vege liability ,
table. Nervousness ,
Hudjran stops Emissions ,
Prematurensss and develop *
and restores
of the
dl8-
charge In 'JO weak nigans.
'
I'ilnu Jn Iho
days. Cures
Imctr. te
ei
LOST by day 01
MANHOOD
efc
quickly. Over 2,000 private endoiBtments.
1'rcmnturcneis means ImDOteiiry In Iho flrtt
stage. It Is a symptom of wmlnal wcakncs *
and barrennesi. It can bo stopped In 20 days
by the use of Hud van.
The new discovery wns tatdo liv thoBrwcial-
ItUoftheolclftmouaHudson Medical Institute.
It It the strongest vttallzcr made. It U very
powerful , but bairoUiA told for 31.00 a psck.
BEOora p&ckagrt for ? 5.00plaln { Boiled boxes ) .
Written guaf anl < KI gl VWJ for a cure. I f you buy
eli boxes and are cot sntlrely cured , MX more
will bo tent to you/rceofallcbirgrs.
Bend for circulars and tcstlmonlih. Addreu
HUDSON MEUJOAL JNBTITUTU ,
junction MtocUton.TIurUct iV
Suu I'runcJxeo , CV.l.
owed. Wives need hare no apprehension on
hat score. There will positively , says the
rospcctus , "bo no funny business. " A look ,
word , will , It Is thought , bo enough to qulot ,
nd , If needs bo , brcnk the spirit of the proud-
st and most bullying of husbands. HiitidroJs
f certificates as to "tho refined widowed
tuly's" skill In handling dctporato cnses can
o had. Money refunded In case of dlssatl ) <
action.
REMOTE PLACES.
ni.Mi'iiiivs : : ai-ncirics riua : .
If during your mimmcr outlnR you succeed In
finding In the United Stntci or Canada a city ,
own , or hnmlpt so remote thnt Humphrey's Rpe.
lues arc- not for sale In nt least ono store , wo
vlll end you. absolutely free of roit nny fpcclflq
lint you may l > o In need of , providing Hint you
end to us the nnmo and ndilrfi of the druir-
Ist who docs not Kivp the fpcclflca for snle.
1- Vornn , ( 'oiiKosllon. liirinmmiitloti
- \Voriin. Worm Voter. Win in Colic
: t4. - . -TralliliiK. Colli' . OrylliU , Wukuriillncsi , . . .
4. .
-niiioirli.-n , of chilliroii or Ailnlls
-I enlory , (3rlliillllloiH | Cello
-.holvni Morlni4 , VomltlliK. .
-Cimsh' , t'olcl'i , llronulntls
-NuiirntRln , Tootliiiulio , I'nconrlio
* , Slrk HunOnclio. VurtlKO
- ! > y pi > liaui , llllliiilsnes > i , CuiHtlpatto
- iiiir | | m > i l or I'ulithil IVrloilp-
-\MiH ' < , Too I'lofiHo Periods
-1'uiup , LnryncltN , | | iiuxHncss. : . . . , .
4- suit lllirum , Kiyslpi-liH , Kruptloim
4i ! ItliiiiiiinitlKni , or Itlioiiiitntlo I'nliit
i Muliirl'i. '
Chills. I'oMir and AKUO.
I'l Blind or Hlw-illin. . . . . . . . . . . .
) | > hiliilnnMjrour : \Vuak I'.ym
Oiitnrrli , Iiillucii/ii , Cold In tlio lluiid
\vlioupinir < , < iuili
't Aiiluiui , Oppressed Hiuatlilim
JS IJir DlHili'irurIiiiiuilri'd HourliiK' . . . . . .
Jll-Serofiiln. KnmiKOd ulilliili. Swelllns
tii > iionil DrUllity , IMiy.Hli-iil Wciil < nu < - ,
-liroiiH ) and Scanty Socretloim. , . .
- tMHii-uiuMK , Sickness from Kldlni ; .
-Kidnuy ll iui t * ,
-N rvmi Drblluv
-Sum Alontli , or Cnnkor
- -Urinary < nk e
-IMIiilul r ruil4.
- DUcniif tlin limn , Pnlpllntlon
lIilliBiny , Spasms , Ht , Vllus' Daiicu
-Mini Tliioui , Quinsy , Dlplitln-rlii
-Chronic Collection * and Kruptlons
" 77" for HAY FEVER.
Sold In' ilruirKlsts , or KPIH prepaid on teeelpt of
nice , 2Jo , or ft fur } I. < M ( may be ns'oiteil ) , rx-
ri'pt Nm. 2S. 32. and 3.1. put up In > ! all" only.
