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About The Lincoln independent. (Lincoln, Neb.) 1895-1896 | View Entire Issue (Dec. 13, 1895)
c i UNIVERSITY CORRESPONDENCE. Some Astounding Statements by Hon. J. R. Webster. CAN CONGRESS "FIX" THE PRICE OF COMMODITIES'? Should we Sell England our Gold and Substitute Silver or Paper for it. ' ;i Lincoln, N'kis., lec. 1. lMtT. Euitoji Lincoln Inkki-kxdkxt: In your comment on my reply to Mr. Iloach you criticise the statement that "statute f law never fixes "value." It is above the power of parliament or congress," and you cite the constitution giving con- gress t he power "to coin money and regulate value thereof." Does congress, in fixing the weight, lineness and nanis of a coin lis its 'value' in the sense, of its "purchasing power?'' obviously not. Can congress by stamp ' mur 3i2i' or if it saw lit loll1 V srrains of silver "one dollar" do more than anthen titrate it as so many grains of line silver? Can congress thereby make it exchaug able on the market in voluntary trans actions for two bushels of wheat or one unit of labor offered for one gold dol lar? If not then it cannot "fix value" or do more than authenticate its weight and fineness. (Irant that, congress may 'make such coin legal tender for pay merit of an ex isting uebt.that is no proof it fixes value or does more than debafce the coinage. The. "value," in sense of "purchasing power ' is not lixed unless it is in the estimation of the seller acceptable on j the market in voluntary transactions at a fixed ratio as compared with the other money metal, gold, for products offered for sale. Tins has been tried many times in the past, by our congress with resnect to the creenback.midthe French ; assembly with respect to the asslgnat, yet the enactments are powerless be-J fore the Law of Trade to make t hem j acceptable in estimation of the seller in j voluntary transactions on parity w ith j coin. The seller who knows what cur i rency he is to be paid simply raises his j i juice. Legislation has tried often 'to )ix the value of products on the market, j u:t always such legislation is futile to ; govern the market. mist everdidn- ever will deny it. Ly A good present illustration is found law there could be free and unlimited in theMexieansilverdollarof 320 grains coinage of silver into full legal tender lina compared with our dollar of :12'.j primary money. That would greatly line. The Mexican dollar passes current increase the supply of money. No at its "value" or purchasing power of economist would deny that such a law about ."0 cents in the commercial j would '-lix" the price of products at a world's basis of exchange. Our lighter ' greatly higher rate than now prevails, dollar will purchase two of its larger ' The illustration which he cites proves Mexican sisters, not by virtueof any act , the very opposite of his statement. In of congress fixing its value but because ; Mexico, w hich "by law" has the free in the practice of the treasury it is a i coinageof silver, the "price of products" ' token" exchangable at the treasuiy for are just double what they are in this a jother, or real dollar of the cummer-; country. The prices are fixed by law, c.al world's basis of exchange. If not : by increasing or diminishing the quanti so exchangable, it would merely pass on ! ty of money; and money, as Aristotle its merits like its larger Mexican sister j truly says "is not by nature but by 1 iw." it the "value" or "purchasing power" of j Third. The American silver do la- is itsJine metal. i not redeemable in gold. It is almost wet the constitution of Mexico, j hey end Iwlief that Mr. Webster could modeled on our own. gives its congress ! make such a statement, and if thelxuB sirotlar power to provide for coinage of pkxhknt did not have it in hii ow n monty and regulate the value thereof. I hand writing it would not telieye that as does our own. I'nder this power ! he had. Kvery secretary of the treas t he Mexican congress provides for "free! my for many years past has in official and unlimited coinage" of silver and of gold en basis and ratio sinnlai to our ! own coinage. J!oth