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- jKcsawtBfaoTTtiKTrW4WR'5(yW3H9
The Nebraska Advertiser
CHANGING TO THE MODERN SAFETY.
There is a Wrong Way
AND A RIGHT
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T.
6
I. !. N.1J'IU:itNs VuhUihtr,
FRIDAY, MAY 21, 1807.
.y
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THOMAS JEFFERSON.
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wi".vww.mtif,;.auM)li.ui'itjji-HjwiiB.iiini)mujimMii.iJJi,)n
Original Demonetization of Sllvor
Ulfoctod by JolTorson'a Ordor.
He AVfi lit All Tlmr Opimhc1 o
OlK'np Money mill Ucntullatloti of
nutilftIlrllcveii 'Mint Coliinun ll
tlo Bliouhl Htlclc Clone to tlie ftlnr
Itut Itatlo Kuvorril I!m of Hot It
MrtiilH.ltut SIiimvciI nMoorutc Pref
erence for Uolil Con hi Not Huvo
Hlooil on llio CltluiiKo IMiitform.
Thomas Jefferson was a patriot and a
Htateaiiiau of the Jilfjhost order. Jt Is
proper for nil true democrats to cele
brate his birthday April in, and to
commemorate his many excellent qual
ities; but why should those who voted
In 1800 to rcpudlutc debts and to cheap
en our dollar by attempting t flx m
iirtlilcinl ratio between gold and silver
widely different from the market ratio
meet to honor, or dishonor, Jefferson's
name? Is there anything in his writ
ings or his conduct to indicate tlr.it he
would have been a cheap money or re
pudiation democrat?
In 1783 Mr. Jefferson wrote:
"Tho proportion botween tho vnluo of
gold and sllvor lo a morcantllo problem al
together. Just principles will load
us to disregard lct:al proportions ultoccth
or, to Inquire Into tho market prlco of cold
In tho sovorul countries with which wo
jjhall principally bo connected In com
morca and to talco un averajjo from them."
Does this sound like the silver plank
In the Chicago platform?
In it letter to Mr. Hamilton In Feb
ruary, 1702, Mr. Jefferson expressed his
opposition to cheapening the dol
lar or reducing the monetary unit. He
said of the dollar:
"I very much doubt a rl&ht now to clmnno
tho valuo, nnd especially to lesson It. It
would lead to so caay n modo of paylnc off
tholr clouts. Bhould It bo thought,
however, that congress may rcduco tho
valuo of tho dollar, I should bo for adopt
ing for pur unit, lnalead of the dollar,
either ono ounco of puro silver or one
ounce of standard sllvor, so as to keep tho
unit of money u part of tho system of
measures, weights and coins."
Thu original "demonetization of sil
ver" was effected by thu following or
der from Thomas Jefferson:
"Dopartmcnt of State, May 2, 1800. Sir:
In consequence of a representation from
the directors of the Ilank of tho United
Stutcu that considerable purchases have
been in ado of dollurs coined at tho mint
for tho purpose of exporting them, and as
It In probablo further purchases und ex
)ortatloti3 will be made, the president
(Thomas Jefferson) directs that all sllvor
to bo coined at tho mint shall bo of small
denominations, so that tho value of tho
largest plocu shall not exceed half n dollar.
"JAMES MADISON.
"nODEUT PATTEUGON, Esq., Director
of tho Mint."
Except 1,000 pieces, no more silver
dollars were coined till after Andrew
Jackson retired from the presidency.
It is clear from Jefferson's writings
that lie favored the ubo of both metals,
but only at their natural ratio in the
world's markctw. lie seems to have
had an instinctive fear that people who
wished an "easy mode of paying off
their debts" would uttempt to fix our
coinage system independent of tho
world's markets. His policy nt all
times was to stick close to the natural
ratio.
Ills desire to ascertain the market
ratio between gold and silver und adopt,
that as tho legal initio is shown again
in liia supplemental notes, Works,
edition of 18.nl, volume 1, page 170, writ-
ten in 17811 or 1781, when he suggests j
that the committee of thu states be in
btrueted:
"To appoint also proper norsona to la
qulro what aro tho proportions between tho i
v.iluos of lino gold and lino silver at tho ,
markotB of tho several countries with i
which wo aro or may probably bo connected
In commerce and what would bo a proper '
proportion here, having regard to tho av- :
engo of tliqlr values at thono markets und
2 k f "J-ss "-"
j 11 7 1
"MORE MONEY" CftY.
