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About The farmers' alliance. (Lincoln, Nebraska) 1889-1892 | View Entire Issue (Feb. 4, 1892)
r THE FARMERS' ALLIANCE, LINCOLN, NEB., THURSDAY. FEB. 4, 1892 Ofce 2axmx' Alliance, pBbujbe Krerr MUtraar ny Th Auxisat PrBLisiireo Co. Cm. IKsi m4 M 6-. Luwoln, Kb i Editor M.Ta0ro BuiImm Mauer la tbe beaoty of the lillies Christ wu bora across the tea, With a glory la boom That transfigure you and me. Aa be strove to make men holy Let na atrire to make them free, - Since God ia marching on." Julia Ward Bon TAnrel crowna cleave to deserts. And power to him who power exerts." A roddy drop of manly blood Tbe surging aea outweighs." -Emerson. Qi who cannot reason is a fool. Ha who will not reason is a coward. He who dare not reason U a slave. N. K. P. A. TO CORRESPONDENTS. um ail fetMlaeM eonuiiunieations to rr. .... k l i .i. i IUMrm matter tor publloaUon to Editor ArtoM wrltuw on both sides of the paper aaarulu oanoot mum. FARMERSALLIANCE rcnusniD wxiaxr at COSHER 11TH AND M STREETS, LINCOLN. NEBRASKA. J. BURROWS. Editor. J. II. THOMPSON. Basinets Ma'gr. Tha trial Alliance Weekly and Ihs Lssolng laaapssdent Paper si Ida State. CZVEN COLUMN QUARTO. It wlH always be feund on the side of the ale and wholly aerated te the advocacy of i principles ia state and nation . IT It YOUR PAPER. CC-PUTE II EVERY DEPARTMENT. abseription, 11.00 per annum, Invariably la adraaee. Firs annual subscriptions $4.00. ; . OUR I0OK LIST. The best reform literature obtainable ean ks had by ordering any of these books, . The Banwar Probltm (new) BUokner....t 60 r Backward, Bellamy SO . flurast, (new) Donnelly M I Comma, " DO A Kentucky Oolencl, Seed to Mvea from Sea to aea, Post, SO A Tramp la Society, Oowdrey 10 tabard's Crewn, Weaver..... W Heal Bed Craron, Woolfolk KJ . Brtce's Financial Oatechism, Brioe SO Honey Monopoly, Baker St Labor and Capital, Kellogg K Plaarro and John Sherman, Mrs, Todd ... U area Flnaneial Conspiracies. . , . 10c ts, The Hasaard Ciroular, Heath.... 18" r Babies aad Bread, Homer 10" J Our Republican Monarohy, Voldo (5 The Oomlnf Climax a tfce Destinies of America by Lester C Hubbard SO AiUanee and Labor Songster loo, per dos 1 10 stew Mualsedl'n, paper coyer loo, M ton board " Ho. ' t DO TnlaaMBBS' AuuAMoa year and any Dot. book on our list for 11 . fame and any Mot. book oa oar list for tl.to. Addrses all orders and make all remitt amass payable to TBI AIX1AKCB rCBLIBBIMQ CO. liawila, Nebraska. THE TWO FUSDS. We Invite attention to our proposi tions for raising an Alliance library fund and as Independent campaign land,, published on tho inside of this issue. We are offering one fifth of every subscription sent for that purpose, to one of those funds. We desire this effer to bo appreciated, and want hearty response to it. We have a right to expect that much. If the offer is not responded to heartily We shall withdraw it, though we don't expect to do so. But systematic work should be started ' in each precinct to swell these funds. A JUDICIAL CURIOSITY. Are There Any More of the Same Sort? We have received tho following let from our esteemed friend Hon. E. I). Kretslnger, of Beatrice. We honor the man who takes the stand on, the pass question tbat Judge Babcock docs. We have published the names of some oQi ciala who have passes. We take pleas turn in publishing the name of this judge whe does not accept them; and "wo shall be very glad Indued to enlarge the list. The day will come when it will be a disgrace to accept free trans yartation from railroad corporations. Here is the letter; ' Beatrice Neb.. Jan. 26. 1603. How. J. Burrows, DxxJt Sir: If won wish to commend a Judge of the district court in Nebraska who refuses to Accept passes from the railroads, Judge A. II. Babcock, of this city is the man. He deems it highly iraproperfor a judge to pleace himself under obligations to Um railroads by accepting their passes lie is the only judge I know of in Ne braaka that takes such an honest view of tbe matter I assure you that I con aider it refreshir in this corporate cursed state to know one judge who will not accept favors from one elass of wealthy litigants. . 1 am Blncerelv yours, K. O. Krkhsinukr. AGAINST LAB0E. Tbe new Lincoln daily, the Evening Sun. has made a bad break at tbe start ia refusing to hire union printers. The unions have of necessity condomned it and placed it under a boycott which will array the whole laboring class against it. It cannot hope to rival the Journal inservlrgthe capitalist class, and if it so early antagonizes the work ' ing class it will stand a good chance to get ground to pewder between the two pposing forces. HON. J. H. BB0ADY. Judge Broady, late of Beatrice, has removed to Lincoln, when be has on gaged in tbe practice of the law. Judge Broady is one of the ablest and best known jurists of the west. That a large practice will fall to his share goes with out saving.. His office is in the Burr ock. Speculators and the Wsshbsra Bill. We find ia tbe Chicago Trade BuUetiu of Jan. 21st the protest of the Minneap olis Chamber of Commerce against the Washburn Bill for preventing option dealing. The protest is so full of on troths that it aeems strange that respec table merchants could be found who would consent to pat their names to It. It states that the selling cf futures is necessary to preserve the dealer's credit and financial security. It seems peculiar that the selling of products one does net own, and never expects to, which have no actual existence, should be a safer basis of credit and financial secur ity than selling products which the sel ler actually owns. It also states that except for the sales of futures there would