Nebraska Newspapers

    MR. BLAINE'S SPEECH
FULL TEIT OF TEAT MUCH OUOTEI
AND DISCUSSED DOCUMENT.
HE WAS FOR SOUND MONEY
ft Wu Delivered la Ik* Called Mat«
dents Psbrasry 7, IS7S, and Wat
Against the Tree Colssgs of Sil
ver at Id to 1—The Amsrl
«at Policy Powerfully
and Clearly Meted.
The following It the much quoted
dperch In full delivered bv Jamet O.
Blaine in the United .States Senate
February 7, 1878, in opposition to a
House bill (pr the free and unlimited
coinage of silver at in to I. Tho com
mercial valua of silver at that time
was U2 cants per ounce:
Mr. President: The discussion on
thequestfon of remonetizing silver hut
been prolonged nnd exhaustive. I
may not expect to add much to lit
tslue. but 1 promise not to add much
to itd length. I ahull endeavor to cou
aider facta rather than theories, to
dlate conclusions rather than argu
ments.
1 believe gold and silver coin to bo
the money of the constitu I Ion—indeed,
the money of the American people
anterior to the constitution, money
which the organic law of tho republic
recognized us independent of Its own
existence. No power was conferred
on Congress to declare thut either
metal should not bo money. Congress
bss, therefore, in my judgment, no
j/'/wwi uvm'/iivti/.v atiicr i nan
to demonetize gold, no mure power to
demonetize either then to demonetize
both. In this statement I am but re
peating the weighty dictum of the
0i*t of constitutional lawyer*, "i am
certainly of the opinion,' said Mr,
Webster, "that gold and ailver, a(
rates fixed by Congress, constitute the
legal standard of value in this coun
try, and that neither Congress nor any
•taw has authority to establish any
other standard or to displace this
•tandard." lew persona can he
found, 1 apprehend, who will main
tain that Congress lias the power to
demonetize both gold and silver, or
that Congress could be Justified in
prohibiting the coinage of both; and
yet in logic and legal construction it
would be difficult to show where and
yvliy the power of Congrose ever silver
is greater than over gold—greater
pver either than over both, if, there
fore, silver has been demonetized, 1
tm in favor of remonetizig it. If its
oinage has been prohibited I am in
favor of ordering it to be resumed. If
it baa been restricted, i apt in favor of
.ordering it lo be enlarged.
IVliat power, then, lias Congress
over gold and silver? It has the ex
cluilve power to coin them, the cxclu
*tve power to legulate their value—
**ry Ifrest, very wise, very necessary
power, for the discreet exercise of
which a critical occasion has now
• rijen. However men may differ
about causes and processes, all will
admit that within a few years a great
disturbance lias . taken place iu the
relative value of gold aud ailver, and
that silver is wortli less or gold is
worth more in the money markets of
the world in 1S7R than in :S73, when
the further coinage of silver dollars
was prohibited in this country. To
remonetize it now as though essential
conditions hail not changed, i* will
fully and blindly to deceive ourselves.
If our demonetization were the only
cause for the decline in lue value of
ailver. then remonetization would he
Its proper and effectual cure, iiut
oilier causes, beyond our control,
Jiave been far more potentially opera
tive than the simple fact that Con
gress prohibited its farther coinage.
.AsHegislators u-e arc bound to take
-cognizance of these causes. The de
monetization of silver in the Herman
-empire and the consequent partial,
cis+well nigh complete, suspension of
coinage in the Hatin union, have been
tht leading causes for the rapid de
cline in the value of silver. 1 do uot
think tlie over supply of silver has
-I - •* ••■CUV UIIIUI
causes, an appreciable inllucncc In
t-lijB decline of its value, because its
over supply with respect to gold in
these latter years, has not been so
great as was the over supply of gold
with respect to silver for many years
afler the mines of California and Aus
tralia were opened; and the over sup
ply of gold from these rich sources
did not affect tnr relative positions
nod uses of the two metals in any
l^uropean enjn'-y,
Free ( ulnae* Alan* Itapo-Mllilx.
