PACTS IN FINANCE;
Uob JJ. Sterling Mortoa Throws
kiu Light Upon the Proa
cnt Financial Muddle
TMC FOUNDATION OF MONKV.
va l-mir a Caaatrr MH -aulil
r The Thla It
Paapl OMlrt aad Daaaaad
A riM rsr Gld
Tb prevent it a composite photof reph
( all the yesterdays which the human
race be coasted inc It began a civil
toed career. All the thought, improve
suent, invention, advancement and ex
altation of mankind evolved during itt
march through the million of myriads
at yesterdays are concentrated, focused,
ia the present; and our "Today," ana
lysed, is only a portrait in miniature o(
M aggregate "Yesterday." Our indus
tries, social life, economic even oar
11 lac tnt in finance are merely a repe
tition of these of former gentratione,
with additions, amendments and ad
vancement Thus, while history re
peats itself, it also modifies or magni
fies itself in various parts. It em be I
tshes or it tone down, represses or in
tensifies here and there, as human prej
udice or desire may dictate. Bat no
where do we read of a different air or
water In ancient times as supporters of
human life from that which breathe
ond drink today. There has been, then,
ato abrupt repeal, chantre, or amendment
to natural laws during the mighty
marches of the years and centuries across
this world of ours since it first trembled
in elemental space. The laws of light,
of sound, of gravitation and cohesion,
remain potent, exacting, and inexorable
m when the revolution of the spheres I
- began and the light of day first flooded
the universe with its vivifying effulgence.
Under the domination of these relent
less laws in a great kindergarten the
family of Man has been for thousands of
years living and learning and repeating
lessons. Until the art of printing came
to embalm knowledge and perpetuate it,
the learning of each generation was en
tombed almost wholly with tboee who
developed it. Legends, manuscripts and
traditions transmitted only a mo Jicum
of the accumulated lore ; and the greater
woliimes of experience and achievement
were hidden in the grave with their
o-uthors. Nevertheless, certain of those
ideas most essential to the advancement
and elevation of the social status were
oo thoroughly esteemed, debated, and
written out, that we, as the heirs of the
Intellectual wealth of all preceding time,
cow hoard them in libraries and treasure
there in our memories. But we are
merely trustees, and as such it is our
duty to conserve and bequeath that in
heritance to our descendants with at
much useful increment as we are com
petent to evolve or produce, as to each
integral part thereof. And as trade is
the forerunner of civiiixUion, and com
roeroe its promoter and educator, this
avee is obligated to the future to improve
the old and invent new methods for
facilitating exchanges all over the world.
Tba Baale Idea or Montj.
In a barbaric state, barter existed.
Direct exchanges of goods for goods ob
tained. Then, emerging from tribal
relations, man instituted various media
of exchanges. First, cattle were money.
Then came flocks of sheep and goats.
The larger cattle owner was the capitalist.
The word "capital" coming from caput,
at head, and the word "pecuniary" from
pecue, a flock, illustrate the fact that the
noaic idea of money was value, both in
herent ami relative. Later on silver and
(old became money. But for centuries
they were not ct. tied. Both metals were
used to mediate exchanges. But neither
of them bore ay other marking or cer
tification than that gives by the gold
smith or theatsayer.who merely verified
the weight and fineness. His legend on
. the lamp or ingot of bullion aasured the
trading public aa to Its purity and
gravity. But standard economists never
claim that attestation of fintness and
weight, either by an assay office in
oc lent or by a government mint in
Modern times, adds value to the metals;
though all agree that it increases the
facility with vhich they may measure
aloes and mediate the exchanges of
commodities
Mmj aa Caaaalvad by tba AaeUata.
Aristotle, who wrote In the foarth
century before Christ bad clearer idee
of the functions of money, even in that
early morning time of commerce, than
snany statesmen at this high noon of in
ternational trade seem to entertain. And
that pagan philosopher said :
"Maot r It aa leUrmadlary commodity -Sagsit
to raetiltesa taa eseaeaa of two ataar
StmmoSltlaa."