be "great diffi culty in getting money" with which to buy tbe grain. That ia to say, wind grain, which tbe seller doesn't own and which has no ex stence except in imagi nation, ia better security on which to borrow money than the actual stuff in store. Thifl protest wmnlalna tbat the Washburn bill would limit buyers and destroy competition would drive out of the business all but two classes, viz: Millers and exporters; and it claims that tbe carrying expenses and losses are paid by speculators, and do not lessen the price obtained by larmers. What the bill aims at is to have act ual produce behind every sale. If per sons wish to speculate ingrain the bill would not prevent them. Every pur chaser could sell again. That the bill would limit the number of persons who were striving to break tbe market is probably true. Therein would lie one of its chief benefits. The protest denies that the future selling of grain tends to lowor prices. it it is grain that is sold mis is correct. But if shorts are sold it does tend to lower prices. They think the short side is too dangerous a one to be taken delib erately, but there has been plenty of brave traders found willing to take that side and take it with big amount too. Why don't they tako the bull side! Uh tbat is too bard work breaking the market is easier. It is all stuff ttcir savins tbat "the short seller can never sell a bushel more futures than be buys, for all con tracts utuHt be complete at maturity by delivery of the property." It requires a great deal of gall for a respectable mer chant to make such a statement. Continuing they say, "that the prac tice of future selling for speculation Eure and slniplo tends rather to en anca values than depreciate thwm," that la. the mora vou oner for sale of a thing the higher tbe price you get for it. Any friend of the Washburn Kill can see that it will not restrict buyers, and furmors would be only too glad to pay a wider margin 11 necessary to those buy ing the actual grain if thoy could be re lieved of the bauef ul competition of sales by uon owners. lbey claim tiio niarKois nro mucn steadier than formerly. Steadiordown- ward would be more like the irum. The statement that it is dosirablo to substitute speculation and uncertainty for legitimate business aad certainty caps the climax in that wonderful docu ment from the Minneapolis so-called Chamber of Commerce. Stop this werse than horse stoaung. The Great Industrial Oonfereuso. Official information for tho great In dustrial Conference to bo held in St. Louis, February 83, 1892. Tho follow ing rates of transportation have been secured: States of Kansas and Nebraska. One lowest first class fare for round trip to St. Louis. Dates of sale February 20th to 22d inclusive, with return limit March 10th. From points in Kansas on the M. K. & T. and K. C. F. 8, & M. R. R s, tickets will also be on sale February 28d. Hotel accommodations have been ar ranged for at from 00 cents to one dol lar per day for room, no board; and in hotels and select boarding houses, con veulcnt to the exposition building where the meetings of the convention will be held, at from si. 25 to fS.OO por day for room rnd board. If you desire your accommodation so cured in advance, ploaso state the price you desire to pay for room, or room and board, and whother you desire committeo rooms at your hotels or not Any request will receive prompt atten tion and no charge for services render ed. It is recommended that delegates have their quarters secured in advance. For hotel accommodations address all communications to M. F. Dor d, Chairman Merchants' Ilotol and Board ing Bureau, CO Mitchell Building. For further particulars as to trans portation of delegates, headquarters for the different labor organizations and othor matters pertaining to the confer ence address " S. II. Snider, Chairman committee on arrangements, Hotel Richelieu, St. Louis, Mo. The Reform Tress association will meet in St. Louis on tbe 19th of Febru ary, 1892. Editors of reform papers will please look after transportation on local lines that do not ran into St. Louis. Headquarters for the Press as sociation will be at the Hotel Richelieu. For information regarding meeting of Press association, address W. S. Morgan, Sec'y-Treas., St. Louis, Mo. One by One the Esses Fall. S. H. Sornberger, of Wahoo, who was active in the independent campaign last fall, and who had the presumption to aspire to a nomination for district judge on the independent ticket, has re ceived the g. b. from the Elkborn road. He was acting as its attorney In Saun ders county. This is well. Tho road dont tolerate independents in its offices. Mr. S. hss formed a law partnership wilh Gee, W, Simpson of Wahoo., It will bo a strong firm. POWBEBLY'S NATIVITY. We have received a Bketch of Mr. Powdorly's life, which we will publish next week, from Mr. O. P. Waltman, of Rodiogton, Neb. Mr. W. states that Mr. Powdorly was born at Carbondale, Pa.. January 22, 184t, and that his pa rents came from Ireland. If this is so of course Mr. Powdorly Is eligible for The president. GOVEES0B B0ID. Let Us Have No More Monkeyis. Jas. E. Boyd has been declared a cit izen of the United States by tbe highest judicial authority in tbe land, and is, therefore, eligible to the office of Gov ernor, to which he was declared elected by tbe Legislature In joint convention. Tbe decision of tbe U. S. Supreme Court was withheld, by railroad influence, nn'il just before the court adjourned for six weeka. So, in tha regular official course, it will be two montas or more before Mr. Boyd can be given the place he is by law entitled to. But there Is another course which may be pursued. Uor. Thayer can vol untarily