The Alliance-independent. (Lincoln, Nebraska) 1892-1894, August 03, 1893, Image 1

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    The Alliance-Independent
The Alli&nc8-lndspsr.isnt
IsUm I
Advertising medium
In the west It U especi
ally valuable u a meani
of retching the farmers,
lu circulation li aa laree
In Nebraska as the cir
culation of all the "farm
Journals" combined.
Give Tbb Aiaianc
Inditixdeht a trial if
you want good results.
Th Oudahy and ' Fairbank Corner Ool
lapaei and Fork Falls $9 00
Per Barrel-
Millions Lost in a Few Minutes Pork
Follows Wheat and Silver No
More Big Prices for Hogs.
' A Panto In Chicago.
Chicaoo, Aug. 3. The big deals in
pork and lard, which have held the
, price of those commodities at inordi
nately high figures for months, have
collapsed, accompanied by the an
nouncement of the failure of six prom
inent bouses concerned in them J. Q.
Steever, E. W. Bailey, A. C. Helmholtz,
Wright & Haughey, J. Cudahy and
the North American packing company.
Late this afternoon N. K. Falrbank
& Co., the great lard dealers, made aa
The price of September pork dropped
in a few moments almost 19 a barrel.
It was the most sensational decline
ever recorded on the board of trade.
September pork, at the close of the
market yesterday sold at 119. 25 a bar
reL This morning the first recorded
sale was 118.75, and from that price
there was a continuous drop of fifty
cents and 11 at a time until 110.60
was reached, making a loss of 88.75
from the last price of yesterday. At
the bottom prices there was some buy
ing and the price reacted to 111.
There has been manipulation of
some sort in the pork market continu
ously for almost a year. The corner
which was run by Wright and Cudahy
last fall was such a phenomenal suc
cess and made such enormous profits
to the bulls that the temptation to re
peat the deal could not be resisted.
The manipulation was carried through
the spring and finally concentrated in
the September option. The people
in control figured on a small summer
supply of hogs and did not expect to
have to carry their deal igainst ad
verse influences of all s - But the
money troubles have co . up and the
summer supply of hogs has been
larger than anybody expeoted, and the
manipulators found themselves carry
log an enormous dead weight, with
- everything against them.
It is thought that the holdings of
pork through the three firms which
failed must have exceeded 100,000
barrels. If they were an even 100,000
barrels, the losses on the deal in a few
minutes this morning were almost
$1,000,000, The people who held the
pork commenced selling wheat before
the recent big decline to get money to
support their pork deal and they are
aid to have made about $100,000 on
the decline in wheat.
After the excitement in pork was
over and the market began to quiet
down and began to look serene, a
aeries of thunder claps fairly shook
the board of trade building. The
failures of the American Packing and
Provision company, one of the great
packing firms, of "Jack" Cudahy, the
heavy packer and daring operator
in hog products, and of Wright
d Haughey, heavy receivers and ship-
Eirs of grain, were announced, creat
g the utmost consternation. Prices
began to tumble all over the floor of
. the Exchange. Lard, which had been
supported all morning at $a,6o,
dropped off to 89.40, then to SU,
then to 17 without a trade,
and very quickly was down to
to, a drop of 13.73 per hundred
pounds, or 17 per three since yester
day's close. The announcement was
made that John Cudahy had ordered
all trades with his own house closed.
That increased the excitement Kibe
dropped rapidly, selling 11.33 lower
than last night s close.
The smash In the lard market sent
wheat down at a rapid pace, from
O.He the Hepteuttwr prioe dropped
very quickly to and reacted a
little from that point
Cudahy wss largely interested in the
North American I'rovUloa company,
and when iu failure was announced
the failure of Cudahy was looked for
aad it wmib same. After that the fell
re tt Wright A JUugliey
was not unespeeted at they
were interested with Cudahy,
Cudahy had been carrying a Urge
amount of lard and la addition, had
dealt rather heavily in rib The ud
dsn slump in prk tide warning
eaeght bin ttuiirrd t meet the
deeltue la lard aud ribs whleh ae
I eoieptnM it and he was fore4 to the
, well
It U luspuaelbU st this ltai ta etl
wale the amoual Involved, but they
are believed to he ery leitfe. The
North .lwrUw I'ruvulon eviupaay
etase la tapiialUed at liitMNM,
Weetersi Baaks Me WUllng to Cash
Cheeks Ceder Present CoadUloa.
Washisgtos, Aug. 8. Owing to the
disinclination of the national banks
to part with their currency at this time
it is probable that the pensioners who
are to be paid this month will experi
ence delay in receiving their money.