And Xeaophon, writing of Athene s
bandied years Inter, and showing its ad
voatogao owe other markets, aays:
"la swat of tba ethar eltte a tradar is obllf
t taka ommaalttat la raters for thoa aa wis,
Otaseti tba BMaay aad la tbam ha sot maeb
MM owUlda; tta aa atbaataoa. aa taa oaatra-
a lakat bte ay la rasa, smmv, wblob,
all eaaotlaMa artlolat, la tba ( aad a sit
assviaiaat, a it la aaoaiwi ta all aoaatrtas. aaa.
f mam. It always briafi beak eoaethlat Its
Hasar, wbaa tba lattar ) step taatapaai
t Then Aristotle saw the nsesesity of a
ejeoooaodlty Taloe ia the roedtam of ei
oaage, nod Xenophoo desaonstrated
wite importance of a general sod unfloe
waorlng porcbsolng power of veins to
ssfsy, to render it nniversnlly useful to
Km faeilitatioa of ri.aoatic aad foreiga
i to. What t value Aria-
It m4 taw Boeaaa towysrs, smoaw the
stoat ood Adam Smith, Whatsiy.
f, nd Perry, with aultieade oi
ser modern eoooomists, have declared
Oarioiwo snosss la CTBhsogoaMllty.
tad ttrfilsnJ tmyti
ytt what as sMtjtr sossos sseol
1 wr (BB(lHfwaweJf t9 elsolB'a so to) BCstsMSsMV
Saatfai tb-n la a draaad (at tblaaa,
ha tu-. Wbaa 'aaair rrmaia Mauaeerf
aa4 itt dtati iasraaM. taa ' taer,
aaa o 'irmaaa aaaraaaaa. ta value.
ft as4 oeaa taa Saiaaal altogtCacf.
tba f a.aw i- attuf laf ca '
The currency of a country, therefore,
SB sit be always siebaagaable for thaws
thing which its people desire sod de
menti, and the earrency itself mast be
desired and demanded by those whe
hsvs the things to sell. Tue cemmodlty
eeller bays saonsw; and tbs cemmodlty
kuyer sells money. Each seeks the
hiiiheet quality in that which he bays,
hecaase with it be satisfies a demand;
and in every legitimate exchange there
are two demands and two satisfactions.
Io times of basfntss depression money
circulates cautiously and slowly, because,
people repress desires for many commod
ities which under usual commercial
conditions they gratify. And tbas de
mand for those goods decreases and their
valnee decltne. There are many Ameri
cans today who have their money hoard
ed merely because tney are afraid to in
dulge in expenditures which, daring a
period of redundant circulation, tney
regarded as absolutely necessary to their
dally comfort. Repressing desires, they
have diminisoed or destroyed demand
in many lines of goods, and yet an ac
tive number of citisens declare that the
depression is caused solely by an in
adequate percipita circulation of money.
Generally those citisens, however, while
taking ol a per-capiut circulation, are,
nodcibt, really thinking about a per
capita distribution. But in the distribu
tion of money each person can legiti
mately get only so much as he can
honestly buy, either with a personal
service or an exchangeable property or
commodity. Each person can get
money who has something to sell which
some other peraon desires and demands.
It makes no difference how plentiful the
money supply may be ; if one has no ex
changeable servio or commodity to offer
which other persons desire to buy, he
will get noae of it.
Fallacy af rtatlata.
To illustrate. In a community of
1,000 there may be found a per-c&pita
circulation of $100. Investigation, how
ever, proves that one citizen has $75,
000, another (10,000, and the remaining
tWM have only an average of about $15
each. And yet effusive statesmen, pos
ing aa the friends of the poor man,
pathetically plead for an increased per
capita circulation, aa the only certain
panacea for poverty, penury, and want,
everywhere. But these emotional
fiat ills never tell how any person, whi
has nothing exchangeable to offer there,
fore, is to get his per-capita share. Tbeas
hysterical publicists frequently indulge
in economic paroiysms which, nearly
always, result in attempts to promote
the public weal by enactment, and in
endeavors to provide prosperity by em
bodying fallacies in the forms of law.
They totally ignore the fact that ex
changeable things are necessary to cir
culate money things desired, demanded
and, therefore, valuable. Tbey forget,
seemingly, that there is no need of value
measure when and where there are no
values to measure.
Folly at laOataS Clrcalatloa.
Among the drought stricken home
stead -r in aome parts of the sub-arid
regions of Kansas, Nebraska, and the
Baso'sp, there are for sale today no
edible commodities ;and all the gold coin
of trie earth given to those
unfortunates on the famine frontier,
upon condition that it shall be need
only in purchasing food grown among
themselves, can avail nothing in ameli
oration; their hardships. It would create
no exchanges, confer no comforts. A
per capita circulation of $100,000 each,
under such restrictions, could alleviate
no d:tres. Food, not funds ; clothing,
not coin; fuel, not finance tilings which
are always alert for exchange, btcause
always desired and demanded can alone
assuage tbeir misery. But by a parity
of reasoning, those who advocate more
measures of value, a larger number of
dollars aa the infallible remedy for de
pressed trade, should now disclaim in
favor of a larger per capita circulation of
peck, half-bushel, and bashel measures,
together with steelyards, and scales, and
yardsticks, and foot rules, among those
grainiest fields, fool leas families, and
almost clotbless communities. Yet in
creased and gratuitous distribution of
measures and weights among a hunger
ing people who have neither food to
weigh nor fabrics nor fuel to measure,
would be a sorry satire upon starvation.
