Nebraska Newspapers

    f MlLMIE’S SPEECH.
6 FOLL TEIT OF THtT IUCS QUOTED
* UD OISCDSSED10CDIE1T.
■ HE WAS FOR SOUND MONEY
4 = \
I;' - , , „ ■
|j. ft *M Dollcercdla tin Valtad Mala*
: - aaaata roftraaiy 7. 1676, aad TVaa
4; Ac*la«t the Iim Colaago of Ml-.
*•» at 16 to 1—Tho Aaorl
daa Policy Fowarfally
*; J, l timd Clearly itaMd. :iv* ■
*mucli "quoted
f Speech in fall delivered jbi'JiperO.,
Xtlaiae in the United' States "Senate
' February 7, 187H, in opposition to a
a House bill for the free and unlimited
-cpinaire-a? silver at Its to I. , The com
mercial value of silver at that time
was 99 cents per ounce:
‘".Mr. President:. The discussion on
the question of remonetizing silver has
been prolonged and exhaustive.: I
may not expect to add much to its
value, but !'promise not to add much
to its length. I shall endeavor to con
^trfiider r|actd rgtber than ^icWidg to
A ■e'hte conclusions rather than argu
. '■ ■'■Shetiti'“ * •‘JH- ■_ T
I believe gold and silvee coin. to bo
-the money of the constitu tion*-indeed,
the money of the American people
unterio^to the constitution, money
•which the .organic law of there public
recognized as independent ot. its own
•existence. Nb power was "conferred
■on Congress to declare that either
metal should not be money. Congress
therefore, in my judgment,, no,
c- imore power to demonetize silver than'
to demonetize gold; no more power to
■demonetize either than to demonetize
O topth . y In this statement 1 am hut re
. O -heating the-Weighty dictum:of"the
hist of constitutional lawyers “I am
- certainly of the opinion,” said Hr.
Webster, "that gold and silver, at
.' '■ vatCa fixed by Congress, constitute'the
. legal standard of value in this coun
try, and that neither,Congress nor any
■ atsto lias authority to establish any
other standard orj to displace this,
standard.” Few persons ban - be'
found, I apprehend,, who will msin
(. tain that Congress has the' power to
•j-demonetize both gold and silver, or
", that Congress could be justified in
prohibiting the coinage of both; and
jret in logic, and ' legal construction it
! would be diffTeo 11 toshow wh ere a p.4
• why tbe poWeV bf’Congress ever silver
.-ovis-* greater thaa over . gold—-greater
, -over eitner than dyer both.;,, Jf, there
fore, silver has been.-dembtietized,-1
■am io favor of remonetizig it. If its
'.coitfagfihqBtoeea’prohniiitbd I am in
■ favor of, ordering It tobe,returned. If;
‘■•o it liis been-restricted, lam in favor of
-ordering it to be enlarged.
What power, then, has Congress
- over gold and silver? It . has the ex
clusive power to coin them, the exclu
sive power to legulate their, value—
V- Te*y great, very wise, very necessary
power, for ' the discreet exercise of
which a critical occasion has now
arisen,. However men may differ
about causes and processes, all will
' admit that within a few years a great
-disturbance has taken place in the
relative value of gold and silver, and
that silver is worth less or gold is
worth more in the money markets of
the world in 187R than in 1873, when
the further coinage of silver dollars
was prohibited in this country. To
remonetifee it now as though essential
-conditions had not changed, is will
fully and blindly to deceive ourselves.
If our demonetization were the only
-cause for the decline In the value of
silvor. then remonetization would be
its proper and effectual cure. Bat
-other pauses, beyond our control,
have been far more potentially opera
- tive than the simple fact that Con
gress prohibited its further coinage,
f . As legislators we are. bound to sake
-cognizance of these causes. The de
.monetization of silver in the German
>' empire and thp consequent partial,
i'«r well nigh . complete, suspension of
, i coinage in the Latin union, hqve been
the leading caused for the rapid de
cline in ^he value of silter, I"do- not
think the over supply of silver.has
s bad in comparison wlfch thppe other
causes,.an appreciable Influence ih’
the decline of its value, because its
. , over supply with respect to gold in
these latter years, lias not been so
great as was the over supply of gold
with respect to silver for many years
latter the mines of California and Aus
tralia were opened; and the over sup
ply of gold from these rich sources
.. -did not affect the relative positions
and uses. of. the two metals in any
» . ..European e^iMivT.