relinquish possession of the office to which he has now no legal tenure. Railroad influence is being brought to bear to Indnce Gov. Thayer to con test possession inch by inch, and to hold the cilice to the last moment. This is done because G W. Holdrege etal fear tbat Gov. Boyd will call an extra session of the legislature to dis trict tho state and reduce railroad rates. Now we have just this to say: If Gov. Tbayr wUbes to cover his name with Infamy, and sacrifice the lost par ticle of respect tho people of this state have for him, be will do as the railroads wish. It be wishes to place himself in an honorable position bofore the peo ple of Nebraska he will see Gov. Boyd installed in his office with tbe least pos sible delay. We say this, occupying an absolutely neutral position between these two men. Gov. Thayer has this morning refus ed to inform us what he rill do. MB. BBYAU'S BILLS. We have received from Hon. W. P. Bryan printed copies of his bills to place on the free list barbed wire and iron rods for fencing, salt, binding twine and lcmbar. These are four sep arate bills. Of course each will have to be acted upnn on its merits. We havo also received a copy of his joint resolu tion proposing an amendment to the constitution providing for the election of United Status senators by direct vote of the people of tbe several states when ever they shall make provision for same by statute or constitution. This resolution is ia direct line with the Alliance demand, and should pass. THE ALLIANCE LOSING GROUND. O. O. Outcalt, clerk of the district court of Coffee Co., Kansas, writes us: ' The Alliance is losing ground here so say the republican papers. It is truo ia a sense. I have just issued twelve orders of sale mortgage fore closures, involving 3,005 acres of land and nlno town lots. Tho judgments aggregate 944,583 70. Looks like losing ground with a vengeance, dosn't itf NATIONAL PABMEES' ALLIANCE. ; The meeting of the National Farmers' Alliance in Chicago last week was well attended, and was called to order promptly by President Towers. Major McClaughry, ckief of pol'.ce of Chicago welcomed the delegates in a hearty graceful speech, which was responded to by Mr. Powers in his best vein. Illinois, Ohio, Pennsylvania, Iowa, Ne braska and Washington were repre sented. , The committeo on resolutions consis ted of Allen Root, of Nebraska, Joshua Crawford of Ohio, J. 11. Saunders of Iowa, Wm Kruesh of Iudlaua, Gso. D. Brown of Pennsylvania, D. F. Raven si Washington and Milton George of Illiuois. 1). F. Raven of Washington (state) was elected President. The Vice-Presidents choson wore. A. K Bronson of Illinois, J. J. Furlong of Minnesota, W. A. Kel sey of Indiana, G. W. Moore of Penn sylvania, O. Hull of Nebraska, J. 11. Saunders of Iowa, 1). E. Hedges of Washington, and W. K. Llckens of Ohio. Prof. Adolph d'Allemand of Ne braska was elected Secretary-Treasurer. (i. K. Lawrence of Ohio was elected Nation-) 1 Lecturer and U. M. Brown ef Pennsylvania Assistant Lecturer. The committeo of Education choson was. Mrs. J. A. Pratt of Nebraska. H II. Donlon of Iowa, Joshua Crawford of Ohio, Milton George of Illinois, and J. C. Van Patton of Washington. Tho matter of sending delegates to tho M. i.ouis coniorenco which meets tea. 22 was loft to the individual states. Ne braska with a much larger delegation than the other states was solidly in fa vor, the other states voted not to bo rep resented thote, except a section of Iowa, which fends threo delegates. President Powers tn his annual ad dress stated that the impression that the Alliance attempts to oppose other legiti mate interests is wrong. He spoke at length and ably upon the reforms need ed Tn the nation. Hon. Ignatius Donnelly spoke of the effort that was being mado by leading members of tho prohibition, national re form and people's party to bring these forces together in one party. He favored the plan proposed by Mr, Washburn of the people's party for tho nationalization of the liquor tralllo eliminating tho ele ment of profit and explained fully the details of the plan. His speech was well received. State Assembly E. of L. State Assembly K. o L., has just closed its seventh annual session at Omaha, and the meeting was one of much interest. Nearly eyery assembly in the stato was represented and business of much interest to therorganlzation trans acted. The local assemblies of Omaha did much to make the visit of the dole- gates to their city a pleasant one and the entertainment given by the working girls at exposition hall on .Monday evening was thoroughly enjoyed by all. ine local committees succeeded in raising by subscription and other means over r:w to assist the state assembly in defraying the expenses ofthe assembly. and proper resolutions were adopted thanking the local commlltoes, tho members and the people of Omaha.wha so generously contributed to this fund i ne reports ot the otneers showed a steady growth throughout the year and bright prospects for future work and ufefulness. An increase in member- snip of 'm per cent over last year was noted, 'increase of locals paving tax 43 per cent over last year and iucrease in receipts over that of last year nearly !w per cent. ine treasurer's report showed a healthy financial condition and report ed a considerable balance en hand. Shall We Have Free and Un imited Silver Coinage. JOIST DISCUSSION BY EDWAED E0SEWATEB AND J. BUBEOWS. MB. BOSEWATEB'S ABGUMENT. SECOND ARTICLE. 