Bat it woald be ai efficient and efficaci
ous in ameliorating conditions as an in
creased per capita circulation would be
in improving the pecuniary status cf
those who can offer nothing exchange
able for money which the owner of
money He ire and demand. The measures
of ce'ehl-and otl er things are useless
where There are no cereals or other
material things to be measured. And
ml Ra Valaa to B Maaiarad.
money is absolutely inert and inutile
where no values are to be measured and
no exchanges are to be mediated. The
pioneers of Nebraska, which was opened
to settlement in lsM, matured no crops
to subsist upon until the autumn of
1856 ; and, therefore, for tbeir first year's
subsistence purchased grain and vege
tables and meat from the adjscentstates
of Iowa and Missouri. And although the
tilled area of Nebraska, wean the first
snow of the winter of 1853 and 18M fell,
was only a few acres, and the population
of the Territory very sparse f and, there
fore, the nil a i Mary and normal exchanges
exceedingly limited), there was a large
field of Istdigeoons frontier financiers
who fervidly declaimed for more circmlav
ting media. These primitive populists
then proelsimed, in that prairie wilder
ness, tbs doctrine of sonsmsrcisJ salva
tion ud ever lasting prosperity through
the) grace of an increased per capita cir
smlation. They declared that there was
not snougn mossy In Nebraska and ad-
Kning states with wbicb to transact
siness, and that the legislative tsssta
Mr of the territory should charter banks
to tone aaoawy in volume sufficient to
meet the exigencies of trans Missouri
commerce. Those pioneer advocates of
financial vagaries and money falkasise
used nil too argumsnts, demagogy
nod enactions sxbortation is behalf of
their theory that their lineal sconoaakc
dseoendnaU nod disciples use today.
WMMJf VW oVflffMsksaM
And tfaoa,
during January,
UM,
Sit
books
ishorterod for I
n tas purpose of
of
akiosri
ei re lotion ia
Wsbvssaa. Too legists tori
who voted
ler thorn soowted ail tbs teething of po
litical seooomy and defied to inoriubio
sod inesnsisst esoretloa of seooomie
law lo MtngeoMtn to a stststs of tbeif
swn Moteot spewnlng. And here It too
not wbiea mooted sorrower (sock of
is bank boring prseissiy the iiom
Iso
rrn-
than sit months, ostensibly to be etrco
loted among a population of lees than
29.000 men, women aad children, who
made up all tbs inhabitants of the ter
ritory, which then included oil the geo
graphical arsa that now constitutes tbs
two Dubois, Wyoming and a part of
Colorado. In laos thea four months
from the commeecement of this experi
ment for banishtno poverty and pro
ducing prosperity by an increased per
capita circulation, the gold currency and
its equivalents bad disappeared. The
lar-aeeiog accumulator of sound monsy
and tne non-rssidsnt trader bad taken
it from the limited field of our ex
changee, and had hoarded, hidden and
carried itaway.
Chart ar at tba Flcat Baa a,
AH ACT
"For the charter of a back, to be lo
cated In Bellevue, Douglas county, Ne
braska territory, to be called the Fon
tanell bank of Bellevue:
"Section 1. Be it enacted by the coun
cil and house of representatives of the
territory of Nebraska, that John R.
Barpy, Peter A. Sarpy, Samuel Knepper,
John It. Cecil, L. B. Kinny, Philip J.
McMabon, Leavitt L. Bowen. John
Clancy, their heirs and assigns, are here
by appointed commissioners, and they
or any five of them are authorised to
carry into effect, from and after the pas
sage of this act, the establishment of a
bank, to be styled and called the Fon
tanels hank, and to be located at Belle
vue, Doaglas county, Nebraska terri
tory, with a capiul of $100,000, which
may be increased, at the will of the
stockholders, to any amount not ex
ceeding $.VX).000, to be divided into
shares of $100 each; and the said com
pany, under the above name and style,
be and are hereby declared capable in
law of issuing bills, notes and oihC: cer
tificates of indebtedness, dealing in ex
change and doing all thing necessary to
the carrying on of a regular and legiti
mate banking business, and also to buy
and" possess property of all kinds, and
to sell and dispose of the same, to con
tract and be contracted with, to sue and
be sued, to defend and be defended
against in all courts in this territory.