I believe, then, If tiermniiy were to
remonetize silver nud the kingdoms
• ml states of the !,atiu I mou wne to
reopen its mints, silver would ut once
resume Us former relation with gold,
'l’fie Kuruprnu countries, when driven
to full remonetisation, as I believe
they will be in the end. must of neces
•Uy adopt their old ratio of 1,1of
•User to 1 of gold, and we shall then
be com| died to adopt tiie saute in
•u>ad of our former latio of In to >,
If we tali to do this we shall, as be
fore lose our silver, which like all
things else, seeks the highest matkel,
• ml if fifteen and a half ounces of
•i|v«r in Kuro|H* will buy ns much gold
In I.a rip* as sisieeN ounces in Ainet
Ice. the silver, of course, will go to
flump*. Hut nur line of policy in a
Joint movement with other natwias to
reumnet ae is simple end direct t he
filki slt problem is whet we shell do
when we alio to leedehUsii surer
Wthc ml the v-r operation uf tlmopeeu
■powers and really as eu advance
movement to coerce these iMiwvrs ieiu
tke seme policy brideully the Nr*t
futile ut prudence * to yum such •
•fuller ns will nut nnly do justice
nmong our «ttia*n* et home, but will
proven protection an nbsofntn b«> rh
end* against the gofd mun->useinlcsta
pi f.uropn. who, whenever the oppor
tunity -'flers wifi uniehly dinw trum
pa the |!>ci uom.i#*< uf gold cu>m whwh
me non he'd If we mis a sliver
iol S' et full legal tender obviously
ri. w -he -u-reni *a ue uf the gelt
utter wu a>e simpy eeeemg ue*
doors and inviting Europe to take onr
gold. With ojr gold flowing out from
l us ws shall be forced to the single
standard and our relations with the
I leading commercial countries of the
I world will not only be embarrassed,
| but crippled.
The question before Congress then
—sharply defined in the pending
House bill—is, whether it is now safe
and expedient to offer free coinage to
the silver dollar of I V)< grains, with
the mints of the Latin union closed
and Oermany not permitting ailver to
be coined as money. At current rates
of silvex, the free coinage of a dollar
containing 412.1* grains, worth in gold
about 22 cents, gives an illegitimate
profit to the owner of the bullion, en
abling him to take 22 cents' worth of
it to the mint and get it stamped as
coin and force his neighbor to take it
for a full dotlar. This is an unfair
advantage which the government has
no right to give to the owner of sil
ver bullion, and which defrauds the
man who is forced to lake the dollar.
It assuredly follows that if we give
free coinage to the dollar of inferior
value, and put it in circulation, we do
•o at the expense of our better coin
age in gold; and unless we expect the
invariable experience of other nations
to be in some mysterious way sus
pended for our peculiar oeneflt, we
inevitably lose our gold coin. It will
flow out from us with the certainty
and with the force of the tides (fold
has indeed remained witli us in con
siderable amount during the circula
tion of the inferior currency of the
legal tender, but '.hat was because
there were two great uses reaerred by
law for gold —tlic collection of cus
toms and the payment of interest on
the public debt. Hut if the inferior
silver coin is also to be used for these
two reserved purposes, then gold lias
I tin tin tfi hint! it. In u« VYliuf imiti
therefore, should we make for the
circulating medium, if on opening the
gate foi ailver to flow in. we open u
still wider gate for gold to flow out?
If 1 were to venture upon u dictum on
the ailver question 1 should declare
that I'otil Europe remonetizes silver
we cannot afford to coin a dollar ua
low a* 412■) grains. After Europe re
monetizes ori the old standard, we
cannot afford to coin a dollar above
■ 00 grains if we coin too low a dol
lar before general remonetization, our
gold will leave us. If we coin too
high a dollar after general remoneti
zation, cur si! ver will leave us. It is
only an equated value before and
after gencrul remonetization that
will preserve both gold and silver to
us.
Uuld and Hllrer Mast Be Kept K.<jamL
< onsider further what injustice
would be done to every holder of a
legal tender oi national bank note.
The large volume of paper money—in
excess of 9100,400,OCO-ia now worth
between ninety-eight and ninety-nine
cents on the dollar in gold coin.
