Lincoln Independent.
The Official Populist Paper.
$l.jO PER YEAR IN ADVANCE
j ISSUED EYEHY FRIDAY.
j
' ' HEMtY ilt't'KI.NN, l'ubllHber.
FRIDAY, NOV. , 1805.
Eatered at the post oOlce of Lincoln,
Neb., aa second class mail matter.
TO POPULISTS.
We have now been publishing
the Indej'KNdent, weekly, in this
city, four months. During this
time our circulation has steadily
increased but most of it has Ront
on the books and no pay for it.
This we cannot afford to do in
justice to our selves and to our
paper. Two duties now devolve
upon you:
First, pay up your subscription.
Second, take off your coat and
roll up a good circulation in your
neighborhood.
VVe are loading up for 1896.
Let us hear from you.
lh to the hour of oing to press,
"confidence" and "good old re
publican times" have failed to ar
rive. Fusion, with the true populist,
is dead everywhere. The first man
who proposes it the future, either
city, county or state, should be
politically roasted alive. $
Thk mortgage fiends who are
after the people's homes out in the
Fourteenth district, are also after
Judge Welly's seat on the bench
of that district. They are taking
desperate chances out there.
T11 eke is no such thing as a safe
investment in this world. A cor
ner lot on Proadway, N. Y., may
be worth nothing ten years from
now if property continues going
down as it has for the past five
years.
They counted in a gold bug gov
ernor in Georgia two years ago,
and this year it takes sixty-one
columns of fine type to publish no
tice of delinquent tax sales in At
lanta alone. The title to the whole
city will change hands pretty soon.
They wanted Grover for president
and they got the tax sales thrown
j'n free. They ought to be sat
isfied. Free silver, so they say, killed
the democratic party in the 18th
, Illinois district and in Kentucky.
The gold standard killed it in Mas
sachusetts, New Jersey and Penn
sylvania, and in several other
places several other things killed
it. The only thing certain about it
is, that there was a general desire
to kill it on all sides. Who dare
say that it ought not to be killed?
Senator Allkn says that the
jc6ming congress is likely to be all
talk and no legislation except
the appropriation' bills.
. Senator Thurston has drafted
a bill seating down the debt of the
Union Pacific to the United States
one half. That is what he was
elected to do, so don't kick.
r The campaign of 189513 over
and the Ixdeiifndfnt still lives,
notwithstanding predictions of our
friends (?) to the contrary. And
from the gradual increase in its
business it is safe to sav the paper
has become a permanent fixture.
Now is the time to subscribe li
per year, in advance.
The latest reports from England
arc to the effect that the Roth
schild have gained control of near
ly all the gold mines in the Wit
watmand district of South Altica,
where the government experts re
port more than a billion dollars of
gold in hight. The Rothschild
have a comer on gold and they
evidently intend to keep it. Liltlf
indeed will be the addition to the
money of the wot Id from South
Africa if the Kothst luUnhave their
han.U on those mine
Pi-rtltsi ioinetime m,tke rx
travattant iateiueuN. "I hey should
Correst the habit, A an itiiUmc,
an irate populist th other day de
clarJ that th" thti- I.uitohi r
publican d-iily p-tjut pith,
fished nothing but lit Now
tht Journal detUtin th.it the
Ni mil Call an built
thwt J uinl 'e l)injj kin ru 4ivl the
Call ami Ne hoih m,i it,u Hut
the journal, not uni pimM be,
but iitun ld: Wwlany
dunilt H tt d topulml di tty tint in
lht ma they , t. II th, Imi'Ii
hi Mi t jt tu I j ,y t f (hi pi
per utild Junury t, p.,;. U
Mlflllbrr the 4 4 slip rt et 'it H
now tut,
I L0K& LIVE HAEVABD.
Out of New England there has
come forth many valiant reformers.
Never in the hour of our greatest
need has New England failed.
There, also, has been the home of
the mightiest opponents to human
progress, But the sturdy lovers
of truth have always, and
always will conquer. Harvard
University is surrounded by pluto
cratic influences, but her men of
science, regardless of the storm of
epithets that may be hurled at
them, still dare to teach science.