"Sec. 2. That the commissioner here
in appointed shall have power to cause
books to be opened for the subscription
of said stock in such manner and at
inch times and places as tbey or any
five of them may appoint; that when
ever $50,000 is ful'.y subscribed, then
those making such i'scription shall
have power to choose a board of direc
tors whose duty it shall be to organize
aid hank by electing a president, vice
president, and cashier, and that in the
election of said directors and officers
each share subscribed or then held shall
entitle the holder to one vote, which
may be given in person or by proxy.
"Sec. 3. It shall be the duty of the
president or vice president (either of
wbom shall be competent) and cashier to
attach their respective names to all bills
or notes issued by said bank to circulate
as currency, and that the stockholders
shall be each and individually liable for
the fall and final redemption of such is
sue, payable at the banking house in
gold or silver, and that this charter shall
have an existence and be in full force, if
faithfully complied with, for the term ol
twenty-five years from the date of its
passage and becoming a law of tbe ter
ritory. "Sec. 4 The stock of said back shall
be assignable and transferable, accord-
I ing to such rules and nnder such restric
I Hons aa the board of directors may pre
scribe, who shall have power at all times
to make such rules and regulations as
may appear for the well-being of said
bank, not inconsistent with the consti
tution of the United States and the or
ganic law of this territory,
j "Sec. 5. The directors of the bank
i shall make, or cause to be made,
j through tbeir cashier, under oath or af
1 firmation, an annual report to the audi
tor of the territory or state (as the case
I may be), a fall exhibit of the condition
' of said bank, which report spall be pub
lished in three newspaper of this terri
tory by said auditor.
I "Sec. 6. This act shall be in force
from and after its passage.
I "Approved January 18, 1855."
j Tba Graaham Law Tarlflad.
1 Very soon after this manufactory of
credit mocev began to pour its product
into trade channels, tbe superior money
had, under the operation of the
Oresbam law, surrendered tbe field of
exchange to the inferior. And from the
date of the letter which Sir Thomas
G res ham wrote to Queen Elizabeth in
1558, explaining that good and bad
moneys could not rem sin concurrent in
the same country, no more perfect veri
fication of tbs Gresham law bad ever
arisen than that furnished by that ter
ritory in the year of 1856, 1857, and
1858. The unyielding vigor of principle
and truth was as prononced in Nebraska
then as it had been in the kingdom of
(ireat Britain 3UU years before.
Thus after a brief period of pseudo
pro perity, ia which all valuables were
feverishly enhanced, there came in June,
1857, the first warnings of the disastrous
panic of that rear. In New York tbe
banking and brokerage house of John
Thompson, wbo published a bank-note
reporter and counterfeit detector, foiled.
In Ohio the great Life and Trust com
pany went nnder, and all over Ne
braska aad throughout the whole re
public, the baseless, non-convertible
paper issues of "stump-tail" currency
as it wm termed in ths parlance of the
time become utterly vslusless aa tools
of sxchaog.
Era at FlatUai
Today we stand perhaps upon th very
verge of soother era of ffatitm. And ft
the free coinage of silver at 16 to 1 son
be secured, wesbsll behold again, in the
Uaited States, aad oo a broader field,
the ana voidable snd disastrous effect of
that low which inevitably prevents too
circulation of on inferior and a superior
oorreoey, io too some jssrksts, at ths
Same time.
Having, sudor free eoiosgs, made
mors stiver donors than tbs eoontrr
float, at o pswity with gold, the la
metal wll' go so o premium. All that
wo sell to foreismere will be psid for in
silver. All thot ws boy of them will bo
settled for io fold, and ws will pay the
premium. Bimetallism, as taught by
tbe fro cotoogt-of-ilvr advocatse, who
maintain toot tbe United States alone
eoa loot limited, amount of thot
sastal, coined ot o ratio of 16 to 1, oo o
parity with gold, logically leads to omoo
mstalllssn lo the North Americas ropoo
lic, sod that oos mstsl matt insvitobty
be stiver.
Is the Vloetsontb Century Hearr
Doooiog MeLeed My :
"Blotctallkw is only part of a syttoM
which prwrollod in svsr) country tor
charter) of more theo $000,000 io
, Meteriee. OtaWsnasa thought that thay
coals regslsu tbe value of eecaniodiuas
by tsw, and th statute books contained
many such laws. But experience shewed
that such tow were obeeiutely inopera
tive, and after having boon abandoned
io practice, were, at length, espaaged
from the statot hook. The attempt to
restore bimetallism is siajplr ths en
deavor to revive this exploded economic
fallacy.