The holders of it, who are indeed our
entire population, from the poorest to
the richest, have been promised from
the hour of its issue that their paper
money would one day he as good as
?[o!d. To pay ailver for the green hack
s a full compliance with this promise
and this obligation, proviaing the sil
ver Is made as it always has been here
tofore, as good as gold. To make our
silver coin even three per cent leas val
uable than gold Inllicts at ouce a loss
of more than 8-0,000,000 on the hold
ers of our paper money. 1 o make a
ailver dollar worth but ninety-two
cents precipitates on the same class a
loss of nearly 8b i,U.J0,000. Eor whatever
the value of the silver dollar is. the
whole paper issue of the country vs ill
sink to it* staudurd when its coinage
Is authorized and its circulation be
comes general in the channel* of
trade. Sonic one in conversation
with Commodore Vanderbilt, during
one of the many freight competitions
of the trunk lines, said: “It. cannot tie
that the Canadian railroad lias suf
iicient carry log capacity to compete
with your great liner- “That is
true," replied the Commodore, “but
they can fix a rate and force us down
to it Were Congress to puss a law
to-day declaring that every legal ten
der note and every national bank note
shall hereafter puss for only ninety
si* or nmety-scveu cents on tire dollar,
there is not a constituency in the
United States that would re-elect a
man who supported it. And in many
districts tlia representative would be
lucky if he escaped merely with de
feat at the poll*.
Vet it i* almost mathematically de
monstrable that the same effect will
follow from the coinage of an inferior
silver dollar. Assurances from em
pirics nnd scientists in finance that
remonetization of the former dollar
will at once aud permanently advance
its value to par with gold, are wortli
little in tlie face of opposing aud con
trolling fact*. The ti st effect of is
suing any silver dollar that will puy
custom dues and interest on the public
debt wilt undoubtedly be to raise it
| to u practical equality with gold, but
that condition will Is-1 only until the
! amount needful for custom* shall fill
I tha ehannala of its use; aud the over
How going into general circulation
i will rapidly settlu to its normal and
actual value, and then the discount
i will come ou tiie volume of the paper
| currency, which will sink pari passu
! with the silver dollar in which it is
made redeemable. That remonetira
lion will have a considerable effect in
advancing the value of the ailver dol
lar is very probable, but nut enough
I to overcome the difference now esist*
: mg — a difference resulting from
causes independent of our control it
I he United Htatea
U»«»r4l Nti4tuii«iliaiiaM
1 he responsibility of re establish- |
Ing stiver iu Its ancient and honor
able place a* money iu Kurope and
A met tea devolves realty upon the ton
press ot the United mates If we act
her* with wsdotu and Hr nines*, we
shall not only successfully remonetise
s-lver, end bring it into general use
n* money in our own country, but the
Influence of our esautple will he ym
lenlosl among Koropeen us lions with
the possible vscepitou ul Kugtend
Is deed, one national Indebtedness to
ttnr-ge is so great that, it we hate
the sight to pay It in stiver, we neve*
ear sly source those nalion* by the
| sirona'est of all forees, se I interest,
to aid U* in upholding the value of
ailver a* money Hut It we attempt
the • e monel us* on a basis which
Is obviously be o« the fe>r standard
of value as it now esist, wo ineur ail
lb# tvd vnnsequencee of fattwis at
home and the ee.t « etv of te-wesafal
opposition abroad. Wo are, and sbal
be, the greatest producers of allver it
the world, and we have a larger staki
In ita complete remonetization that
any other country. The difference tc
the United States,between the general
acceptance and the general destruc
tion of silver as money in the com
merciai world, will possibly withis
the next half century equal the entire
bonded debt of the nation. But, tc
gain this advantage, we must make
it actual money, the accented equal
of gold In the markets of the world.
Uemonetization here, followed by
general remonetization in Kurope,
will secure to the United States the
most stable basis for its currency
that we have enjoyed, and will effect
ually aid In solving all the problems
by which our financial situation la
surrounded.
Bimetallic sod Mono- Met allln Htsndards.
