The Nebraska independent. (Lincoln, Nebraska) 1896-1902, December 14, 1899, Page 4, Image 4

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

    Ctmoiaatum f
THE VTBALTHMAKBRS 4 UKCOLS
Iff DEPENDENT.
CTII T7 B3Li
FWMUSUED EVERY TUURflDAY
8T THB
independent Publishing Co npany
AT 1202 P STUB 1ST.
Telephone 931 .
EHTOOLN, - NEBRASKA
$1.01 PER AlftOI II iDT ACE..
ddres all commuaicatlons to, audj
make all drafts, money erdeni, etc.,
taxable 10
TUB INDEPENDENT PUB. CO.
' Lincoln, Nebraska.
GOVERNOR I'OYNTKH.
lathe trying and difficult situation
that a vacancy In the United State sen
ate placed Governor Poynter, he hnH
conducted himself with dignity and
great discretion. His action from the
very first, was along the line of those
principle that the populist party has ho
long advocated. What ever hi personal
-desires might have been i making the
appointment, he laid them all aside, nnd
called upon the people to expre a their
4eire lu the matter and put into practi
ce! operation that principle of the party
that declare in favor of the referendum.
The people responded immediately and
began by the thousand to express their
piaion through letters. There wan no
ne to lead in the matter there wast no
pitta to circulate petlions every man
for himself simply Mat down and wrote a
letror expressing his opinion. Nine
tenths of these men expressed their wish
that Senator Allen should be appointed,
aad as soon as that became evident Gov
ernor Poynter appointed Senator Allen,
The action of the governor is com
leaded by all. In very trying circum
stances he has acquitted himself well.
The banner of the republican party
beare but one legend. It is "Gold and
Empire." All the legends ot freedom.
efl.ua! rights and government by the
people and for the people have been
wiped out It is now simpiy "woiu ana
Umpire."
It may now occur to some of the ad-
vertising agencies which refuse to place
advertising in the columns of the Inde- your Indejiendent or get them to sub
peadent because it is a populist, paper, MTm for it.
that they are working a big swindle on
their customers. One thing is certain.
if the advertising agencies don't find it
at their customers will.
There has never been a run on the
treasury for gold since the Chicago
platform was adopted. When the gold
standard men had thine all their own
way and when Cleveland the greeted
gold standard advocate of them all was
president, were the days when the run
a gold was experienced.
President McKinley denounces the
trusts. There is no doubt that President
McKinley is just as much against the
trusts as he was, ugainst the gold stand
ird when he denounced Grover Cleve
land and t-aid that Cleveland wanted to
make money clear anil everyinmg eiso
cheap,
he is.
There can be no doubt that
The Independent does not claim to be
the "whole push," but it modestly sug
gests that the hundreds of letters that
poured in to the governor's office in an-
ewor to a request in its columns, might
have had some influence in securing the
appointment of W. V. Allen to fill the
vacancy caused by the death of Senator
Hayward, and further, deponent fayeth
Mt.
Low prices to foreigners and high
prices to American consumers is theeco-
noraio policy voted for by every support
r.of the republican parly. Meat
dressed in Umana ells in ixmnon
at a less price than it is sold to
the people in Omaha. So it is
with almost every article exported from
the Uni'ed Statev Now here is treason
to American interests, not simply a false
cry. l he traitors to America are in ine
gold standard, trut, tariff baron party,
lead by Mark Hanna.
A republican ntnttgcnl down Uie street
An i liinajieml, uuntrHiiy Iwt.
"Thnt Milu on I ma. Kiilvt. too,
lU.th have wivsn-mo than two
Wliat Rliali the pnrtjr io1
Tlinltii lif'iiill iliflit
ttotwriawewill tight."
"Tlmn atopped and ttiomtlit and pondered-
T. in 1 mLtm ir it. MuvM hill' hotlt r fnmf-
It forty ana !nren.
How la itt Je li-t me ant.
Yes, it 'aall ritrht. Von -e
h for forty, not for lluee
Aad wboop iX, for Hie g. o. p.
'Whoop for forty, not for three.
Forty wie I Oil I tlmt'a it. Unel
That e what Mao inani lie
Kali ritrht Kab t diva em three.
lSothinc lilte the c o. p.'
