The Nebraska independent. (Lincoln, Nebraska) 1896-1902, May 07, 1896, Image 1

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The Wealth Makers and Lincoln Independent Consolidated.
NO. 48.
The Demonetization of Silver Never
Alluded to in all the Discussions
of the Mint Bill. .
The Section Dropping the Silver Dol
lar Never Passed The Senate.
Forgery Committed When the Bill wa
Sent to the Conference Committee.
The Omaha Bee having agaiu asserted
that the demonetization of silver was
"fully discussed" at the time of the pas
sage of the mint bill in 1873, the editor
of the Independent has been requested
to publish the following letter written
about a year ago:
Bancroft, Neb., May 20,
Hon. William B. Johnson, Howe, Neb.
Dear Sir: In compliance to your request
to look up the record in regard to Mr.
Sherman's statement when he called up
the bill in the senate that dropped the
silver dollar and what occured the day it
was passed, I find the bill was brought
into the senate May 29, 1872, read twice
by title and referred to the finance com
mittee. Additional amendments were re
ported January 7, 1873, and ordered to
be printed. On January 17, it was read
the third time, further amended and
passed. The whole debate and the votes
will be found in the Congressional Globe,
containing the proceedings of the senate
for January 17, 1873. The following is
the part of the record to which you re
fer: ;
Mb. Sherman: I rise for the purpose of
moving that the senate proceed to the
consideration of the mint bill. I will
tate that this bill will not probably
consume any more time than the time
consumed in reading it. . It, passed
the senate two years ago' after
full debate. It was taken up again in the
house of the present congress and passed
there. It is a matter of vital interest to
the government and I am informed by
the officers of the government it is 1m
portant it should pass promptly. The
amendments reported by the committee
on finance present the points of differ
ence between the two houses, and they
can go to a committee of conference
without having a controversy here in
the senate about them.
After a little discussion about the order
of business to be taken up after the mint
bill was disposed of, the chief clerk finished
the reading of the bill as it came from
the house. The amendments proposed
by the finance committee were of course,
not read until they came up in their or
der. Then this occurred: ' , .
The Presiding Officer: The commit
tee on finance reports the bill," with
amendments, which will be read.
Mr. Sherman: I send to the clerk some
amendments of a formal character from
the committee on finance, adopted since
the amendments first reported were
printed. I will ask that they be acted
upon with the others in their order.
The bill was then considered section by
section, and the amendments acted upon
until section 15 was reached. The
record shows that section 16 and the
amendment to section 16 was never read
or agreed to in the United States senate,
Section 16 was as follows:
"That the silver coins of the United
States shall be a dollar, a half dollar or
50-cent piece, a quarter dollar or 25-cent
piece, and a dime or 10-cent piece; and
the weight of the dollar shall be 384
grains; the half dollar, quarter dollar
and the dime shall be, respectively, one-
half, one-quarter, one-tenth of the weight
of said dollar, which coins shall be a
legal tender, at their nominal values, for
any amount not exceeding f 5 in any one
The amendment which was substituted
for this section was as follows:
"That the silver coins of the United
States shall be a trade dollar, a half
dollar or 50-cent piece, a quarter dollar
or 20-cenc piece, a dime or u-cent piece;
and the weight of the trade dollar shall
be 420 grains troy; the weight of the
half dollar shall be twelve grams and
one half of a gram; the quarter dollar
and dime shall be, respectively, one-half
and one-tilth of the weight of said half
dollar; and said coins shall be a legal
tender at their nominal value for any
amount not exceeding $ 5 in any one
If this amendment had been read in the
senate, or one word had been said in re
gard to it, that word would have been
taken down by the shorthand reporters
and would have been printed in the Con
gressional Globe, but it was not printed
in the Globe, neither was there one word
of discussion upon it. .