On the much-vexed and long-mooted
question of bimetallic anil monometal
lic standard, my owu views are suf
ficiently Indicated in the remarks I
have made. 1 believe the struggle
now going on in this country and in
other countries, for a single gold
standard, would, if successful, pro
duce disuster m the end throughout
the commercial world. The destruc
tion of silver as money, and the estab
lishment of gold us the sole unit of
value, must have a ruinous effect on
all forms of property except those In
vestments which yield a fixed return
in money. These would be enormous
ly enhanced iu value, ar.d would gain
a disDroportioriate, and therefore
unfair, advantage over every other
species of property. If. as the most
reliable statistics aflirin, there are
nearly seven biilionsof coin or bullion
in tlie world, not very unequally
divideif between gold anil allver, it is
impossible to strike silver out of exist
ence as money without results which
will prove distressing to millions and
utterly disastrous to tens of thous
ands Alexander llumilton, in his
able and Invaluable report in 17'Jl on
the establishment of a mint, declared
that Ao annul the use of either gold
or silver as money, is to abridge the
quautiivof the circulation medium,
and is liable to ull the objections
which arise from a comparison of the
benefits of a full circulation with this
evils of a scanty circulation." 1 take
no risks in saying that the benefits of
a full circulation, and the ev Is of a
scanty circulation, are both immeas
urably greater to-day than they were
when Mr. Hamilton uttered these
weighty words, always provided that
the circulation is one of uctual money
and not of depreciated "promises to
pay. ”
What Hamilton Said.
In the report from which I have al
ready nuoied, Mr. Hamilton argues at
length in favor of a double standurd,
and all the subsequent experience of
ninety years lias brought out no
clearer statement of the case, or de
veloped a more complete comprehen
sion of this snhtle and difficult subject
"On the whole,” says f#r. Hamilton,
"it seems most advisable not to attach
the unit exclusively to either of the
metals, because this caDnot be done
effectually without destroying the
office and character of one of them as
money, and reducing it to the situa
tion of mere merchandise,” Mr. Ham
ilton wisely concludes that this reduc
tion of cither of the metals to mere
merchandise (I again quote his exact
words), "would probably be a greater
evil than occasional variations in the
unit from the fluctuations in the rela
tive value of the metals, especially if
care he taken to rcgulaUs the propor
tion between them, with arj eye to
their average commercial value ” 1
do not think that tli's country, hold
ing so vast a proportion of the world’s
supply of silver in its mountains and
its mines, can afford to reduce the
metal to the "situation of mere mer
chandise.” If silver ceases to tie used
as money in Km ope and America, the
mines of the i’ueitic slope will be
closed and dead. Mining enterprises
of the gigantic scale existing in this
country cannot be carried on to pro
.. i.i . #.. •_ _ . .
• ■ • " »»»•» »w»o. ui*< i'/ uiauu ■ |
lecture cream pitchers ami sugar
bonis. A source of incalculable wealth
to this entire country is destroyed the
moment silver is permanently disused
as money. It is for us to check that
tendency, and bring the continent of
Europe back to the full recognition of
the value of the metal as a medium of
exchange.
Kill of Inferior !>•>liars
The question of boginn.ng anew
the coinage of silver dollars has
aroused much discussion as to Its
effect on the public credit. The sen
ator from Ohio (Mr. Matthews* placed
this phase of 'he subject in the very
forefront of tiie debate insisting,
prematurely and lllogicaiiy. J think,
on a sort of judicial construct on in
advance, by a (•ncurreut res dulion,
of a certain law in ease (hat law
should happen to be passed by < on
gress. My own view on this question
can be staled very briefly. I odieve
the public creditor can afford to be
paid in any ailrer dollar that the
I lilted States can a fiord to coin and
Circulate. We hare Ifli ,uoo ooo.ooo
of property in this country and a wise
self-luterest will not permit us to
overturn Its relations by seek ng for
au inferior dollar wherewith to settle
the honest demands of any creditor.