. rre(t Coin***/Alona Imposilbla,
I believe, then, it Germany were to
.remonetize'silver and ‘the kingdom#
■ and states of the Latin Union were tp
sw,fi reopen its mints, silver would at once'
; w* resume its former relation with (fold.
V. ^he European countries, when driven
to full remohetization, as I believe
they will be in the end, must of neces
•'•• • eity adopt theiv old ratio of 15X of
silver to l of gold, and we shall.then
. ,. be compelled to adapt the same in
' * . Stead efour former ratio of lo to 1,
If we fail to do this we shall, as be
fore, lose our silver, which, like all
thine* else, seeks the highest market;
and if fifteen and a half ounces of
silver in Europe will buy as much gold
in Europe as sixteen ounces in Amer
ica, the silver, of course, will go to
Europe. But our line of policy in a
,, , joint movement with other nations to
remonetize is simple and direct. The
difficult problem is what we .shall do
when wo aim to le-establish silver
without the co-operation'of European
powers, and really as an advance
■■ movement to coerce these powers into
* '* the same policy. Evidently the first
. i . dictate of prudence is to coin such a
. dollar as will not only do justice
among our citicens at home, but will
prove a protection—an absolute barri
cade—against the gold monomelaliats
of Europe, who, whenever the oppor
tunity offers, will quickly draw from
tis the SIOO.OOU.OOO of gold coin which
y'vt We now hold.' If we coin a silver
- -'dollar of full legal tender, obviously
below the current value of the gold
dollar, we are simply opening our
M • I
Coon and inviting Korop* to Uk* oar
gold. With oar gold flowing ont troa
a* we shall be forced to th* single
standard and our relations with th*
leading commercial countries of the
world will not only be embarrassed,
but crippled.
The question before Congress then
—sharply defined in
House bill—is, whether]__
and expedient to offer free coinage to
the silver dollar of * 8Jf. grains, With
the mints of the Latin union closed
and Germany not permitting silver to
be coined as money. At current rates
of sllves, the free coinage of a dollar
containing 413X grains, worth in gold
about 93 cents, gives an illegitimate
profit to the owner of the bullion, en
abling him to take 93 cents’ worth ol
it to the mint and get it stifthbie'd as
win boq force ms nei^noor 10 like it
for a full dollar. This is sn unfair
advantage which the government has
no right to give to the owner of sil
ver bullion, and which defrauds the
man who is forced to take the dollar.
-.It. assuredly follow^, that if we give
ifos coinage to the dollar of inferior
, VitJue.ana put it In, circulation, we do
.jty tji the expense of our better ooin
age in gold; and unless we espeet the
Invariable experience of other nations
.t° „be in some mysterious way sue
pended for our. peculiar benefit, we
inevitably lose our gold coin. It will
flow out from us Avith the certainty
and with the force of the tides Gold
has indeed remained with ns in con?
sidersble amount during the circula
tion of the inferior currency of the.
legal tender, but that was because
there were two great uses reserved by
law for gold—the collection of cue--"
- toms and the payment of Interest on
.Vie public debt But if the inferior
ailver coin Is also to be used for these
two reserved purposes, then gold han ■
:ft>0 tie to. bind it to us. What gain,
‘therefore, should we make for the
circulating medium, if on opening the
gate for silver to flow in, we open a
•till Wider gate for gold to flow oat?
It I were to venture upon a dictum-on
the silver question:, i should declare
that Vntil Europe remonetizes silver
we cannot afford to coin a dollar as
low as 4l2>i grains. After Europe re
mdqetizes on the old standard, we
cannot afford to coin a' dollar above
400 grains. If we coin too low a dol
lar before general remonetization, cur
gpld will leave ‘us If we, coin too
high a dollar after general remoneti
zation;- our silver will leave us It is
.only an equated value before and
after -general - remonetization that
will preserve both gold and silver to
ns. y e ’ • -
and Silver Mast' Be ; Kept Xqeal.
Consider farther what injustice
would be done to every holder of a
legal tender 01 national bank note.
The large volume of paper money—in
excess of *;00,000,0C0— is now worth
between ninety-eight and ninety-nine
cents on the dollar in gold coin.