"If it were possible to establish a fixed
ratio between gold and silver by inter
national agreement, it weald bo equally
possible to fix the vslus of all commodi
ties. Innumerable catastrophes ars
caused by the unexpected change in the
i vslue of commodities ; whv net then fix
the value of all commodities, and so
remove the cause of multitude of mer
cantile calamities?
"Agriculturists srs suffering tbs sx
tremest depression from tbe fail in tbe
value of tbeir products. Why then not
fix the value of wheat at a remunerative
price by international agreement? If it
were printed io ail tbe statute books of
the world that tbe price of wheat shoald
be one dollar a bushel, does any person
of common sens suppose that th price
of wheat would riot one cent?"
And if raising wheat could he made
remunerative everywhere, would not
everybody seek that line of produc
tion? Oaa Call of Valaa.
But the bimetallists state their
case paradoxically when they pro
claim for the free coinage ol silver
at the rate of 15 to 1. That every
phraseology is a confession that there is
and can be but one unit of value. Tbe
fact that tbey compare tbeir silver to
gold, as tbe unit of value, a tbe test of
exchangeability, contradicts tbeir con
tention for the equal utility sod facility
of the two . metals '.t, radiating ex
changes. It is a foTl confession of the
bimetallists that the two metals are un
equal. It is an avowal that by law
mere statutory enactment they propose
to make equal, in value( by certain rela
tions, those things which mankion do
not equally desire and demand. They
affirm that they will create value. Tbey
avow that tbey can stimulate the desire
and enhance ttie demand of the world
for silver by a simple "Be it Enacted"
a formulation of fallacies into statutes.
It is a plain concession that silvsr is a
commodity which must be measured by
a universally accepted measure; and,
furthermore, that gold is that measure.
There 'ore, by implication, the professed
bimetaiiist, in stating his case, admits
that be is gold monometalllst.
But it is amazing to find ardent free
trader among the zealous advocates of
the free coinage of silver at tbe ratio of
Id to 1, because the present tariff pro
vide almost wholly for ad valorem
duties. Such duties, according to the
law, must be be paid upon ths valuation
of the commodity imported, computed
in the earrency of the United States.
With the free coinage, which, we are
cheerfully and vehemently assured, will
bring about a double pries for all the
farmers have to sell, there will also
then come a double valuation upon all
ad valorem imports which farmer may
wish to buv. Then a thousand pounds'
worth of English manufacture, bought
in London on a gold basis, being im
ported '.0 the United States, while we
are oi, a silver basis, valued in our mar
ket and our money, as the law compels,
will cost twice as much denom inalionally
in silver as it would in gold. That is,
gold being then werth twice as much aa
silver, instead of paying, on each English
pound, as today, on a valuation of
$4 86, the consumer will be taxed for
each English pound's worth of goods,
red seed to United Mate currency, on a
valuation of $H."2. Then, aa silver de
clines and cheaper money becomes more
and more plentiful, our frae trade friends
wbo have joined the crusade in behalf of
free coinage will sorrowfully observe
that they have, by their misinformed
statesmanship, erected a mountain bar
rier to international trade, compared to
w bich McKinleyism was a mere mole
bill. Free coinage, a advocated by its
most enthusiastic and eloquent support
ers those who paroxysmal ly appeal for
the poor people, as against plutocrats
will very soon, if it be attained, double
and possibly treble the duties on all the
imports which poor people purchase.
Eolaaoeaoieat of Purchasing Power.
These same eelf-cooititeted attorneys
for the poor, out of their tumultuous and
cheerful vocabulary, alto plead strenu
ously in the interests of those whom
they felicitously, without definition or
identification, call the "debtor class."
Money, tbey say, has appreciated sines
some debts were contracted, and, there
fore, it is a great hardship upon some
debtor to pay a they borrowed. But
suppose the money had not been loaned
by it owners? 8uppoe all the owners
of the money bad securely boarded it,
instead of loaning it out, when asked, in
each case, would not money, thus be
coming scarcer, bav appreciated still
more by ths boarding? Ia ths bimetallism
then, in favor of a law providing a
penalty lor appreciating tbe purchasing
power by hoarding, and not loaning it?
Why should there bo no law to prevent
enhancement of purchasing power
brought about by hoarding, if there
must be a statute to mitigate that en
hancement wbicb may occur by loaning
money?
Frequently, in tbe early settlement of
the west, farmer supplied the new
comer, arriving in Jie autumn, enough
grain, payable ia kind, quality, and
quontityr to carry them through tbo
next season, and to a matured harvest
of their own cereal.