The question might ha dlffe ent from
a merely selfish pulut of * ew if, on
paying the dollar to the puhlle credit,
or. Il would disappear after perform
intr that fuuctiua. Hut the trouble ia
that the inferior dollar you pay the
pubtte creditor remains >u circulation,
to llte eieluskoa of the betie dollar'
That which you pav at home wifi stay
here, that which you send abroad will
come bach 'I he lulerest .»* tIt. puh
Ike creditor la Indissulublv UiuuX up
with the lulerest of the whole people
W he'etrer effects him affect* us alt,
and the evil that we wight tafiiet
up hint hy nay tug an tafertor duller
would recoil uimii us with a (ees'eaaee
a* manifold as the aggregate wealth
of the Hepuhite t< auseetods tha rum
parativel. sai l limits of oar loaded
debt Memewhstr that our aggregate
wealth is always >ui resting sad our
homtsd daht steadily fro* leg lasa
If is I la a gsnwl s |*er dollar the
t- >adholder has uoih ug to complete
of If pa d l« aa afer or dollar, he
bat tha sswe gr e*a«#» that will he
U As red still w*re pa at.veiy hy tha
holder of tha legal leader uotea aad
of the uatioaal haah bdl, hy the pea
• • aer hy tha day laborer, aad hy the
aoaaWesa boat of poor, w i. ■* st line
with ns always, and on whom the mot
distressing effect of inferior mcne
will be ultimately precipitatec
Otrminj Destroyed Miser
Hut I must say, Mr. President, thi
the specific demand for the payraer
of our bonds in gold coin, and in noli
ing else, comes with an ill grace froi
certain quarters. European critieisi
ia leveled ngainet us, and hard narat
are hurled at us across the ocean, fo
•imply daring to state that the lette
of our laws declares the bonds to b
payable in standard coin of July It
1&T0; explicitly declared so, and d<
dared so In the interest of the publi
creditor, and the declaration insertet
in tho very body of the $400,000,000 a
bonds that have been issued since tha
date. Keyond all doubt, tho ailve
dollar was included in tiie standart
coins of tiiat public act Payment a
that time would have been acceptabl
and as undisputable in silver as ii
gold dollars, for both were equal!;
valuable iu the European as In thi
American market. Seven-eighths o
all our bonds owned out of the conn
try are held in Hermany and Holland
Hermany has been forced thereby l<
suspend its coinage, since the subject
of both powers purchased securities
The Herman empire, tlie verv yeai
after we made our specific decluratlot
for paying our bonds iu coin, passed u
law destroying, so far as lay in iti
power, the value <i silverus money
1 do not say that it was special!.!
aimed at this currency, but it wai
passed regardless of its effects upon
us. and was followed according to
public ami undented stuLemenl
in a large investment In our bonds,
witli a view, it was understood, oi
holding them as a coin reserve foi
drawing gold from us to aid in estab
lishing their new gold standard at
home. Thus, bv one move the Herman
government destroyed, as far as lay
in its power, the then existing
value of silver as money, enhanced
consequently the value of gold, and
then got into position to draw gold
from us at the moment of their need,
which would also lie the moment ol
our own sorest distress. I do not say
that tiie Herman government. In
these successive steps, did a single
tiling which It <lrd not have a perfect
right to do, but I do *ay that tiie sub
jects of tliBt empire have no reason tn
complain of our government for tlie
iuitlal step which lias impaired the
value of one of our standard coins.
The Hertuuu government, by joining
with u* In the remonetization of sil
ver, can placo that standard coin in
ita old position, and make it us ca-y
for this government to pay and as
profitable for their subjects to receive
I one metal as the other.