The holders of it, who are indeed our
ehtire.population, from the poorest to
the richest, have been promised from
the hour of its issue that their paper
money would one day be as good as
gold. To pay silver for tbegreenback
is a full compliance with this promise
and this obligation, providing the sil
ver is made as ilalways has been here
tofore, as good as gold. To nyike our
silver coin even three per cent less val
uable than gold inflicts at ouce a loss
of more than 820,1)00,000 on the hold
ers of our paper money. lo make a
silver dollar worth but ninety-two
cents precipitates on the same class a
loss of nearly WW.Ooo.OOo. For whatever
the value of the silver dollar is, the
whole paper issue of the country will
sink to its standard when its coinage
is authorized and its circulation be
comes general in the channels of
trade. Some one in conversation
with Commodore Vanderbilt, during
one of the many freight competitions
of the trunk lines, said: “It cannot be
that the Canadian railroad has suf
ficient carrying capacity to compete
with your great line?'1 “That is
true,” replied the Commodore, “but
they can fix a rate and force ns down
to it.” Were congress to pass a law
to-day declaring that every legal ten
der note and every national bank note
shall hereafter pass for only ninety
six or ninety-seven cents-on the dollar,
there is not a constituency in the
United States that would re-elect a
man who supported it And in many
districts the representative would be
lucky if he escaped merely with de
feat at the polls
Yet it is aimest mathematically de
monstrable that the same effect will
follow from the coinage of an inferior
silver dollpr. Assurances from em
pirics and 'scientists in finance that
remonetization of the former dollar
will at once and permanently advance
its value to par with gold, are worth
little in the face of opposing and con
trolling facts. The fi at effect of is
suing any silver dollar that will pay
custom dues and interest on the public
debt will undoubtedly be to raise it
to a practical equality with gold, but
that condition will lust only until the
amount needful for customs shall fill
the channels of its use; and the over
flow going into general circulation
will rapidly settle to Its normal and
actual value, and then the discount
will come on the volume of the paper
currency, which will sink pari passu
with the silver dollar in whieh it is
made redeemable. That remonetiza
tion will have a-considerable effect in
advancinjg the value of the silver dol
lar is very probable, but not enough
to overcome the difference now exist
ing — a difference resulting from
causes independent of onr control in
the United Staten
General Remonetization.
The responsibility of re-eslabltsh
ing silver in its. ancient and honor
able plaoe as money in Europe anil
America devolves really npon the Con
gress of the United States. If see act
here with wisdom and firmness, we
shall not only successfully remonetize
silver, and bring it into general use
as money in our own country, but the
influence of our example will be po
tential among European nations, with
the possible exception of England.
Indeed, our national indebtedness to
Europe is so great that, if we have
the right to pay it in silver, we neces
sarily coerce*those nations by the
strongest of all forces, self interest,
to ala us in upholding the value of
silver as money. But if we attempt
the remonetization on a basis which
is obviously below the fair standard
of value as it now exist, we incur ail
the evil_ consequences of failure at
home and the certainty of successful
opposition ibmi Wi in, ul ikiN
be, the nntNt producers of illnr in
tho world, and wo bare a larger stake
In its oomploto remonetisation than
any other country. The difference to
the united States,between the general
aecepianoe and tho general deatruo
tlon of silver as money in the com
mercial world, Will poaalbly within
the Beit half centnry equal the eatird
bonded debt of the nation. Bat, to
Jrain tbia advantage, we moat make
t actual money, the accepted equal
of gold in the market! of ihe world.
Remonetization here, followed by
general remonetization ta Europe,
will secure to the United States the
most stable basis for its currency
that we hare enjoyed, and will effect
ually aid in solving all the problems
by which our financial situation is
surrounded.
Blmatallle aaB Mono-Metallic Standard*.
On the much-vexed end long-mooted
question of bimetallic and monometal*
lie standard, my own views are snf*
fictently indicated in the remarks 1
have made 1 believe the struggle
now going on in this country and in
other countries, for a single gold
standard, wonld. if successful, pro*
duce disaster in the end throughout
the commercial world. The destruc
tion of silver as money, and the estab
lishment of gold as the sole unit of
value, most have a ruinous effect on
all forms of property except those in
vestments which yield a fixed return
in money.' These would he enormous
ly enhanced in value, and would gain
a disproportionate, and therefore
unfair, advantage over every Other
species of property. If, as the most
reliable statistics affirm, there are
nearly seven billionsof com or bullion
in the world,' not very' unequally
divided between gold and silver, it is
impossible to strike silver out of exist
ence as money without results which
will prove distressing to millions and
utterly disastrous to tens of thout
ends. Alexander Hamilton, In his
able and invaluable report In 1791 on
the establishment of a mint, declared
that, “to annul the use of either gold
or silver as money, is to abridge the
quantity of the circulation medium,
and is liable to all the objections
which arise from a comparison of the
benefits of a full circulation with the
evils of a scanty circulation.” I take
no risks ib saying that the benefits of
| a full circulation, and the evils of a
scanty circulation, are both immeas
urably greater to-day than they were
when Mr. Hamilton uttered these
weighty words, always provided that
the circulation is one of aotual money
and not of depredated "promises to
pay.” •
Whit Hamilton Bald.