It Oomos from Farmors, Who Havo
a Jtoal Monetary Grlovanoo.
U'hcy niuy Ilo Mlntukcii iin to the Unimo
und llcmcily, Hut Not iim to tlie IOxImI
ence of 'Dielr Trouble Why Interest
Ih IllKh In the Went mill South Stn
tlHtlcs of Iluiiltliiir 1'oncr In Dlirer
cnt Section.
Upon tracing the movement for u
larger volume of circulation back for n
score of years it will be found tiliat
It has Invariably manifested greatest
Btrength In the agricultural sections of
tho country. Obviously, then, wc must
seek for the underlying causes in these
communities.
When the subject is analyzed it will
be observed that the ground for discon
tent at existing conditions lies in the
fact that no'twitilistaiuliiig greatly im
proved menus of production, notwith
standing greater facilities and mate
rially reduced rates for the transporta
tion nnd distribution of products, the
agriculturist, upon whom so largo a
part of our economic system is depend
ent, finds himself, generally speaking,
nfter a twelvemonth of hard work no
farther ahead than at the beginning of
the year, and in many instances his
status is worse. Through thu failure to
nvake a proportionate income he hns
not been nblo to reduce, buthas, in fact,
increased his money obligations.
It is not maiiutaincd that such is the
caso throughout the land, nor tire all
ngricultuirlsts entitled to equal credit
1 for care nnd economy. Mnnycw;es there
nre, doubtless, where sympathy is not
deserved, but in most of thu communi
ties where discontent prevails thu rea
son here given is the true one, the dis
sertations of self-satisfied theorists to
the contrary notwithstanding.
Numerous explanations made by
painstaking investigators wnirrant the
statement that the unequal distribution
of capital and of money nnd the conse
quent gross inequality in interest rates
nre the chief cause of the inability to
carry on the important business of ag
riculture profitably.
The sections of the country polling
the largest silver vole in 1800 have,
generally speaking, insufficient credit
facilities. The small farmer who, ad
vancing from the condition of farm ln
borer, secies a larger measure of inde
pendence and greater comforts for ills
family, is not only compelled to mort
gage his realty, frequently at rates as
high as 15 per cent., but is under the
necessity of borrowing upon his pros
pective crop'. Having no banking of
fice to call upon, ihe turns to the store
keeper, who extendi credit for the
needed supplies and taxes the borrower
first for interest upon the loan, second
unsound, but absolutely tyrannical
Any change, he'feuls, would be for the
better. Consequently the southern
farmer demnnded the reinstatement of
tho stnte bank note system four years
ago, and last year the free coinage of
silver appeared to him the best solution
of thodifllculty.
The remedy is manifestly not to be
found in nny form of inflation of our
circulation, but in providing by legisla
tion or otherwise increased credit facili
ties, both for long term loans upon
mortgages and short term credits upon
crops, und a better distribution of the
circulation which we have.
&
: c
J WWlfiJi
i'nsyrKfm
way of treating tho oyefl, Some peopb
seem to think that If they only wear
glasses It will bo all right with their
eyes. There-would bo just aa much
sense in prescribing the same medicine
for every disease Unless you plac-p
yourself in the caro of u BKillful oculist
or optician it would bo better to give
no thought to your eyes at all. Wc
raiike a specialty of fitting glasses.
.AV
AUBURN. WEB.
THE GREATEST Of All
FASHION MAGAZINES,
AWARDED DIPLOMA
AND SILVER MEDAL AT
EXPOSITION IN PARIS.
PRICE 25 CENTS,
YEARLY S0BSCRIPTI?N&2?2'
TOILETTES PUBLISH INC Ca
L26WEST23: ST.NEW YORK
Wanted-An idea
Protect your lrtrans ther mar brlnit you wealth.
Wrlto JOHN WKUDEHliUHN & CO.. Patent Attor
neyt. Washington, I). C, fov their Cl.SJU prixo oner
ud lUt ol two hundred In renUous wanted.
Who can think
of sorao Blmplo
miDg to paicnif
i 1l l0
Wanted-An Idea
Who can think
of Homo fllinplo
flllnrF t'inntnntt
In this, as in many other mntters, we rrAoctTJ0.u,r,l?'',I..th.oy..""ir ,irln8 you wonitu.
