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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Oct. 11, 1896)
00 Tins OMAITA DAILY BEE I SUNDAY , OCTOBTDtt It , 18 0. CAPITAC MADISON , WIs. , Oct. 9. ( Special Corre spondence of The Bee. ) Sir Edwin Arnold , when lasl In the country , remarked at a din ner given him In Now York by Andrew Car- ncglo ; "Tho most charming spot I have found In America Is the little capital of Wisconsin. I am not referring alone to the picturesque site and exquisite scenery ol Madison , but to Its society , at once refined and scholarly ; In fact , I found nothing bet ter In the cast. " Sir Edwin's remarks aroused perhaps moro surprise than sym pathy , for few of the guests present wore familiar with the unusual advantages oi Madison. Whllo Madison has not grown aa rapidly as some western cities during the past fifteen years , It baa greatly Improved from the residential point of view , and han a more finished appearance. Certainly the Etato has done Its shire. The State university has been greatly enlarged , the picturesque grounds Improved and many important features added. The new State Historical library , on the lower campus , will bo an Imposing structure , and still moro tc the point the library Itself Is now ono of the best In the country. Thu scenery along the undulating shores of the lovely lakes and the city Itself , viewed from surrounding hills , Is most attractive and beautiful. It la not surprising that Sir Edwin's heart waa won by It and by Uio distinguished scien tists and scholars , to say nothing ot the beautiful and accomplished women who have added to Its luster. FREE SILVER AND WAGES. Not a manufacturing town , Madison Is fairly prosperous , though the agricultural Implement factories and carriage shops are somewhat crippled by the bad times. Never theless , It may be well for the professors and men of fixed Incomes In this and similar cltlna to bear In mind that free silver will work a deep Injury to them. This has been the case in Japan , where the coat ot living has gone up since 1873 about 02 per cent , or , say , two-thirds , and all professional and ofllclBl wages remained the same. Thus , for example , a Japanese official , or college pro fessor , who was able In 1873 to live com fortably on $100 per month , must now pay $100 per month to live on the same scale. Ills rents , his food , and all the necessaries of lite have gone up , but ho has been uu- able to Increase his salary. The college pro fessors who are "gone" on free silver. If such there tic , might do well to read the report of the imperial monetary commission , appointed to investigate the subject nnd to report as to the advisability ot adopting the gold standard. It Is needless to say that this bright , pro gressive nation reported In favor of the standard of civilized countries. They found that $8,000,000,000 of the world's trade was done on the gold basis , and $1,000,000,000 on the silver. Therefore , said this commission of Japan , wo recommend the gold stand ard , for without It Japan cannot keep step with the Croat nations of the world. Professional people and college people and clerks and these who earn their living with their brains ( and work hard ) do not count , says Mr. Bryan. How did these who did moro or less manual labcr come out under free silver In Japan ? The mechanic man- ngod , during a period of great prosperity , to Increase his wages about one-third. Whllo the cost of living went up two-thirds , the mechanic's wages went up one-third. There was nothing In It for the mechanic. THE SOBER SECOND THOUGHT. Tardon this digression , but the Incident seemed ono well worth consideration by these who have fixed Incomes. Returning to the realm of politics , there Is not the slightest danger ot the free silver Idea tak ing root In Wisconsin. I have visited this etato twice this year. In the earlier sum mer months there was some free silver talk among the farmers , but today I find the current running strongly the other way. Sober second thought has taken possession of these once attracted by the Idea. Bryun'a reckless speeches and his unconcealed at tempt to array one class against the other have Injtiii'd him gieatly with the law- abiding , thrifty farmers of Wisconsin. They are iltteily opposed to this sort of clahs or eectlomil warfare. They are determined to stamp It out. At their state capital yester day I aakcd Governor William Upliam jf the change during the last six weeks had been as great as supposed , and ho assured me thcro was not the slightest doubt about the political outcome In Wisconsin this fall , He cxpocts the republican ticket will have the largest majority ever given to It in the state. "Our people , " saU Governor Uphaui , "aro safe on the money question. There is Eome silver bentlmcnt , hut it la represented chiefly by the popullsto , The better clement In the democratic naity In the state has repudiated the Chicago platform , and will cither veto for McKlnley , or for the honest money can- dldnto of their own party. I do not helluva that any eastern etnto has a stronger sound money sentiment In It than has Wisconsin. " Populists please note what Governor Upham saya on this point. The largo foreign population , which in other sections of the country has proven a disturbing clement , Is ballast to our ship ot state , Wisconsin , In fact , it may bo unld that