In the report from whidi I have ah
ready quoted, Mr. Hamilton nrguea at
length in favor of a double standard,
and all the subsequent experience of
ninety years has brought oat no
clearer statement of the ease, or de
veloped a more complete comprehen
sion of this subtle and difficult subject.
“On the whole," says Mr. Hamilton,
“it seems most advisable not to attach
the unit exclusively to either of the
metals, because this cannot be done
effectually without destroying the
office and character of one of them as
money, and reducing it to the situa
tion of mere merchandise.” Mr. Ham
ilton wisely concludes that this reduc
tion of either of the metals to mere
merchandise (I again quote his exset
words), “wonld probably be a greater
evil than occasional variations in the
unit from the fluctuations in the rela
tive value of the metals, especially if
care be taken to regulate the propor
tion between them, with an eye to
their average commercial value” I
do not think that th!s country, hold
ing so vast a proportion of the world’s
supply of silver in its mountains and
its mines, can afford to reduce the
metal .to the “sitnetion of mere mer
chandise” If silver ceases to be used
as money in Europe and America, the
mines of the Pacific slope will be
closed and dead. Mining enterprises
of the gigantic scale existing in' this
country cannot be carried on to pro
vide backs for mirrors, and to manu
facture cream pitchers and augar
bowls. A source of incalculable wealth
to this entire country is destroyed the
moment silver is permanently disused
as money. It is for us to oheou that
tendency, and bring the continent of
Europe back to the full recognition of
the value of the metal as a medium of
exchange.
* * Evil of inferior Dollars.
The question of beginning . nnew
the coinage of silver dollars haa
.aroused much discussion as to its
effect on the public credit. The sen
ator from Ohio (Mr. Matthews) placed
this phase of the subject in the very
forefront of the debate^—insisting,
prematurely and illogically, i think,
on a sort of judicial construction in
advance, by a concurrent resolution,
of a certain law in case that law
should happen to be passed by Con
gress. My own view on this question
can be stated very briefly. I believe
the public creditor can1'afford to be
paid in any silver dollar that the
United States can afford to coin and
circulate., We _ have fife,000,000,000
of property in this country, and a wise
self-interest will not permit us to
overturn its relations by seeking for
an inferior dollar wherewith to settle
• hnnmat. Hnmonf _
The question might be different from
a merely selfish point of view if, on
paying1 the dollar to the public credit
or, it would disappear after perform
ing that function, Hut the trouble is
that the inferior dollar you pay the
public creditor remains in circulation,
to the exclusion of the better dollar.
That which you pay at home will stay
here; that which yon send abroad wiil
come back. The interest of the pub
lic creditor is indissolubly bound up
with the interest of the whole people.
Whatever effects him affects ns all,
and the evil that we might inflict
upon him by paying an inferior dollar
would recoil upon us with a vengeance
as manifold as the aggregate wealth
of the Republic transcends the com
paratively small limits of our bonded
debt. Remember that our aggregate
wealth is always increasing and our
bonded debt steadily growing lesa
If paid in a good silver dollar the
bondholder has nothing to complain
of. If paid in an inferior dollar, he
lias the same grievance that will be
uttered still more plaintively by the
holder of the legal tender notes and
O'f the national bank bill, by the pen
sioner, by the day laborer, and by the
countless host of poor, whom we have
with u tlmyi, and on whomthenioet
diitrtMin| ilTicl of Inferior mono/
will bo nltlmntol/ precipitated.
Oerteaej Destroyed Wm
But I mnat on/, Mr. President, that
the specific demand for the payment
of our bond* in gold ooin, and In noth*
lag elan, eomea with an til grace from
certain quartern. Bat iipancrK totem;
la leveled against u% apd'. hard, uaiprp
are hurled at us across the oceab, for
aimplj daring to state that the letter
of our lawn deolares the bonds to be
payable in standard ooin of July 14,
lft?0| explicitly declared so, and de
clared so in the Interest of the public
.creditor, and the declaration Inserted
in the very body of the $400,000,000 of
bonds that hare been issued since that
aojoaa mu aouoi, mi Hirer
dollar was included in the standard
coins ot that publio act Payment at
that time would hare been acceptable
and as undisputable in silver as in.
