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The Nebraska Advertiser
8tJSmMJHft VuUUhr.
FRIDAY, MAY M, 181)7.
lopubllcanf JBpBi Ncw8papir'
WHAT GA(JK SAID.
j
In 1001 Porotoltl tho Troauury Pro
dicualont of 1003.
IIIm Often ((iioiiMl Al(lrNN or 1N1M
Itiiltorliiiicf or OoilMx Siniiiiiiiiy
of Ui'trvlH or Our Onr
renry HjmIoiii.
The new Hocretury of Uiu treasury,
Ly mini .1. (Huge, Ih not a novice either
in the theory or prnotlco of (lnanelal
uiTuirH. Lou,' before ihokL ban Iters and
bimliHWH nieiu wore greatly concerned
about our mil latin 1 JlnaneeH he hiiav dan
ger ahead ami propliwded what would
and what did hapjeii, iuIIckh eertaln
cbangeti were made lit our miHcleutfiiu
and uiihoiiikI financial HyHtcm.
On February 10, 18li, Mr. Ciagereada
paiper before the Sunxclcluh hi Chicago.
After explaining how alitor and gold
money had leeii evolved "by tho free
play of human choice, ending In eon
wjiiHUK of .ictlon. and. never by conven
tional agieementM made In advance, ho
dlHciiHwd our own monetary condlt Ions,
lie pointed out how the United Slatcn,
by accepting both iiicUiIh and by allow
ing ItH creditors to ehoohu either, kept
logether thu two mottils, whose viiJium
Mere diverging rapidly. To the ques
tion: Cannot the government continue
UiIh policy Indefinitely and thiiH "for
eer preserve a higher value to the ail
iit coin than ItH equivalent in silver
bullion?" ho replied that. It could not.
"Tho proportion of Hlher payment? to
Ihu govurnmunu" he wild, "will Hteadl
ly InereiiHe until the treasury depart
ment will be obliged to ether pay In
Hllver or buy gold in exchange, for It.
With free eoliwige of Hllver," he added,
"UiIh rewult will bo t he sooner reached."
Nothing could be clearer or Hounder
than this. It Ih precisely what hap-
wned.
In tbe autumn, of 181)4 he toolc partln
an elaborate diKousHlon of the money
question at the Commercial clilb of Chi
cago. Ills iitldre.sK at this meeting la
often referred to and Is now of much in
terest, since. It contains wluit he says
are Htlll uubstautlally his idetw In re-j
gard to currency reform. We quote be-'
low tho greater part.of this address: j
"In speaking upon tho Ktibje:tof our
money system owo must Iks aware that
In whatever he may say he will etfelte ,
the hostile criticism and draw forth
bitter Invective from some one or moro '
of the varlotiH factions who are seeking
1o cHtabllsh on now and ex perl mental
foundations our much disturbed 11 nan
el id structure.
"Through our heterogeneous system
the public mind hits seemingly lost the
power to discriminate between real
things ami the shadows or signs of
things. It in nccctsary that disguises
le pulled aside and that real facta ap
pear. "There Is, in truth, only out real
money viz.. metallic coin. It may be
composed of gold or silver, it might bo
of something else, but It is not. (Ireen
linoUs, treasury notes and national bank
notes are but promises to pay, In tho
nature of thlngn they can bo nothing
more. They pass as money, perforin
the functions of money, often more cp.n-.
veniently than money Itself. J localise bt'
this confusion comes, ami we ure'Jcd
astray. Seeing that the greenback la
uttered by the government.; that It has,
by tho legal tender qunltty Impartc'd to
It, tho power to pay debts, and that
it circulates with all the power of
money, discrimination coupes wo call
it money and tho idea that govern
ment eai create money by its sanction
or flat becomes rooted in tho mind. Tho
distinctions just pointed out are, how
ever, fundamental distinctions. They
Hhould bo taught In tho schools. They
are simple, easy to bo understood even
by a child.
"Wo admit that on many occasions
paper money, whether greenbacks,
treasury notes or national bank notes,
is more to be desired than gold. Yet
more to bo desired than either, as
proved by the, daily conduct, of men, Is
u credit balance in a solvent honk
For, to secure this better form of good,
people toluntarlly gio to the banker
tlieijo promises to pay yea, even gold
itself for a credit to an equal sum
upon his I ooks. With an entry upon
their passbook aa evidence of the trans
action they claim to have "money In
tho bank'. Ih popular language, tho
claim is well enough, but, correctly
speaking, It Is positively untrue. They
have parted with their money, If money
they had. It belongs to tho banker;
it is no longer theirs.