Our reader who are delinquent on
ubecription are requested to be kind
enough to make a remittance at this
time. The business manager extends!
this invitation as politely aa he knows
how. If the mere invitation fails to do
the business, naturally he will be com
celled to try a more heroic treatment
"A word to the wise is sufficient,"
ahould be sufficient When you remit
please mntion this editorial tn order
that we may know whether it paid
have it act up or not
1 O K TK A 1 O r I M TE1U A MS W .
Ooe year, of hnper.nl wm. What is
the result? . An army scattered over the
islands of 'he seas in the Occident and
orient, men wading through swamp
chafing fleeing natives who always out
run them, an enormous expense taxed
aghhst the people nearly a million a
day to keep up the game and what in
the result? The secretary of the treas
ury snroe op the cost this way:
Expense of military establishment
18IW... $229,841 2M 47
Expense of military establishment
1898 .- 91,992,000.29
Increase .$137,849,254 18
Secretary Gage's report further nets
forth that the revenues of the govern
ment for the hVal year ending June 30th
18!, were $610,982,004. The expendi
tures for the same period were $700,
OSW.364, leaving a deficit of $89,I11,5TO.
Every sort of a war tax has been im
posed, the Dingley Bill in still in force
nnd Htill there is a deficit. It in the
largest deficit ever reported by any sec
retary nince the civil war. Then look at
the, expenditures. Over $700,000,0001
Nearly two million a day! It is a greater
daily expenditure than was made when
we had a million soldier in the field in
the civil war fighting the bloodiest bat
ties of all history.
One year of imperialism! Plow do
you like it? You have not felt the full
effects of it yet fh forces work
slowly. When the heavy hund begins
to pres still more hardly, how will you
like it then? Tax yourselves two mil
lion a day and turn the major part of it
bver for the support of an army aid
navy. How much prosperity will be loft
for you and your children?
But this is only the beginning. It
will soon be three millions. Secretary
Long wants eighteen .new warships.
McKinley wants a large increase in the
army, The list or civil omcers win nave
t,, largely increased
Three millions
a day will not pay the bill.
Is theie no escape? None at all unless
it is found in the patriotism of the com
mon people. If they sit supinely down.
imperialism will become the permanent
mt.r of this government. If you have
. fo iye a country where your
children shall have an opportunity to
ive Home other life than that of a tax
pi)J.inK Mtrf you must put your armor
on n wx not do to sit down now. Get
these facts before your neighbors. They
are ignorant of them. The republican
j,H,ers do not publish them. Give them
The plan is to not only make you pay
this enormous amount of taxation, but
to double the burden again by making
money dear and till hou have cheap.
The gold standard is to be adopted.
The contract with the men holding over
a billion of bonds is to lie changed nnd
lh value nf ,i,eir ond-i doubled. Taxes
are to bo taken oil the national bankers
and placed upon you. The telegraph
and express company have already been
exempted and you are paying their taxes
today. The incomes of the rich have
been exempted by a decision of thesu
preme court declaring the tax unconsti
tutional. It will nil have to come out of
you and men of your class.
Two millions a day and soon to be
three miliums! You will have to get the
money by rawing wheat, corn, cuttle nnd
tioirs. Would it not lie good iiusine-s
sense to get out and work a little to
stop this drain of cash that will le made
upon you, by distributing information
among the people. Hven a mullet head
would not vitt for this thing if he knew
the facts. Put the facts into his posses
ston.
I.KAKMNO SOMKTH1NW.
Every gold bug paper in the Uuited
States has been endued in the task of
demonstrating the great prosperity of
this country by uuoting the excess of
Lmirtsover imports. Lately a few of
tnm i.ave i,01rUn to imtci ive that iheir
LrKUnietit did not have the force of a
nVmon-traiion. It has taken a lont:
tim to beat a little common sense into
tn(lr neU(4; ,t a few of them begin to
I " "
.Mcnnwledirn tlmtthe position they have
taken was untenable. A year ago the
chjuato Record was foremost among
those who thought a large excess of ex
tH,rtrt WM the acme to which all nations
hould Bspire, and the nation which had
the greatest excess was the most pros
perous. Now it says:
The nation that sends out of its tern
tory more wealth than is received grows
poorer, not i letter, i ne uniiea owies
cannot go on permanently importing
goods valued at only $OlJ7,14.4W an i ex
tKiriinir to the amount of $1.227,02.1,302.