Kold dollars, for both were equally
valuable in the European as in the
American market Seven-sigh tha of
fell our bonds owned out of the coun
try are held in Germany and Holland.
Germany has been forced thereby to
suspend its coinage, since the subjeeta
of both powers purchased securities.
The German empire, the verv year
after we made our Specific declaration
for paying out* bonds in eoth. passed a
law destroying,' so far as lay in its
power, the value of silver as money,'
Ido not eay that it was epsclally
aimed at this. cnrrsaoy, but it was
passed regardless of Its effects upon
ns, and. wss followed aooording to
Subllc and undented statsmnnt
y a large investment in our bonds,
with a' view, if was understood, of
■ holding them ar t coin > reserve for
drawing gold from ua to aid in estab
lishing tUelrnewgold standard at
homo. Thus, by. ope move the German
government destroyed, as far aa lay
In its power, the then existing
value of silver as money, enhanced
Consequently the value of gold, and
then got into position to draw gold
from us at tho moment of their heed,
which would also be the moment of
our owp sorest distress. I do not say
that the German government, tin
these successive steps, did a single
thing which it did not have a perfect
right to do, but I do say that the sub
jects of that empire have no reason to
complain of our government for tha
- initial step which has impaired the
value of one of our standard coins.
Thai German government, by joining
with us in the remonetization of sil
ver, ean place that standard eoin in
its old position, and make it as easy
for this government to pay and as
-profitable for their subjeeta to receive
the one metal aa the other.
The Public Credit ’
When we pledged the publio cred
itor in 1870 that our obligations should
be paid in the standard coin of that
date, silver bullion was worth in the
London market a fraction over sixty'
pence per ounce; its average - for the
past eight months has been about
fifty-four pence; the prioe reckoned in
gold in both caeca llut the large dif
ference it due in part to the rise of
gold as well as to the fall of ailve. r
Allowing for both causes and dividing
the difference, it will be found in the>
judgment of many of the wisest men
In the country, perfectly safe to issue
a dollar of 436 grains standard silver;
aaone that, anticipating the full and
legitimate influence of remonetiza
tion,, will equate Itself with the gold
dollar, and effectually guard against,
the drain of our gold during the time
necessary for international confer
ence in regard to the general re-esiab
liahment of silve^'se money. When
that general. re-Setablishmeat shall
be effected with the coinage of'fewer
grains the dollar which 1 am now ad
vocating will not cause loss or embar
rassment to any one. The miner of
the ore, the owner of the bullion, the
holder of the coin and the govern
ment that issues it, will all in turn be
benefitted. It will'yield profit on re
coinage and wHl be advantageously
employed in our commercial relations
vprltn foreign countries. Meanwhile
It w,ill insure to our laborers at home
a full dollar’s pay for a dollar’s worth
Of work.
The Aatrlnn Laborer.
I think we owe this to the American
laborer. Everslnce we demonetised"
the old dolldr we hsve been running
our mints at fbll speed, coining is new
silver dollar for the use of the Chinese,
coolie skid tha Indian pariah—a dollar'
containing 430 grains of standard sil
ver, with ita superiority over our an
•lent dollar- ostentatiously engraved
On its reverse side. -To those “out
side barbarians” we send -this su
per ibr dollar, bearing all our national
emblems, our patriotic devices, our
pious inscriptions, our goddess of
liberty, onr defiant eagle, our federal
unity, our trust in God. This
dollar contains 7X grains mors
Silver than the famous “dollar of the
fathers,’’ proposed to be recoined
by the pending bill, and more than,
four times aa many of these new dol
lars have already been coined as ever
were coined of all.other eilvor dollars
in the United States. In the excep
tional and abnormal condition nt tha
allrer market now existing throughout
the world we here felt compelled to
increase the weight of the dollar with
whioh we carry on trade with the
heathen nations of Asia Shall we do
leas tor the American laborer at home?
Kay,' shall we not do a little better and
a little more for those of our own blood
and our own fireside? If you remone
tize the dollar of the fathers your mints
will be at once put to work on two dif
ferent dollars—different weights, dif
ferent values, different in prestige,
different in their.reputation and cur
rency thoughoUt the commercial world
It will read strangely in history that
the weightier and more valuable of
these dollars is made for an ignorant
class of heathen laborers in China and
India, and that the lighter and leas
valuable is made for the intelligent
and educated laboring inan who is a
citizen of the United States Charity,
the adage says, begins at home.