To Illustrate. A loaned B 500 bushels
of corn worth 25 cents a butnel, January
1, 1894, to bo repaid with 550 bushel of
corn on January 1, 1805, Bat, because
of tbe drouth and scarcity of corn in the
fall of 18V4, it ha doubled ia price and
sell oa the first day of tbo year for
60 cents a bashsls. Now by s similar
tao. ta. Tbtl tb vain of raralin sola aa ac.
are la tbaaoacy of aeeouat ol th UalleAJ
eota ol ttaadar alu, aad ta alu of tb
taadara eotaila eirculatluo of ta varisa aa
tioni o( tba worM tuall b MimitH qaarurly
bjr Ida director ( ta mint, aad a prjelalaiaa
by tb Mcrclery or tin tr.ury imindlilr
aitrr th paef of th: act, toil ibtraerur
qurtrlr oo th snt day of Jaouiry. April, Jaly
aad October, la aaeh yrar Aad tb valaat a
oroclaiaa tball b follcw-d ia rtimatia tba
va! at all feralfa awmbaadiM etparl la tbe
Uaiud It tot durlaf tb quarter for wbicb tb
vela I proclaim aad tb data ot lb onaralat
etrtilcailoe el a; i a role 1 1 . for lb
otatortbli staUoa, be eialdrd tb data of
ricortatloas Prtldd, That (h w-cmary at tb
Irraawjr iaa rSr tb rallquldatioa of say e
trrata difffal value, whor-r ntnlaatery
vldrao (bell a prodmed to bin rbowiag tbat
lb vale la tfsltrd Stat ear aacr la
foralca aer tsaelbad ia th isrole was, at
tb daiaorotrusoatloa, at lai t pr saatsss
mora or last taa tb tala proclaim
tba aaerter la wbleb tb aoatalar --
oacariva tstaist V. a , ri'tjMblr
St 11,0k tors. .)
, process of rsosoolog, the bisseUTTIst
should call for a statu i eaabliag A to'
Cy B hi 50 bushels of Cora with 50
shsls of oat which ars worth only 30
coots a bushel. Tht corn having appre
ciated, because of tbe changed relation
of the supply of corn to th- dsmsod for
1 - i i i i . u -
cvia, um wvracu a naruauip, tit iu
itexorable operation of economic law,
against B.
And tbe economic law is aa evolution
of tirat natural low which rsgulstee tb
raiafall and tb sunshine and make
crops, eithsr bountiful or meagre. Now
would not the same moral ty, honesty,
and scum of justice, which provide for tbs
payment ol a money debt created sines
we were on a gold basis that is, sine
Jsnasry, 1879 in depreciated dollars,
msds either of silver or any other com
modity, also pay a loan of 500 buebals of
corn, borrowed in 189t, with 560 busosli
of oats in W; er, if io corn, tbeo in
troy weight instead of avoirdupois; or,
if by measure, then with two peck to
ths bushel?
-Trl'fi" Tacalliatlaa.
Da Msarler describe tbe wonderful
vocalization of Trilby a "wv of sweet
and tender laughter, tic ry heart and
essence of innocent, higli-vrited girl
hood, alive to all that is simple and
joyous and elementary in nature tbe
freshness of tbe morning, tbe ripple of
ths stream, tbe click of ths mill, ths
lisp of wind Id ths trees, ths song of ths
lark iu tbe cloudless sky tbe sun sod
th dew, the scent of early flowers and
summer woods and meadows tbe sight
of bird and bees and butterflies and
; frolicsome young animals at play all
tne sigtits sod sient ana sound that
ore the birthright of happy cbildreo,
happy ssvages in favored climes things
within the remembrance and ths reach
of most of nsl All thii, the memory
and tbe feel of it, are in Trilby's voice
a sbs warblss that long, smooth, lilting,
dancing laugh, tbat wondrou song
without words', and those who hear,
feel all, and remember it with her. It
i irresistible; it forces Itself on you;
' no words, no picture, could ever do ths
likel'
bfolodla af Modara Ceuanaree.
But the music was that of her mes
meric master. The potency of his magic
swayed her whole being voice, features,
nnf. trHgtures. t-vervthlnir In one sranri.