The banks have heretofore cashed
readily all pension checks presented,
but now several in the West have
notified the treasury department that
in view of the financial stringency
they do not feel justified in doing so
at present as it would require consid
erable ready 'money in some in
stances 1100,000 a day.
Pension checks paid at Indianapolis,
Ind., Knoxville, Tenn., Louisville and
New York are drawn on the subtreas
nry at Philadelphia and those at
Topeka on the subtreasury at St
la Contempt of Court for Sunday Clos
Chicago. Aug. 2. Judge Stein of the
superior court this morning decided
that the world's fair directors and
officers who had been directly respon
Bible for closing the exposition gates
Sunday, July 23, had violated the in
junction granted in the Clingman peti
tion and were consequently guilty
of contempt lie ordered that
Directors Gage, Hutchinson, Ilea
rotin. McNally and Kerfoot
should be fined $1,000 each and stand
committed to jail until the fine should
be paid. Attorney Eddy, representing
the fair company, moved for an appeal
from the court's ruling, and that mo
tion was discussed. The directors and
other officers were all in court At
the conclusion of the arguments Judge
Stein granted an appeal.
An Ioveetor Commits SuIeMe.
Philadelphia, Aug. 8. Colonel
William Freshmuth, aged 70, a well
knowa inventor sod aa active organ
izer of regiments during the civil war,
being colonel of the Twelfth regiment
of Pennsylvania cavalry, committed
suicide at his home yesterday by
shooting himself. He was the in
ventor of a patent, aluminum press
and the capstone at the apex of the
Washington monument was con
structed by him of this material and
presented to the government
Hughes Court Martlet
Topeka, Kan., Aug. 3. The court
martial trial of Colonel J. W. F.
Hughes of the Kansas National Guards
for alleged disobedience of Gov
ernor L welling s orders dur
ing the "legislative war" - last
winter, began this morning
in the ofSoe of Adjutant General Artz.
All the officers of who court, including
.. ?Vvw.ate Frank Dosler, were
t -seat iri il uniform, except Colo
nel b. A. M Jinnis of Eldorado, who
was delayer.
West Point Cadets Poisoned.
West Poiht,. N. Y., Aug. 3. Sixty
five cadets were poisoned by some
thing they ate at supper last night
The doctors cannot imagine what
caused the trouble. This is the sec
ond time that the cadeta have been
poisoned during the present camp.
Kossla Calls Cl'lna to Aeeoaa.
London, Aug. 3. The Vienna corre
spondent of the News says that Russia
has resolved to ask China for an ex
planation of her attitude in the
Pamirs question in view of the enor
mous masses of Chinese troops con
centrated in the Pamirs.
Retrenchment on the taata Ye.
Emporia. Kan., Aug. &, -Instrue
tlons have beeu received .1 this point
to reduce expense in every possible
manner on the Atchison, Topeka and
Santa Fe road, to discharge eleven
men and to order no new material
until further orders.
Chaffee A(ln-t foal re,
Ciscii-f ati, Ohio, Aug. The
Times-Star conUius two and one-half
columns of situational matter, eharg
tng ex-Governor Foster with the rob
bery of his bank. The Times-Mar le
Republican and has been a great friend
ef Foster's.
l-alleiWIvhte father la TfeaU.
i'uii.AD-Lruu. Aug. J. Kdwla T,
Cook ha been appointed realtor of
the I'UIUdetpala I'avklng and Provis
ion company. The itabuItU a well
a aaavu are likely to ?"' rte
iarge amount
Jf a suie AMsm.
Ilexaeav, Ok.. Aug. I. The
United Mates cavalry U supposed to
have fiitnl the Cleroke strip and It le
now a vast ootid, fratlou dli4 ta
create wet 1
Weithees Wale. we ttea4.
Hesroa, Aug. I.-Ths United hi tee
watah company has resumed work at
Us favuiry at Ulbu with a full
force afVr tu weeks' vscsll. u.
What the Worlds Greatest Thinkers Have Said on the Money
' Question -Texts From "Which Popnlists Preach
the Gospel of a Better Day Coming
James A. Garfield
In a speech in congress in 1878 said:
"Whoever controls the volume of money In any country is absolute muter
of all Industry and commerce."
Professor Walker, ' ,
One of the greatest American iconomlsU, said:
"That prices will rise or fall if the volume of money U increased or dimin
ished, is a law that is as unalterable as any law of nature."
John 8tuart Mill,
The greatest English economist of the last generation said:
"If the whole volume of money In circulation was doubled, prices would
double'. If increased one fourth prices would increase one fourth."
winr. ..'