the strong sound money sentiment In Wisconsin has Us foundation In the German element. Tills element made a vigorous and successful light against the greenback heresy in thu ' 70s , and Is just as united today against thu ! . - > : sliver ECU- tlmeut. FAVOR PROTECTION. "Throughout the northern part of the state so strong la this anti-free silver senti ment that the money question Is really elim inated from the campaign. Take the lum ber Industry , In which I am especially In terested , the thousands of men employed In it , lu spite of the promlncnco which has buen given to the money question , consider thu tariff question PS the paramount ono In tlila campaign ; and what U true among men employed in the lumber business is equally -true ot those employed In the Iron Industry. It may be sold , therefore , that in northern Wisconsin the tariff Is the question , and upon thU Issue chiefly the republicans ulll win the victory this year. "I believe that every employer of labor la Wisconsin , democrat and republican alike , him become convinced that a change In na tional policy from what wo have had for four yean. Is an absolute necessity , If wo ri'o tn bo able ta continue business at all ; and this feeling of employers Is generally shared by ( ho people they employ , or have employed. In the Iron Industry thousands ( if men are without employment , and whlln thcro are not so many Idle In the lumber Industry , yet many lumbermen are keeping their men at work at a daily loss , in the hope that a clmiigo lu tariff leglslKtlon will enable them to again do business at a piofit. "I do not know how It may bo iu other eUtcy , but you may rest assured that Wis consin will this ( all vote by an unprece dented majority In favor of a national policy will restore confidence , maintain our < - - - J- national honor , and , revive the Industries of the land. " . , This statement.Js.po.iroboraled ; by previous letters , especially.those frani Milwaukee and moro recently from Kau Claire. In the In dustrial parts of the state the tariff la steadily forging to- the front. A FARMER'S OPINION. The Wisconsin woods are full of honest- money farmers , and s&mo of them might profitably bo embloyed on the stump. Seated bcsldo a. most Ihlclllgcnt farmer , whose plocp Is not far from Madison and commands a de lightful view of < hd City of the Lakes , I had a long discussion with' ' htm , and found him well equipped on the queatlon and strongly In favor of retafnlHfe th'6"prcscnt standard. A neighboring farmer , whose place faced on the borders of the dainty Lake Monona , joined us. Ho'iwas a tall , weather-beaten man , threw , holiest , and kindly of countenance tenanceami one whose life had been check ered by various experiences , as his chance allusions to the'tlmo when , as a young fel low , ho drove * Franklin Pierce and Daniel Webster through 'tho White mountains , and his reminiscences'1 of the gold fever In ' 49 , when ho went Htit with the crojul to make his fortune"showc'd ) ( . Curious to find so Intel ligent a man 'todld conceive so strongly rooted a prcJUdJeo against our present financial sjstcril'1' ' ! ' questioned him , to find out that he flrmlj' believed of the republican leaders' that ' 'Wall'street had got "cm. " "How Is ( ( . ' "said t to the farmer who waa satisfied with-Our present currency , "that you nro n goldf'tnan ' ? " " " "I have farmed "Well , saldnhoi lu reply , It for about Jlfty years , and perhaps cx- porlrnco has had more to do with my deci sion than anything else. Yes , I am what > ou would call'a. gold man , at least , I am utterly oppc&c-dJto the free colanage of sil ver In the ratio cf 1C to 1 , regardU-ss of the action of other rations. But I believe in having all thesll > ' r cuireucy that can dollars ; but , under the present disparity o SO to 1 In value , tree coinage nt 16 to 1 woul result In nothing' but evil , and that con tlnually , and were it not for the restless ness caused by the hard times , none bu the silver barons would bo agitating th subject. " "What , then , do you think Is the calls of our present troubles ? " "I do not think there Is any ono cause but a number of them , some of which seem very apparent to me. First , there Is ai oversupply and under demand for almos everything that we produce or manufacture The over supply Is caused In part by th Invention of machines and mechanical tools that so Increase the production ot wha wo eat , wear or use that there Is a surplus The under demand Is caused by the tdl factories , and Idle men scattered all ovc the country. If we could only set nil o these Idle men and mills at work , producing or manufacturing some needed and market able articles , then the demand for every thing would be very much Increased ant the aver supply largely diminished. " THE SUGAR. INDUSTRY. "This sounds very well , but how ca these results be accomplished ? " "Well. I will state two or three out o the many ways that would help In the solu tlon of our troubles. Take sugar. It ha been demonstrated that wo can make an amount of sugar In this country. J.u ad ditlou to sugarcane In the south , sugar beet can be raised over a large part of our tcr rltory Just as well ns they can be raised 1 France and Germany , and of as good quality We are paying out annually In gold or It equivalent for raw sugar about $100,000,000 Now , suppose we should manage to produc that sugar at home. This