"The eonn'deration they havo re
ceived is an agreement from the banner
to mem their requisitions upon hhn
from tiinu to time' If tho banker is
faithful to his obligations they havu
made no bad bargains, for all thesu
things- greuubackH, treasury notes, na-
tfonal bank notes and, to use thu pop
ular language, money in bank--are in
their nature and essence one viz., they
are forms of credit. Their value, each
and all alike, lien in the ability of thu
owner to convert them at last into tho
only real form of money now cxltttent
metallic coin. And to push the ques
tion a little farther, tho only value of
the metallic coin lies, not in the coin as
a coin, but in the power of the metal
tho cola contains to exchange for other
things.
"It Hhould here bo nbfed that while
our Hlher dollar Is real money ItH power
to exchange for other things Ih more
than doubled by another and artificial
alue Imparted to It through the law,
which glwrt It power equal to the dol
lar In fr(5ld to pay etiHtoniH dues. Hav
ing ah equal value in this direction, the
quantity being limited, it has equal
value In all direct Ioiih, but the difference
letwecu the metallic value of the w'lver
dollar and thin arbitrary value lies in
the lealm of credit. What I have so far
wild lies at thu foundation of the sub
ject and tniiHt be first understood.
"We lime now current in the United
Stales available in the purchase and sale
of commodities and for the payment of
labor services thu following agencies:
There is a Wrong Way
AND A RIGHT
m J K 'r
s8&JI H2TO
"First, gold coin, Hllver coin real
money.
"Next, greenbacks, treasury notes,
national bank notes and bank checks
verts tho principle of paper money viz.
tliat vvvry note injected into tho com
mercial system Hhould represent an
existing commercial value. 3. The
treasury note Is aHtnndlngcvidenceof a
foollflh operation, the creation of a
debt for the purchase on n falling
market of n commodity for which the
purchaser Has no use it lies open to the
jiiMt charge of being both idiotic and
immoral. 4. The national bank note
nearly conforms to.the true prlnelpleof
paper money, but the unreasonable re
quirements for security paralyze its
cllleieney and operate to destroy its
elasticity. 5. The silver certificate en
courages the use of silver to a larger ex
tent than consists with tho safe preser
vation of that metal on a parity with
gold.
"Would a national commission help
to promote reform? There is reason to
hope that it Mould be of great service in
that direction. Such a commission. If
rightly selected, would throw a flood of way 0f treating the eyes, Some people
light upon thesu involved questions.
The information It might gather would noein to think Unit if they only wear
be of Immense value to all our jicopk' ,,MeB t w l)0 all right wlUl theIr
and would guide us to wise legislation. "ani-u
"Emotion and frentlnienture not Rafe'eyes. There WouUl be just ttB much
guides In matters of science. A clear ' ...
apprehension of true principles will "B0 preBcnuing uieaamo uiuuiuma
lead to correct action."
$& nnr7fcnfn!?
GnJL rliUPLW
J-:.;vJ-r
"AoK rartuV V&eiirtV
jttirZ2& 'as?
WntMon AiMM-ptH Hip Verdict.
In u letter printed in tho New York
World of March 0 Thomas V. Watson,
The last four to bu classified together as j ux-eandldate for vice president, says:
If there Mas amy clear meaainir in
the verdict of Inst November, itwas that
thcTo should be no, free and unlimited
coinage of silver at tho old ratio of six
teen to one."
forms of credit.'
"Their respective legal relationships
to real money, however, are not alike.
The national bank note and the bank
check may both bo satisfied by the
tender of greenbacks or treasury notes,
hllo the last two are. redeemed only in
coin or lit payment of public dues.
"In passing It may be well to note
tho relative use of these various agen
cies in the practical operations of com
merce and trade. No better place to
determine this can bo found than the
counter, ot(a bank, and tho following
statement of tho amount of each re
ceived by a bank in this city on a re
Hllvor co hi 15 MJ '" " h0l"Hl money league, which is to be
gold cortUlcutes 4,015 ( national In Us character and In the
HI
Two Coined Men.
One of the Chinese coins !s cnlled n
"II." Had the result of the election It
tho United States been d'll'errnt law
Noc:nler our largest ullvcr coin M'oulr
have been a "He."