Money cannot buy them. Threats
cannot intimidate them; sophistries
cannot befog them. There Har
vard stands as she has stood for
mortf than two hundred and fifty
years, teachinn science, holding
aloft the torch of truth, pointing
the way to a brighter and better
day. Perhaps not always right,
but surely always meaning to be
right, her faculty always dare to
teach the truth as God gives them
to see the truth.
While some other universities
dare not teach science when it con
flicts with the interests of million
aire benefactors, Harvard defies
them and stands for truth.
The Ouartcrly Journal of Eco
nomics, which is a publication of
Harvard, has an article from the
pen of America's acknowl
edged economist, Francis A. Wal
ker, stating the fundamental
truths underlying the money ques
tion. No economic journal in this
country except Harvard's would
print an article containing these
scientific truths. It can I e found
in another column of this peper.
Particular attention is called to
the statement of Prof. Walker
that:
"Other conditions aemaining the
same, an inckkase is thk yiMNTi-
TV UK MONEY MUST RAISE J'KICKS,
AND A DECK EASE IN THE OTANTITY
01 MONEY MUST LOWER J'KICKS."
Congress alone has the power to
increase or decrease the quantity
of money. Therefore to congress
alone we must look to raise prices
by increasing the quantity of mon
ey. That is what all economists
say; that is what we say.
THE ONE GliEAT MONOPOLY.
When one William Shakespere
remarked that there was a divin
ity that shaped our ends, rough
hew them as we will, he must have
had his eye upon our times. The
trusts monopolize our railroads, our
street car lines, our gas and elec
tric lights, our supply of money
and set themtelves to squeeze the
life out of us. Then comes along
this thing that William calb "di
vinity" and upsets all their we 1
laid plans. New chemical com
pounds are invented that will fur
nish light so cheap that Mr. Yer
kes of Chicago and Mr. Thompson
of Lincoln, although they can con
trol venial city councils and pass
laws to forever tax those cities for
their own private benefit, are left
to look on while their source of
wealth vanishes. There is a drug
store in Lincoln lighted by one of
these new processes. The sizzling,
blinking, shadow casting old elec
tric light has been shut off, and the
drug store is flooded with a soft,
but brilliant light much like that of
the noon day sun. The best thing
about it is that it cannot be mo
nopolized. Eeach house or store
will have its own plant, and the
cost is one fourth of that of elec
tricity or gas.
Not long since a long string of
horseless carriages made a trip in
France of over 700 miles at the rate
of 15 miles an hour and at cost of
less than half of the usual rail road
rates, per passenger. Here is a
new mean9 of cheap passenger
transportation that cannot be mo
nopolized, and if it is as successful
as it now promises to be, the Van
derbilts, Depews, and Hunting
tons will soon cease to accumulate
mi. lions Iroin "what the trallicwill
bear" and go into business like
other people.
There in a new trolly freight road
just put in on Eon;; Island, that
docs asvay with gradients costly
bridges, and almost that of right of
way, It cannot be monopolizid
either, (or it is so cheap that a
neighborhood o luuu rs can com
bine and build a lino right uiotig
the ode of the great treating, smok
ing heavy freight lines, and leave
the jiU'tily manager lul-krv hu
land and tutsiug the Ksii his
mom-poly,
llu it! 1 but emu a I thitig aUnil
all tin. It t y new intention He
I til ilcttloV ll4itt tatott hioiMpo
lit 111 i!iul ti and railroad', in
tleitrmty mud mi i;.!, :in t ltd oe
j the hain't in all lh i! ii i( s to o h
jl oitith t nl.at lin y n vv ate, then
,H undone immo. v It ll th t( t.r,
j pi-et' th ny I Ik! out I lit, and
, no in- invention 1 a;i t let t IK 1 1 it.