1. I fully agree with Mr. Burrows that the vital point at issue tbe pres ent discussion is tbe expediency of fne and unlimited coinage of silver as it affects tho welfare of our people. cheerfully concede that we ought to have free and unlimited coinage if thereby tbe welfare of our people could be promoted. If a mere increase in the volume of money, regardless of its ex change value or purchasing power, would insure general prosperity, it would be manifestly the duty of -every government to bend all its energies toward increasing toe volume of its stock of money. If. as Mr Burrows in sists, the intrinsic or commercial value of metallic money cuts no figure, every nation could at pleasure enormously increase its volume of money by re ducing tbe weight and quality of its coins. 2. What Mr. Burrows means by y- ing that the volume of money "involves the question of prices or the relative purchasing power of products or labor, and money" is not very ' clear. If he had said that the volume of money reg ulates to a certain extent its purchasing power of products and labor I would concur, but the form in which he states bis preposition is as misleading as is the declaration that "ia this issue the interests of the money-lender, or the fixed income class, or the creditor class, are at varienco with the interests of tbe reducers, the merchants, the mechan cs, the debtor class." 8. The advocates of free coinage assert tbat unlimited and free coinage will t-normously increase the volume of money and tbat an increase in our stock of money would make money cheaper. In other words, they assume that money is governed by tho same law that gov erns all o.lier commodities, which fall in price when abundant and rise in prico when scarce. But this ia not true as regards the price or "rate of inter est" which money commands in the loan market. A large volume of money always begets increasod speculation. When money is plenty men are willing to venture upon enterprises that prom ise large returns, and the money-lender finds no difficulty in raising his interest rates. During the inflation period fol lowing the wur the money-lending and income class were in high clover. Cheap money loaned on choice city property and farm mortgage securities at from 10 to 12 per cent a year, while wnat is termed dear money at the pres ent time can be had in abundance on the same class of securities at from G to 7 per cent per annum. Every intelli gent person knows that the money loaned by bankers is chiefly other peo ple s money. When there is a monev stringency or prospect of a panic every prudent banker hauls in bis sails by cutting down his line of loans or refus ing to loan at any price for fear that the depositors may make a run on his bank. When business is dull and money scarce, deposits run low and le gitimate banking yields much smaller profits than lu flush times, when loans aro made freely and mercantilo failures less frequent. 4. 1 ho hue and cry that tho opposi tion to free coinage is in the interest of the Income class Is also unfounded. The fixed income clas, if that means the bondholders, wore much better off when gold was at a high premium and Saper money was superabundant, loney was cheaper then. Ten per cent state, city and county bonds sold at a discount and Uncle Sam paid 5 aad per cent on gilt-edged, nontaxable bonds. Today, with what is called dear money, state, county and city bonds drawing '6i to 5 per cent command a promtum and national bonds soil readily at 2 per cent. The bloated bondhold- holders have sutlered a greater shrink age of their fixed income during the past twenty years than would have paid the principnl of our entire war debt. The enly bond holders that have made largo profits aro those who have bought their bonds nt a discount. There is one class of fixed income people who would suffer by the unlimited coinage of 7;$-cent dollars, and that Is the veter ans of tho late war and their widows and orphans on tho national pen sion roll. It is to their in terest to have a sound curreney that will enable them to buy tne largest amount of things with the money thoy get from Uncle Sara. Conceding that free coinage means the raising of tho prico of commodities it becomes self evident that the soldiers, and sailors' widows on tho pension roll would suffer a shrinkage of their incomes, unless they could induce the government to raise thoir pensions' in proportion, which of course would bo improbable. Assuming however that the government might in crease these pensions, it would simply mean a forced increase of the pension roll by from ten to twenty millions a year and a corresponding increase of taxes The advocates o! unliuited coinage ne ver tire ef holding up the men and wo men who rely for their llvlihood upon fixed incomes as a dangerous class. They forget that hundreds of thousands of these persons are widows and orphans whoso patrimony and heritage has been invested in securities by admistrators and guardians. 5. And who are the debtor class and who will profit by the proposed unlimi ted coinage of silverf The Union and Central Pacific railroads owe the govern ment over 100.WjU,wju, whicb begins to fall due in 1W.S, and must all be paid within the next seven yeara unless tho debt is exteaded. Will it promote the welfare of our people te allow J. Gould and Leland Stanford to pay tne dcot in depreciated silver dollars instead of money that passes current in all parts of the world. 6. The Union and Central Pacific are not tho only corporations that belong to the debtor class. The lowest estimate of the debt of the railroads of the United States exceeds $8,000,000,000. What benotit will the people derive from scaling that colossal debt, unless Indeed they by up the railroads entirely with an irredeemable paper currency Every large corporation, the Standard oil mo nopoly, the Whiskey trust, the Brewery trust, tne isugar trust, me Meei Keam trust and all the big and little trnsts that have been built up by combination of capital have plastered their posses sions with mortgages to the tune ef millions upon millions, and therefore they rightfully belong to the debtor class. 