' Some time after this section had been
passed over and while the senate wasdia
cussing section 19, Mr. Sherman, aa
chairman of the finance committee, made
to the senate the following absolutely
false statement:
Mr. Sherman: This bill proposes a sil
ver coinage exactly the same as the
French and what is called the associated
nations of Europe, who have adopted
the international standard of silver coin
FOR BY THIS BILL is the precise equiva
lent of the 5 franc piece. It contains the
same number of grams of silver; and we
have adopted the international gram in
stead of the grain for the standard of our
silver coinage. The trade dollar has
been adopted mainly for the benefit of
California ana others engaged in xraae
with China. That is the coin measured
by the grain instead of the gram.
Mr. Casseuly: Do I understand the
senator to say that the intrinsic value of
the dollar, the half dollar, and the quar
ter dollar is raised by this bill?
Mr. Sherman: There is a difference 01
about one-halt of 1 per cent.
I think that this is the only instance
in the history of the American Congress,
where the chairman of a committee has
deliberately falsified in relation to a bill
in his charge. Perhaps nine-tentus ot our
legislation is enacted upon the word of
the chairman of the committee.
The statement that the bill provided
an American dollar the precise equiva
lent of the 5 franc piece is absolutely false,
and of course he knew it to be false when
he made it.
It was because of this false statement
and the further fact that the senators
were paying no attention to the bill that
the woes of the last twenty years have
come upon us. That the bill attracted
no attention in the senate is proved by
the remark of Senator Casserly, while
the section regarding abraded coins was
under discussion, which is as follows:
Mb. Casserly: I understood the sena
tor to be willing to keep those words in
the last clause just in the meaning they
had at that place; but of course, if he
has a different view of it, I shall not con
test it with him, BECAUSE IT IS EVI
The statement of Mr. Sherman that
the amendments were of a "formal char
acter," that "the bill provided for an
American dollar, the precise equivalent
of the 5 franc piece," which would have
increased its value nearly 3 per cent, the
title of the bill, Mr. Sherman's
further statement, as chairman of
the committee. ' that "a 5
franc piece of France WILL BE THE EX
AGE; and in order to show this wherever
our coin shall float and we are provid
ing that it shall float all over the
world all taken together, had a ten
to dency throw senators off their guard.
Abraded coin, and whether it should
be redeemed at its face value, whether
gold certificates should be issued, whether
there should be a small mint charge
for coinage and several minor points were
mentioned or discussed, but not one word
is found in the verbatim report in the
Congressional Globe concerning action
on this bill, about a change of standard
or demonetization of silver. And yet
some men have the audacity to assert
that "the demonetization of silver was
fully discussed!"
The last words in the record of tire ac
tion of the senate on this bill are as fol
"The amendments were ordered to be
engrossed and the bill read a third time.
"The bill was read a third time and
"The amendments were engrossed and
reported to the the house of representa
tives as follows:
"Senate of the United States, January
17, 1873-Resolved, That the bill from
the house of representatives (11. K.
2,934) entitled, 'An act revising and
amending the laws relative to the mints
and assay offices and coinage of the
United States,' do pass with the follow
ing amendments:"
: Now the amendment which dropped
the silver dollar and reduced the legal
tender power of all minor silver coin HAD
shown by the verbatim record of the pro
ceedings of the senate, when this bill was
on its passage, but in this list of amend
ments sent to the house of representa
tives for its concurrence is the following:
' "Six Page 11, strike out section 16
and insert the following:
"Section 15. That that the silver coins
of the United States shall be a trade dol
lar, a half dollar, or 50-cent piece
and said coins sail be a legal tender for
their nominal value for any amount not
exceeding f 5 in any one payment. "
As the record of the proceedings in the
senate shows that this amendment never
passed the senate, the insertion of it here
is a clear case of forgery.
The conclusion which any honest man
must draw from these facts is that the
stopping of the coinage of the silver dol
lar was secured by a false statement
made on the floor of the senate by the
chairman of the committee on finauce
and by forging an amendment in the list
of amendments sent to the bouse of repre
sentatives for its concurrence.
(All the quotations in this article are
taken verbatim from the proceedings in
the senate as recorded in the Congres
sional Globe, parts land 2, third session,
Forty-second Congress, 1872 and 1873,
pages G67 to 674 and are open to the
inspection of all men.)
