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About The Nebraska independent. (Lincoln, Nebraska) 1896-1902 | View Entire Issue (Oct. 23, 1902)
Oct. 23. 1902.
THE NEBRASKA INDEPENDENT.
ANOTHER SOUTH SEA BUBBLE
nflatlon Goes oa by the Million Fools
Will Only Learft by Experience
Editor Independent: Since the issue
of the comptroller's abstract. No. 28,
which was a report of the condition of
national banks from February 25 to
April 30, many important things have
occurred in the financial condition. I
have just received INo. 29, which is
down to July 16 last
During the 77 days between April
30 and July 16, the loans and discounts
of national banks were expanded at
the rate of $637,690 per day. During
the time covered by abstract No. 28
the increase was $760,868 per day. Dur
ing the time covered by abstract No. 27
the increase was $1,171,060 per day.
Is it possible that any one who has
studied the subject cannot see the re
lation this expansion of credits sus
tains to other financial conditions?
There Is a direct causative relation
between this expansion and the mon
ey stringency; a relation that is like
action and reaction. The credit ex
pansion is to a considerable extent a
cause of the stringency in money, and
this stringency is in turn a cause of
the decrease in the expansion, as in
dicated by the periods covered by each
of the last three abstracts of the
We have reached a point at which
we cannot decrease loans and dis
counts without business calamity nor
can the banks stop increasing loans
and discounts. They cannot go back
and dare not stand still. Even to de
crease the rate of expansion means a
stringency and business depression.
Every resource is now being strained
to supply the demands for bank cred
its. The bank law has been violated
with the full knowledge and consent
of both the comptroller of the cur
rency and the secretary of the treas
ury, until the attention of the coun
try can be no longer diverted from it
The reserves have been loaned until
the secretary of the treasury was com
pelled to notice it, and to admit that
thirty -six out of forty-four banks in
New York city were carrying less re
serve than the law required.
It is worth while to consider what
that means. The 44 banks, in the ag
gregate, held, on July 16, about $13,
0U0.000 in excess of requirements. If
the secretary told the truth, then eight
banks held all this excess, and the
thirty-six banks were short that
amount at least How much more the
comptroller's abstract does not show.
It is safe to assert that the shortage
was greater than this.
Now comes the secretary of the
treasury and proposes to relieve the
banks from the duty under the law to
retain a reserve against United States
deposits. Why Is this done? Mani
festly, to relieve the New York banks
from the position in which they have
placed themselves under the law, and
to enable the eastern banks to con
tinue the expansion of bank credits.
The government has about $68,000,
000 deposited in the 1687 eastern
banks, of which amount $40,000,000 is
deposited in the 44 New York banks.
The New York banks are required to
hold 25 per cent of this deposit in cash,
while the other 1,643 eastern banks
having the $28,000,000 are only re
quired to hold 12 per cent of it in
cash. It is clear, then, that Mr. Shaw's
proposition will have the effect to lib
erate $10,0007000 of the New York
banks' reserves, and enable these
banks to use that amount in expand
ing bank credits, if, indeed, it is not
true that they had already used it
when Mr. Shaw promulgated this pro
position. The proposition shows eith
er such audacity as to be startling, or
a condition of ignorance so dense as
to be appalling. The situation justifies
the conclusion of both audacity and
ignorance, or, at least, the complete
subserviency of Mr. Shaw to the de
mands of the New York banks.
What will come of it? This amount
will give only momentary relief, and
some new way of liberating money
held in th bank reserves must be de
vised, law or no law, or the banks
must be given the power to convert as
sets into money, by which they can
make the individual deposits security
for the loan they are asking the gov
ernment to make them in the shape
of bank currency.
It is just as well to let them go on,
for fools will learn in no school ex
cept the school of experience. Some
of our national bankers in Indiana are
very much wrought up over the Fowler
bill, and well they may be, for, if it is
passed, as it will be, it means the
crack of doom to many of them.