The great Roman historian, more than 1800 years ago laid:
"The colossal fortunes which ruined Italy were due to the concentration of
estates, through usury, brought about by lack of an abundant supply of money."
Andrew Jackson, .
Who has been canonized as the patron Saint of the democratic party, said:
"If congress bas a right under the constitution to Issue paper money, it was
given to that body to be usec by itself, not to be delegated to individuals or
The U, f . Monetary Commission
Compofed ef the greatest financiers of the nation, appointed especially to Invee
tlgate the silver question, and at the bead of which was Senator Jcnes of Nevada,
said in its report:
"A decreasing volume of money, and falling prices have been and aTe now
more fruitful of human misery than war, pestilence and famine. They have
wrought more Injustice than all the bad laws ever enacted."
Thomas Jefferson,
The auther of the declaration of independence, and the father of the democratic
party said; ,y - t,-'... ?,..' 1
"I believe that banking Institutions are more dangerous to our liberties than
standing armies. Already they have raised up a money aristocracy that has set
the government at defiance. The issuing power should be taken from the banks,
and restored to the government and the people, to whom it properly belongs."
Professor Walksr
Of Yale College, speaking of currency contraction says:
- "When the procers of contraction commences, the first class on which it falls
is the merchants of the large cities, they find it difficult to get money to pay
their notes; the next class is the manufacturer, theale of his goods at once falls
off; laborers and mechanics next feel the pressure, they are thrown out of em
ployment; and, lastly, the farmer fltds a dull sale for his produce; and all un
suspicious of the real cause, have a vague idea that their difficulties are owing
to hard times. We have become to familiar with these periodical revolutions in
trade, that we look upon them as the natural phenomena of business, but it is
not so."
. Hume,
The great English historian of the 18th century said:
"We find that in every kingdom, into which money begins to flow ingreater
abundance than formerly, everything takes a new face! labor and industry gain
life; the merchant becomes more enterprising, the manufacturer more diligent
and skilful, and even the farmer follows his plough with greater alacrity and
attention. A nation whose money decreases Is actually at that time weaker nnd
more miserable than another nation which poeteeses no more money, tut is on
the it, "casing band.
Falfing prices and misery and destruction are inseparable companions. The
disasters of the Dark Ages were caused by decreasing money and falling prices.
With the increase oi money, labor and industry gain new life."
John Sherman.
In disou8Blog the proposed destruction of the greenbacks and resumption of
specie payments, in 1869 gave the following description of the results which
would folow:
"It is not possible to take this voyage without the sorest distress. To every
person except a capitalist out of debt, or a salaried officer, or annuitant, it is a
period of loss, danger,lassltude of trade, fall of wages, suspension of enterprise,
bankruptcy, and disaster. It means the ruin of all dealers whose debts are twice
their business capital, though one-third less than their actual property. It means
the fall of all agricultural productions without any great reduction of taxes.
When that day comes, every man, as the sailor says, will be close reefed, all
enterprise will be expended, every bank will have contracted Its currency to the
lowest limit; and the debtor, compelled to moet in coin a debt contracted in cur
rency, will fled the coin hoarded in the treasury, no representative of coin In
circulation, his proptt ty shrunk notonly to the extent of the appreciation of the
currency, lut still more by the artificial ncarclty made by the holders of gold
To attempt this task by a surprise upon our people by arresting them In tLe
midst of their lawful butlness aad appljln a new standard ot value to their pro
perty, without any rsducllon of their debt, or giving them an opportunity to
compound with their creditor, or U distribute the losses, would bean act of
f41y without an eitmpte la evil ia modern times.
Ei Senator John J. Ingalls,
The brilliant republlcaa orator of Kansas, spraklngof gold la 1KT1 said:
No people ta a great emsrgeacy ever found a faithful ally In gold. It U the
moet cowardly and In acherous of all metal. It makes no treaty ll doee not
break. It bas no frlmd It doe not soceror latter betray. Artnle aad arle
are not maintained by gold, la Um- of paalo aal ralamlty, shipwreck at4
dtau r, It become the agent and mtaltter of rule, No eatioa tver fought a
great war by the aid Of fold, On the contrary, la the crisis ot the greatest perl),
It becomes an eeuiy mere poire! than the low la the field; but wbea the battle
Is won and peso has been secured gold re appear aad claim the fruit of vlu
tery, la our own CltU War it Is doubtful If tt gold of N Ywrk and tiwdoa
did not work tta greater Injury tbaa the powder aad Uad aad tree of the Houth.