Ill 41 it I hit money ni.oie!y,
j Vat ttl.t I Hill It be to lit it M
: e! t! th- i h Mii s on a t llo- thug
; ll'w lO'Ml-' ).' 1, ,d, t he.tt H 't s
dotvn 1.1 ;o t. . 1 1 . ntn to 8 unit
an l f ti. n ti ( m t will
jthe ptoduttr, in it a it), inou lb 11
for gas and electricity than it does
now.
There is no help for the producer
except in 3 rise of prices and then
there can be no rise in price with
out more money of ultimate re
demption. That must be accom
plished by law. It cannot be done
by invention.
The "divinity" of which Shaks
peare writes may enable men to
find a mountain of gold and it
seems from the reports made by
the experts to the IJrittish and Ger
man governments sent to South
Africa, that they really have found
one but even if they have, the
money monopolists could as easily
demonetized it as they have silver.
So after all this one monstrous
monopoly, is a question that will
not be settled by "divinity" but
must be overthrown by law, for
money, as Aristolle says, "exists
not by nature but by law."
ANOTHER TROTH HAILFD.
The first bit of common sense
that lias come from Wall street," in
many years was printed in last
Sunday's papers. After reporting
the shipment to England during
the week of $3,267,600 in gold, in
stead, of talking of the "want of
confidence," "the return of Ameri
can securities" and the common
run of nonsense that has been sent
out for the last three. years, the
dispatch says:
'I'ho AnwrlrMii M'oil uwt: money tn Kiirupu. On
acconul of tiiinn di-l)t our itxportu of lucn liniidii'C
ure dully credited. If, liotvi-tcr, tliune export urn
liirulticli-iit in value to ini.ct tlif rt-gtilroiiicntH. gold
liiuxt In; tu-iil In m-Uli-iiii'utof tli bill 'line.
For once, Wall street has told
the truth. It had lied so long it
was thought impossible it could.
The man who will say that the
law of supply and demand is uni
versal and then deny that it applies
to many has a wheel in his head,
and ought to be treated like any
other lunatic.
DrsiOEs shipping $350,000,000 in
to Europe last year to pay our gold
interest there and expresses of our
globe trotters, we lost $250,000,000
by fires. 1 hat is the way we don't
grow rich.
Tiieri: is an item in the assets of
the Northwestern Mutual insur
ance company, just published, that
will cause sober thinking men to
stop and reflect a good while. It
is, "rc'al estate acquired by fore
closure $431,328.45."
A scientific theory of wages
must regard the laborer as a man,
consider the rights of the laborer
and the capitalist, and make the
wages of labor depend upon the
product. Prof. H. L. Moore.
France is begining to feel the
effects of heavy taxes to support an
enormous standing army, and, we
the support of the trusts to aid
millionaire. The people of this
country like it, but the French
don't.
The people of Cuba were taxed
$34. 50 per capita and they rebell
ed. We pay nearly $25. per capita
for interest alone, besides $16 per
capita for state and national tax
ation and never think of rebelling.
The fact is we like it and vote to
continue it. "
The Omaha Pee says that "there
are more prisoners awaiting trial in
the county jail on the charges of
murder, robbery and grand larceny
than at any other time in its histo
ry." Gradually every prediction
of the economists are being ful
filled. W ith a contraction of the
currency, they all said there would
be an increase m crime.
A Witchita Kansas judge has
fined a man lor contempt and sent
him to jail because he refused to
drink some beer when ordered to
do so by the judge, to unable the
witness to testify whether it was
intoxicating or not. What meat
do these judicial Ca sars feed upon
that they have become so great?
Tur fximams ot the government
of the city of Philadelphia have in
created in eight )ears ojo per
cent. Those of Providence K, I.
Irom $37,"oo in imu to $i .333,
000 in being an increase in
thirty jeary of 315 per cent, while
the asei;ib!e property only in
ireased 151, per cent, The people
(( these cities think Cub, i jutti
lied in t ! vUinsj agjtust Sp.ini-.ii
taxation, but bear greater burdens
tl.euiiflte without 4 murmur.