Charity, the independent American
laborer acorns to ask, but he has the
right to demand that justice should
begin at home. In his nameand in
the name of common sense and com
mon honesty, I ask that the American
congress will not force upon thf
American laborer an inferior dollar'
wiyu in* iu nniiBia new ■
•m of India and China refuse to no*
cent.
The hill which I now offar an a anh*
atltnte for thn bouse bill contain* *
three eery simple provisions: “
- ■ Offers s eebstltito >■
1. That the dollar ehall contain 4t5 ,
gralne of etnnderd allrer, ehall ha»e
unflihtUd Coinage, attdbe' no enllm
Hed legal tender. 4«
1 That all thn prpflta q( coinage
ehall go to the government, and hot to
the operator In ailver bullion.
1 That silrer doll a re or ailrer bul
lion, aaaajr.ed and mint-elamped, may
he deposited, with the aealetant treaa*
nrer at New York, for which cola cer> *
tifloatce may be maned, thn seme in
denomination aa United States notee,
not below $10, and that theee ehall bo
rcaremavie oa a email a id coin or oui
llon. We, shall ibat secure a paper
eirouUtlou baaed on an actual deposit
of precious metal, (Irinf us . notes at
valuable as those of the Bank of Eng*
land and doing away at once wlththe
dreaded inoonrenlence of *11 vecoaao
count of bulk and weight
I do not fail, Mr, President, to roc
egniae that tue committals and avow
als of Senators on this question pre
clude the hope of my substitute being
adopted. I do not Indeed fail to
reeognisC that on litla question I am
not in lint, with either extrcme-with
those u ho believe in the single gold
standard or with those who by pre
mature and unwiae action, as . I
must regard it, would foroe na to
tne tingle ullver standard Either
will be found, in my jndg*^
ment,‘i great misfortuae to onr,
country. Ws need both gold and
silver, and we can hare both only by-.
making eaeb the equal of the other. ,
It would ndt be dlSoult to show that
in the nations where both hare been
fully recognised and most widely dif
fused, the steadiest and moat eontisu- j
ous prosperity has been enjoyed—.that.:
trua form of prosperity which rear tied j
all classes, hut which begins with tha !
day laborer whose toil lay*the founds- ■
tion 'of the whole superstructure of !
wealth. The excluslrely gold nation
like England m.tv show the most mis
sive'fortunes in the ruling classes, but
it shows also the most helpless atad
hopeless poverty in tha humbler walks ;
of life. The gold and sliver natipn j
like Ptance ean exhibit no such indi- i
Tidusl tortnn.es as abound in a gold
nation like England, but it has a pease
antry whose silver savings ean pay a
war indemnity .that would have beg- |
gared the gold bankers of London,and -
to i which the peasantry of England 1
could.not have contributed a pound i
sterling in gold or evdn n shilling iq
Silver. ,
■: Against Chssp
The effeot, of paying the labpr■ of
this country in silver coin of rail mi
ne, as compared with Irredeemable
paper, or, as compared even with silver
of Inferior value, will make itself felt
even |n n single generation to the
extent of tens of millions, perhaps
hundreds of millions,in'the aggregate
savings which represent... consoli
dated capital. It is,, the instinct
of mani from the ' savage to
the scholar.—developed in childhood
and remaining with age — to value
the metals which in all landa are
counted1 "precious." ■ Excessive -paper
money leads to extravuganes, to
waste, to want, as we painfully wit
ness to-day. With abounding proof
of ita demoralising and dmtruetive
effect, we hear it proclaimed in the
halts of Congress that “the people no
msnd cheap money.” I deny it, 1
declare such a phrase to be a total
misapprehension—a total misinter
pretation, of the popular- wish. The
peeple Jo not demand cheap money.
They demand an abundance of good
money, which is, an.entirely different
thing. They do not want a sin
gle gbid standard that will exclude
silver and benefit those already, rich.,
They do not want pn inferior silver
standard that will drive out gold and1
not help those already poor. They,
want both metals, in full value. In
equal honor, in whatever.abundance1
the bountiful earth will yield then to
the searching eye of science and - to
the hard hand of labor. -
’ The two metals have existed side , by
side in harmonious, honorable con
Dsuionship as money, ever since intel
ligent trade was known among men.