would save ou sending abroad $100,000,000 In gold , and a the same time It would give employment t many thousands of men , and utilize bun drcds of thousands of acres of land no\ GOVERNOR profitably bo uged on condition that it la kept at a'pdrltyjwlth gold. " "But don't you think the free coinage of silver would jnjali.o mor-ey plcntler and times butter ! " suggested tjjiy silver friend , who trembled an. lie.bought of Wall street. "I am unable j to ' eo any connection be tween these hard times nnd the free coinage - ago of sjlvcr , a tliouxh thoway Its advocates talk fiomeUmetlicllnes mo to believe that they think oj-'fr , o silver' In a literal sense , and teally1 IjollfiVo that under free coinage the. needy would ! bo able to get It without labor or any other equivalent. But I cannot sco why silver1colM ) of equal value should notbo just asjHfllcujt to obtain under free coinage ai at rcsont. " THE CRY OF "MORE MONEY. " "Bryan says thatwe , need moro money , " urged my silver friend , "and you can't deny that these ImnKtimes are caused by laclc of money. " "Not In thy jjcnso that Mr. Bryan puta It , " sild my fold "fanner. "Of courno , If overjbody could nt all times have all the money they v/anlld , there would be no hard times. But I doubt jVery much whethei there la auy'laclc bf'curfency for use. Tlicro certainly Is ninth more cuncncy lu the country per heart than thcro was under free coliuge , and thu probability Is that we need less now than tiffin. " "What leason , have you for saying that wo need loss currency now than formerly , or In better" timea , ? " asked the advocate of ullvcr. "For the very reason tlirea ere liaid. Ev.ry- thlng Is cheap. Including' labor , produce am ! manufactured articles , and It takes lets money to buy them , and , besides , thcro la much less of each commodity used. Twu millions of men are Idle , soiling no labor , nor bujlng or sailing much else , for want of means. If these two millions of 'men could bo given voik ttt.'say $1 per day , that would require ! $2 ; < 300,000 of currency each day , or $12,000,000 per week , or $50,000,000 , per month , so lmt'lt"seenis ! to me that the hotter the times the more cuncncy wo need , " * . i Without attempting to deny this proposi tion , the fieu Bfvet''adv6cata | then proceeded to bombard this \VIsfousln farmer with the wonderful progress of ( he riatloii during the three-quarters of a century when gold nnd sliver wcru both frcu , go far as coinage was concerned. Then the gold standard farmer got In sonio lively work. whUh , as near as I could retnembiy. Jem J took no notes , waa OH follows ; ' HARU/TIMU3 / IN THE PAST. "Thoy had hard tliucH then , my friend , as well as now , and Jt'tlimH Jiucli harder times than at present. J caiCrojHeinber before the war , when. w . "rjDrrt''under the good old times you "dream' df ; ' In 1850 , I bought a solf-raldng reaper , ujilfli cost me , In notes , $175 , whld | I can'li | ) ' A rta'.rh bolter one today for $40 , But that was not the worst of it. I paid these notfa In wheat at ? 5 cents per lnulicl , which , you eee. made the reaper cost me COO bu > l laL o/ wheat , and I can . buy a much better reaper today for eighty | bushels of wheat. Antltuhllo this Is an ex treme case , allhtrt/gu1 the cost of nails was still greater , yet rcVr manufactured article cost moro than at prevent , whllo labor and the produrts ot the sol ] brought mueh less than now , and tlila 'was with free coinage , under more favprjbfu cqcilltions than could exist at present , .as there was then but little difference in ( be value of the gold anil silver used for raising surplus wheat , oats and corn. So heru > ou save paying out money abioad nnd you get currency In circulation at home In raising , marketing and manufac turing the beets , and jou make a market for a largo amount of produce and manu factured articles to the men > ou sot at work , and you also reduce the amount of land In cultivation for surplus crops. "Second ; take sheep. Suppose it could be made profitable to raise enough sheep to sup ply our own people with all the mutton am wool they need. This would glvo us greater relief than making our own sugar would do , It would cause the raising ot fron : 10,000,000 to 20,000,000 of additional sheep To raise and care for these uhcep aud dls- pose ot the wool and mutton would take thousands of men and put In circulation millions of money , and to graze these sheer would tnkc away from surplus crops mil lions of acres , And , third , take woolen goods. Suppose , that Instead of Importing our woolen goods all of the woolen factories should be- started and many thousands of Idle men given employment. This , too , would increase our wealth and put millions of dollars In circulation , and also make a great demand for the products ot the soil both for men and mills , I will mention no other causes now and I will only suy that history and the present experience of silver coun tries leach us that a depreciated currency U a cause , aud not a cure , for hard times. " "Admitting your conclusion to bo correct , what methods would you suggest to accoui pllsli such desired results ? " "U serin * to me that the first thing to strive for is the restoration of confidence , and getting rid of the prevailing spirit of fear and distrust , Crc-dlt Is of almost as much valuu In a civilized community as money , and 111 ire can bo but little