Yours Truly,
A copy of the Congressional Globe, con
taining the proceedings of the senate lies
always on the desk of the editor of the
Independent and any one is at liberty
to examine it.
Silver was demonetized when the Forty
third congress adopted the Revised
Statutes. The commission appointed to
do this work inserted without the knowl
edge of congress in section 3586, of the
Revised Statutes these words:
"The silver coins of the United States
shall be a legal tender at their nominal
value for any amount not exceeding five
dollars in any one payment."
No such law as that had ever been en
acted by congress, and the commission
in inserting it, committed perjury. That
was the "act of infamy." That was
done in secret. Will Mr.- ltosewater
show any allusion to that act in the
daily press? Will he claim that that deed
ot midnight darkness was fully discussed?
That was the act that demonetized the
"silver dollar." Minor coins had long
before been demonetized but never the
"silver dollar."
The history of the world will be searched
in vain to find a parallel to that crime.
It was done in secret, and the death, in
sanity, crime and pauperise It produced
was never approached by toe acts 01
any other set of villians God ever let live
on the face of the earth.
They Hope for Free Coinage
Wood River, Neb.,May 2, 1896.
Special to the Nebraska Independent:
I reached this village at 10 a. yi. today.
it is located in ine vauey tying ueiweeu
the Wood and Platte rivers and agri
culturally speaking, the valley , is very
rich but of course this valley suffered
with the surrounding country the last
two years. This is a feeding center for
cattle, bogs and sheep. Of the latter
was fed this last winter, about 35,000,
together with a large number of cattle
and hogs. The merchants here generally
speaking are doing well and prosperous.
The farmers are all very busy planting
and preparing , to plant. The growing
wheat and oats look well and the farm
ers spirits are growing with the wheat
and they are free to express a hope for
returning prosperity if they get full crops
and free coinage which they believe wil!
so decrease the value of money to the
extent of making prices of produce very
much better. J. M. 1). ;
Happy fop Editors
A most pleasant meeting .was that of
the Missouri People's Party Press Asso
ciation at Marshal Friday and Satur
day. A majority of the reform 'papers
in the state were represented aud all had
a good time. Miss Mary O'Neill, editor
of the Record and president of the asso
ciation, is an untiring worker in the
cause. The people of Marshal, regard
less of politics, were waiting to show the
visiting editors about the town. Lib
erty Herald, Mo. ..' ;
The Workers Report
The following parties have sent in club
lists this week.
Cbas. Dechant, Indianola, Neb., 6.
John Boeckner, Plymouth, Neb., 5.
C. W. Barner, Stromsburg, Neb., 6.
J. W, Eaton, Arapahoe, Neb., 4.
John A. GaransonWest Point, Sr "
Walter Reed, Fremont, Neb., 3.
Jno. W. Sidders, Giltner, Neb., 2.
G. A. McKenny, Humboldt, Neb., 3.
J. A. Smith, Cedar Rapids, Neb. 4.
W. II. Wilson, Stockville, Neb., 4.
A. W. Cogar, Neb,, 7.
Why Gold Goes Abroad.
The real reason for this heavy export
of gold, and a reason which threatens to
be still morejpotentin the future, barring
foreign war or crop failures, is that our
debt to foreigners is so large that our
surplus after paying for such import as
we must have does not pay interest at
present prices, and consequently gold
must pay the balance.
How About John U.P.Thurston.
Tillman should look at himself and see
what a humbug he is. He was elected to
serve South Carolina as a senator, and
hasn't been in his seat for a month, but
has been storming over the country like
an escaped lunatic Tekamah Burton
ian. How about your senator John U. P.
Thurston? What has he been doing?
He's been in his seat all the time like a
good little boy, hasn't he? Mr. Bur
tonian you're a big fraud."
The Independent Smiles.