It is well nigh forty centuries since
“Abraham weighed to , Ephron
the silver which he had named
in the audience of the' sons'
of Beth, four hundred shekel*
of silver, enrrent money with tne
merchant ” Sinoa that time nations
have risen und fallen, races have dis
appeared, dialects and language* hive
I been forgotten, nrts have been lost,
treasures have perished, continents
hsve been discovered,' islands have
been sunk in the -sea, and through
! all these changes silver and gold
1 have reigned supreme as the rrp
resentatives of values—as the media,
of exchange. The dethronement
of each has been attempted In'
turn, and sometimes the dethronement
of both, but always in vain. And we '
are here to-day deliberating anew over1
the problem which comes, down to us
from Abraham's time the \ eight of
the Silver that shill be "ourrintmoney
with.tl>e merchant,’* ;, , , <•„.
CUBAN HISTORY IN BRllfci',r,i
r rtw f it .» '■ ' i •(•!' •'.( i ,!•
Spain colonized the island In 1611. ,
It 1534 and again in 1664 Havana
*u destroyed by the French.
Matamaa was the first city to M
Into the hands of tha Insurgents.
Cruelty and Injustice to the natives
has always been the creed of the Span*
lards. 1 ■!*■ .y
The present revolution began Feh.
34, IMS, when the republic waa pro
claimed by Marti.
The revolution of 1163 lasted tin
years before Spain succeeded In con*
promising by promising reforms.
The constitution of Cuba, modeled
on that of the United States, was adopt*
ed Sept 38, 1835. . !
A triangular blue union, having a
single star and five stripes, three Of |
red and two of white, is the flag of tha
septuple.
K Ducksport (Me.) fisherman pulled
up a monster sea crab the other day,
and on one side of the creature was ;
fastened a pair of smoked eye-glassia
How they came there la now the gasn
USB.
a,6UU PERISH m JXWBC 1
HUlloas of Italian* Wank at m>a^
Dntrerad.
Skir. VkAHciaco, Sept 14.—The City
of Kobe, Japan, waa recently wiped
out by a dlaaatrona conflagration.
t On Anguat K floods, storms and
-earthquakes caused the lou of 1,800
l«?ea and the deatnwtien-at eullioaa
of dollara worth of property In North*
era Japan f\'r2 ( ...
To make the fate of Kobe worse, a .
fire broke out late Ik thelVenlng and;'
fanned by the high wind, spread over
the entire city. One ' thousand nine
hundred blocks, Including , 1,'tfl
honaea and twelve, go-do waa were de»
stroyeri totally, and ten honaea, two .
police boiei, one Are brigade station,
fonr temples and one theater. The
burnt area comprises ten streets The
total damage by fire waa 1,000,000 yen.
’ POPULISTS CONFER.
M*k Wtkn H< Other Kotabtae Ml a
lent HhMk la at lyh
V Bt. Louis, Ma, Sept It-Theui
B Watson of Georgia, Popallat nomi
nee lor Vice .President, George W.
Waehbnrne ol Massaehtue’tla, who has
charge of Populist Weetero national
headquarters at Chicago, H W. Reed,
Popnliet national .committeeman for
Georgia, Paul Vandervoort, chairman
of the Populiat finance committee, and
A. RoaeUe, chairmen of the Populiat
State coimtaUtee of Missouri, held a
•eeiet conference here to-dag, hat it ia
Impossible to flnd oat what wae done.
•’' Mr. Watson flatly,declined to.die*
cueethe qneation of the retirement of
•ither Mr. Bewail or hlmaelf and
•there would not atate what pus done
at theconference. ,
NO ANTI-8EWALL DEMAND.
fletleaal chainnaa Butler Contets e
,,,, .. Ctrrtil FepuUst Burner.
WeannioTon, Sept1 t£ -Referring!
to reports current in'tho Weat that
the Pbpulfsta had made A formal de
mand upon the Democrata for the' 3
withdrawal of Mr. bewall In the in
terest of Mr. Watson, Chairman Boi
ler of the Populist committee said
last night that no auch demand had ,
been made. Mr. Butler declined to
nay just Whet had Wen done,or Might
be done, but he intimated that while
friendly efforts would be continued in
Mr. Watson** behalf no step so ex
treme at to farther complicate mat
ters would be taken by the Populiat
leaders.'> v, •,
_ . /
VIRTUAL MARTIAL LAW.
.fWyes .the Mimic
Sweeping Power* ut Leedrllle
Denver, Cola, Sept 24. — At 7
o’oiock this morning Governor Main
,lr® n*)l telegram firing to General
Brooktat Leadrllle full power to aet
aa his ripraaontatire in aupproaaing
rioU In that oHy and district, and
apeeinenlly inatmetlng him to permit
no in tqrference from any, source what
ever, and to ect with or without the
co-operation of the local authorities.