111* Public Credit
When we pledged the public cred
itor in 1870 that our obligations should
be paid in the standard coin of that
date, ailver bullion was worth in the
London market a fraction over fixty
ponce per ounce; its average for the
past eight months has been about
fifty-four pence; the price reckoned in
gold in boln cases. Hut the large dif
ference is due In part to the rise of
gold as well as to the fall of silvo r
Allowing for both causes and dividing
the difference, it will be found in the
judgment of many of the wisest men
in the country, perfectly safe to issue
a dollar of 430 grains standard silver;
asone that, anticipating tlie full and
legitimate influence of remonetiza
tion, will equate itself with the gold
dollar, and effectually guard against
the drain of our gold during the time
necessary for international confer
ence in regard to the general re-> s ,ib
lisluucnt of silver as money. When
that general re-establishment shall
be effected with the coinage of fover
grains the dollar which 1 ain now ad
vocating will not cause loss or embar
rassment to any one. The miner of
the ore, the owner of the bullion, the
holder of the coin and the govern
ment that issues it, will all in turn be
b nefitted. It will yield profit, on re
coinage and will be advantageously
employed in our commercial relations
with foreign countries. Meanwhile
it will insure to our laborers ut home
a full dollar’s pay for a dollar’s worth
of work.
The American laliortt.
I think we owe this to the American
laborer. Kver since wo demonetized
tlie old dollar we have been running
our mints at full speed, coining a new
silver dollar for the use of the Chinese
coolie and the Indian pariah—a dollar
containing l!0 grains of standard sil
ver, with its superiority over our an
cient dollur ostentatiously engraved
on its reverse side. To those “out
side barbarians” we send this su
perior dollar, bearing all our national
emblem*, our patriotic devices, our
pious inscriptions, our goddess of
liberty, our defiant eagle, our federal
unity, our trust iu Ood. This
dollar contains 7‘* grams more
silver thsu the famous “dollar of the
fathers." proposed to he recoiued
by the pending bill, and more than
four times a* many of these new dol
lar* have already been coined a* ever
were coined of all other silvor dollars
In the I'nited Mate*. In the rscep
tmnal u*d abnormal eoudltton ol ilia
silver market now dieting throughout
the wsirld we have felt compelled to
Increase the weight of the dollar with
which we carry on trade with the
heathen nation* of A«ls shall we do
lees lor the American laborer at home?
N <y shall we not do a Util# belter and
a little more fur those of onr uw a blood
and o-ir own fireside ' If yon remone
lot the du<lat of the fathers your mini*
wdl be at ottra put to work on two dif
ferwal duller* -different weights, dif
turret value*, different in prestige,
d>ff> tent la their teputattoa *n>t cut
reuvy t h-'Ugkout I he eum me ratal world
It will read strangely In history that
the weightier and more valuable of
these do!tar* i* mad* for *u ignorant
class of heathen labor** t tu i kme and
India and that the lighter *ud
valuable >t made fur tae intelligent
a** l educated lab-** tng oiau wl o Is a
eitisea of the 1‘eileJ a ale* t hanty,
the adage say*. l-eg*es at buiMg
t hanty, the independent Aateroaa
laborer ivetsv to ash bat he ha* the
f.ghl to demand that jnstten shield
t*,g a at k»me. la h*s ***m>-eitd in
the name ol summon seas* and , „m
m -a hoaestv, I ash that the American
••mgr*** will sot force upon the
A n*<i>’*e laborer a* infat-m dtdlSf
it which the naked and famished tabor
jr era of India and ChiDa refuse to ac
cept.
The bill which I now offer aa a sub
stitute for the bouse bill contains
t three very simple provisions:
t
Offer* n Kabtlltals
1 1. That the dollar shall contain «25
grains of standard ailver, shall have
" unlimited coinage, and be an unlim
* ited legal tender.
r Z l'iiut all the profits of coinage
ahall go to the government, and not to
R the operator in ailver bullion.
^ 3. That silver dollars or silver bul
lion, assayed and mint-stamped, may
be deposited, with the assistant treas
urer at New York, for which coin cer
tificates may be issued, the same in
1 denomination as United States notea,
r not below fill), and that these shall be
I redeemable on demand in coin or bul
t lion. We shall thus secure a paper
$ circulation based on un actual deposit
, of precious metal, giving us notes as
, vuluable as those of the Hank of Kng
, laud and doing away at once with tbo
f dreaded inconvenience of silver on ac
count of bulk uud weight.
1 do not fail, Mr. President, to ree
, ognize that the committals and avow
! ala of Senators on this question pre
clude the hope of my substitute being
adopted. I do not indeed fall to
recognize that on this question I am
not in Hue with either extreme—with
those who believe in the single gold
standard or with those who by pre
mature and unwise action, as I
must regard it, wotild force us to
tne single silver standard. Either
will be found, In my judg
ment, a great misfortune to our
country. We need both gold and
silver, and we can have both only by
making each the equal of the other.