7. And then there are the coal barons, the iron and copper mine speculators. and the silver millionaires and gold quartz millionaires, tvery productive mine in America is bonded for all or more thau it can produce. Their owsers are among the most grasping ef our cap italists. VV 111 it promote the public wel fare to give this imperious class of dent ors the right to scalo their honest obli gations? Last, but not least, why should the silver mine bnllionaire be given the privilege of selling tne products of his mines at 30 per cent above its conimer dial value and paying his debt in money worth 80 per cent less than its face value. 8 Mr. Burrows' conception about the runcuoa of mints it, to use a mild term. ueciueaiy cruae. me aim of an gov ern menu has been to issue coins cf weight and fineness corresponding as uri fwMiuio in ineir value lo tne commercial value of tbe metal contained therein. Very slight fluctuations have been unavoidable, but whenever tbe variation of standard coins is material they are recoined. Subsidary coin is usuauy oeiow standard and intended only for local circulation in limited quantities. Even these are recoined periodically when reduced below stand ard weight by wear and tear. 9. At the risk of being branded as very reckless and superficial, I take ifsue with Mr. Burrows when he declares tbat a coin cannot be said to be debased unless it contains less metal than the law requires. The doctrine that the king can do no wrong has long siuce teen ex plodea. It is a matter of history that kings and parliaments have by decree. uu arouraruy raised the face value of coins above the commercial rating of the metal they contained. Such coins aid not contain less metal than the law required, but they were denominated all the world over as debased coiu, the same as if they had been fraudulently alloyed or reduced in weight by the sweating 10. Mr. Barrows lets the fiat cat out of the bag when he asks: 11. "Suptose the silver and gold e.iins of this country should be dimintahnrf just one-half, what would result? Prices in this country, measured by our coin, would be doubled, but it would have no effect whatever upon our foreign trade. Gold and silver would Dav balnncoH nn exactly the same basis as before, viz: luu cumimmiiy value. . 12. Well, what would be the result? Would it be anything else than national repudiaiion by a debased currency? 13 If we can Increase the volume of money by a simple fiat that will convert every fifty-cent piece into a dollar, why not go a step further aad decree that a dime shall be a legal tender for a dol lar? That would increase the price of all commodities tenfold and make debt- paying so much easier. But what would become of the poor man who has noth ing to sell except his labor and has everything to buy? Wages are always tee last thing to advance and the first to go down. 14. What wonld become of the waze- workett who have by hard labor and thrift, saved no the surolus of their scanty earnings and placed it in savings uauas whu a new to ouying a nome or meeting want and distress in a rainy day? 15. It is passing strange that no cham pion of free silver has yet discovered the fact that several millions of workingmen and working women belong to the in come class. The indobteduess of the sav ings banks and trust companies to a great multitude of wage workers is com puted at over 3,oou,uuo,ooo. How wonld these industrious toilers fare if they were paid back in depreciated money the hard-earned savings which rcorj- sent labor paid for at gold standard wages? Would it not be downright rob bery to pay back these working people in dollars that would buy only 50 cents worth of commodities? I boldly assert that any party or individual thai would advocate a law that would give the savings banks the privilege of paying back honest savings in depreciated cur rency is simply advocating legalized robbery. 1C Mr. Burrows denies that the government stamp docs not add to value and ho cites tho fact that 87 1 i grains of pure silver when stamped (coined) as$l will pay a dollar of debt while 871 grains of unstamped pure silver will only be taken by your creditor at its commodity price 73 cents. What is the difference exclaims Mr. Burrows. "One bears the evidence that the law has said it shall pass current (or a dollar. The other does not. Consequently coining has added value." Now what is the difference? Would not a piece of tin or a piece of leather with a dollar stamp pay a debt fr $1 if made alegal tender? Would not a paper dollar perform the same function, although 100 paper dol lars reduced to pulp would not pass current for a farthing? 17. Why then doos the 73 cent silver dollar and the valueless paper dollar pay ono dollar of debt? Simply because these dollars are redeemable for 100 cents in gold at the national treasury, and therefore they are as valaablo as the gold dollar for which they can be exchanged. Why is our government able to exchange the depreciated silver dollars at their full value in gold? Simply and only because the coinage of silver is limited. If it were free to all owners of bullion the treasury vaults would be drained of gold in less than twelve months and the country would be on a silver basis like Mexico, China, Japan and India. 