Tho Sound Money I'ropnKnndn.
The decision of the silver men to con
tinue their tight for the .ID-cent dollar,
for every disease. Unless you place
yourself in the care of a sKillftil oculist
or optician it would be better to givo
no thought to your eyes at all. We
make a specialty of fitting ulnsses.
S.H.AVEYICO.
AUBURN. NEB.
6
m
THE GREATEST OfALl
PASHION MAGAZINE
AWARDED DIPLOMA
AND SILVER MEDAL AT
EXPOSITION IN PARIS.
PRICE 25 CENTS,
YEARLY S0BSCRIPTI?Na2?2
TOILETTES PUNISHING Ctt
126WEST23! SINEW YORK
Wanted-An Idea
VTho can ttafnk
of tome ilnipla
tlilnif to Datcntt
Protect your Idea: ther may bring you wealth.
Wrlto JOHN WKUDEHUURN & CO.. Patent Attoi
neyi, Wafthlncton, D. C. fov tholr fi.&uu prise offm
nd list ot two bundrod to reatlona wanted.
Who can thtnk
of somo Blmplo
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Wanted-An Idea
Protect your tdean: thor mny bring you wealth.
Wrlto JOHN "WEDDEMumN A CO., Patent Attor.
noya. Washington, D. C, for tholr tl.sm prlio offer
via lut oi two uuuuroa uivoniiona rrontoa.
celved y a imni in tins city on a re-1 ,, u hu c , plmtic veulk.tof th epeo.
cent day will iji llcate their relative im- L , 'in'oKmber. ,s prlntelv fol-
portance In that direction: f ,owe(, , Ul(J or nj.Xal'ion ,n Ncw Yorc
Ilvor cnrtlllcatvH 9S.12U
Imkh tontlor notes and jjrcenbaclcs.. h-',172
Treasury notes 2fi,4!)i;
Natloiwil bunk notes ISUCt
T)tal cnh J2fi3.81(l
Checks, ilrufU), blllu of exchange... $5,31)8,91.-1
"l'cicenthgo of aush to total credits,
five per cent.
"The lesson to bo drawn from these
figures is this:
"Much the larger part of all our com
merlcal exchanges Is carried on by
tiank checks or other Instruments of
private cerdit. These instruments all
relate to a eertaln. form of money,, in
place, of M'liich they for tho moment
stand. If uncertainty Intervene as to
whnt this related thing this money
ltf, or Is to be. distrust, and confusion
enter in. 'Hie mighty agency of jKirson
iil credit is shaken. Commercial ex
changes fall off, trade languishes and
industry declines. . -
"The greenback Mas issued to pay
debts, not to ncqure value, or, If value
m'iib received, such value M-as either con
sumed or com ertcd' into value not ivvail
nble in the market. The greenback paid
iioldlers and government employes; it
liought poM-der and munitions of war.
The existence of a greenlmek is the evi
dence of a debt not paid. It is a lien
U)on tho future,
"A national bank note, bn the con
trary, Ib tho evidence of some existing
value M'hieh lies somewhere as collateral
for Its redemption. To transfer such
mines Is tho only ordinary and proper
.occasion M'hieh calls for their issue. The
olume in which they will appear
martts thcrlscfn prices or an increasing
quantity of existing things. Like tho
bank cheek, J hey will be in active serv
ice yhen trade and commerce are act
live.. Thus they enjoy tho principle of
-elasticity,. Wholly lacking in any po.
slble form of direct government Issue.
Tho method of thuir retirement is
wholly dllVerent and subjects tho trade
and commerce of tho country tp 1cjs
dangeroua strain.
"
"There Is no reason why the govern
ment bhould act as warehouseman for
either gold or Hlher. Such a function is
outside its proper limit of action. Hut
we are faced by the condition, and it is
tho bete noire of tho treasury. Tho
enoimous amount of $500,000,000 of
silver, represented by $3:18,000,000 in
silver certificates, added to tho $150,
000,000 purchased by the govcrnmenti
under the Sherman act, constitutes n
standlng"inenaeo to every business In
terest. "Our whole monetary Bystem Is tho
resultant of makeshift legislation and
unscientific compromises. It is time
that reform legan. I do not assume to
otter more ilnal remedies. In my own
opinion the greenbacks should bo per
manently retired. Tho silver purchased
under theSherman nob should be gradu
ally sold and tho treasury notes re
deemed and canceled. Some well
guarded system of bank note olrclua
tlon, broader and moro elastic than tho
present national bank act provides,
should bo Inaugurated. Such bank
notes should be redeemable at a central
place and bo redeemable in gold only.