The Nebbaska Independent very sen
sibly smiles at the flings thrown out by
the F. A. & I. U claiming The Inde
pendent is not what it used to be when
Gibson had it, etc. No it is not, that is
true. Tibbies is a brainy editor. Red
Cloud Nation.
Show Your Colors
A very pretty badge for populists, and
free silver men is advertised on the fifth
page of today's Independent by the
Eagle Badge Co., of Willimantic, Conn.
LYou can get a sample by sending 20
cents in stamps. Agents wanted. It
Generous Wall Street.
It is because of its bad effects on the
poor workingmen that Wall street does
not want free silver. Such generosity
overcomes us. Helena News (Mon.)
Louisiana Populist.
There is little doubt that the populist
ticket was elected in Louisiana, though
the democrats count a majority. There
will be a contest. In one parish 1,500
majority was returned for the democratic
ticket, and it is in proof that the total
number of votes polled in the country
was less than 600. Progressive Farmer
The Doors are Open.
The people's party doors stand wide
open to all Jeffersonian and Jacksonian
democrats and Abraham Lincoln repub
licans. Walk in! Current Voice.
forse Than Rothschild
If these silver democrats are fighting
for silver from pure motives and will
stay with it to the bitter end, they can
be depended on to bolt a straddle plat
form and ticket, but if their only motive
is to save their old party, and will swal
low the dose however much it may be
tinctured with gold, then they are worse
than an outspoken goldbug and are do
ing more to iujure the silver cause aud
to injure the nation than is Ilotbchild
himself. Farmers Tribune.
Wall Street will Buy it for McKinley.
Teller and Tillman's Most Remark
able Speeches. v :
A Populist Triumph is now In Sight.
Washington, D. C, May 4, 1896.
Events in Congress and all over the
country for the last few days have been
of the greatest significance politically
and indicate clearly results of tremen
dous import for the future.
It is now known to everybody that the
goldites and the bankers ceutered their
forces and power for the election of the
democratic party in 1892. They backed
Cleveland's candidacy with their money,
for they believed that he and the demo
cratic party could at that time serve the
bondholders and money changers better
than the republican party. This prosti
tution of the democratic party has
made it odious; therefore the foreign
Shylocks and their American allies have
decided that for the next four years the
republican party will be the best tool to
serve them A few weeks ago the Cau
casian, Senator Butler's paper, in a care
fully written editorial, showed that
McKinley was the first choice of the gold
bugs for the republican nomination.
The events of the last few weeks and es
pecially of the Inst few days, proved be
yond question that the Caucasian was
right. The tremendous campaign fund
put up to back McMinley's canvass, no
doubt equally as large as the tremen
dous fund that was put up to back Cleve
land's candidacy in 1892, has been effec
tive to sweep state after state into the
McKinley column, even to the extent
of taking from other candidates their
own states. The gold men are striving
desperately to make the tariff the issue in
the comimr campaign. and to do this it is
necessary to have McKinley for the re
publican candidate for president, for
the gold men are satisfied that they can
rely on him to maintain the gold stand
ard as implicitly as they could on John
Sherman or Urover Cleveland.
On last Monday, Senator Sherman,
referring to McKinley's financial views,
said: ,
"There can be no doubt of the opinion
of Major Mckinley on the money ques
tion. He is committed in every form by
speech aud otherwise to the republican
policy of maintaining the present gold
coin of the United Sates as the standard
of value."
These are Senator Sherman's exact
words. A few weeks ago Senator Sher
man said substantilly the same thing in
a public interview, besides it is generally
conceded that if McKinley is elected
president, John Sherman will be his sec
retary of the lreasury.
A few weeks ago there seemed to be a
probability that the silver men would
control the democratic national conven
tion at Chicago. The silver democrats
in Washington became very jubilant and
began lecturing the people s party men
as to their duty. They lost no oppor
tunity to tell the people's party senators
and congressmen that it was their duty
to put the cause of financial reform above
party, and to belp them elect the silver
nominee which would surely be put up
at Chicago. On last Thursday, when the
news came that the gold men had cap
tured the Michigan democratic , state
convention, had endorsed Graver Cleve
land in glowing terms, and instructed
the delegates to vote for the gold stand'
ard, quite a change came over the coun
tenances of that class of silver democrats
; who were ready to ask somebody else to
leave their party to go into the demo
cratic party, but who were not ready to
take such action themselves if the gold
men should control their party.