credit without faith. " Having heard the farmers of Wisconsin ai gulag thu Issues of the day In thla way , I nizde uj > my nllnd that Governor Upham was rlRht , and that the "freo silver craze" has few attractions for that state. Surely Wls- conslirlu na safe for sound money as New Yprk or Pennsylvania. Keep your eye on Wisconsin November 3 and KCO If this diagnosis is not correct. ROBERT P. PORTER. TI1U SAI > , NAD SI3A. New York Sun. "What makes the sen so sad , mother ? " Whispered n lit Ho child , "Why do the billows sigh and break , And why are- the waves BO wild ? " "Tho rivers run tlown to the sen , With nil tholr grief , my lad , And Hood the beu with their misery , And tliat'a why the feaa had. "The Hudson goes with Ciothuin's woes. And 1'arlb chokes thu Seine ; Ttio Danube blue nnd the dark Thames , too , All hurry to the main ; Losing tlif Bang of the ; running rill , Hut keeping nil that's bad ; They Hood the sea with their misery , And that'll why the HCU is sad. " Got AVIuit Iu AMKoil For. Philadelphia Record ; A tramp came tumbling out of a store , stood on his ear a moment and then collapsed In a heap. "Hello ! " cried a bystander. "What's the matter1' "Excuseme. . pard , " said the vagrant ; "I Just went lathere' and asked that feller to help mo out , " , - > * * < u _ BRINGS BACK OLD HE1IORIES Collection of Pictures of the Omaha of the Past. SCENES FAMILIAR TO THE OLD S ETTLE Mnny of Them Are at Structure * Which llnvc III ntiiipnr Ml , hut Arc Intlinntel ) * Cnuiicctcit with the IIUtorof the City. A most IntcrcslloB collection of photo graphs has Just been completed by Mr. War ren Rdgcrs of thlsiclty. Mr , Rogers started out over a year eco > .to gather together as many pictures of 'bid ' Omaha ns ho could find. Ho called uponuilmost all of the old settlers In the clty.-tvlio might possibly have photographs of thlsiltlnd and had platen made of them In tinier that copies might bo struck off. Ho fcnntbad eight or ten copies of each picture made ! and mounted In hand some albums , and ! the result Is a collec tion of fomo elRlityoiM photographs' of dif ferent parts of Omahn , all taken In the 60s 70a and early 80s// which bring a host ol memories back to those who \vero In this city during these years. The blrdscye views of Omaha contained In the collection number a dozen or more and begin when the city was but a small collection of stores nnd dwellings , until II grew to bo a city of 33,000 Inhabitants. Ono of the oldest Is that taken from a photo graph by I . Golay , made In January , 18K9 , tlio standpoint being- the capltol In the rear of the city. This picture was reproduced or nn advertising card scattered about the casl for the purposeof attracting settlers and capital at that time. It Is followed by a de tailed , description of the town as It then existed. This description says : "Among the many excellent structures In the city maybe bo mentioned the Hcrndon house , erected at a cost of $70.000 , kept by Messrs. Rlchard- son & Judson In a style not Inferior to any nrst-closs hotel in eastern cities ; Pioneer block , built at a cost of about 530,000 and used for stores ; the postofflcc block , corner of Douglas and Thirteenth streets , a magnifi cent brick structure , with Iron window caps , Iron door posts , ' etc. ; the lower rooms oc cupied by the postofllco and In the upper story Is the Nebraska newspaper , book anil Job printing office ; Bridges block , Tuttle & Johnson's magnificent brick building , usoC for purposes of trade , and seven or eight other fine buildings occupied for similar pur- DOSCS. SOME OLD LANDMARKS. In the collection Is a picture of the Herndon - don house , on the site of the present Union Pacific headquarters , and of which the hotel building Is now a part. It had a sign across the corner , "Overland Stage Ofllce , " and two stages standing in the street ready to take up passengers. Another picture pre sents the same building after It had become the International hotel. The sign had been changed at the corner to rend , "Eastern Railroad Ticket Ofllco. Western Stage. General Stage Office , " The back part of II was then already occupied as the genera ! freight ofllco of the Union Pacific railroad. It was a brick building , four stories In height , with & projecting cornice and pro jecting porticos' ' at each story over the en trance in the center of the front. Another picture shows the old caplto ! building , where now stands the High school This building was of severe architectural character , surmounted by a round cupola The picture was taken in midwinter ant allows deep-cut footprints In the nnow on the campus surrounding the bulletin : : . A photograph taken atia later time shows the capltol In a state of demolition , with thereof roof already gone. Still later pictures show the High schooy building after It had been erected on the old capltol square. Two characteristic pictures arc those of the cigar and tobacco store ol Julius Meyer. This was on the northeast corner of Four teenth ana Farnam streets. It has a large awning bearing the. sign , "Julius Meyer , Indian Interpreter , " ) and. In front of the Tstore "is Stoup of .Indians who msed to make their headquarters with Mr. Meyer whenever they camoito town. RECALLS INTERESTING RECOLLECTION The picture of the old government mili tary headquarters ! at the southwest * corner of Fifteenth and Harney streeto also