’ . ■ i.
H«i4m< tor Bee Maseru*;
Kenosha, Wia., Sept It. — Mrs
Katharine Moora was found dead in
her home In the town of Somers., with
a cord around har throat, ona and of -
tae'eord being attachad to a door
knob. Tho fact that f2S in money in
missing lends to the belief thet she
was murdered. Her body was found
by har son, who bad been to the city, ;
... Sppeiuniita by thermiem
Washington, Sept. 24.—The' Presl
dent has made the follbtolhg appoint*
ments: James A. Keaton of Oklahoma,
associate justice of '.be Supreme court
of Oklahoma;. Robert Ai Habersham,
nmyor genaral of Oregon;. John G,
Cowie of Pennsylvania, marshal of
the ualted States consularcourt at
.Tien Tain; China. > - > •
UT» STOCK AMD PBODUUB BASKETS
Quotation* From Hew York, Chicago, St.
. lorli, Omaha uod Klaowhore,
OMAHA.1
Batter—Creamery separator., r rt li m U
Butter—Choice fancy country It A is
Kcm-Frmh...1 12 A 12*
Isas—Fresh. _
Poultry—Live hens,per
Spring Chickens...
6*
Spring Chickens. ;8 @ S
Lemons—Choice Messinas.B 25 a 6 00
Honey—Fancy White..........13 ,$; 14
Onions—New. 20 ^ 25
Apple#-Per bhl....’. 1» A 2 00
BOOTH OMAHA STOCK MARKET.
Hog*—Light MlxM.,1... t.toi...' t'80 A 2 MS
Hpgs-Heary Weight*.,.2 7B A 2 85
Beef—Bteeru.. ..I. .. a 20 A « 00
gulls.. .. ........ 175 @ 2 10
Milkers and springers., .......20 on AM 00
gt*SR.,......2 0 @ 3 00
sires.....a. ‘...•8 a A 5 75
Stockers snd Feeders. 3 50 A 3 40
Cattle—Westerns i ..«j 1 ft> ® s 25
Sheep—Native Feeders.... 2 55 @2 70
Bheep^Lamhs....... ...... 1........a oo-@ 5 10
oHJCAUO.,
Wheat—No. tSpring_:eg
Corn—Per bu... 21
guts—Per ha.:....Cvidiiw a: It
Pork. 5 so
Lard...,,. 1UJM*. A50
Cattle—Western rangers. 2 80
Wester* Feeders........i.v...... 2 00
Bogs—Medium plied. 2 go
Sheep—Lambs...,.8.50
Sheep—Western range... 1 75
?"■’ NEW YORK. t ..
Wheat—Na 2, Bed Winter...., 57
Cora No, 2..t..............
Oats—No. 2,
A 82*
2
A mi
@600
asm
@ 8 Ml
@3 25
@ 3 E0
A 4 25
A 3 00
% Sft
...20H
• .a i.... 1 7 73 ■ A 0 50
. 3 82 A 4 00
- BT. LOUI& " M
Wheat—Na 2 red, cash.. 03
Corn—Per hu....“.......,..1 jg
Oats—Per bu._ 17
Hogs—Vised packing..........3 (0
Cattle— Native Ship'ng Steers. 3 70
■■ 1 ■ . KANbAb Oil Y. < '
Wheat—Na 2 hard.. re
Corn—No2... V.i.V— If
Oate—Na 3. 15Kd
Cuttle—Stackers and feeders.. 1 no
Hogs—Mixed.2 85
Bheop-Lambs 2 50
Sheep—Muttons.
175 ABM
n- .V*nnnm Gold BfMwr lUtd
Tofkka, Kan., Sept. 8&—The Nn*
tional Democracy*! electoral ticket
ttt completed to-day and filed thia
afternoon. The eleptora aominated,
all of whom hare accepted, are: At
large, a a Reynold! 6f Grain field, a
& Maaon of Ottawa, and J. H. Low
ell of Holton. First district, F. H.
Mills of Leavenworth; Second, Charles
E. Hulett of Fort Scott; Third, P. H.
Albright of Winfield; Fourth, William
Crotty of Burlington; Fifth, J. 4 A.
Sheldon of Manhattan; Sixth, • Grover
Walker at .Hoxie; Seventh; J. ▼.
Brinkman of Grant Bend..; ,