I hreal h 1 na av m nhnn v. . Kn th hirmnntM
of civilization, the multifold tones of
trade, all the irrat choruset aud melodies
of commerce the murmuring stream
tbat turns the mill wheel, the hNilng
engine on tbe rail, the plash of the
paddle-wheel on Inland lakes, the mono
tonous pulsations of the great hearts of
steamships on all the oceans of the globe,
the singing wlrei of telegraph lines hang
ing In the air, tbe whir of the electric
cars every movement of a sentiment
commerce transporting from north to
south, from south to north, from e st to
wett, and from west to east, with all Its
myr ad sounds of contenu-d Induitry
are merely the economic orchestra of
civilization obeying the motions of the
magic baton of demand, wielded by the
will-power ofthe civilized world. These
art the marvelous melodies of modern
commerce. But the Implration which
gives voice to value, and energizes ths
m&ny-tocgued industries of modern life,
advancements, and Improvements, Is
exchangeability based upon a demand,
which Is founded upon detire.
Oold tbe Hca-tam.
And so, theorize as we may, contend
for wbitever financial faith we can, and
legislate as we wilt, we shall find at last
that In our present the foundations of
fioiioce are, as they were In the past of a
thousand ye irs ago, buttressed by human
desires and human demands for ex
changeable things. And the future will
finally, perhaps, after many severe
strains upon the credit of the republic,
behold the citizens of the United Stales
in their honesty and ttrf-ngth with one
voice unequlvoca'ly declaring for a unit
a measure of value a nodium of
exchange fashioned out if or founded
upon gold. They will thj" determine
and declare, because that metal has b'l-n
tested and approved for .Wl years by the
domestic and foreign trade of all the
commercial nations of Europe as Ihe
only measure of value the only facilitator
of exchanges which civilized mankind
has as yet discoverr1. adopted, and
utilized with nearly universal success
and almost complete satisfaction. Re
pr nled by special pe-mission from the
February number cf the North American
Review. Cepyrlghl, 18D5, by Lloyd
Hryce.
BOOM A S1LVERITE FOR PRESIDENT.
Wttlcr Silver Man Ma tiny a Nawspapar
In Now York City.
New York. March 12. A story cams
to this city from Washington that cer
tain men prominent in the silver states
of the west were negotiating for tbe
purchase of a morning newspaper in
this city within ths last few day. Sen
ator Edward O. Wolcott of Colorado is
at the Holland House and Senator
Francis F. Warren of Wyoming, Will
iam B. Bate of Tennessee, Petti grew of
South Dakota and ex-Senator Thomas
C. Power of Montana are domioiled at
ths Fifth Avenue hotel.
Senator Warren, when asked about
ths story, said: "I am hers on purely
personal businee and have not heard
tbs slightest ramor that the silver men
intend to bay a New York newspaper."
Senator Pettigrew laughed heartily
when asked if hs was interested in a
scheme to bay a newspaper in th oast
and boom a silvsr candidate for prod
dent. "I shall nsvsr buy a newspaper,"
be said. "Ths best work ths news
paper ever did for me was to abuse nt,
and I don't propose to buy one to ad
vsrtiso ths other fellows in." Senator
Bate and ex-Senator Power also dsnlsd
any knowledge of th story.
Ensea OSTbr HI Baalgaatlew.
Niw Yobk. March 1 1. Rev. Thomas
Dixon offered bis resignation as pastor
of the Twenty-third Street Baptist
church at ths morning servioe Sunday.
He gives a hi reason that the work he
specially desires lo follow lo to reach
noachurch-going people. Ho say ho
remains la fundamental creed a Baptist,
bat hs purpose to place his work oo a
Union Even.-slloai platform, with vital
faith In Jesus Christ alone recognised
as a oonditloa of membership.
eateaeee le 00 Tear lo FiMsn.
St. Loura, March II Richard Lone,
who was chorgsd with killing his wife,
Mathilda, was allowed to ' ptsod foiltr
70 morose in tbo ssoona degree aad wax
eatosiood to roars la the pool ton 11 orr.
MAY BE THE MI8SINQ LINK,
.
aaalna of a Hitherto Unhnoww Aas
aaai Foond In tbe laland of Java.
Thd theory maintained by Umarx,
Oeoffroy Saint Hilalre and other aclen
tlsta, and so well exixiunded by rharlfo
Darwin In hU "Origin of the Specie
I
tbat all animal and vegetable orgao-
: lams, past and present, have deet-ended
bv successive transforniaOona, d rea
son of the Influences of natural selec
tion, the struggle for exletence and tb"
survival of the fltteet, from three or
four original types, and probably front
a single primitive type, has always
been embarrassed or frustrated by th
freat argument of Its adversaries that
If all the spec'"" nT tnUB developed
by gradual evolution, then there should
be extant, as there are not, some sur
viving example of these slow but con
stant modifications.