18. Mr. St. John, president of a .New York bank that is reputed to be largely interested with the bullionaires in boom ing mining stocks, points triumphantly to France, is cited by Mr. B. as saying: 1. After 270 years of widely varyimr averauro relative prices of gold and stiver, under mod crate variations ol relative produot.on barely averaging 3 per cent, the mints of France aiono tor a perioa oi nxty-two years, to isti.r, under variations of relative production ex ceeding 19 tor cent, maintained a vracticailv unvarying average relative price in market for (fold and sliver In spite of divergent coin age laws. M. Under equally free oelnage for gold and silver, owners of either bullion sought the mlns of France at a valuo nxcii f or therr, price paid for them in purchasing power de creed by law. In consequence in tbo period 1W1U1H40, 4,uut,OJor the world s abun dant sliver was welcomed into the legal ten der silver ooln of France. What are the historic facts? 31. In 1726 the ratio of gold to silver was placed at 1.14 5-8. An ounce of gold was worth more than 14 5 8 ounces of silver, and consequently gold soon disappeared from circulation. Adam Smith, having visited France in 1764, said: "It is there difficult to get more gold than what is necessary to carry in your pocket." ' 22. Ia 1785, Louis XVI., in an edict, calls attention to the fact that the legal ratio of gold to silver differing from the commercial ratio, had as to the gold coins "originated the speculation of selling them to the foreigner, and offers the temptation of a great profit to those who may allow themselves to melt them down." He then ordains that "every gold mark of 24 carats fine shall be worth 15 marks of silver 12 deniers fine." This established the French ratio of 15 :t still existing. In 17'JO the revolutionists had control of France. They had confiscated lands of the clergy the year before. They wanted money. So they conceived the ingenious idea of using paper money, which they called assignata, basing their value on these confiscated lands. In April they issued 400,000,000 francs as assignaU. In September 800,COO,00 more. This they declared would be the last. The assigcats worked beautifully. Every body received and exchanged them at full value. Then someone said, just as the greenback Inflationists said in the seventies and just as silver men sny now: "If this franc is as gaol as any other franc, how can we have too many of them? The law makes the value of money." So the presses were set to work and within a few years they had issued over forty-five billions of those paper francs. The government seemed surprised that any one should make a differer.ee between a coin franc and a ypr franc and a law was passed that any one making auch a difference in trade should le imprisoned for six years. They could jail individuals, but they con'dn't jail natural laws. No one would exchange one coin f rane for less than nearly 800 paper francs. Then in 17'JO these political economists tried another experiment. They cat up the confiscated lands into exact parcels, exchanged the assignats at about three per cent of their face value for what they called mandate, and proclaimed that the holder of mandats could select any parcel of this land and pay in man dats Within a few months the man dats were worth one-seventh of their face value,' and they were soon wiped out altogether. 23. In 1H03 the ratio ef 151:1 was re enacted Mr. Chevalier, the eminent French economic authority, writes: 24. In the year 180', when the ratio of 1:1514 between the metals waa established, this ratio actu ly existed In tbe commercial world; but little b little It changed, aod soon gold came to be worth ordinarily a little more than l&H times aa much aa silver. Tbla discrepancy sufficed to retire gold from circulation. A few yean afttr the passage of tbe law of ltsus. gold beotme so scarce that peopls had to buy it of the money changers when they wanted to carry that kind of cash on their Journeys. In fact, tbe circulation of the two metal? aide by sine bad ceased to ex 1st shortly alter tbe year IMi, and t went? live years after that date the circulation cousiattd of silver only. 25. Sir G. B. Airy, the royal astrono mer of England, wrote: In tbe year 1R28 I spent some time in France. The gold coin was a little too rich, and no gold olon could be gt. The better class of farmers weut to market followed by their servants, who carried huge tags of Ave iranc pieces in 1KM 1 again passed through France: 1 wished for gold, aad obtained it by paying-a heavy prime. 20. In 1848 came the increased nro- duction of gold in Russia, in 1849 in California, in 1851 in Australia. Silver soon rose to a value higher than 15:1 ana, consequently, silver rushed out of France at such a rate that a commission even reported tho advisability of placing an export duty on silver. 27. Early in the '60s Gresbam's law had pushed out from France even the fractional silver coins to such an ex tent that it became a great public in convenience. Investigation showed that Belgium and Switzerland were similarly troubled, the result was the organization ef the Latin Monetary union in 18C5, comprising France, Bel gium, Switzerland and Italy. Later, Greece became a member also. All these countries use the franc system of money. They agreed on a basis of silver coinage, reducing the metallic value of the subsidiary coins. After 1859, silver had again taken the down ward course which has characterized its value through the centuries In 1867, at the international D.onetary confer ence held at Paris under the presi dency of Prince Napolean, it was de cided, without a dissenting vote, that gold should be the sole money standard. ihe spirit ot silver demonetization was abroad. Silver had been ent ef circu lation so long in the United States that Mr. Ruggles, the American delegate, in reply to a question of Prince Napoleon, said: "Though the double standard still exists legislatively in the United States, it is virtually abolished in prac tice, and hence the United States has the gold standard alone." In 1871, after the t ranco-German war, Germany de cided to place itself on the gold stand ard, and to demonetize silver. Between 1873 and 1879 Germany sold $140,000.