I have done all I could in this state,
from 1896 to 1902, to arouse our bank
ers to the danger of the situation; to
make them see that, when this east
ern bankers' combine had subordi
nated everything else to their control,
they would then subordinate the west
ern and southern banks, and would
crush every one of them that refused
In 1896 republicans laughed, and
democratic leaders thought the discus
sion had better be confined to bimetal
lismfree silver they called it and
nothing said about this banking com
bine, which has been in existence ever
since the civil war, and which ever
since has gradually been entrenching
itself until now it is openly defiant,
violating laws, and having captured
the government at Washington, execu
tive, legislative and judicial, looks out
from this as a citadel, and with thumb
to nose and fingers extended inquires
of the American people what they are
going to do about it With cool ef
frontery, they demand that we shall
regard them as the agents of God, and
Bhall become soldiers to protect them
In the wealth that they have accumu
lated, but of which they never created
a dollar; and to pay our own expenses
while we are doing it
And now comes the democratic or
ganization in Indiana (that does not
represent the sentiments of 25 per cent
of 'its own voters), with a national
banker at their head, and carrying a
banner upon which is inscribed re
pudiation of the Chicago and the Kan
sas City platforms, and ask those who
supported it in 1896 and 1900, because
' of these platforms, to suport it again
upon a platform of mild opposition to
the Fowler bill, and the danger (?)
there is that a banking trust may be
formed. - - - . - ,
It will not do. The democratic or-
I Will Cure You of
Ele No Money is Wanted.
After 2,000 experiments, I have
learned how to cure Rheumatism. Not
to turn bony joints into flesh again;
that is impossible. But I can cure tho
disease always, at any stage, and for
I ask for ro money. Simply write
me a postal and I will send you an or
der on your nearest aruggrst ror six
bottles Dr. Shoop's Rheumatic Cure,
for every druggist keeps it Use it
for a month and, if it succeeds, the
cost is only $5.50. If it falls, I will
pay the druggist myself.
I have no samples, because any med
icine that can affect Rheumatism
quickly must be drugged to the verge
of danger. I use no such drugs, and
it is folly to take them. You must
get the disease out of the blood.
My remedy does that, even in the
most difficult obstinate cases. No
matter how impossible this seems to
you, I know it and take the risk. I
have cured tens of thousands of cases
In this way, and my records show that
39 out of 40 who get six bottles pay
gladly. I have learned that people In
general are honest with a physician
who cures them. That is all I ask.
If I fail I don't expect a penny from
Simply write me a postal card or a
letter. I will send you my book about
Rheumatism, and an order for the
medicine. Take it for a month, as it
won't harm you anyway. If it fails,
it is free, and I leave the decision
with you. Address Dr. Shoop, Box 940,
Mild cases, not chronic, are often
cured by one or two bottles. At all
ganization must get rid of its trim
mers, tricksters and traitors before it
deserves again the support of those
outside of the party, who believe in
the principles of the Kansas City plat
form. We are ready, and will continue to
be, to give our support to the prin
ciples of the Kansas City platform.,
We ask no reward except to be treated
with candor, and not handicapped in
our efforts to make our support ef
fective. FLAVIUS J. VAN VORHIS.
For over sixty years Mrs. Winslow'a
Soothing Syrup has been used by
mothers for their children while teeth
ing. Are you disturbed at night and
broken of your rest by a sick child
suffering and crying with pain of Cut
ting Teeth? If so send at once and
get a bottle of "Mrs. Winslow's Sooth
ing Syrup" for Children Teething. Its
value is incalculable. It will relieve
the poor little sufferer Immediately.
Depend upon it, mothers, there is no
mistake about it It cures diarrhoea,
regulates the stomach and bowela.
cures wind colic, softens the gums, re
duces inflammation, and gives ton
and energy to the whole system. "Mrs.
Winslow's Soothing Syrup" for chil
dren teething is pleasant to the taste
and is the prescription of one of the
oldest and best female physicians aDd
nurses in the United States, and ie for
sale by all druggists throughout the
wond. Price, 25 cents a bottle. Bo
sure and ask for "Mrs. Winslow's
SPECIAL MARKET LETTER
FROM NYE & BUCHANAN CO., LIVE
STOCK COMMISSION MER
CHANTS, SO. OMAHA,
Cattle receipts last week only about
30,000. Best range steers advanced 50c
during the week and cows 20c. Feed
ers slumped badly, the common kinds
being pounded the hardest Receipts
three days this week, 25,000. Corn
fed beef is lower; all other kinds
Quotations are as follows: Corn-fed
beef 5.75 to $7.75, best heavy range
steers $5.00 to $5.75, high grade stock
ers and feeders $4.00 to $4.50, good
$3.75 to $4.00, fair $3.50 to $3.75, com
mon and lightweights $3.00 to $3.50.
good fat cows $3.35 to $4.00, fair $2.50
to $3.10, veal $4.00 to $6.00.