"There are v,oot,iH td people,"
Mid Carly'e, "in tiu Tinted King
dom, mostly fooU, '
We 1011UI 11 to r.Vtr.il dollar
t r ' (Miiu'ini iitly. ',ut) r.'iint.
If ton inn ft kit L on thm Lird
r
jli'if", l nW)our b t l lii 'i"tl, 1
I We II li' , 1, .H S'lo.t t'ii, j
tPhlO .SlM'tt. j
I (I t o tlo l.t'illC'o,k Co ,1111.
(Str-l f.-r h;i g iiii.un .Uekf ;
d Cp". i uo ioin4 n-it i
tnir 'o k i f t h't I't l' t;.ni t
eo.t, ('all hu I '4(iiii,e our lino,
' hofott M lt, ;
THE NEBRASKA STATE UNIVERSITY.
Out of Twelve Professors, Mostly Gsaduates of
Eastern and Foreign Universities Only One
Can Tell What ' Value" is, and he is Nebraska
Man.
A PROFESSOR OF POLITICAL ECONOMY
WHOSE IDEAS ARE NULL AND VOID.
A Demand that "Science" Shall bo Taught in the Great School That
the People Support by Taxation.
An ordinary working man in this
city, a printer by trade, desirous of
obtaining some knowledge upon a
subject, deemed of vital interest,
not only to himself, but to every
other working man in the whole
United States, bethought him of
writing to some of the professors
of our state University for informa
tion. He argued that because
these men's salaries were paid by
taxation and that as the money to
pay the taxes, had to be bought
with 10 cent oats, 15 cent corn and
35 cent wheat, they were public
servants, sustained and paid at
great sacrifice to the workers in
this commonwealth, and that an
ordinary sense of justice would
lead them to willingly furnish any
information in their power to any
citizen in the state. That they
should not be put to the slightest
expense, he enclosed a stamped
and addressed envelope with each
of his letters.
Having no acquaintance wiih
any member of the faculty, he took
a catalogue of the Nebraska State
University and selected haphazard,
the names of the following profes
sors,: George Edwin McLean,
Chancellor; Lucius A. Sherman,
Prof, of English Literature; Ma
noah P. Reese, Dean of the College
of Law; Henry E. Hitchcock,
Emeritus Professor of Mathemat
ics; Grove E. Barber, Professor of
Latin Language and Literature:
De Witt 13. Brace, Professor of
Physics; James T. Lees, Professor
of Greek Language and Literature;
James T. Adams, Professor of
English; Howard W. Caldwell,
Professor of American History and
Civics; August Hjalmar Ldgren,
Professor of Romance Languages
and instructor in Sanscrit and Com
parative Philology; Lawrence Foss
ler, Professor of Germanic Lan
guages; and Hon. Joseph R. Web
ster, Lecturer on Equity Jurispru
dence. The letters sent to each were
identically the same.
Of these twelve professors, five
made no reply. (It is to be hoped
they will make good use of the
postage stamps sent them in some
other work for the state.)
The correspondence is .herewith
submitted in full:
I.I.NCOI.K, Nr7.ll., Nov. it, PUIS.
Dkaii Sin:
A(U:t ivmliiif M'vcrnil economic nrtifir in the
review and iniiL'uzint'ft I flm! melf in ti perfect
tog. V.'ill yon be- kind viiou.j:liNl inform nie
wlial "value" Ik?
Yjur Truly,
U. I'. lt()A( 11.
ItEPLIES.
Dcpcndd on the nvnnc in which It is uwi In
Wulwtr aud other n piitahie dictiutitrieii.
Your Truly. M. It. I:bke.
Or.AU Sik:
I cau give no better of definition of "viilue" limn
that given In Wchcter, unless by hy adding that
the meanini: of Hit; word may vary Infinitely accord
ing to wheu mid by tthom it In uced.
Yuuta Truly, A. II. Eni.iitN,
Mt Vr.xn Sin:
Penult to refer you to Profer wr Taylor who Ih
lit th head of the deuirtiiieiit of political economy
In thin l'nivt-rity.