Soon after the news from Michigan had
reached Washington a silver democrat
meeting Senator Butler, said: "That is
bad news we received from Michigan."
Senator Butler proraply replied: "It is
bad news for the democratic party, but
it is good news for silver. The action
in Michigan convices me more than ever
that providence is shaping political
events to bring about a victory and re
lief for the people." Iheeilver democrat,
iookingmstomsbed, asked what he meant
Senator Butler replied: "I believe that
providence is taking a band in this fight
and will not allow such a good cause to
be damaged by allowing such a di acred
ited party as your's to endorse it. If
the Chicago convention should declare
for silver, then it would mean that prov
idence did not intend lor the people to
get relief in this campaign. The demo
cratic party is discredited in the eyes of
the great masses of the people. For
twenty years it has-denounced therepub
lican gold policy and national banking
system, and pledged to the people to
wipe out such infamous legislatoin if
tbey should be placed in power. They
asked for only a chance to give the peo
ple relief. The people took them at their
word and put them in power, giving
them the nouse, the senate, and the pres
ient, and what was the result? The party
not only did not keep a single one of its
pledges, but on the other hand, it offici
ally endorsed the John Sherman system
of finance; not only did that, but even
went further and wiped out the last law
on the statute books providing for the
coinage of silver and for an increase of
the currency. This record of democratic
betrayal and treachery is the darkest
page in American politics, and has
brought upon the people and the country
the sorest distress that they have suf
fered since the foundation of our govern
"Then what faith can the people have
in democratic promises this year? For
the democratic party to declare for sil
ver at Chicago would simply be the
means of dividing the silver forces of the
country and make the election of a gold
bug republican certain. The best thing
that can happen for the people would be
for both the old parties to declare square
ly for the gold standard, so that nobody
could be fooled in the future, and so that
the srreat masses of the voters of all
parties could get together at St. Louis
on July 23, and nominate an American
patriot tor President, who would be elec
ted at the polls next Novemebr."
The sil ver democrat was not able to
reply to such facts. It is openly charged
that the gold men used money freely at
the Michigan convention to control its
delegates. This recalls a statement
made by "private John Allen 01 Miss
issippi a few days ago. In discussing
the outlook for the silver men to control
the Chicago convention, Congressman
Allen, who is looked upon in Washington
as, and is, a great wit, laconically re
marked: "We have got the gold men
whipped if they don't buy us."
During the present week two speeches,
one by a republican and the other by a
democrat, havo been' made in the senate
which are of the greatest signflcance.
The speeches are not only siguncant on
account ot the tremendous effect which
they will have over the country, but also
because they are supposed to reflect the
sentiment of the great masses of the peo
ple in both the south and the west.
The first speech was made by. Senator
Teller last Wednesday. It was in reply
to a speech made by Senator Sherman
in which he ridiculed the silver craze, and
said that the republican party would de
clare for gold standard aud nominate a
man opposed to free coinage for presi
dent. Senator Teller, in replying, took
occasion to review to some extent the
record of the republican party. He
showed how, under the leadership of
Sherman and other gold men, it had
drifted from the great principles of Abra
ham Lincoln until it had become the
party of the bondholders and monopo
lists. Mr. Teller gave out some party
secrets. He told how the. western repub
licans had determined not to support
the McKinley bill in 1890, and how at
last they allowed it to pass in return for
the passage of the Sherman silver law
which provided for a monthly increase
of the money of the country. Mr, leiier
then bitterly arraigned Sherman and tne
other gold republipans in breaking their
compact with the western republicans in
joining with the gold democrats in 1893
to repeal the silver law at the dictation
of,Grover Cleveland. He said that Mr.