If the statement of a recent Parlo
writer Is entitled to credit, says a
writer In the Baltimore Sun. the grand
desideratum of a o.inp!te aud durable
chain wherewith to bridge the abyss
between the existing human race and
their remote and hitherto unsuccessful-,
ly trailed brute progenitors has been
supplied by a surgeon of the IMitcli
colonial army named PiiIhiIh. who lu
the course of excavations In the envi
rons of Joulong Agoiiii. on the Island
of Java, lately exhumed '' Import
ant remains of a previously unknown
animal. It Is of the monk'-)' family,
and resembles a man so astonishingly
In form and structure as to thrill with
new enthusiasm the soul of every true
Darwinian. The mixed artioulatluoo
of the bones which, according to the
Darwin school, prove the close racial
relationship existing between the pri
mary human skeletons and those of th
higher monkeys, are exhibited w ith re
markable expression In Dubois' ani
mal. The remains of the latter thus fur
discovered consist of a skull, a molar
tooth and a femur or thigh bone. Tbo
latter has the same form and sire as tho
adult human femur, and thereby
proves thnt the animal from which It
came could maintain the vertical pos
ture when walking. Furthermore, the
anUiroK)inetrlc study of the remains
of this once living being has convinced
Dr. Dulxils that It possessed the stat
ure of the mature human body, while
he has found the skull to be almost
Identical with the cranium of num. In
the opinion of the learned doctor, th'i
development of the jaw. which Is still
In a fair state of preservation, and tlm
shape and arrangement of the denlul
apparatus, so far ns may he Inferrci
from the single tooth obtained. Indicate
that the living animal to which thes
Interesting relies belonged was capable,
of uttering articulate sounds and
words. This alleged discovery of ths
"missing link" Is anxiously duscusaed
by the anthropologists of Paris, and ths
inan-moukey devised by ardent the
orists to some of the defenders of tha
doctrine of evolution appear no longer
a mere logical deduction, iwt-g Jj
hie reallly.
Well-Known Ileglmenta.
Tho origin of the famous Korty-sec-ond
or Muck Watch Is 'amillar to
many. After the rebellion of 1715 the
Government, with the view of bring
ing the Highlanders more .uto touch
with tho rest of the people, caused six
companies of Uimn to be raised. Tho
command of each company was given
to the chief of a clan. Their duties at
first were not strictly 'iillltary, but
more those of an-,armed police, dis
arming tho High In rulers, and prevent
ing depredations on the lowlands.
They executed these duties so much to
the satisfaction of tht! Government
that In 17119 tbo companies were form
d Into one rogincnt and enrolled In tho
line.
The namo "Mack Watch," by which
this distinguish! regiment tin eve
since Ix-en known, arose from the dark;
coior or ineir tinirorm tartan, low tho
regiment would have tiehavw) during
the rebellion of 1745 It Is difficult ta
conjecture, but, fortunately, It was
i abrond at the time
i Most of tho other Highland regli
nients were raised In W.O and th
following year. Two well known Irish
regiments were also raised at this
tlme-the Eighty-seventh (Royal Irish
, Fusiliers) and the Eighty-eighth (Con
naught Rangers). The Rangers, from
their plundering propensities In the
1 Peninsula, were styled by Gen. Plo
ton "the greatest blackguards In tbo
army."- Chambers' Journal.
"N. O."
Great men are not ! irrA .rit.
, era. Oratory and orthography, for In
stance, sometimes do not go together.
It Is related that a certain eloquent
) Eastern Congressman, who Is not a
, humorist, was, during the last Congres
sional campaign, making out with bis
, secretary, a list of appointments for
peecnes in me neighborhood of Phila
delphia. Ths secretary ran bis eye down th
list
"What la the matter with Trenton V
he asked.
"Nothing," said tbe Congressman, In
surprise. "WhyT
"I see you have marked It . Q.'
ine uongreaaman looked at the list
"Ob, well," he sold, a little derisively,
"the 'N. O.' tbat you are thinking about
Is not the N. O.' that I mean there "
"0m!" was all thst tbe dazed sec
retory could answer. It was plain that
the great man supposed tbst bis "H.
V stood for "New Oeiaey."
are lea ported.
An Eastern exchange says eggs or
shipped to New York from Belgium.
They are packed In flat boxes filled lo
with cut straw. The boxes bold from
sixty to eighty dosen each. Tbo loot by
breakage lo about tho earn oo those
shipped from the Was i h.j.
I Freight average from 1H rents to fl
ceutt per dosen white thty rang with
' those for Western atooh,