Ull. UlIMI'UHIIVS MANL'AI , ( Unlaitted nnd
evised ) MAILIU ) Flint : ,
IIUMIMIIIHY'S jmniClNK CO. .
111 nnd 113 Wllllam-st. . New York.
PATRONIZE
By purchasing goods made nt the following
Ncbiaska fuctorlea.llf you cannot flnd what
you want , communicate with the manufac
turers as to what dealers handle tlielr < toods.
it.HIS , ituiti..tf .i\n rtrixu.
BEMIS OMAHA BAG CO.
Manufacturers of nil klnda of cotton nnd burlap -
lap \inK3 \ , cotton ( tour sacks and twine a spec
ialty. C11-G1G-61S S. llth-St.
OMAHA BREWING ASSOCIATION.
Ca. * load shipments made in our own refrigerator
rater cnia. IJIuo Illblxm. Elite Hxport. Vienna
Kxport. and Family i.xi > ort , dcllvoicd to all
paits of city.
i'o\nnit. \
CSOLIDATED COFFEE CO. ,
Coftce Roasters , Siilco Qrlndeis , Manufactur
ers amiian HaKliig 1'owdcr"and Qcrumn Dry
Hop Ycas > t. Hit. and H1G llarney-st. , Omaha. Net
VA11 IS 1.1 HlCf > , KTV ,
DRUMMOND CARRIAGE CO.
put rubber tires and ball bearing nxlca on tlielr
own make vehicles , and Bell a top buggy for
$50.00 besides. Write them. ISth and Harnt-y.
VIM UK ,
S. F.
Manufacturer of Gold Medal Flour.
C. n. Black , Manager. Omaha.
rUItXITUJIK FAUTOltlKS.
OMAHA UPHOLSTERING CO.
Manufacturers of Parlor Turnlturo , Lounges ,
Dining Tables ana Folding Lleds. 28th ave.
Boyd to Blialcr Bin.
ICJH AN1 > COAL.
SOUTH OMAHA ICE AND COALCO.
Domvetlo nnd Steam Coal , We liavc the
Olllce 1CO1 Fuinam-sU Telephone : Olllco 373 ,
yard , 17CO. J. A. Doe , General Manager.
IKOX iroititn.
INDUSTRIAL IRON WORKS.
Manufacturing and Ilcpalrlng of all kinds ot
machinery , engines , pumps , elevators , prlntlnti
pieses , bangers , shafting and couplings 1(05
and 1403 llowaril-t. , Omaha.
PHOENIX FOUNDRY.CO. . .
Fir * Hjdrantf , Water and Gas I'lpesspecial * ,
Bolk-r Fronts and Fittings , Street t'y. car
wheels. Architectural Iron works. OIllce:07 i ) .
ICth-st , , Omaha.
PAXTOX & VIERLING IRON WORKS.
Manufacturers of Aiclittectural Iron Worlf.
General Foundry , Machine and lllackamltli
Work. Knglneera nnd Contractors for Flr
I'roof Hulllings , onice nnd woiks : U. I' , liy.
anil Bo. 17th street , Omaha.
THE MERCER CHEMICAL COMPANY.
Manufacturers ot Fluid I'xtractc , Ullxlrn ,
Syrups and Wines , compicsseU trltuiatcs lijpo-
dcnnlo tablets , pills nnd scientific medical nov
elties. Omaha ,
MATTKISSXKS , COT.1 , fill IIS.
L , G DOUP.
Manufacturer Mattresses. Spring Beds ; Jobb't
1'Yiithcra and Pillows. N. llth unil Nicholas
Sts. , Omaha.
WATKtt ,
SR CO. ,
203 So. llth St. , Tel. 214. Mcdessa Mineral
Water , Carbonated , unequalled. 1'laln for tabli
use unsurpassed ,
ir.irc1FIHK
AMERICAN DISTRICT TELEGRAPH.
The only perfect protection to property , Hxam-
Ino It. Best tiling on earth. ) JUUucej Iniur-
unco rates. 1M1 Uouslns-st.
or KHALI , i'Airuniis.
KATZ-XEYINS CO.
Manufacturers ot Men's and nays' Clothing ,
Tunis , Shirts anil Oveialls.1202-212 3. 12th t.
1'AI'KH JtUXKH.
_
THE'OMAHA PAPEROX co.
of nil kinds of { Viper lloxes ,
Ph'if Iluxrs , Untnple Cases , Malllnc Tables , etc. .
\\Vlrtlnc cake and fancy candy luxes , ilrux Ut
ami lewcliy boxes. J.OS-J9 Joncs-st , Oinulm.
, \l \ EYAHS-UEBRASKA SHIRT C3.
I. rui.l\o ! cuitom shirt tailors
1..11 Fiiriurnt..T lrpbono DCS.