Your Truly. J. T. I.rit.
l'Mr.RiTT or NrniitK.
Iicfuirtmcnt of
J'olltlia! and Economic Science.
I.in.ol, Ni:h., Niiv. 1:1, IMI'i.
O. It. Uo( 11 i:yi 1111.
tear Mr: 'ImiiccMor McLean and J'foferior
Hitchcock b(h bavin:; referred In me your Identi
cal nolcxot .Nov, lllh, 1 wit leave to reply that m
opinion 1 n value l In be f.'iin I In an article by me
III tile Journal of Pnlllli al Economy t t laM ep
tcmlwr; It I iMwaihle. however, that a prrual of
the aamii will fliiiply add one more view to the
"foe" of ttlili h you complain.
A Id'tllli M-tiH- of value ran old) hv ai'ipilreil
lT looi! tw'y : H polities! -iimnlca trvnl Ihi
aubjifct. r,d many aft- al Jour diw4l lu tlw I It
t.-titf Ilhntry.
Plena.' .i ...o..d. f Hi a aair l'!ylM au, olinr
Idttlifut iH.lea Ir-nt J that lu In r f rt o
Hie I7 tithel irtifer.
yiir. iry Truly.
V, li t.lt.W UTMT TttLoMt
I'.r utic "vilue' I tiki" In p tKe ). t r of
t liai v.' Air, Ift ImMMhv, Hrttfcw t I ' 1
IBt-wmJ r.-nti alUa!lj, ki H' "U '
, li (mwit i f V l".'.
jh "tru'l,
1 , .. t k Vl I
miti nut vi.
... -i . . i.
It V il! lie M'rtt ei iweitt
iittndu i id the lMit!lvel the Mate
t'iuieril. vth.i'tt t!iu Uiiutt.
w.i-t; laniett ant atl ineKhi'tt !
t I tiiii4tu are ntat!;t.tHitt4 eiitt lj
tbt.r iattlr.;rnii. enty one vj
t t a tpit tnm td vital impt'it-j
.uue to every uti" f id the Ute. j
li e oil.et ten ieuM not, vo. d,
in t or late net mute-pi it pi), I
t lit M W H' KM . i
Pud, 1'iitvil't tp!V i..''A tew
h.uiMtlur the bit r oim pi tv a
mailed, The dtt iotu t unu iilifi
cally correct and the short illus
trative sentence added to it, is well
chosen. There might be added to
the reply that "utility" is often
spoken of as value, producing
more confusion upon this subject
than' any other one thing. There
are many things of I he very great
est "utility' that have no value at
all, such as the sunlight, air, etc.
On behalf of very many thous
and citizens of this state who are
earnestly seeking knowledge upon
economic questions, and who have
not access to the great standard
writers upon the subject, the
Isdei'ENDKxt renders hearty thanks
to l'rof. rossler for his prompt and
ana satisfactory answer.
N E I.K ASK A '.S E( OXO MIST.
The people of the state of Ne
braska pay Prof. W. G. Lang
worthy Taylor a good large salary
a salary that has at present a
very large "purchasing power," to
teach the eleven hundred students
in the State University the science
of political economy. They also
expect that a man occupying that
position will be a gentleman at
least, so much of a gentleman, as
will enable him to give a courteous
reply to either oral or written ques
tions. The implied sneer in his
letter indicates that he is not. It
may be that his inability to write
understandable English gives one
a wrong impression and that he did
not intend to insult the writer of
the letter.
Prof Langworthy Taylor seems
to have imbibed the doctrine, so
widely defended in a certain por
tion of the press that no one of or
dinary understanding and educa
tion is capable of understanding
that part of political economy that
treats of money and its functions,
save the bankers. He says that,
"a scientific sense of value can only
be acquired by long study."