are legal tender, i but Mexico being unable to maintain j States and not redeemable in any other ' t.0nd;tioii of affairs at, the Wind Insti redemption of its silver coinage in gold, - form of money. Mute at Nebraska City. It is a disgrace with the free and unlimited coinage of j ( in the Till day of lleceiuber is;2. the j t , ,iH. party. Gov. llolcomb and the silver the two coinages part company, ; secretary of the treasury sent the . I'ol-. fri,.n,s who endorsed the. appointment gold becomes a commercial money am! ; lowing letter to Senator Teller: 0f l'rof. Johnson as superintendent, is expelled from circulation by the My !i:ai: Sii:: I have your favor d';dl- the governor should end the difli cheaper medium, because it is not ln'Hec. 7. I beg to inform you that hdverj,..jty hy making some radical changes the power of constitution, parliament, dollars are not in law or in practice i-x-; n institution at once. Mr. Johnson congress or statute to "lix value. The l iw of trade is paramount to any eu a.'tJieuts of conventions, legislatures or imperial edicts. The baser money ex- bides the dearer. Mexico comet to a liver basis of .nrreiiey. 1 Mibmit 1 am right, t itnte law f li. VHHI It can only lit a ba-is . ..... -1 , (1 u t..ti.,r l-l'i, l tutu. u.r iMninii ., .i- . - ...... l;ll., but the seller gets no more. '.,iii ciiiiiiot !i tl e ,ilue fen of ioid I. I lie I. aw oi i i ! - a i .un'iiii .... - : . . . xliltiTc, Tins in iioarf flout the iiot-ti.-ti whether trie limit ft nl i.ited "t.ites V'onM In opj-ned t the rte uud on lf.itt l coin.i.'H Mher " I hat .s en ir'ltt-tl ciiii.is;h o MlW I fiat .n l.tV..Krremn.!,..,. .,.,'. whiter xA: l.,an.M!.v.f . .it, or ,f ami,,,, r. I. r.M.I, ,( w,,dd ,,',e.,a'H,. w i,,,,..i .. ..i... ..r ihr I'oh 'I i t.ttiin'V ! it .'. ii. Vt t it W 1 t t' ' 1 "1 ' il It W lid ' U I l i liiiiiit, t l.i t ilt l i il ' ( 0. -en.il ig' (.! i iit ll-lwi (i'r.l -t 'l '' 't ' WM- 1 1 I .lrd I i l Ol 'I "H 1 ' I ' (f Id t J '''! ' '" ' ' ' w ' 1 "ll lli'tltl I' I ' It ' W ; , ... . ll'lt e . . 4 ln I.1 I .l I Jl .il. r i!, II, ll i i ti i;' 'i I i i i .. iM I. t 1 r pi j i t i' i i '4 If ,. " 1 1 I- . t t oi r hi t. ' .!.: " I, on, ; t I nil III ' - i i w . l t! i t I ' , , i, I S t It ,,, ll I I" ' ' . ... .1 .... I ....( ' . ,l. I.' f 0 111 I 1 I ! . ...-,..'.,-(-..--..-... . . ......... demand for silver would to some extent appreciate its value and the decreased demand for gold to some extent depreci ate its value. To what extent their nresent value would be affected, and the length of time lefure approximate sta-! debts in the same ratio, bilily of their relative values would bs ! Sixth. '-Existing contracts." Ail the reached, is too complicated a question to debts of the government under "exist be solved otherwise than by the test of ; irg contracts" are payable by the terms experience. In my opinion the result j of tho written contract itself in silver, would be lenelicial to the people of Mm the face of every bond it is so both continents, ultimately, and would j printed. Congress formally declared probably lead to international treaty of .March IS, 1M'.!, In the celebrated Stanly the principal commercial powers adopt-1 Mathews joivit resolution, that they i.T l.ncic nf tiYi-iiiinoH ratio or the. two money metals, making practical bimetallism the basis of the world's . r . .. Jf I ..... ' -A' money. lietner me iornier u;ims m j VS., or l'i to 1 would even then be prae-1 ticable could only be ascertained by re 1 suit of 'experiment. The. Law of Trade alone can determine the question, anu any legislation by one nation alone, or even international treaties not joined in by tie governments of a large commer cial preponderance of trading peoples could fix a stable ratio between the metals. A ratio lixed might require re vision in case discovery of rich mining lields, or improved reduction processes should largely increase the supply of one metal or the other, as was the case in I84i and the 50's with gold and m the 70's with silver. Very liespectfully. J. ll. Wuismi. The points in Mr. Webster's letter to which all economists would iake excep tion are: First. That congrtss cannot fix the value of golda:iU liver or do more than authenticate its weight and lineness. Congress did "lix" the value of gold at a higher rate in 1 ST.'i by doubling the demand for it. and not by any change in the weight or lineness of the dollar. There was a demand for so mucli money. Congress cut oil' half the supply and the value of the other was "lixed ' by mi act of congress, at a higher rate. M r. Web ster admits that gold has appreciated. What made it appreciate? Increasing the demand for -more money by diminisliiir the supply do it by con- act of congress! Jiy act of gress the price of products are ' lixed" Mid in no other way. Congress can fix the valueof wheatatone dollar a bushel or twenty cents a bushel by increasii g or diminishing the quantity of money, It is almost inconceivable how a man of learning can deny it. Second. Law can "lix the price of products on trie market," aim noecono documents and in letters for publication repeatedly announced that "silver dol- lars were standard money of the I'nited changed for jfola or lor paper that calls; for gold. Ciias, l'osii i:. line umculs containing the same state ment are on lilc written by Secretary Windom. V. s. Treasurer Nebeker. ami secretary Carlisle. Mi . Carlisle m hi", testimony Wore the Springer en;- mittce p. 2 said: 'l'.t .l..iki,t ln-i:nfim I h IKirttv ... j...... not ma by u leem'iig the silver doll, us or ceitilt- rite in Hold. but. bv the const tn! ir; c ..... At... ... ... in I. ,.. nee 01 rccen iiijj iiii-m 11 iuii mu-ui ... .. I.,, i... .t.. lion oi ! j ot oi U'lV Wl hhi i iriiirm. tie Inioiimom will uie Mr. W el.ster a (. eo ten doll.tr to pi i:.t oil the ital i t rt 'pilling tin tn tui ol the Irejtiirv to retleem tulvrr d -lhirt in IV irea-tiirv M reiueiu mivrr 11'in.irt ui ,d, It e-..,,,.,. lu-,,,,1 l.,va e,:,,, , l.ar,,,.., eeuldm ,k, ,. h a .U ,,. ',o... Iti i " i .'u a MeMeai 'lo r .i.e. , ...,.. i. Ki.t.t in I :, U'i;.i. e ii"i in a l'i. wen kihi hi don oi'l a i ,iii'ii .in iltrr !!' tr i u l , ,il. Mi 'i I, a I Hi I (tie 'i ll" i.',,-H ti i ll If in ' ti;l( t.UMii lie I i i.it? i ii .in 1 . r !- if in , hi nt i. ,f ri I"! l.ii. le- I', tn t f. e !' h,i lt. in wt.i( I l'i -I iii l.i .- . It .1 il I I ,li ll m I 41. f'.li w . HI ! I' - ,'- I. It. ie ii j . i ' 1 1, is 1 II e t .'. I i'i, I I it I. i .'l'i - ! I' . ' I " ' I I'I, , 1.. t , ' '" Vi ' a i' Ull' if I I ' I II' I . , i ' t i l.i-'. .in. I 1 U i .Vt t. i.. ' r I I changed to the dearer money. They did it in secret and without notice. Spain, that country that all America is now de nouncing, when she changed by liw the value of her money, scaled down the were navaii e m siner uwiuis. i.asi winter the money power offered con gress a bribe of !?H'.,(ltO,(Kc) to change the contract and make the new bonds payable in gold, ami congress, bv an overwhelming majority, refused to do so. Seventh. The Ixii:f kmi N r does not know what a "unit of labor" is, although there has been a good deal written ab nit it. Kislit.h. "Perhaps it would be wise, policy to sell Lurojie our present gold and all we in the future produce." Mr. Webster is heie verging near populist doctrine ami the teachings of the great standard economists. Kicardo says: The use of paper instead of gold sub stitutes the cheapest in place c' the most, expensive medium, and t',.'.blen the country, without loss to any indi vidual, to exchange ull the gold, which before it used for this purpose for raw materials, utensils and food - by the use of which both its wealth and its enjoyments are increased. Francis A. Walker, Pol. I'.com., III. i i i. 1 1 1 says: Money is a medium of exchange. Whatever performs this function ! momy, no mutter what it. is made of. l'rof. .fevoiis, i'ol. F.com. p. KM says: Almost any commodity might be used as money. John Mewart Mill, l'ol. Leon. ML Mi. sec. 2, says: Money is bought and sold like other things. l 'rof. Therold I lodgers in I'riucetoii lieview, Jan. is7t says: A large demand brought to bear on a limited supply will ali'tct, the value, of the. precious metals, and through them lower prices. l'rof. F. W. Main. M. A. of Oxford, England says: Any particular commodity we can do without: and so if it costs too much to produce, no one will buy it, but money must be had at all costs, for without it no commodities can be procured at all. 