....t ,.,.r r !i.. 4 i .. . Wrlto JOHN WKDUKUUUKN ft CO., Patent Attor-
uoys. wniiimgion, u. u., ror llirir ai.SOQ prlso oner
Ripans Tabules euro dyspepsia.
to insure.
"Invincible, Unsurpassable,
Without a JPcer,"
to other circumstances, and to report tho i in tho way of increased prices for
staples furnished and finally in the way
of discounts or eommissions upon the
product of the farm turned in as pay
ment. These items not 'infrequently
aggregate ".10 per cent, upon the actual
credit extended, nnd in n very large
number of cases the total exceeds 20
, per cent.
It is perhnps unnecessary to add that
business of any kind under such condi
tions would be unprofitable.
Is It, then, surprising when the agri
culturist, who knows little relatively of
tho principles of sound llnance, imag
ines that an increase in the volume of
money would benefit him? Is it to be
wondered at, when he hears or reads of
money going begging at two per cent,
in tho metropolis, he fancies that, by
Bomo hocus pocus, Wall street is con
stantly striving to grind him down?
It is our business to teach him other
wise; to tench him that tho prosperity
of the commercial centers is closely'ln
terwoveu with his is, in fact, largely
dependent upon his welfare but tho
lesson can only be brought home to him
by tho introduction of means through
which his own prosperity sliall be as
sured. For, even as it is impossible to
interest, a starving man in the plan of
salvation, so the debt-ridden farmer can
only acquire faith In our views of sound
finance when relieved of his present
onerous burdens. To him a system
wJUoh operates so unequally as the ex
l jstiug one does must appear not only
sanio to tho committee, by them to bo laid
norore conurosa."
Jefferson framed nnd had passed by
the Virginia assembly a law by which
tho value of the paper money of Amer
ica was settled "in sterling money or
tho lawful money of England."
If .Jefferson had been compelled to
choose between tho two metals, he
would undoubtedly have taken gold. In
his "Notes" lie observed that the high
price which Spain paid for gold had a
tendency to draw away gold and to
leave us only silver. He thought, there
fore, that "we might with safety lean
to a proportion somewhat above par for
gold."
Free silver democrats nre not Jeffer
feon democrats. They Bhould cither
abandon their false doctrines or wor
ship at another shrine.
Volume U-;ruItil Automatically.
Thnt it was the. function of Uiegov
crmucjit to furnish a country with its
supply of money was never supposed by
nnyoni mull It had undertaken to do
-that an a wcviHiro of weir financiering.
If the govriTi.ient coins tlie bullion
brought to Ma minis and regulates, not
the volume of, but tho conditions under
which, rr.nl; cu; rency tuny by issued, it
dJsi'lwirgffl its duties in full, and the
biusinuwi world will, aa it Invariably
has, provide the currency nnd regulate
(lie vol unit in accordance with the
varying needs of trade. Iron Age.
Tnllf I'l.fnf. fnf rrtlltlntlnn in li,n nv
Iiericnce elsewhere. In no country has ,a1 ""' or lwo hunaro1 invention, wanted
the system of advancing short time
credits to agriculturists reached the
high state of development which is
found in Scotland. The Scotch banker
has learned that the farmer is, under a
well-guarded system, as fairly entitled
to credits to flont his venture as the mcr
chantor the manufacturer.
Scotland has one banking firm for
each 4,000 of population and a ratio of
banking capital to total resources of
banks of one to twelve. Ily this econ
omy in the use of capital the banks arc
able to declare dividends averaging fully
ten per cent, while giving credits ordi
narily at rntcs rarely exceeding four per
cent., and every hamlet in the kingdom
has a banking ofllce within its limits
or in its immediate vicinity.
Taking the states of Alabama, Missis
uippi and Arkansas as an example, it
will be found that these have about
1,000,000 population and 171 banking
'institutions, including private bankers,
with a total capital of $17,000,000; total
resources, $10,000,000, or a ratio of cap
ital to resources about, one to two am'
one-third, and one banking ofllce to 23,
000 of population.
The reason for exorbitant interest
rates in the last mentioned section is
obvious. And it will continue to exist
unless some means of economizing cap
ital, as is done in Scotland, is provided
and tlie storekeeper is compelled by
competitionto reduce rates. Tlie comp
troller of the currency, in his annual
report for 1S0G, presents a table show
ing tho banking power of the several
states and territories, from which the
following abstract is compiled, to illus
trate this point more forcibly:
AVERAGE .BANKING POWER PER
CAPITA, UNITED STATES, 1S9C.