The Professor is very badly mis
taken. If he will go out among
the old farmers of the state who
have thought upon this question
and ask any one of them, "what is
value," they will reply "what a
a thing will fetch," which trans
lated into economic terms, just as
Prof. Fossler says, is its power in
exchange for money or commodi
ties. " A DOSE OK I.AHOR "
Prof. W. G. Langworthy Taylor
referred the writer of the letter,
to his article in the Journal of Po
litical Economy. The article was
thoroughly examined and if any
one, aside from God and himself,
knows what the said Prof. W. G.
Langworthy Taylor was trying to
tell, he certainly does not reside in
the United States of America.
Here are a few of the most lucid
sentences he uses while trying to
tell what value is. He says: p 419
in the above named quarterly:
A man carries hit pleawurc and hia exertions to
the point where the ninrliis of pleasure, aud of
sacrifice corrcHind, o that the lat Increment of
plcaniire exactly repays tin-lunt doe of labor.
On p. 420 he says:
Total value. Increase parri passu, with stork
only when the stuck lncr' aecs us fal as the ruilo
of pain to the lat Increment ut psxls Increase';
and increases less rapidly III in stis k In ail cases
wheru maruluil cost Increases more rapidly Itiau
marginal pnslui t.
These sentences and other parts
of Prof. W. G. Langworthy Tay
lor's article on, value have been
submitted to some of the best
English scholar in the city, and
they all agree that they have no
idea what Nebraska's political
eeonomiit was trying to say.
It in (he opinion oi the Imi i t v
di vi that Prof. W. G. I.angw uthy
Taylor either cannot write under
sta inhibit English or ho is tring
to befog a very simple subjett tor
the purpose of making it appt.tr
tn)Meritiusund not lobe understood
by the avert? English m holat
Prof. W. (i. l.onAiirthy Taylor,
i-i t Uilently in an eionoune fog t
tit'iise that In idea 1 an oniv be
filly tlesciiU'vl irt the wordtol Holy
Writ "vtithout form and void.'
If bo will gti out on a Ntbravka
farm and take "a dc i f labor "
t irry day l-r itvt. ) r, he may b
lh.it time, be ab!e to wtr.t under
sU'i-UMt r.ntjbth.
MOI 1 .. i t m I m.
Il it 4 VCIV KM ! It lief liltrl
front I 'lid. W. ti. I.ante-HrtV
l eih i b4 lt II It ar ton'.jM
tf it unci? a it bin forth I
llir plstef Iheslmdil l 1 "io
IiiisU, a-l I Pd I. Billy M
bi vti ik t't the Natuie i f Value,
'tlif paths ili at lead t tlutb,
which we imagined to be so long,
so embarrassed and so difficult,
show as they are, short, open and !
easy."
In his Mechanism of Exchange,
Prof. Jevons says:
Value, like utility is no intrinsic quality of
thing; it is on extrinsic accident or rclatiou.
And in his work on political
economy he says:
A student of economy has no hope, of ever beiiii;
clear or correct in his ideas of tliu science, it he
thinks of value as at all a thing or object or as
anything which lies m a thins; or object.
John Stuart Mill says:
The word "vulna" when used without adjunctul.
ways means in political economy, value In ex
change. Francis A. Walker says:
Value" in not a properly of anything.
John P. Jones says:
A correct definition of value I conceive to be:
Hainan estimation placed upon desirable objects
whose ljuiuitlty is limited.
It is not difficult even for the
ordinary working man to under
stand what the great masters in
political economy write. They do
not envelop themselves in a log of
mystery. They use plain, every
day English. They have nothing
to say about "the last increment of
pleasure" or "doses of .labor."
Their style, as well as their ideas,
are commended to the serious
study of Prof. W. G. Langworthy
Taylor, A. 13., L. L. B., Associate
professor of Political and Econom
ic Science of the State University
of Nebraska.
The brightest thinkers and
scholars of the world have given to
that portion of political economy
which treats of money and its func
tions, long and patient study. They
haye reduced it to an exact science.
It can no more be overthrown than
the deductions of mathematics.
The assertion of Father Jasper
that "the san do move" is no moie
ridiculous in the eyes of the scien
tist, than the talk about "intrins
ic" value or the assaults that these
magazine tyros in economics have
made on the quantity theory of
money.