'l'rof. Francis A. Walker in Quarterly Journal of economics, July lS!ir says: Other conditions remaining the tame, an increase in the quantity of money mi'st jcaik i-i:k i and a hkciikasi; in or AVI II v or MONKY Ml sr i.owki: Mill KS. it is with such authorities as the above that the lNiu:i'i:xiPi;vr sustains its criticism of Mr. Webster's article. If he can find standard economical writers to uphold or support the strange propo sitions he lays down the Jmh.m:nih:x r will gladly print, them. W. 15. Ila'gus, one of the substantial men of Otoe county, was in the city Wednesday and paid the Immti ii:vr a visit, lie was accompanied by his son Thos. B? nu iv and wee Sutton k I fol low bush's stock of Xtiirs candies before you huy. Twelfth and O r-tret-t, Fu nke opera house block". For the sake of all parties concerned the lMi:i'i;xir.xT reeretjthe tangled. js evidently not the i i-ht man in the nr'.t place. 'oi.il, soliil, sulit intiil! meal Rf the MMchanls Hotel I'aud KleV-i-uth htreets lor 10 t ents. II. ). Fstubiook of Omaha w .is a Cvlera populist quarters at the tale hoii-e cdncM.'ay. L'iuH A. K'.'ii-k, 1H North IVntli ttreet. luitoiter and leiilT ii Wines hihI Liquoih. 1'abst .Milwoiukeo lU-cr. r Hiiti 1 1 trad" u sju t ii'ty. Write for rice. t t,e peMtelit iai y llllld'ft em:iill Ull i,'it! It ih Mill 111 u,e ii.ii,. i a i!ie j 0,um , ,.rt ami r.e u t . v. ,'l ,r... I, an .d,.,-In,,,. nuU aOu iU ..-I ,-.,, I K a. : i nin'.l M.ut.wi.ile tU wa.-tei, i . m .it.. . .....i .i.i ,,, l..v ic'id ll it Mil! to the hand "I the i'l. ' .. I.iIJ- 4.U -M T r -r, i "i. .1 i I'D .i ir ij,i i tin Milt. hi A II .i!-il eli'i i. . t , in t'li I. I .it. ,ii 'I'uflflll ill I !.. . L in. I "... - 1 1 1 1 1 , 1 1 ,i i i - m. , ii.iiit. ii.. 'I. . ' . .1" th.- f .i N I' W I'll I III I'. t ..ti l r, i i t ,a . ,v f. I M. I v i .1 - ti... t. . ! -it n ; I, ! I. . . M i i . i M II. TIIK LIBRARY OPENING. Gov. llolcomb Receives and G. W Lnngworthy Taylor Writes Screeds Against i?a por Money. The University library building was practically opened Tuesday night, (iov. Holcomb, the chan cellor, the regents and heads of departments held a reception in the main hall of the building, and Lincoln's culture and intelligence thronged through every part, from early in tho evening until after ten o'clock at night. Many of the rooms were adorned with pictures, palms, and potted plants. The main floor is set apart for the library and reading room. The place devoted to this purpose is as extensive and the rooms are as finely furnished as those of any university in the United States. Several finely furnished rooms in tho second story are set aside, temporarily, for class work. The' recitation room for the class in political economy is now in this building. vV. G. Langworthy Taylor had expended "an incle ment of labor" by proxy in covering the blackboards with scre.-ds against legal tender paper money from men, not onoof whom is recognized as a standard econo mist. Among them were the fol- lowing words from iKmicl Webster. "Of all the contrivances lor cheating the laboring classes of mankind, none have been more eflicicnt than that which deludes them with paper money." After expending "the dose of labor" required to put that on the wall, if W. (. Langworthy Taylor had written underneath, in just as plain a hand: "Mr. Webster was speaking of wild cat, redeemable bank paper money," be would have shown himself to be an honest teacher of scientific truth. The only quotation on the walls from a standard economist was from John Stuart Mill, and it con tained these words. "The distribution of wealth de pends on the laws and customs of society." That is science and populism. We say that millionaires at one end, and tramps and paupers at the other end of society, are the result of laws, not of necessity. We propose to change the laws so there will be a more equitable dis tribution of wealth. It was a disgrace to the