National, ioan
state
and
fcbanks.
United States.. J32 83
Maximum, R. 1.121 85
Minimum, Ark. 1 80
C Now England
states ....$.. 7S 00
C mkl'dlo states. CD 71
13south'n states 17 OS
S central statos. 48 11
13 wost'n states Gl SO
4 Pacific states. -10 88
The great disparity
banking facilities is seen at a glance.
The six New England states, with nn
estimated population (189G) of fi,200,
000, possess nearly .$79 per capita; tho
n:J southern states, with 20,000,000 pop
ulation, show barely $18 per capita, or
22 per cent, of the former. Including
savings banks and loan and trust com
panies the ratio is materially reduced,
the south showing only seven per cent,
of tho amount given for New England.
Analyzing the Items given in. the last
column, ma stated in tho comptroller's
table, it is found that the states and ter
ritories representing 70 per cent, of the
population have less than 33 per cent, of
the eaitli-e banking power, estimated at
$0,700,000,000. Maurice L. Muhlemun,
in N. Y. llernld.
FARMERS AND STOCKMEiJ!
Keep posted on tho Live Stock murltots.
may save you good money. : :
THE DAILY STOCKMAN
it
Gives full and accurate reports of tho South
Oinnha market, ulso Telegraphic briefs of
nil the lending mnrltcts In tho country and
IS SENT FREB
by commission men to those having stock
to market. Sample copies on request.
ClubbinK rates sreured and subscriptions
forwarded from this ofllce. : : : :
STOCKMAN PUBLISHING COMPANY
South Omaha, Nebraska,
Republican Jr 29348.
Standard and registered bay colt 3 years old.
15 hands high : weighs 1075 pounds now. Sure Trotttsr: could show 2 :40 trait
at 2 years old without anv tniinimr. Sh-wl hv Rpmitilicftr. --u)U' mif irtii
to Pat L, 2:00J4; dam Sadie Vera by Taluveni. 2::i0; second (htm Iletsy Trot
wood, by MciMiihnn, 2:21.
Hepuplican Jr. will. miilco tho season of '07 at home, Maple llidge Slock
Furtn, 2 miles southoast of Howe, Nobraska, to a few approved mares, at 15
T. H. JONES.
and
trust Sav-com-
ings
pnnlos. banks. All.
J10 05 $20 01 103 C9
Gl 02 185 75 371 62
4 SO
20 CO 152 GO 252 00
22 73 31 53 127 00
01 0 18 70
2 41 C 31 GG 89
1 CS 3G67
.... 20 CO 73 57
ritv between the
Writes a regulnr subsciiber, who has
read it for many ears, of the
Twice-n-weolr i-su of tlie
Louis Globe-Democrat
and this is the unanimous verdict of
its more than half a million readers.
It is beyond all comparison
tlie biggest,, best and cheapest national
news and family Journal published
in mnrlca. It is atri tlv Re-
publican In polit es, but it is above
all
a newspaper,
tli news prompt!
Gold a ml Silver Niij?Brt.
First. There is not a free coining!
country in the world to-day that is no
on a silver (or paper) basis.
Second. There is not a gold standan
country that does not xise. silver at
money along with gold.
Third. -There is not u silver standarc
country Unit uses gold along with sit
ver.
Fourth. There is not a silver stand
ard country that hns more than om
third aa much money in circulation w
capiita as the United States.
Fifth. There is not a silver stnndnrd
couutry in which the laboring man re
ceivea fair jvay for his day's labor.
and irives all
accurately and
impartially. It is indisponaab o
to tlie Farmer, Merchant or Profes
sional man who desires to keep thor-,
oughly posted, but has not tho time to
read a huge Daily paper, while its
great variety of well-selected reading
matter makes it an Invaluable
Hojn and Panxily Paper.
One Dollar for One Year.
3ainplt Copies Free
GLOBE IPMIW1IWG- CO.,
ST. 3LOUIS, MO,
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I
Wmm !
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A- HOSPE J ISM nmmlno Qfnoof tmuh nrn
-. uuuj.wo uuuui, UMfllin, I5LO.
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