It would not be difficult to show that
in the nations where both have been
fully recognized and most widely dif
fused, the steadiest and most continu
ous prosperity bus been enjoyed—that
true form of prosperity which readied
all classes, but which begins witn the
day laborer whose toil lays the founda
tion of tlie whole superstructure of
wealth. The exclusively gold nation
!ike England in»y show the most mas
sive fortunes in the ruling classes, hut
it shows also the most helpless and
hopeless poverty in the humbler walks
of life. 1'lie gold and silver nation
linn itvuit nn rjimm no such iuui
vicinal fortunes us abound in a gold
nuilon like England, butlthusa peas
antry whose sliver savings can pay a
war indemnity that would have beg
gared the gold bunkers of London,and
to which the peasantry of England
could not have contributed a pound
sterling in gold or even a shilling iq
silver.
Against Cheap Mousy.
The effect of paying the labor of
this country in silver coin of full val
ue, us compared with irredeemable
puper, or as compared even with silver
of inferior value, will make Itself felt
even in a single generation to the
extent of tens of millions, perhaps
hundreds of millions,in the aggregate
ravings which represent consoli
dated capital. It is the instinct
of man from the savage to
the scholar—developed in childhood
and remaining with age — to value
the metals which in all lands arc
counted "precious.” Excessive paper
money leads to extravagance, to
waste, to want, as wu painfully wit
ness today. With abounding proof
of its demoralizing and destructive
effect, we hear it proclaimed in the
hulls of Congress that "the people de
nis nil cheap money." 1 deny it. 1
i declare such a phrase to be a total
misapprciiuns on—a total misinter
pretation of me popular wish. The
pceple do not demand cheap money.
They demand an abundance of good
‘ money, which is an entirely different
thing. They do not want a sin
gle gold standard that will exclude
silver and benefit those already rich.
They do not want an inferior silver
standard that, will drive out gold and
not help those already poor. They
want both metals, in full vuiue, in
equal honor, in w hatever abuudaruo
the bountiful eurtli will yield them to
the searching eye of science and to
the barn baud of labor.
i he two metals nave existed Hide by
title in harmonious, honorable com
panionship as money, ever since intel
ligent trade was known among men.
It is well nigh forty centuries since
••Ahrahaiu weighed to Kphron
the silver which he had named
in the audience of the sons
of Holli, four hundred shekels
of silver, current money with the
merchant." Since that time nations
huve risen and fallen, racos (lave dis
appeared, dialects and languages have
been forgotten, arts have been lost,
treasures have perished, coutinents
have been discovered, islands have
been sunk in the sea. and through
all these changes silver amt gold
have reigned supreme us the rep
resentatives of values as the media
of exchange The dethronement
of each ha* been utteiupted in
turn, and sometimes the dethronement
of both, hut ulwavs in vain And we
nre here to-day deliberating anew over
the problem which comes down to us
from Abraham's time the - eight of
thesilver that shall he “current money
with the meiehauk"
bUUAN HISTORY IN URIEP,
Spain colonised the Island In 1611.
In 1534 nnd again lu 1664 Havana
was destroyed by the French
Malanias ess tha first city to fall
Into the hand* of lb* lusuigents
t'ruaity and injustice to th* native*
hae always b*en the creed of the Span
iard*
The prueeut revolution bsgaa Feb.
14. 1166, when the republic wsn pro- j
claimed by Marti
The revolution of ls4i lasted t*n
years before dpata succeeded la cum
promising by promlalai reform*
The roaattlnttoa uf t*uhn. modeled |
eo that of lbs tuttel t4taiv* was adopt
- ed Mepl. 31. IM1
A triangular blue union having a
tingle star and Eve sir. pes. three of
fed and l*« of While, I* the flag of the
. fejmhlit
A x»o>kapevt -M* i Eahetmaa peil-M
bp * monster tea crap the -Alter 4*y, I
and on abb elds el tha vrmuin •**
fssitnbd a pair of smutted m ilttmt
|H * they more that* la » .« tha guem
Ues
ALL THINGS WERE PREETOHER.