recalls Interesting recollections. The officers are gathered on tt'O ' front stepsrand can be dis tinctly recognltedX This building later gave way to the old Wlthnetl hotel , and still later to the present jCrelghton theater. The Grand Cantral hotel , which was erected In 1871 aifU iburneil a few years af terward , forms the .subject of several pic tures. The old Grand Central was without question one of ithoi finest hotels west of Chicago. The signs on the building show that it was a center of business activity. At the corner was the Burlington railroad headquarteis ; next to It the telegraph office ; a barter polo rose nt the curbstone , while other offices were located in the other ground floor rooms. A different picture shows the entire block on Farnam street between Four teenth pud Fifteenth at the time the Grand Central was still there. With the exception of ono small building , the cntlic block was of brick. Just west of the hotel was the old store occupied by C. S. Goodrlch's toy shop. West of that is a frame building used as a ticket office , and on the corqcr of Fifteenth is the old brick livery stable , and which at that time was being conducted by Clark & Warden. This has give place to the Ware block. FllAMC BUILDINGS NUMEROUS. Two pictures were taken at the time the old postofilce building , at Fifteenth and Dodga streets , was In the piocess of con struction and show the unfinished walls reaching up only to the top of the first story. The building was surrounded almost entirely by frame shanties , few moro than two stories high. Across the street , where now rises the American National bank building , was a wooden livery stable , con ducted by Hunt & Kcenc. Where the Crelghton block no'w stands was a one-story frame building occupied by a meat market and grocery store. On' Douglan street waa another livery stable on the corner which Browning & King occupies , whllo Tucker's boot and shoo shop was found on the slto of the present Bushman block. Further up s. the old Christian church , slncu demol ished to make way for the now postoffico , while In the distance the North Omaha school building Is the most prominent struc- .uro to be seen. In connection with the present political campaign an interesting feature Is shown Inoue ouo view , which gives a photograph of the old republican headquarters on Douglas street , Just above Thirteenth , with a large > miner in front of It bearing the sign , 'Central Grant and Colfax Club. " This leadquarters building wan next to Wood- vorth's wagon and carriage shop , whllo Just east of that was West & Frltscher's whole- Halo and retail cigar stare- and cigar fac- ory. Still further cast , nmt on the corner , vas the brick office of the Omaha Dally lerald , the compositors leaning out of the vlndow In order to have themselves pho- ographcd along with the building. The lerald olllcn occupied the second story only , ho first floor being devoted to a billiard mil , saloon and restaurant. TIME WORKS WOHDGRST The pictures which Include what Is now 'amain street and the principal buildings In he city show the greatest change. Where ho Merchants hotel now stands was a ono- tory frame shanty .occupied as a saloon. S'hcro the Paxton block now stands was ho old county court house , a somber , two- tory brick building , sunk down below the cvel of the street. On the northwest cori cr of Sixteenth and Fanmm streets was n old church building , later enclosed In tcdtck's opera housn , which soon became lie city hall. This opera house was a long ooden building , two\storles In height , with i large portico reaching over the sidewalk n front. West of that was the residence of . H , Mlllard , on tlieisitc where now stands ho New York Llfu Insurance building , till further wesUMhere The Bee- building ow stands , was the > itory and a halt frame esldence of Mr , Eh Hosowater , and next to tiat , on the slto ofitho present city hall , lie two-story brick .residence of Governor Mvln Saunders. Still further west , on the op of the bill , 1st Been the old residence f Judge J , R. I'ortcr. Oa Douglas street , ack of these bultcVuM | , are visible the , rest- enco of John A. Horbach , 0 , P. Davis , I' , I. Sharp and the old Meredith mansion n the Dodge street hill. The block on the outh side of Farnam ttrcct , between Fit- centh and Sixteenth streets , was covered vlth wooden houses , the ono on the corner f Fifteenth , wlilch has given way to the \ Darker block , being occupied ns the pas office and a plumber's thop , whllo those wrst of It wcro used as residences. Ono of the pictures , giving a view north * cait from South Eighth street , shows the Union Pacific tracks before there was any station there at All. A long wooden shrd Is labeled "U. P. Railroad Emigrant House. " In the distance is seen the old pond which w s situated on lower Farnam street below Eighth up to the 80s , and still further off the Union Pacific shops. A later picture shows the old Union Pacific depot , a. long shed , open , at both ends , built of brick and covered with a glass roof. Interesting pho tographs relate to the high \\atcr of the Missouri river In 1SS1 , when the water com pletely encircled the buildings occupied by the smelting works and forced the railroads to run flat cars on the big dump across the bridge In order to afford n passage on top of them for pedestrians. Still older river scenes show the ferry landings , which were used before the railroads entered Omaha , giving pictures of the steamboats which then piled the river. One of these , "Tho Irene , " Is labeled "Council Bluffs and Nebraska Ferry , " add another , the "II. C. Knutt , " Is labeled "Missouri River Transfer. " NATIONAL BANKING By IIINRV W. YAltS. Considerable misinformation prevails at this time concerning the privileges and powers of national banks and the profits derived by them from their circulating notes. I have been requested by a number of persons to supply for publication a paper which w'll glvo this Information In some detail and which my familiarity with the workings of the system , gained from a prac tical connection with It since Its Inception , should enable mo to do with some degree of authority.DEMOCRATIC DEMOCRATIC PLATFORM. As a proper text for this article I would direct attention to that plank In/thc demo cratic platform which reads as follows ; "Congress alone has the power to coin and Issue money and President Jacltson declared that the power could not be dele gated to corporations or Individuals. We therefore denounce the Issuance of notes Intended to circulate as money by national banks as In derogation of the constitution , and we demand that all paper which Is made- legal tender for public and private debts , or which is receivable for duties to the United States , shall be Issued by the government of the United States. " Every statement made In the above con cerning national banks , whether directly or Indirectly expressed , Is absolutely untrue. General Jackson never made any declaia- tlon of the character attributed to him. Not only did ho deny that congress "has alone the power to Issue money , " but ho denied that It had the power to Issue paper money at all , cither directly or Indirectly. Congress has never delegated to the na tional banks the power to Issue legal tender money , and It has never undertaken to cxcrclso such power. The Issue of bank notes to circulate as money Is "not In derogation of the constitution tion/ : . There is nothing In the constitution upon-lhe subject. All that the constitution contains upon the subject of money le as follows : "Congress shall have the power to coin money . .and regulate the value thereof and of foreign coins. " ( Paragraph C , section 7 , article 1. ) "No state shall make anything but gold and silver coin a tender In payment of debts. " ( Paragraph 1 , section 10 , article 1. ) The right to Issue notes Is a peiogattvo which has been exercised by banks from the first settlement of this country , ami this has never been denied until the above declaration was adopted by the convention which nominated Mr. Bryan. At this time any state can authorize the issue of bank notes , unless prohibited by its own constitution. Jackson would never have favored the Issue of treasury legal tender notes which this platform endorses. * ' - Thomas II. Benton , who represented Jack son's admlni3tr.ij.iou , . said in aspeechvhlch he dellvered" ln the" senate In 1S34 , de nouncing the United States bank : "There- no power In congress to Issue or to authorize any company of Individuals to Issue any species of federal paper cur rency whatsoever. " "Tho people were sick .of paper money about the time this constitution was formed. The congress of the confederation In thu time of the revolution had Issued a currency of paper money. It had the full career of that currency. The wreck of two hundred millions of paper dollars lay upon the land. They determined to hove no more federal paper money. " ( Thirty Years' View , page 436 , chap. C. V. , vol. 1. ) There Is a great difference between a legal tender paper currency Isbueil by the govern ment and the issue of ordinary bank notes payable In lawful money on demand , but which themselves have no legal tender func tion. tion.Tho The banks to which Jackson removed the public deposits from the United States bank issued notes wliLdi circulated as niono.v. Jackson , It ilr true , held that congress did not possess the power to charter banks , but this was decided by the supreme couit dining his lifetime In favor of the bank ( McCuIlough vs Maryland , 4 Wheaton , 31C ) and in recent times the same court has de cided that congress has the right to issue paper money ( Julllalrd vs Greenman , 110 U. S. , 421) ) ; so both of these questions must now be considered settled , the democratic platform , to the contrary notwithstanding. PRIVATE CORPORATIONS. The national banks are private corpora tions , with whose business the United States has nothing more to do than the state of Nebraska has to do with the banks organ ized under the state laws , nor Is there any close connection whatever between the banks in the system. Just as state banks report to the auditor , so do national banks report to the comp troller of the currency , and In like manner the latter Just as the State Banking board acts sends examiners at certain periods to check up the business of every bank and see that Its business Is being conducted In acordanco with law. The power Is given the comptroller by con gress , just as It Is given to the State Hank ing board by the legislature , to enforce compliance with law , and when It Is violated to take possession of the bank and wind up Its affairs. NATIONAL DEPOSITORIES. Public funds may bo placed In certain selected or designated banks Just as state [ unds may bo