Hog receipts last week exceedingly
light, 18,700. Three days bring only
11,000, but market is slumping badly.
Range is $6.60 to $6.80.
Sheep receipts last week moderate,
52,500. Three days of this week
bring 55,000 and we believe receipts
for the week will reach 80,000. Fat
sheep and lambs fully 25c higher than
last week's close. Feeding sheep and
lambs demoralized and fully 25c to 40c
lower than then.
Lambs $5.00 $5.25 $3.25 $3.B0
Yearlings 4.00 4.25 3.00 3.10
Withers 3.25 3.50 2.65 2.80
Ewes 3.00 3.25 1.25 1.60
DEAFNESS CANNOT BE CURED
by local applications as they cannot
reach the diseased portion of the ear.
There is only one way to cure deaf
ness, and that is by 'constitutional
remedies. Deafness is caused by an
inflamed condition of the mucous lin
ing of the Eustachian Tube. When
this tube is inflamed you have a rum
bling sound or imperfect hearing, and
when it is entirely closed, Deafness is
the result, and unless the inflammation
can be taken out and this tube restored
to its normal condition, hearing will
be destroyed forever; nine cases out
of ten are caused by Catarrh, which
is nothing but an Inflamed condition
of the mucous surfaces.
We will give One Hundred Dollars
for any case of Deafness (caused by
catarrh) that cannot be cured by
Hall's Catarrh Cure. Send for cir
cularsfree. F. J. CHENEY & Co.,
Sold by Druggists, 75c.
Hall's Family Pills are the best
Best Published FREE.
D. II. GUNNELS, Toledo, Ohio.
Readers of The Independent should
examine the advertisements In Its col
umns. It will pay you to read them
and take advantage of the bargains of
fered. Always mention The Independent
- County Commissioner
Every once in a while in this repub
lican city and county the republicans
put up some candidate that is so ob
noxious to the people that he gets
beaten or the fusionists nominate
some man who is such an example of
good citizenship and known to be so
much interested in the public welfare
that he is elected. This year Is one of
that kind, notwithstanding the 1,200
republican majority. The contest this
time is over county commissioner and
R. Lee Newton, who is the fusion can
didate, is the very kind of candidate
that the fusionists have elected several
times in this county. It is the farmers
who are mostly interested in the coun
ty commissioner office. Tilton, the
present Incumbent ,has made such a
muss of the whole business and proved
so incapable that there Is a crying
need of a change. The republicans
would not have nominated him at all
had it not been for their custom of
giving a man two terms. He went to
work, and contracted for a lot of
bridges, and made such a fool of a con
tract that he himself sued out a writ
of injunction to stop the payment of
warrants which he had signed as chair
man of the board. That was about
equivalent to applying to tne court to
act as his guardian.
What the' farmers want is an efficient
officer in that place. They want the
money that they pay in taxes economi
cally expended. They want the roads
and bridges kept in repair without giv
ing any rake-oft to any bridge com
pany or county ofllcer. That is the
very sort of a man that Lee Newton
is, and as he is well known all over
the county, hundreds of republicans
will vote for him. There is.no poli
tics in this office of county commis
sioner. It is simply straight business.
Who is Baer?
Who is George F. Baer, and why is
he so conspicuous among the coal
Mr. Baer is president of the Phila
delphia & Reading Railway company,
receiving his appointment about two
years ago from J. Pierpont Morgan,
who has controlled this property since
The Reading system consists of 2,100
miles of railway. Mr. Baer is fore
most in the counsels of the combined
coal carrying railways because the
Reading Railway company owns and
operates the larger-part of the anthra
cite mines, not in its own name, be
cause the constitution of Pennsyl
vania forbids a railway company to
engage in the production of coal, but
in the disguise of other corporations.