. -. th case during the last Hscgj
I jroi. i .n. . ,,r ... . .
may te explained on the theory that
Americans are paying debts abroad or
that tourists ate spending large eunm of
money, or that the balances in our favor
are settled in gold. The time must come
however, when imports must onset ex
ports, tf trade is to continue, (or if bal
ances were continually paid in gold we
should soon have more of that metal
than we would know what to do with
fen we would be anxious for wealth in
other forms,
It is evident that that editor has taken
a hasty glhnce into some standard work
on political economy, but he did not read
far enough to find out that gold, when
- used as money, is not wealth at all. One
might pave the earth with gold and the
or people would not thereby have better
shelter or more to eat or wear. Money
lis not wealth and when we export more
to I than we 1 n port we are just that much
I poorer instead of beiag that much rich
THE NXBKASKA ITOEFEOTENT.
.UJ.l.'. ." 1
OU9 Of tUlM
er. ur course im h
things that a mullet lead oan mrvwr find
OUt.
APPAl.I.IKO KXPBJUMTCBKK.
In counting up the income of the gov
ernment for the last two years the fact
is oftso lost sight of that a very large
part of that income was paid into the
treasury wholly outside of the revenue
from the Dingley Bill, the war taxes and
the ordinary revenues of the govern
ment. Over $300,000,000 has come from
ttt I is -ties and old d-bU collected dur
it - that time. The presidout say in his
message: ,
The amounts paid and secured to lie
paid to the govemnient on account of
the Pncitic Railroad subsidy claims are:
Union Pacific, cash ...... .$58,448,223.7o
Kansas Pacific, cash ($,303,000 W
Central and Wes-u Pa-
cificeaHh 11,788,314.14
Notos, secured... 471uw1lY2.:Jt
Kansas l'oificii' i lends
for deficient; duo Uated
States, cash 821,907.70
Making a total of ....$124,421,607.95
The whole indebtedness was about
$130,000,000, more than half of which
consisted of accrued interest, for which
sum the government has realized the en
tire amount less about W.oou.uuu wiltiin
a period of two years.
Add to that $200,000,000 of bonds and
it will be seen that notwit hstanding the
excessive taxation, $:i"2U2l ,007.00 have
been poured into the treasury and still
the treasurer of the United States re
port that there is a deficiency of $89,
000,000. The deficiency has been m fact
$413,421,607.00.
This is nothing lea than appalling.
We would like to hear what some of the
readers of the Independent , think of it
One thing is certain. If expenses in the
future are to be the same, taxation
heavy as it is at present must be
doubled! What have the people to say
about this?
A LCABNKD IHSCUSSIO.N.
Some of tke learned mea of Gotham
have been applying the methods of the
"higher critics" to the president's mes
sage and they prove to their owj satis
faction that it was not writtnd by Mc
Kin ley at all, but by Mark Hanna. In
examining the president's former speech
es and writings about which there is no
question of authorship, they Hnd that
he can write fairly grammatical English,
that he never placed a predicate four
hundred words away from the subject,
that he knows that a verb must agree
in number with its nominative, that a
pronoun must be somewhere in reach of
its antecedent and not so used as to. for
ever prevent a reader from finding out,
what its antecedent is. On the other
hand hey find that that is Mark Han
na's style exactly. So they came to the
conclusion that Mark Hanna wrote the
message.
There are other critios, however, who
deny the force of this reasoning. They
say that a man's style has been known to
change. This change niBy be noticed
not only in speaking, as is often the case
but. also in written documents. Put a
man into a new community were differ
ent forms of expression are in use from
those to which he has been accustomed,
and it will not be long until he will be
found using them lioth in speech and
writins. These t undits say that 'the
ong intimacy and constant association
of the president with the jier.-on and
iverpowering will of Mark Hanna has
u-ed him, all unciouly, to adopt the
utters hitbit of disregarding all th
rules of English grammar, and it does
not necessarily follow that the writing
of the message was done by Mark Han
n, but it may have lieen written by Mr.
McKinley after all. The proof, they say.
whi e having some force, is not conclu
sive. Moral: If you want to write pass
aide English, associate with gentlemen
not with men covered with dollar marks.
llON'T KNOW.
The following letter has been received
from L). Clem Deaver:
Omaha. Nan., Dec. 9. 1399.
Editor Independent: The Independent
has hail consumable lo sav about me
lately. 1 nm pot aware that I have done
anything unbecoming a meiitlier of the
national committee of the people s party
and if you will kindly point out where n
I have erred, 1 will, with your )ermis
sion, lane pleasure in pre.-entmg my
opinion of your criticism of my actions,
lesiiectfully, J). Clbm Dkavick.