deposited but government bonds must bo placed with the treasurer of the United States to secure the same , and In no case may the amount -to deposited exceed the face valueof the bonds. There are only 150 United States depositories out of a total of 3,800 banks , and the aggregate deposits do not exceed $15,000,000. CIRCULATION. In the matter of the circulation of na tional banks , greater misunderstanding ex ists than upon any other subject connected with the financial system of the country. It Is proper that some reference should hero bo made to the bank notes which cir culated aa money when the national bank bill was passed , The Btato bank circulation was authorized by charters received from the various states and territories , which charters varied ! greatly In the extent and character of the I privileges conferred. Under some , the notes j wore Issued with no specific limitation of volume- and no requirement as to security , In others , the volume was limited by some ratio to capital , whllo In other cases state Uonds and securities were required to bo lepoalted as a guaranty nf redemption , Diebo different conditions , and the man- igement under them of the Individual banks , javeto these bank notes a constantly vary ing and fluctuating value , which depressed justness and checked enterprise. No ono otild tell haw good his money might bo > xcopt by consulting a bank reporter , and liese were by no means always accurate md reliable. The last mentioned bank note system was ho projenltor of the national batiks , chosen 'or ' the reason that It was thu best then In ixlstence. Some kind of security wus bfttcr han none at all. No charge of unreasonable or Illegal profit * ivaa ever brought against these state banks -like that constantly urged against the na- tonal banks because they collected the nterest their deposited securities carried md also charged Interest when they lonnc.il heir notes. notes.NOT LEGAL TENDER. National bank notes are not legal tender , nor nro they rccclvabJeJor dutle . No ono can bo nxjliIrM * tf Tn"R ( > fTfTui for debts or Roods , except the banks , thctntelves , which cannot refuse them : \ . * They art * rode nkJM | In .lawful money , which would .pjertnit thdrpa/ment to bo m do In silver , but this privilege has ncv.fr boon cxerclswl ; IcRM tender notes havo'nlway * boon provldcdjor their redemption , and as tnrso notes Are ivrjablo at the treasury In gold the national bank noto'Is consequently aa good aa gold. ENDLESS CHAIN. The volume- notes which A bank may Issue Is llmlte < l ,1/y , Its paid up capital stock , so that the "endless chain" statement , In which it Is that assertul banks may ex pand their circulation auMnflnlium Is ab solutely untrue. VJ The clrculatlorrtMit may be Issued Is also limited to 90 pnyjtcnl of. Uio par value of the bonds < lcposfte V REQUIRE ! ) TOsJDEPOSlf BONDS. Every banktls .mjUtred "lo deposit with the treasurer'i > oiidsvtc ) the/ extent of one- fourth of Its capital * * l6kvhen , ' this U $150,000 or IcsJ , i afid WJ.OOO , when It Is more than $150,000 , whether It desires the circulation or notTh hanks havepeti tioned congress to'remove this requirement , but the relief asked for has never been granted , OTHER REQUIREMENTS. They are required to keep at all times G per cent of their circulation 1n the hands of the treasurer of the--United States for the redemption by himan their agent of all notei presented , ' ' " < ) i > They are assessed fob the-1 expense of thu printing of the bills : for the cost of ex pressing the notes both these sent to the treasurer for redejnptlon and the new nntcs returned by him ; for the pxpense of an ogent to inspect bandstand to witness iMo destruction of millf , , nocs. ( ' They arc also required" to pay a tax of 1 per cent per annum upon the full amount of circulation Issued. Issued.NO NOPUOfJT. . Thcso conditionsare so burdensome that as a rule no adequate prbflt twin accrue for the risk sustained , nnd consequently the volume of clrculatloni.letticd bears only a small proportion ito the amount the law nuthor'zcs. < , t Mnny banks confirm their Issues to the amount received uponHtho minimum of bonds which they nrnri-pqulre < l to deposit and the experience ofv.llio post ten year * has demonstrated thc ) ct that much money would have been saved ) to ithoso Institutions which Issued circulation jf | they had pos sessed less confidenceloithe continued good credit of the govcrninctt ] ami retained this money In their buslnefnnlnntoad of Invest ing In bonds. It ,1s , qui ) lrely safe to say that the balance of iirpllt > and loss during this period with th * banks which Issued cir culation to any considerable extent will show a startling su.mo ni > , the side of loss. The continued attacks upon the credit of the Government conveyed lu the free silver agitation has greatly-lowered the nrlce of bonds , and sales when required to be made have been at figures luuclnundcr the price paid for them. V ot' EVIDENCE OF FACfS STATED. A few figures will show the entire cor rectness of what bus been "stated : Wo have one bank In Omaha which for a number of years has possessed a capital ot $1,000,000. It Is entitled to a circulation of $900,000. It has never issued more than $15,000. The eight national 'banks' of Omaha have nn aggregate capital b.fM3,7GO,000. ' This would cntUlc.thnu to' circulation of ? S,37GOCO. ' > * ' $ " They have Issuedo"nlyy$653.505. The banks of , thVicltWof Boston had iu September , 1895 ; Dg'grcgat'eJ capital of $52- Thls would entitle -then ) to a circulation of $47,025,000. " * x < i&/ They have Issued ] * $8iQffiC42. The total capllarnf all'.tto banks In the United States at'tuo'Uimo date was $057- 135.498. _ t _ ; This would entitle'them to a.r circulation of $501,121,549.'i Amount actually Issued Is , ? lS2-iS1.010. The total paper circulation of the United Stairs In the same .yearfortis ? 