Mr. Baer is 60 years old. He was
not trained either in practical rail
roading or . in the operation of mines,
but has been a lawyer in Reading ever
since the civil war, in which he served
for a short time.
He was at one time editor of the
Somerset Democrat, and did not leave
the democratic party until 1896. ,
He was one ; of the legal counsel of
the Reading road for many years be
fore his appointment to the presidency
by Mr. Morgan. Boston Globe.
Then and Now
Some strange things are happening
these days. The following extract was
actually printed in an eastern daily..
Speaking of the times in 1893 when
the manufacturing industries needed
relief and the government refused to
aid them in any way while now it is
straining every nerve to put out "more
money," the writer says:
"These magnates wanted at that
time no financial relief for the country,
for the reason that the policy of mone
tary contraction had not yet borne its
full fruit Thousands of industrial
enterprises were still struggling for ex
istence, which, unless relieved, would
soon be forced to suspend and their
plants and establishments, thrown
upon a barren market, would become
an easy prey to the vultures who
were hovering to devour them, and by
a proper process of digestion and as
similation transform them into the gi
gantic Industrial "combines" which
they have now become.
"As soon as this was accomplished,
when contraction had done its work,
the small concerns forced out, or sold
out to the "trusts" we were told. Ex
pansion is now the order of the day,
and "any old plan" which will enable
them to realize returns upon the in
flated and overcapitalized value which
they have placed upon the reorganiz
ed industries that a few years ago they
"purchased for a song" will suit their
purpose. Having about exhausted the
loaning capacity of the banks by bor
rowing upon the security of their ma
terial and inflated shares, they now
induce a compliant secretary of the
treasury to come to their relief
through loaning money from the treas
ury upon the security of state and
municipal bonds, even if in order to
do this he must arbitrarily set aside
the interpretation of the law which for
more than 30 years has been consid
ered a bar to such action."
The Best in the World
Editor Independent: I have just no
ticed your ad. in The Commoner and
can but commend your sagacity in try
ing to get before the people. As an il
lustration let me mention a circum
stance. A few days ago I handed a
copy of "the best paper in the world"
to a gentleman here and he was simply
wild in his praises and wondered, how
it was that the truth was not pre
sented to the people from the east.
What will become of us unless populist
principles prevail, I cannot see.
I look forward to the coming of my
Independent with eagerness and now,
at midnight, only wish it were here. I
believe I shall go to Lincoln where I
can associate with the "folks." I was
a schoolmate of Boise of Iowa, but his
course lately don't suit me in anything.
M. F. BOWEN.
Manufacturers' Club, Buffalo, N. Y.
Registered and high grade Short
horn culls, registered Poland China
boars and gilts; Toulouse Geese.
Rising City, Neb. ;
A GROWING QUESTION.
hon. elmer j. burkett,
hon. david h. mercer,
Hon. john j. McCarthy,
hon. edmund ii. hinshaw,
hon. george w. norris,
hon. moses p. kink aid,
lemen, if elected to
The Fowler currency bill embodies all the iniquitous features of the old wild-cat banking plan. It provides for
bank notes issued on bank assets, for branch banks, for retirement of the greenbacks, and for making silver dollars re
deemable in gold on demand of the holder. It is the foundation stone of a bankers' trust. The Fowler bill has been
recommended for passage by the republican majority of the house committee on banking and currency.
The people of your respective districts have a right to know where you stand on this question. At present you are
maintaining a discreet silence. But this is cowardly. Have you the courage to say publicly what you will do if elected
and called upon to vote on the Fowler bill ?
Crops Every Year.
Market Always Good,
0 tT 1 " - - -
77 "T ,' 1 "f " ;
II -rtmr- - - : . : ..... ... ' . . .
- . mm , in h n.mm.yw.u myi iimiihwhimh
''ks? J - j I
Photographic view showing hbw the great reservoirs are constructed. (See United States official report, year book department of agriculture for 1001 p. 415;.