Sherman and the other gold republicans
were now openly advocating the gold
standard, and were trying to get into
power to force upon the country another
McKinley bill and keep upon them the
gold standard at the same time. He
said that every sane man knew that the
McKinley bill, if re-enacted, would not
give the people prosperity while we were
under the gold standard.
Proceeding, Mr. Teller said: "Travers
ing the country and snouting, tnere is
now a band of men who have labeled
their candidate for the presidency (Mc
Kinley) "the advanced agent of prosper
ity." The people who look to this roan
ad their savior will find that they have
been attain deluded and deceived. The
atrent of prosperity is not yet in sight,
and will not be in sight until we have a
candidate for the presidency who will
stand for changing the odious and in
famous system of finance."
Senator Teller, proceeding, said: "I do
not intend to remain quiet and allow the
Senator from Ohio, and others who
agree with him, to fool the people any
longer. The issue between tne people and
the gold trust must be drawn squarely
in the coming campaign. Dodging and
staddling will not fool the people longer,
I look with fear and trembling upon the
action of my party convention at St
Louis. It it should declare against the
people and for the gold standard, then I
shall not act with it further. When the
party to which I belong ceases to repre
sent myjdeep-seated and long-established
convictions, I shall cease to act with it.
I shall stand by my convictions. I
should despise myself if, holding the
views I do, I should lift my band to put
in power as president a man who would
exercise from the White House the slight
est influence to continue the present
ruinous system of finance. The time has
come for the people to take a stand. As
for myself, I will vote this year as I
This speech was listened to attentively
by every senator and by the crowded
gallaries, and created a profound im
pression. Senator Sherman attempted
to reply, but his speech was simply a re
hash of his stale argument in support
of the gold standard, benator Teller s
speech is the more significant because it
is known that it represents the views' of
nearly every senator and congressman
west of the Missouri river. Senator
Teller has tremendous Influence in the
west, and it is generally conceded that
under his leadership and influence nearly
every western state will cast its electoral
vote next November in accordance with
the bold declaration of principle and pur
pose as expressed above. "
The next note of defiance came
from the south. It followed Sena
tor Teller's speech only two days
later, on laBt Friday. It was in reply to
a speech by Senator Hill in which the
New York Senator was upholding the
gold standard and apologizing for some
cf the acts of the administration. Sen
ator Hill in his speech had referred to
Senator Tillman as one of the coterie of
peoples party senators. In opening his
speech in reply, Senator Tillman said:
"I had rather be in such a coterie than
with certain men on this side of the
chamber who go around masqucradiug
as democrats, but who are in fact, John
Sherman republicans, and I will prove it
before I get through."
Senator Tillman proceeded to arraign
the administration, and to show np the
record of lhe gold democratic senators
in SUPPOrtinir ' the Arimlniatrntinn Tn
referring to Cleveland's bond issues and
gold policy, he said: "If Graver Cleve-
1 .1 .
ianu ever goes oeiore tne people again,
he can hear nn hia hrnur h antnnv nf
the senator from Ohio (Mr. Sherman)
wno tne otner day declared on the floor
of this chamber thnt tha nraaMant hnA
Simnlv done his dlltv. CrnvarPlavalanH '
John Sherman, and John Carlisle are
iinsea together they are affinities. The
foolish as to ever trust them ni nnv whn
agree with them again."
Air. Tillman proceeded to show that
the Srreat masses of thn nnnnlv ; in thn
democratic party in the south believe in
the principles of Thomas Jefferson and
J...T l .. . ..
Andrew jacKson, and said that tbey
WOUld Stand - bv thMa nrinninlfla nnt
would not be fooled into following the
principles of Sherman . and Cleveland,
even though tbey had a democratic label
on them. At this point Senator Hill in
terrupted him and said that he did not
lL! l A I A C a m 1 1 .
iuiuk mat senator unman represented
the democrats of the smith. Wharan nnn
Senator Tillman, turning, and facing
Senator Hill, and walking down the
aisie pointing ins linger directly at him,
said: "At least, sir, I represent on this
floor the People of Smith Unrnlin nnil
can say to a certainty what they will do,
ana mat is more than you can do or
say for your state. You . do not re-
tiresent thn riAnnln Avon nf vnn nvn
I l ( - w . was w. aTWl. V U '
state. You simply represent the bond-
uuiuers ana oanxers 01 wail street.