1,137,019,914 , of which aggicgatc e5-natlo'nal bank { $ , cur rency Is only 1C per'cghy.fc. In the cnniptrcller' , ifepor / for 1S95 will he found a table she lijg' the profit to bu realized at the two da.Jtj ofOctober ( , 1S94 , and October. lSr , by the u o of the dif ferent liwilrii of bonds. Taking his figured , but using the rateof 8 per cent Interest Instead of $ per cent , the following Is the statement for $100,000 United Stale * 4 per cent bond * In October , 1S9S , and It should ] bo remembered that the prlco of bonds was then low. U the figures were taken In o.iy 1SS9 , when bondi having only clnh- tccn years to run were worth 29 per cent premium , the loss would bo mot-o pro- nounccO : STATEMENT. $1CO,000 U. S. 4 rKT cent bonds of IDZTi , ro.it nt 121.7527 . . > , $121,725.70 Circulation received . . $ PO.OM Lean C per cent reserve. . . . . . . . 4,500 Net , , . . . . $53,500 Interest on $ S3,000 nt S per cent $ C.S40 Interest received on bonds 4(00 Total received $10S10 Deductions Tnx on $ W,000 circulation $900.00 Sinking fund to cancel pre mium 277.14 Co" t of redemption , express chnrgos , etc 62.50 i,2t3.6l . Net Income received. . . . . . . $1).flOO.9 ) Interest on $121,752.70 , If loaned out.$9.710.31 Loss sustained by buying bonds nnd Issuing circulation . . .7. $ 139.S3. It will ho noticed from the above state ment that the operation requires the con tinual Investment of the following sum : Totnl cost of bon-ls. . $121.752.70- Net circulation Issued. , 85,500.00) ) Permanent Investment $ 3i,2.'i2.70 ( Itucloso tlmea the banks may bo forced to retire circulation In order to obtalii moro money In their business. The appcrent paradox then occurs of the contraction of circulation In order to obtain moro money. ONLY CHANCn FOR PROFIT. Profit can only be realized upon national bank circulation when the government credit Is low , which la Indicated in the lowered price of bonds. The free silver agitation accomplishes this result and a better showing at this time Is made than lias been presented for many years. For Instance : Four per cent bonds of 1807 sold In 1SS9 for 129 ; the some bonda are now priced at 107. But bonUs ore not disposed to take ad vantage of thf situation and Issue Increased circulation , fer the reason that they know the depredation has occurred entirely from the attacks made upon the honor and good faith of the government , nnd they cannot tell how long these attacks may bp con tinued , nor to what extent further damage may be Inflicted , REPEAL OF BANK ACT. So far as the Interests of the banks them selves arc concerned , they would have no objection to the repeal ot the bank act and the cancellation of their charters , as threatened In the democratic and populist platforms. The business of banking would not thereby be destroyed and their op portunities for the successful prosecution of their buatucss would In no manner be * abridged. THE PUBLIC THE ONLY SUFFERER. The currency supplied by the banks Is nbsolutely good not one dollar has been lost by the noteholder since the system waa. Inaugurated In 1S62 and the notes are cur rent at their face Iu every part of the country , without regard being had to the place of Issue , and they ore exchanged at parity with gold In every market In the world. The law gives no definite protection to. .lie depositors In national banks and yet It Is a well ascertained fact that the per centage of loss by failures of national banks s greatly less than that under any other system of banks which has ever existed lethe the country. OLD UNITED STATES BANK. In no manner whatever do the national banks of the present day resemble the old Unlt'cd States bank , except that they re ceive their charters from the United States. They are called national banks for this , reason and because their notes circulate at par all over the country , without regard to- their place of Issue. The old United States bank was largely- owned by the government and Its notes , were- practically legal tender , and , as Jack son charged , these notes had debased tho- currency by driving gold out of circulation , and Jackson's war on the bank was under taken for the purpose ot forcing a return to thu world's standard of value. Tin : urn iiujt.ni.vo. Not a Dark Ofllce Room Incandescent Electric Lights-Perfect Ventilation In any - and Nig-ht Day Pai't of the Building : . Elevator Service. GROUND FLOOR. FIDELITY THUST QOMPANY , Loans. WYCKOKF , SISARfANS & BKNEUICT. KcrnliiKton Typewriters nnd Supplies. FOHKST LAWN C13M1STEHY ASSOCIA TION. DHH BUILT3INQ BARBER SHOP , Fred Buelow , Proprietor.- . FIRST rUANSMIPSISSIPl'I MUTUAL FIRE AS SOCIATION. unra BUSINESS OFFICE. YMIiRICAN WATJ2H WORKS COMPANY. . < , - . SECOND MASSACHUSETTS MUTUAL LIFE IN- SUitAKCK COMl'ANY. 3. S. ELGUTTERLaw , Ofllce. JHIUSTIAN &qufCJ : nCAUING ROOMS , r. W. BOUII'K , 'Loan * . JEOnGU E. 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