It was the moet lavlaelhJe enemy ef tb pubtta ciU!t (U4 pai j ao soldier or
stllor. It rffueod the eatleaj obligation, It wae worth most wbea our ferine
were tb luwtet. Kmy defeat gave It ieortased value. It wa la opea alliance
with our enemies th world over, aad ail It energies were avtked for our de
trvetloa. Hut a uiual, w bee 4ar bad he averted and tb victory secured,
gold swagger ta the fruul aid aewit tb tuprtMaey."
AUGUST 3, 1893.
The Greatest Financial Gathering in th
Worlds Hiitory An Army of
Great Speeches Delivered by Thurman,
Pat tw son, Donnelly, Powdrly,
Wait and Others John 8her '
man Denounced. ,
A Strong Platform.
Chicago, Aug. ft Th national eon
vention of the American Bimetallic
league met at 10 o'clock in this city
this morning and the attendance wa
larger than that of any previous as
sctnbly of like character in the history
of financial agitation. The first
Methodist church auditorium wa
overcrowded an hour before the meet
ing was called to order and it waa
early apparent that a larger ball
would have to be sought forfutore
sesslona '
When Chairman Warner called the
convention to order scores of delegate
were obliged to stand in the aisles,
but all took the inconvenience good
naturedly. In a few opening words
Chairman Warner introduced Mayor
liar rUon, who welcomed the delegate
to the city. In the course of hi
speech he said: "Home of you may be
rather wild. It is said that yott
aro lunatics, silver lunatics. I look
down upon yon, and I am rather glad
to -welcome such lunatics as you.
Alexander the Great, the Three Wise
Men of the East, Martin ; Luther,
Christopher Columbus, Mirabeau, Na
poleon, Benjamin Franklin and Mora
had all been called lunatic in their
time, but all have left their mark on
the civilization, the geography, the
religion or the political liberties of
the world. It is crasy men that
march the world forward and make
Srogress a possibility. You may be
enounced, out John Sherman waa
always crasy enough to fill his pocket
with the wealth of this world. In
almost prehistoric time we know that
gold and silver were the money metal
of the world. Oold is found in pockets,
it is the fruit of chance, but silver is
worked out of the rocks by hard,
methodical, , inevitable labor. They
say that those who believe In bi-metaf-ism
are crazy. If the act of 1873 could
be blotted from the annals of Ameri
can political action, I believe that sil
ver would be worth 129 cents an ounce.
Be wise in your deliberations, but be
fearless. Congress Is about to meet
Give the benefit of your deliberations
to congress and tell Orover Cleveland
what the people want"
Thomas M. Patterson, In responding
to Mayor Harrison's address, said, re
ferring to the thousands of idle men
thrown out of work by the closing of
the silver smelters of the West: "If
there is danger of anarchy in this
land, who will produce the Anarchists?
Cries of "the millionaires." "Wall
street" In case of looting who
will be the cause of it? Will It be
men driven iron their homes, who
have been loyal, law abiding citls ens,
or will it be the men who In cold
blood and for selfish purposes so man
ipulated the legislation of the country
that the money necessar, to keep it
body in good health was destroyed or
fled to hiding places and thus mad
th laboring men paupers, thrown up
on the charity and Christianity of the
land? We are waklnir but for the free
coinage that Jefferson and Monroe
gave to thla country and whkh
wa ratified by congress and
th peopl when Andrew
Jackson waa president We stand by
the law of 17U3 placed upon the stat
ute book wbea the constitution wa
first adopted and when the thirteen
free and Independent eoloulea bevam
waited as free and independent state.
We are In favor ot the constitution of
our father and we are ta npnattioa
to the Anarchist of th lsut Hie Aa
arc hut who sit behind basking coun
ter (applause), th Anarchist who by
their UgkalatUin would turn the poor
Kple of th land out of their home,
Anarehbt who aro forcing dowa
Ckea and robbing every man ot one
It of that wuU be puB la the
shape of property. 1 know that there
le a wtaej and merciful Ood. and. aa
Miamou sense aad patriotism dwuvt
Beta the ma of th Aueruee peo
ple wbea they see tl IWrat, 1 baoer
that th eause will triumph, aad 1
hep tht within the year we may
rKtut la tbi rtty and tf th
aaens of kiy and victory that will
brief ft-exltA aad har-plee U all of
those ) now Wk only tuta cloud
and Uk4iv I tlieak you." (Tieiue
duu applause.)