So D. Clem don't know what he ha'
done! Well, that beats us. We always
had an idea that there were a few mil
li n things that D. Clem didn't know.
but are somewhat surprised at this ex
hibition of ignorance. What did he do
Why, when lie wrote that letter to the
Bee, as a gentleman recently remaraed,
he thought he was getting into the band
wagon, but after election he found that
he was in a hearse instead. One of the
million things that he don't know now,
is how to get out of the hearse and get
back into th band wagon. That's what
makes him sorrowful.
Judge Kohlsaat, McKinley's pet judge,
appointed without the recommendation
of a single member of congress or sena
tor, recently made a decision that will
coat this atate thousands of dollars. He
declared that the $2.00 extra charge
made for switching cant at the Chicago
stock yards was all right and that to
abolish it would be taking private prop
erty for publio ase without com pen si
tion. So the farmers who raise cattle
and hogs in this and other states west of
Chicago, will have to continue paying
tribute to the railroads. McKinley's pet
judge has so decided. Oo and whoo;) it
up some move for the g. a p.
tCKintmrt KKHHAcr,
The Ctilies are everywhere poking fun
at the message of the president and en
perorofthff Philippines. In the first
place it is the most ponderona document
of the kind ever transported from the
White House to the Capitol.. It makes
a little over tweoty-one column in an
an ordinary newspaper. The reaaly print
houses put it in type, but so fa-r they
have not been able to wll the who doc
ument to a single paper. The most of
the editors - even those of th gold bug
variety -will oily take from five to ten
columns of the stuff. One of the critics
goes after it in this way:
Mr. McKinley's carefully considered
message, for instance, together with' the
usual large collection of ipelegaucies,
tautologies, split indicatives, misused
auxiliaries, and other errors of number,
tense and tuoud, i furs Mime sentences
wiii:h yield up their lueaumg only efter
curetut study. It l isouipaiaUVfly easy
to uniieivtahd that when he s.'Y's t,h
he Philippines "cariint ' e abandoned"
tie i ea'iy mruus thai Uiey uuiy not tie
abandoned, it is not imfii lo believe
that Uit liu i a- "the in i.i.aU; reunions
of all pari ot the country u;uca other"'
alludes to the relations ui :tie various
sections to one another. ' Lahalik Jiu"
may be allowed to "meet to;tyuer,'' in
view of the fact that they cannot meet
asunder very well.
After that he quotes ten or twelve
sentences which he says no man living
can tell what they mean or give a good
guess at what McKinley really intended
to say. This editor took several hours
and waded through the whole document.
It was the worst job he has fallen onto
for thirty years. He has been sick ever
since and had to go and consult a doc
tor, Dr. Lowry said that his trouble
was nervous exhaustion. There is one
sentence in that message where the
predicate is 487 words away from the
subject. Dr. Lowry wouldn't presenile
any medicine but said if the editor did
not recover, to come back in a few daye.
Two days after he thought be would
have to report again for treatment, but
observing that a copy of the message
hung on a hook in front of him all the
time, removed it to another place. Since
that time he has rapidly improved. If
anyone wants that copy of the message
he can have it "free gratis, for nothing."
' OVB. NEW SUBJECTS,
In answer to a correspondent and for
the information of other readers of the
Independent, it may be said that the
number of inhabitants of the Philippine
islands is between 8,000,000 and 10,000,
000. There has never been an accurate
census taken, but that is the best judg
ment of those who have investigated the
subject. From all that has come to
light it is probable that 1he latter num
her is nearer the truth than the former.
The inhabitants of Luzon, where the
fighting has been done is estimated at
between three and four millions. The
best authorities put the inhabitants of
the whole group of islands at bl per
square mile. But it must be remem
bered that much of the country is moun
lainous and some of the islands are not
inhabited at all, so that the country that
is occupied is' much more densely in
habitad than the statement would indi
cate. Those islands were to all appear
ances densely inhabited when first dis
covered, and the population has not di
minished. There are many races and
tribes, speaking many diffeient lan
guages and professing various re igions.
Some of the people are highly civilized,
md in the remote districts there are
-avages who have never come in contact
with civilization. Most of them are
tierce tighten and many thousands were
never brought under Spanish rule at
all. These are the people that it is pro
mised to hold as subjects. It will be a
nasty job, no matter who commands the
troops in the Philippines.
HOMING IT THKOLGH.