The people of Nebraska tax
themselves to support the State?
University.
THEY WANT SCIENCE TAUGHT,
and they want professors in charge
who, as Herbert Spencer says,
have an honest receptivity and
willingness to abandon all precon
ceived notions, however cherished,
if they be found to contradict the
truth.
ANOTHEU KEPI.Y.
After the above article was sent
to the printer, Mr. Roach received
the following courteous letter from
Hon. J. R. Webster, accompanied
with a polite note of apology for
the delay in answering on account
of a severe illness:
Lincoln Nkb., Nov. IS, 1h55.
G. K. ItoACH. Lincoln, Neb.
Dear Sir: Received yours of the 11th asking mr
to Inform you "what value Is," If you want more
than a definition you strike a bli subject that many
philosophers liavcwritlon hi-,' hooks on. But with
out reading u whole llliniryof 100 books or more
wherein the learned have diputed ahoutit anddir-
cussed -what vali'C is," you can getak'nd f)f
summing up of the discussion in Johnson's Ameri
can Cyclopedia and ill Cyclopedia Hrlttiiiiic at
word "vulue" also definition in Century Diction
ary "talne,"' which book ycu will find In libraries.
probably In c!ty library. Masonic Temple Hall.
But without enterini; into discusslan and merely
Riving a definition of the noun "value," as I under
stand it in common use, I would say:
Value is "purchasing power;" that is as applied
to any ohject as a bushel of wheat or an ouiico of
silver, value Is that which gives it power to com
mand, or or obtidii for the holder of the rwrtlcular
ohject other olijects in exchange, as hushels of
corn, potatoes or units of lalior. Value is always,
in this use or sense, a n-lalive term Price Is value
wilh rcferece 1 1 the medium of rxrhauge monky.
Without Intending to enter, or to be drawn I nt"
any discussion or to fiirtlu r di'euss the mutter, 1
venture to add you will prolnihly heroine satisfied
after study of the iiiestiou that statute law never
fixes value. It Is nnicthing uhovc Ihe power of pnr
I i h mt-ii t or congress to llx.and Isitetcmiined whollv
by the LA w of trade or i s mik ok toMMKUe r un
der tin- intluence of supply and demand.
Ki-sMf tfuily. J. 1C WKI1STKII.
It is astonishing that Mr. Web
ster, after having given so clear a
definition of value should spoil it
all by the assertion that "statute
law never fixes vplue." thereby re
pudiating the constitution, which
as a lawyer he has taken a solemn
oath to support and defend. The gmm
constitution declares that congress
shall have power to "coin money VvluL
and regulate the value thereof," Itj
and Mr. Webster says that to reg- f
ulate or fi" value is "above tht 0
power of parliarmntor congress."
hi ihis statement Mr. Wthster
t ii...- ...:.i i..i ..
uu.eis v mi i t i y MJiiu.im rtono
tuist in the wot Id. lit-would hint
elf rdtpit that tonrtst could i it
act a law providing for the u'llitu.
itcdiotugc tif Mher inln m.xu-y
tf u'.limate rtdtmpiioii. Would
he deny that stub a:t ait Mould
"t'," a lower a!ne fur money?
Mr, Wi-bsttl it referred to a
sentence from ihe pej ( Hop
I'Jvitt A Wtlit in the last I'opu
lr St .eiue Monthly, p 5, inhere I
.t ;
Mind traintd in. li e law are
net tutt tHirilv. and indeed late!).
tranK-l (lull by H e-.tsctn t r m
ullgititit tfist u rt'inoiim (,l,
t-t l
lie 1
!o km lly If piesUd t
lea 1 tin ailn U 11 1 ri r o
Walker in anutlier iwbiti.a t
tl it 1 4 per. The truth u, tunre
n 111 ib 11 tl uroy altit- by cr
do 1 1 th 't i ititj th nund.
t V , r f 4
I I l t ! t l i.
i-inr l I K
iM k t H h. t I .
ism set r i it
)ii4ht tnk ' I I
f