Closing his speech, Senator Tillman.
deliberately and in tnonuiirarl tsnrrln
served notice on the gold democrats and
on the country that if the monopolistic
and hnnd hnMincp ulamanfi aniwtAaA
again in debauching the party machinery
and capturing the Chicago convention
ue anu a large nam per 01 southern , de
mocrats, who believed in tha nrinniinlna
ot true democracy, would walk out ot
tne convention ana repudiate tne party
that had betrayed the people for British
so;.;e strange fq:ciefti;:3
A Glimpse of the Work of Boodle LegiiU-tnrei-
Editor Independent: Money taxed
from the people ought always to be re
turned to them or applied to the pur
pose for which levied and collected, at ;
the earliest possible moment.
The accumulation of idle funds in the
hands of public officers always has led
and always will lead to extravegance in
expenditure, losses to the people, if not
to corruption and mm to those having
such funds in charge. Instances are too
numerous and too recent in this state to
need further notice. Our system of col- 1
lecting, keeping and paying out public
money is bad and ought to be remedied j
by our next legislature. 'f
There ace at this time in the hands of
public officers, custodians of public funds, 1
raised by taxation from the people from ! '
12,000,000 to 14,000,000, almost a per
manent fnnd, constituting a heavy per
cent, of the cash banking capitol of the ' ';
state and which if called for, could not
now be ieturned. f
These public funds have always been " i
unlawfully manipulated and their use , )
has always been a corruption fund in I
state and county politics in Nebraska,
demoralizing public sentiment as to pub- !
lie duty and official honor. ' I
With a statute fixing a penalty of im- ;
prisonment for loaning or speculating in ?
these public funds, it is known to every
body that almost all public officials bar- -
ing such funds in charge have violated !
the law and thus subjected themselves to f t
penalties that would wreck their lives.
Our state treasurers have made fortunes
in the short space of four years by the
illegal use of school funds and other
funds of the state. Great losses have
been incurred and yet greater ones will
be suffered by the people of this state un
less this vicious system be changed.
Why should the state treasurer be car
rying from fl.000,000 to f 1,500,000
cash in banks and the holders of war
rants just issued be unable to get a dol
lar in cash from the treasury?
Why should the state or the tax pay
ers of the state be obliged to pay 5 per
cent interest on these same warrants
stamped "not paid for want of funds?"
Why should a county treasurer be able
to report to the commissioners quarterly
"cash balance and on hand," f 20,000 to
f 40,000," and at the same time the
holder of a county warrant be unable to
get a single dollar out of the treasury
and thus be obliged to discount his war-
rants 10 per cent, more or less and the '';
county be forced to pay 7 per cent intei-
est on such warrants indefinitely? ' , t
Why cannot the 180,000 idle agricul-
tural college fund be invested in 5 per
cent, interest-bearing state warrants .
and thus add f 4,000 a year to the in- 'vi;
come of that fund? 3
Why cannot the $600,000 idle perma- '
nent school fund be invested in these .
state warrants and thus add $30,000 a v
year to the school fund income to help
educate the children? The legislature has h
ordered this done. The state supreme ' r
court has said it is legal to do so. But .
it is reported that our attorney general
has in effi-ct, said of our supreme court 5
what Stir der is reported to have said of j
the constitution and that the decision I
holding that state warrants are state J
securities, "was without the jurisdiction ;
of the court to make." Strange indeed ' f
that tbe attorney -general could set aside, ' f
annul and hold for nanght, the decision ''
of the supreme court. And stranger yet, '
that he should do this in the interest of
tbe state treasurer and against the chil
dren of the state. But a bad system ot
handling public funds may account for
it P. ,
. 1