- 000 dollars of her silver. The neighbor ing countries which up to that time, had always maintained tbe free and un limited coinage of gold and silver, be came alarmed at the threatened influx of silver and expulsion of gold. So in. 18,4 the L,atin union met, and from that year on there has been no free and unlimited coinage of silver is France, Belgium, Switzerland and Italy.. In 1878 they stopped the coinage of legal tender silver in toto, so tbat for thirteen vears our much aimlauded bimettsiic France has not coined a single legal tender silver coin. Mr. Burrows takes me to task for quoting historical statements in what he is pleased to call " the most appalling and reckless manner." He ventures to impeach the correctness of the figures I have citetf. touching the coinage of standard silver dollars. I can only ex cuse his fearful misstatements in regard to silver coinage by supposing that ho has never studied coinage statistics and made his computations from the wrong columns of his financial abstract. Myfigmes were taken from the effici- cial report of Elward O. Leech, direa- torofthe United States mint for 1890, bound volume, pages 201 and 203, also the report of director Leech tor tho fis cal year 18!) 1, bound volume page 213 and 215. According to Mr. Barrows, the total coinage of silver dollars in 1850 was $1, HC.0,100 and of the minor coins $44,467. 50. According to Mr. Leech, the eoin ago of 1850 consisted of silver dollars, $47,500; half dollars, $1,341,500; quarter dollars iou,7U0; dimes, $i44,150; half dimes$82,250. Mr. Burrows asserts that during 1851 there were coined, silver dollars, $774, 397; minor silver coin, $99,635 43. In 1852, silver dollars, $99,410; minor toins $50,630 94 The director of the mint oflicielly re parts in 1851 only 1,300 silver dollars coined; coinage in half dollars, 301 375; quarters, $62,000; in dimes $142,740; in half dimes $82,059; in 8-cent pieces. S1K5.022. In 1852 the coinage of silver dollars was but $1,100; half dollars, $110,565; quarters, $68,265; dimes $196, 550; half dimes, $63,025; 3-cent pieces, $550,905. Mr. Burrows pxclaims "Isn't it strange that it sfiting ''ie gold coinage for thessme yen" Mr. 1! isewater should be correct?" Why is n strange as re gards gold when I am also correct as re gards silver coinage? Mr. Burrows flatly contradicts my statement that from 1805 to 1835, dur ing a period of 80 years, not a single standard silver dollar, or any other sil ver dollar, was coined in the Unitod States, and Mr. Burrows makes the reckless assertion that during tbat peri od there was coined $41,372 .807 in silver dollars, besides several million in mi nor silver coins, whieh he had not taken the trouble to compute. This is decidedly rich. I take it that the director of the mint ought to know as muck about the coinage as Mr. Bur rows, and the director's official report shows that not a single silver dollar was coined between the ."ears 1805 and 1835, but that during tho'so thirty years there wero. coined in half dollars $38, .452,398; in quarters, $729 337.74; in in dimes, $922,460.40; in half dimes $514, 385. Mr. B. Says that in 1838 3,606,100 standard silver dollars were coined. Director Leech reports only 1,000 standard silver dollars coined in 1830. To recapitulate all of tho fictitious figures voached for by Mr. Burrows as exact tacts would exceed my alloted space. Suffice it to say that he has massed all his little tornadoes inte one grand cyclone of inexactness when ho asserts that the total coinage of silver dollars from 1792 to 1873 was $147,599. 897. According to the unimpeachable authority of Director Leech of the United States mint, and several of his predecessors the coinage of silver dol lars for the eighty years was only a frac tion over .otx,ooo or m round num bers $183,000,000 below Mr. B's cyclonic computation. I am not up to Mr. Burrows in hocus poctn omnibus Latin, but in plain Anglo-Saxon I repeat back false in one, false in ail! Tbe whole fabric of false deductions, on which Mr. Barrows bases his argu ments relating to silver coinage, which prove not to be facts, fails to the ground with his facts. I am amazed that a man of Mr. Bar rows' penetration should be led into such inexcusable blunders. The figures I have cited have been time and again quoted in both houses of congress and no free coinage advocate has ever be fore dared to call their accuracy in question. Inasmuch as this is a friendly discus sion of an important economic issue I entertain no doubt but tha, Mr. Bur rows will do me justice by a manly and frank admission tbat my historic state ment concerning the coinage of stand ard silver dollars is correct. MB. BUBBOWS BEPLY. The question of the volume of money (see Mr. R.s first paragraph) is the vital question at issue. But not "re gardless of its exchange value or pur chasing power." lis volume determines its exchange value. If this were not so Shylock would never have conspired to demonetize silver, and thereby halve its volume and double its purchasing power. My supposition as to making our dollars of half their present weight was a mere illustration. Mr. R. has choson to reply to it as an argument. At I used tbe illustration it is correct. In paragraph second Mr. R. attacks the interest problem, and shows an en tire misunderstanding of the principles which control it. He says "a