state to allow Mr. G. W. Langworthy Tay lor to advertise his gohl-bugism un the blackboards of the State Uni versity at a pnblic reception. An hopcst and intelligent teacher would have quoted what the stand ard economists say on that subject. It would not have taken a very "big dose of labor" to have wtittt n this sentence from Hicardo: "A well regulated paper cur rency is so great an improvement in commerce that I should greatly regret if prejudice should induce us to return to a system of Jess utility." Or this from the same writer: "A currency is in the most per fect state when it consists wholly of paper." l'ay $ i now and receive this pa per until January i, 1M07. Sutfoii & Hollow-bush have the hett, 10c mixed eaudv. Twelfth nml 17. runkoti opera House hleck. Sutton IIoIIowIiuhIi make j i-peciul low prices on Xiiihh enudies for cii 111 hen and schools. IT ou have i.o un..., w ,. ' . wan r, tlieii an- t:;h. or -JUilci, t!ic pomes! ) :i a stippl). I .1 ut- L 111 li ic u very ; v r ar.Lnt. j He (li'iovs from life ai.ti h'n l- is ; painfull r nlf.uic. I I 'inlT rlo'i'-i linn- lo t -t dei lil.-il ' whellier Neiu lill"i or iI?vel on (he . banjo it ui ho; t'le fir' , j Tin ' Itiitr.ii r Tru.it" tr.uit at or 1 IMiil.- lor Hi pniHi... if furii'.stiliit; 1 ulirti iclH et 10 Hie li'lo r 1 1 11 t . I It I- lunch Miir 10 iiiuke that wiil ti Is n!' niilor :i,l tin It u. to tiu'iio - - - ; i it . .; , : 5' " lr,;1' !ry ext.-.ie ht- of UtiipM-H-'eially oil. I eautiful, lateM and t,u!tuZ X 7Z?i -1 Utit" ""''V .'"1 1U.. We are o.i.g to ollevy.., for the ; ' :t:JZ.'n' ten il iy imuieli' H'cliil ... Lamp, of etery V.r.ef,. !t ; le and l'.-uty. We r.-tf.il.g to Hie,,, ,ptk, Hktl eoiiti,,,,,,! v..' ... 1 -hltm will ''in 1 iu com pi ul. it. 1 l':e fall and emit lure our. M ..I,. . , k ' , ti ,1.1 ,1 t I . , i. ... n iii,' lu . im: tsail ;t 'r. Hi I of 1 1 v t Miii.it ,i.i, !i- l.ii 'i . i, .i .i liijv 1 1. .i"i. t , iiriMi l '.i ii u , ,ij ll' 1.1 l P. J. STEPNEY'S ; Old Beliabls 0. K. Carter Shop.! . i.i.m i. i nh '.i r st ! Hi.tl, h-t,( i. . is t J i !. ' 1 1 1 I . It H . I t il' iOl l' i f. ll' -ll'. I'.' fl tl '. it It i i. e I ii U ii i.' i. ..f if .i ir ' m, I ir i i t i I', W I i- h ! ' 1 .1 ii . ,i I i :e" ,it '., ir , o I i I ,.ur v. . i I. f, ..... jr i. U e OF1 Suits and IS Your Opportunity We know time are hard nml Jlooey siiirce, hut Clothing is no luxury. We help you to get what you want by ranking prices ho low that n very few dollars will go u long ways. Our prices are always low for the qualify we give but now fo close down our Men's nud Hoys' Clothing wo Imve uri le them still lower. We will sell you Men's suits from S3 81 to 10 Unit are from $1.00 to $1.00 below regular prices and Overcoats from S3. 50 t 10 that are just hh cheap. BOYS' SUITS at 8rc, 1.00 Btnl !jl,i0 that are surprisingly good for the money. Our WOOL Suits at $2.35 aw made double at seat and knees and warranted tovraar XJncierweeir, Fhirts, Cloves, and Mitts ami winter Caps equal ly as low in price. Our Bargains are Yours if You Want them. The Globe I Clothes, Hats, Furnishings. O and Tenth Streets. H! 10 Sen! IffiEo Best in the City. On account of Hard Times wo have decided to make the pric of our Celebrat -d Mealn at IO -: CENTS -: lO . And upwards, l.'euiemher we guarantee our Meals the Best in the City for the l'rice. Everything Clean and Neat. JAMES HENRY. 132 South Tenth. Great 10 cent Store. The Greatest and Largest Baigain House in tho State. Once im.re we done to Lull ,vur attention to oui eU-g uit and extctie lift- of Lump, fhM'finlly on. I eautiful, Utent .unl , . . , . iwi'i h'. nieMt indc iiteut m ,1 i - n'll elittH' Hl.UllIH"ti IUH'. Con.e hlid li" k at o'ir ri t'ellt lilpnii llt of oltit S of .J j .t n uitrutt, MTiniui mi l Kreii' h init lal ioim of mn o u, Op.-iiuu oi.r . it ll.d div l'i'!iV i!l luinoiiiM lit r. Vet) 'Ki r. tf Ih. UH S 12th. Tho FURNISHED ROOMS, OY DAY Ofl WCCK., S .i i i I : lo .'i' '4 . n, tl- MRS- CI-IESSIlrOT02T. I iii U Si.. i lt..'iN, Nih 1LE! Overcoats , . , . itre now oti rnt yon nirt'tiitoui S. POLWOSKV. Groat Ten Cent Store. iii ?l to ; IN r Wii'i. lo Save Money.