Let us tell you something of the wonderful opportunities now offered in the Cache La Poudre Valley in the famous
Greely district at Fort Collins, Colorado. These lands are G5 miles north of Denver and have been cultivated under the
Reservoir System of irrigation. For several years the products consisting of sugar beets, potatoes, alfalfa, wheat,
oats, barley and fruits of every kind are positive proof that the system is just what we claim for it, and far su
perior to the usual custom of depending on the river that may go dry at the very time the water is most needed to in
sure your crops. Under our system we fill our reservoirs during the freshet season which never fails during May and June.
When filled the question is settled for the season and the river may go dry and cause no anxiety or loss to the farmer. We
have fourteen of these large resevoirs that have cost the company over a million dollars and have a storage capacity of over
three billion cubic feet. All together covering an erea of over 4,000 acres. Our lands are only five miles from the foot
hills and there is plenty of free mountain range for either cattle or sheep, that must remain free for all time to come. The
climate is as near perfect as you will find in any country and the society and educational advantages are tqual to the best in
any of the eastern states Sugar beets and potatoes have so far been the best paying crop and it is no unusual occurrence
to yield $100.00 net profits per acre. "Seeing is believing" and the distance is so short that you can take your supper in
Lincoln and your dinner in Fort Collins with several leisure hours to spend in Denver on the way. We can make you a
one fare rate for the round trip and will send out excursion parties from Lincoln on each Monday until further notice.
These lands will more than double in value within the next 5 years and now is the Golden Opportunity to invest.
Our prices range from $35.00 to 865.00 per acre, terms easy according to location and improvements inluding per
petual water rights ample to insure crops. All. that is necessary is to order your water from your reservior upt. as you
want it. You have your own measuring weir and know just what you use leaving no chance for dispute. For further par
Woods Investment ,Co
Burr Block, Lincoln, Neb.
Mention the Independent.
Do You Want a
Hundred of Upright Pianos
wa.Hnut .im r.nlin. in Ii.
dispoMd of at one. ThT inclnda Stoinwajt, Knabci, Pitchers,
Sterlings and other wall known makes. Kany cannot bo dis
tingBisbad from now faj fDaj 0Qk N f ret all are offered at
great dlsownt. It O fl P 1 UPri ehU M ,,ow
aa 1100. Also boaa- 131 IfC BLJ Kew Vp-
rlhUat12S,tl35, M IBUlf B HSilli.ifiM.
inssramant at t'290, f ulljr equal to many
$400 piano. Monthly payments aooepUd. freight only aboaa
(3. Writs (or list and particulars. You make a great earing,
fiaos warranted as represented. HI nitrated Fiaao Book Free.
LY0.N & ;..HEALY.
' lOO Adams St. CHICAQO.
WhM'i largest mask hoaso; selLs lYsrythlnr, known in Stuter
Best Low Priced Hotel n the City.
$100 per day and up.
1816 O St- LINCOLN, JCKB.
To make cows pay, use Sharpies Cream Separator
BoosBu8ine6S lairyins" &Cat.270f ree W. Chester.P a
W. M. Morning, attorney, rooms 310-311-312
Richards block, Lincoln. Neb.
All the world laughs at a lorer.
IN THE SOUTH.
Does Track Farminfr in ths South rrny 1 Writ
the undersigned for a free copy of Illinois Cen
tral Circular No 3, and note what is a.iid con
J. F. Mesby, Ass't Gen'l Past'r Agrent
Illinois Central Bailroad, Dubuque, la.
. "We know some fellows who are al
ways wishing they were boys again
who have never really become men.
ON'T Set Hens the Same 0 d War.
ana iei iice rn.ui uem oa ue it-tj
Tiffany's Sure Death to Lice
will kill all vermin. and your fan will hrii.rr
berbruod off free from lice. Ttfi&ny's Para
gon Lice KUler "Liquid," guaranteed t k!U
all lice and mite. Instantlr kill lirwrn
colts, calves, and hogs. By using our tSprayet a very
little goes a great way. Penetrates all cracks. Spray
bottom of house for spider 1 ice. 1 1 1 a powerful dm.
feetarU. 1 per gah can: 65c X gal One gallon and
Sprayer, $t. 6a Can get U free wt re no agvnts hr
MtOe work- a- m, TbTifni Ca. Lincoln. Neb.
We can't help thinking that some-"
thing is wrong with the minister when
a church has to give a concert even
Sunday morning in order to draw a
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