large volume of money always begets increas ed speculation." This is one of those common assertions that will not bear investigation. A largo volume of money increases all legitimate business enter prises. There are always a certain pro portion of men who prefer speculation. In prosperous times this proportion is fairly maintained. But in times of de pression, like the present, the propor tion of speculators is much greater than in times of prosperity. In stringent times legitimate business languishes, money accumulates at financial centers, and seoks speculative enterprises where, rewards may be large, and time of in vestment short, in such times, also, interest on long time loans is nominally low, while on short time loans it is ab normally high. That is exactly the sit uation at the present time, and for some time past. . The past ten years has been peculiarly a speculative decade. I sup pose there has never before been a decade when there was so much specu lation in proportion te legitimate trade. Nor has there ever been a decade when the burden of Interest was so great. In terest, as well as all debts, is paid in products. The price of products deter mines the burden of mteret. With wheat at 50 cents a bushel it takes just twice as much to pay a given sum of interest as it does at a dollar a bushel, though the nominal rate of interest in each case is the same. As a matter f fact the 10 and 12 per cent interest in Mr. R 's first period was lower, and less of a burden, than the 6 and 7 per cent at the present time. One has only to consult the prices current in the two terms to. be convinced of this fact. The men wfeo were borrowers then, and are now, well know this to be true. Mr R. says tha fixed income class, "if this means tbe bondholders, were much better off when gold was at a high premium and paper money was super abundant." If that is true they did not know when they were well off, and made some gross mistakes. The bond holders hastened by the credit strength ening act, to change the terms of pay ment ot 8i,ouu,uuu,uuu ot united states bonds from lawful money to coin they hastened to destroy the lawful money and come to a specie basis they hasten ed for the very purpose of diminishing the volume of money, to demonetise silver at a time when the bonded debt of the world was the greatest at any period of its history. They showed that they preferred to doable the purchasing power of money and diminish the nom inal rate of interest one-half. And if Mr. R. will recall his forgotten Dabold he will discover that they were very right. In doubling the purchasing power of money they doubled the value of their principal, while it the rate of interest was onlv half what it was before its purchasing power was not lessened. If this is true Mr. R.'s asser tion that "the bondholders havo suffer ed a greater shrinkage of their incomes during the past twenty years than would have paid the national debt," is simply absurd. And facts prove that it is as absurd practically as it is in theory. The enormous concentration of wealth in the past twenty years is well-known. Who has got it? All the figures lately compiled snow that the fixed income class has got it. Thev have got it be cause tbe peoples' debts remained pay able lu dollars, unsealed, while the pur chasing power of dollars, and the accu mulative power of interest, wore doubled. The facts are so plain that I deem argument superfluous. But when Mr. R. attempts tn define the debtor class he caps tho climax of absurdity, and thows a beclouded men tal condition that is amazing. (See paragraphs 3 and 4 ) He has strangely omitted the national bankers from his list of poor debtors. The creditor or fixed income class is that class which derives its income from rents and inter est in their different forni3, in money. That this class may owe bonds makes no difference. In the case of the rail roads those bonds are never intended to be paid. This interest is an expense account, of the same nature as oper ating or repair accounts. These cor porations have "beplastered their pos sessions with mortgages" so that they can more conveniently and secretly bring to bear against the people the ever-working, all-absorbing, silent, omuipiotem power of interest. They have plastered them with mortgages representing fictitious investments to conceal the enormous returns they re ceive on capital actually invested. If the debt of the Pacific road is ever paid it will be paid in money earn ed by the people. And is it not better that they should obtain that money in fair prices for their pro ducts, such as they weuld receive under the double standard, rather than in production at starvation prices, as at present? The cheekiest thing connected with this silver controversy is found in the accusation that the free coinage men wish to scale their obligations and pay their debt in depresiated dollars. Every man at all posted on the question knows that the money power of this country and the world performed on two occasions the most gigantic job of scaling the world has ever seen first when it changed the standard of pay ment ef fifteen hundred millions of bonds, second when it demonetized silver. It douWcd the value of every dollar, and doubled the burden of every debt, by those acts. We never had a depreciated eilvej dollar ur.til congress, at tho biddingof that power, demone tized silver, we would have a depre eiated gold dollar to-day if the same means were used to depreciate it, and we will havo no more depreciated silver dollars w soon as silver is restored to free and unlimited coinage. In connection with his sympathy with the railroads, whiskey trusts, etc., whom Mr. Rescwater fears will be