The free and unlimit
ed coinage of sUrer at
the ratio of 16 to 1; in
other words, the restor
ation of slWer to the
place it held in our cur
rency from 1792 to 1873
That the Sherman
law should not be re
pealed unless a law
more favorable to sil
ver is substituted for it
NO. 7
Chairman A. J. Warner of the ELe
tallie leasTue now delivered hi open
ing addre. "Th most extraor&a
ary condition of affairs," said aa,
"meet the assembling of thla conven
tion. Almost perfect peace prevail
over the world; the earth is yielding
her fruit In unusual abundance, aad
rich harvest ar being gathered under
favoring skies. There is enough and
to spare, and yet never before la
the history of the country has there
been snch widespread fear and distress)
never before such loss of confidence
and destruction of credit Industrie
are everywhere breaking down aad
laborer by thousand ar thrown
workless on th street with want
staring them In th face. Score ef
baaks, most of them well managed aad
showing assets which under ordinary
circumstance would place then
above suspicion, are driven to sus
pend. There has been a shrinking of
hundreds of million in the value
of stocks and other property, and. In
agricultural product. To attribute all
this eondition to the present silver pur
chaslnj law of th United States is ab
surd. Under this law sinee 1S0O, 1M,
008,000 hav been added to our car
reney. So anybody bliv that the
prseno of this 1150,000,001) makes
nosey scarce and dear Would wa
r better off If we were out of itf
The real rbjeet lesson ef tfe ltvata
1 very dUcrent from that WbUJi t-J
gold conspirators intended.
"It enables us to see the bexinxLr7
of the shrinkage In pries that sor i
take place la order to go to a pwrt'j
gold basis. The trouble is fa l .e
change in the money standard, lia
value of money may be doubled ettsr
by doubling the weight of stand" 1
coins or by 'destroying half of t
metal . out of which coins ax
made. One is as effective ta
the other. The establishment ef
a stnffle sreld standard is
equivalent to putting the value of two
dollars into one, It is doubling tl
unit and putting property down eye
half. This I what U foiaf nV To
An this and still rnnlra the eeana
number of dollar In payment cf
debt and taxes is to sanction tie
spoliation of on class by the oCC7
and the talk of such a standard ta
honest or such a policy aa sooad
fin ince is the rankest hypocrisy."
Referring to the act of 1873, Geaeral
Warner said: "The member of oca
gress, the speaker of the house who
signed that bill, the president who
approved it, never knew that it de
monetized silver. There wa bat on
man in the senate who knew that tb
act demonetized silver; and yet ho
was never hung or shot for treason.
S Great applause at this allusion to
ohn Sherman.
"That act will be known inhlstory a
the demonetization of 1873. Le th
memories of those who stand con
nected with it rot in oblivion." Great
General Warner said that he waa
willing to have the act of 1890 re
pealed if the other Sherman law, the
act of 1873, could be repealed by the
same bilL Both Sherman laws should
go together and the country be placed
back upon the constitution and th
law as it stood before 1873.
In his conclusion the speaker de
nounced the metropolitan newspaper
of the country as being controlled by
the money power and characterised
their editorials as being but the in
spiration and the bidding ot the gold
bugs instead of the conscientious ex
Sressions of the writers. The people
win, must win against all these
aggregations aud iofluenc ot capt
A committee on credential wa ap
pointed consisting ot one member
from each state. , Oa motion of ex
Congressman hymes of Colorado the
chairman wa authorized to appoint a
committee of fire on permanent or
ganization. A this committee tb
chairman named Symea, Beagan of
Texaa, Stark of Ohio, W burn of
Massachusetts and Full- ider of
A committee constating of one dele
gate from each state waa authorised
to be appointed on rule aad order of
busineaa, this appointment to be mad
by th various state and territorial
delegation The committee on per
manent organisation waa also author
tsed to select a larger ball In whkh to
bold th session ot th convention.
On ream-em bit ug la the afternoon
the eommttie on permanent organ
isation reported, recommending Alien
W. Thurutaa ot Ohio a permanent
ebalrmaa of th euaveatioa. The re ;
port waa ratlned by unaaiaaou vote
and Mr. Thurutaa, being Introduced
by the chairman, waa received
with great applause.
rt-AR MArrao our ur acvarcs,
A conference ef the leader of tit)
various state wa held last nig hi
Among taoe pre at werei Heaalov
Stewart, Hen tor Henry M. Teller, -
east N. II ill ot Colorado, U W.
Wilder of 1 aver, es-Uoverae
tout! ef Colorado, X W. Thurntas
Colo. Faa of New Yv
i-etA Rearaa et Tesa. J, LL
Mlwlt et Tvaee. UoteraO
(Cuaitsaei a siesta far )