There was never a more despicable act
of despotism perpetrated in any' govern
than tha way the gold standard bill was
was forced upon congress. All the long
established procedure and preoidents of
the house were violated and the despotic
mandate from Wall street issued through
the White House implicitly obeyed. All
bills have heretofore be-n first referred
referred to a committee, then submitted
to the house with a report of the com
mittee. This bill was perfected by a
few men, kept a profound secret from
all not in the ring, presented to the
house without any reference to a com
mittee and placed utxm its passage in a
way that no other bill has ever been
handled since congress assembled for
the first time. Protests had no effect
The order had been issued, every repub
lican bent the suppliant knee like a
cringing slave and obeyed.
The object of this order was to prevent
discussion. The backers of this bill
well know that it will not bear discus
slonr It changes the value of the money
in which at least $22,000,000,000 of long
tim. debts must eventually be paid, 4l
is perpetrating a robbery of the produc
ers of this country of such gigantic pro
portions that it staggers the imagination.
The well ascertained bonded debts of
this country ere as follows:
ttonded debt of tna United Stales., ttnantn nno
IVmilep debt of raihoaiia s.ottt.UIU.UJU
Mo tffnire debt, tacuiedon leal at-
tate hvnuua of Irtd
BoikU iwiied by oraaniaed indue-
6,010,(100,000
trial trnat not lae than 8,000,000,000
HtaiM. flniiHiriiml and other aornor
ate bonded debt, mo. than 1,000,000.000
This bill makes all those debts paya
ble in gold. What a future such a pros
pect presents to toiling humanityt It
will never be endured. It is too heavy
a burden for humanity to carry. It will
result in repudiation, revolution er at
tempts at socialism.
There's
Nothing
More acceptable fur a
Chrititmas Gift tbaa a garni
SuitoiCiV
or Overcoai
Our Mail
plenty
prompt.
3EE
WHO KHAI.I, HE SKNATOK?
In answer to this question, asked in
the last issue of the Independent, letters
began pouring into this office the next
day after publication. Thenuuiberot
them was astonishing. Thev were
nearly all for Senator Allen and they
came from every part of the stale and all
c'awsBs of men. While they are mainly
from populists, there were also many
from democrats. The letters were taken
np to the state house, and there we were
info med that hundreds had been re
ceived there, eaying that the writers had
seen the question asked in the Inde
pendent and had written directly to the
governor instead of sending them to the
paper, the writers fearing that if sent to
the Independent office they might not
p ach the governor on time. These were
also nearly all for Allen.
If any man had any doubts about the
wide circulation of the Independent and
the influence it has upon the men of
this state who take an active interest in
government and politics, these hundreds
of letters will forever disispate any such
wrong impression. This paper is an in
de) endent publication and is dictated to
by no man, set of men or party. That is
the reason IhBt so many men who take
an active part in public affairs read it
and rely upon it for news. Its opinions
have weight They always find it honest
and reliable.
In the fight for senator as between
the World-Herald and Audiior Cornell
Cornell is a winner. Iu the long run it
doe n't pay a newspaper to abuse any
tuin unjustly. Mr. Cornell has been an
auditor far superior to any of his prede
cessors. He is in it'ed to the credit of
having administered the affairs of his
office honest I.. . Personal likes and d is
likes cannot deprive him of the credit
he deserves.
In the face of the thousands of letters
from the people, will the poor old Jour
nal dare to saj that the appointment of
Senator Allen was "diclated by a ring?"
Yes, the Journal will say it liecause it
isn't so and the Joi mal ie a specialist at
lying.
'Do unto others as you would have
others do to you." Send in your bac k
subscription together with jour renewal
for another year and help our Christmas
to be merry.
Wh' n Senator Allen gets to Washing
ton President McKinley will begin to
rea i.e that war is not confined to the
island of Luzon.
Agnn Nebraska has a senator that is
worthy the title.
As usual Governor Poynter did the
right thing.
HARDY'S COLUMN
Consistency Civil Service -Two Wars
1,1 Canals Spanish Murder Gold
Standard-Where are We at
Strengthening Public Credit.
It is a funny law that makes it a crime
to color tallow butter, but sanctions the
name thinu in cream butter. If color is
bad in one place it is bad in asother.
The virtue of any law is consistency.
There are two things they can't adulter
ate and they are eggs and potatoes.
V
If McKinley has a right to cut and
csrve the civil service ruie, oi course
Bryan will exercise the same right in
turning out McKinley men, that Mc
Kinley has in turning out Cleveland
mea. The quicker our office holding
class is degraded to common citizens
the better. Away with life tenure of
office. It is unAmerican.
V .