I "To stun up, tho defects of our pres
ent currency system are: 1. A confus
, ing heterogeneity which needs sim
I puliation. 2. The jjreenback contro-
r.eope of its work. Fiom this time on
till the next, presidential election the
dissemination of money facts and cor
icet views as to money is to be contin
ued. The most efficient agency of the last
campaign was the sound currency com
mittee of the New York Ueform club,
and its publications, each given to some
one phase of the currency question,
were invaluable to speakers and writ
ers. A sound basis for currency reform
Mas thus laid in the minds of thousands
Mho Mere groping after the truth.
These publications, it is stated, are to
continue. An eilbrt is to bo made to
m idea, the field of operations by a class
of M'ritingsof a morelKJpular character.
In the south and Mest particularly hon
est thinkers are to be supplied with ma
terial for progressive thought toward
sound conclusions on the money ques
tion. Much was done in six months of 1S05
to uproot the erroneous ideas planted
in the years of populist agitation. Er
rors had flourished simply because they
had not been confronted with fact.
Now monetary truth is to be as sys
tematically inculcated as fallacy was,
and tho result cannot but be most
wholesome. Baltimore Sun.
Itipans Tabules euro dyspepsia.
FARMERS AND STOCKMEN!
Keep posted on the Llvo Stock markets,
nuiy ssvvo you tiood money. : :
THE DAILY STOCKMAN
lb
Gives full mill accurate reports of tho South
Omaha market, also Tclecraphlo briefs of
all the leading markets In tho country and
IS SE3ISTT FEE
by commission men to thoso having stock
to market. Sample copies on request.
Clubbing rates secured and subscriptions
forwarded f loin this ofllco. : : : :
STOCKMAN PUBLISHING COMPANY,
South Omaha, Nebraska.
Iepixllieaii JV. 29348.
Standard and registered bay colt 3 years old.
15 hands high , weighs 1075 pounds now. Sure Trotter; could show 2:40 gait
at a years old without any training. Shed by itepublic.it) 2:10 ; half brothar
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T. H. JONES.
Invincible, Unsurpassable,
Without a
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Writes a regular subscriber, who has
rmd it tor many years, of the
Twice-a-weok issu of the
3Ir. Hryun on Uuuutltj-.
In his speech at New York on Febru
ary 20 Mr. Uryun said: "If any person
bcliees a government should single
out a feM' 'people and ghe them advan
tages over others, he does not under
stand equality under the law."
This is very true. Hut, In demanding
that siher mine owners be permitted to
take 30 cents' worth of bullion to the
treasury and have itstamped as onedol
lar is not Mr. Uryan advocating the
cry inequality under the law which he
rebukes?,. Would not free coinage of
silver at a fictitious ratio be to "single
out a few people and give them ad
vantages over others?" The owners of
silver bullion in this country are ery
few indeed.
Again Mr. Bryan says: "No just gov
ernment ought to enable or permit one
citizen to injure another citizen."
True. But would not the govern
ment do this if it enabled one class of
citizens, the debtors, to discharge their
obligations to another class, the cred
itors, in dollars worth only half as
much as were the dollars loaned? If
the government were to make wampum
or conph shells legnl tender fpr the pay
ment of debt, would it not enable one
class of citizens to injure another class?
And M'ould It, not do the same In depre
ciating the currency of the country to
a 50-cent basis?
Tho people so decided last November.
Afrnlil of Shtoen to One Plrr.
The democrats of Rhode Island will,
It is said, ignore the currency question
in their comingstateconvention. They
will ignore it for the same reason that a
burnt child stops playing with fire. It
is to be hoped that the democrats will
profit by past mistakes. It would bo n
pity not to have tho two great old par
tics in the field in 1000.
St. Louis Globe-Democrat
and this in the unanimous verdict of
its mote than half a million readers.
It. 's beyond all comparison
the biggest, best and cheapest national
naws and fumily Journal published '. .
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read a laiga Daily paper, while Its
rreat' variety of well-selected reading
matter makes it an Invaluable
Horn 3 and Family Paper.
One Dollar for One Year.
Samplo Copies Tree
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