We eertainly have the advantage of
England in the two wars. Not a dol
lar's worth of war material do we buy of
them while at the same time England is
buying millions of war material of the
U sited States. These sales, with short
Doc em bet 14,
1SS
Order Mas w .
of time if you're:
y
crops in iiiurops generally, creating a
heavy foreign demand, together with
the fact that twenty-eight millions of
silver have been coined within the year,
all to swell the tide of republican pros
perity. That party of course should
have all the credit, and McKinley more
than all the rest. Rigid economy among -our
people and good crops should have
no part of the credit..
V
Canals or railroads which? There are
places where canals are great utilities,
but as a rule railroads are better. The
canal around Sault St. Marie will never
be abandoned. The same may be said
of the Wei land canal nnd the St Law
rence. Aside from these there is ne
p'ace on this continent where a railreid
would not serve a better purpose. The
Chesapeake and Ohio canal has long
since -been abandoned and the nquiduct
over the Potomac has been utilized for .
a wagon bridge, Ths Genesee valley,
Deleware and Hudson and several other
canals further west have all been aban
doned and railroads built on their tow ,
paths. Notwithstanding these facta
the government is now engaged in build
ing a canal from Roak Island on the
Mississippi to llenepin on the Illinois
river, thence up the river to connect
with the canal from Chicago or perhaps
the great harbor drainage ditch, theocs
into lake Michigan. The railroad cjua
panies are perfectly willing for states
and governments to own and operate all
the canals but there is a general fight
against their owning a single mile of,
railroad or. telegraph, the tine canal is
kept in repair by the state and free use
ofit is given to any person who wishs to
run a iHiat and yet the business is fall
ing off every year.
V
We have just received a paper pub
lished in Havana, the most of it printed
in Spanish but one page in English. One
of the items stated that, that 2,000 peo
ple gathened that morning at the ceme
tery to sadly commemorate ine an-
viivorsurv til lliA BTprMitinn ftf otrrVit. Til,-
ban students in 1H71 by Spanish author- -ity.
The crime charged was that of ,'
writing slur- on the tombstone of a
Spanish o licer. The priest delivering
the oration pronounced the execution
murder.
The exis'ing gold standard must be
preserved by. law. It will not do to let
it pre-srve it-elf by supply and demand,
like o' her corumod'itie. The rich men
are intere-ted in gold more than in any
thing else and they must have the law to
help them or they could not multiply
their millions. The republican conven
tion in ISM declared for the ''present
gold standard." but now they wmit to
change it so it will be more solid and en
during, they are so afraid Bryan will
kick it over. They have good ground
for being afraid.
V
President McKinley boasts of a sur-
plus in the treasury. Why should there
no' be a surplus? Bonds to the amount
of $200,0! XUIOO were sold. $2-,(KW.0W of
-ilver which has been in the vaults 8 or
10 years was coined; then $12,000,000
has been received trotn sale of the U. P.
railroad. Then count, the stamp act, and
other increased 1aes. All these incomes
go to swell the treasury, ana what will
lie done when these resources are ex
hausted. v . '
The first government lionds were is
sued in the sixties and read "payable,
principal in lawful money, interest in
coin." In 1870 the bond holders discov
eied the credit of the government was
very weak and must lie s rengthened by
making the bonds payable, principal and
interest both, in coin. At that time we
had no need of credit, for we hud stopped
horrowing and had convnenced paying
off our debts over a hundred million a
year. But the bond holders must have
what they wanted, so new bonds were
issued payable in coin, standard weight
and fineness of 1870, and the old ones
gathered up and burned. The deck was
now clear for another engagement. In
1873 the co nge of the silver dollar was
stopped and those already coined were
demonetized, at least limited as legal
tender to ten dollars. The bonds were
then payable in gold, for silver was out-.
lawed for big debts. These laws in
creased the value of all bonds at least
50 per cent as compared with property;
The most severe financial panic ever .'
known followed. In 1878 the silver dol
lar was reinstated a legal tender, and
its free coinage would probably have
been estalijisbed again but John Sher
man moved a ilver purchasing ill as a
substitute. With the free comtge of
gold, limited coinage of silver, the issu
ance of silver certificates and treasury
S 1 I l.W. t l..rtrla timAd HfAM
IIIMT, Oil I ' It " I v liuri, V I III.--, nuu 1 1 IT 1 O
1 . - ov, A I A
ana more prosperous up to imrj. Annul
this time the endless chain was applied.,
to the gold in the treasury and even a
more severe panic followed than that of
'73. The paper presented for payment was
T
t