An Indian PrlncMi Who R»v«d
and Earaad It* Gratltoda
The princess of Wales is not cramped
for pocket money, and various other
royal ladies have all they want to
spend, but the Princess Angellne was
probably the only princess In the world
who never had to pay for anything or
even utter the magic words "Charge
It,” says the New York World.
The Princess Angellne never had to
pay for anything; she could buy all her
soul desired—a bill was never sent
her nor to her brother nor to any other
member of her family, and she was
only an American Indian princess.
Recently Angellne died, aged at least
100, and It Is supposed con
siderably more. She never told
her age, for the reason that
she didn’t know R. She was tho
daughter of old Chief Seattle, the gen
tleman after which tho.town of that
name is called. Once Seattle was own
er of all the territory along the shore
of Puget sound, now in the United
States. In those days the Duwamlsh
tribe was a populous and warlike na
tion, and It was while the white set
tlers were still weak and scattered that
the Princess Angellne did the work that,
made her able to trade on her face In
the town of Seattle.
When the whites began to encroach
on the Indians’ hunting grounds the
usual friction arose and It was not
long before a conspiracy was formed
to overwhelm the whites dwelling
along the shores of Puget sound at one
blow. The Princess Angellne had been
kindly treated by the settlers and at the
risk of her life set out to the ham
let of Seattle to warn them of their
danger.
The white men, thus prepared, armed
themselves for an attack and had no
difficulty In repelling their savage f(A
They realized the danger they had
so narrowly camped, however, and
were properly grateful to the Indian
woman, which was a bit odd. The
citizens of Seattle In a body offered to
build her a house and support her in
what an fnillun ur/tuiH nnnul/lot- Invnrv
■for the rest of her life. But she pre
ferred the free life of the wilderness
und went back to her people. Never
theless she accepted the freedom of
the city of 8eattle, and orders were
left at all the shopc that she should
have whatever she look a fancy to, no
matter what the cost might be. The
richest men of the town stood ready
to defray the hills. m.
Thus the Princess Angeline gradually
became a public character and a living
monument to what is said to be ex
tremely rare—the gratitude of a city.
Her face was familiar to every one
in the northwest. It was stamped on
spoons, used for advertising purpose*
and on every article In the nature ol
a souvenir of Seattle and the vicinity.
During the last few weeks of her life ’
she suffered greatly, but would submit
to no medical treatment. She fought
so desperately when an attempt was
made to take her to a hospital that It
had to be given up. Her life, which
with care might have been prolonged, f
was thus sacrificed by her suporstltlons, '
A Hitch at the Koval Wedding'.
What caused the archbishop of Can
terbery and the bishop of Winchester
a very had quarter of an hour’s anxiety
took place at Buckingham palace on
Wednesday immediately before the
royal wedding, and the contretemps
might have had a very serious result.
We have made every inquiry, and we
learn that the following Is the true
story: Both the archbishop of Canter
bury und the btahop of Winchester for
warded their clerical robes early on
Wednesday morning to Buckingham
palace, directing them to he sent to
the robing room which had been set
apart for the assembly of the clergy
and where they were to dress for the
wedding service. The two high dig
nitaries of the church arrived In good
time In order to robe, hut n*t a vestige
of their surplices or other canonicals
could be found. The archbishop was
extremely anxious, and so also were all
the pulace officials, and the time wa«
drawing nigh for the clergy procession
to the chapel, and yet the missing lawn
was not to be found. At last Lord Ed
ward Pelham Clinton was informed of
the impending catastrophe, and he at
once set a complete army of court offi
cials to search every room In list* for
the missing robes. Three wero ey^to
ually found In another room, but mil
Just In time for the archbishop and
bishop of Winchester to drees and
hurry to the < li ipel. The other clergy
had brought their vestments with them
ami so were ready long before the
nine, i ne archlilahop. It |g entit, Wa«
v«ry much upoei by the rontrotemp*.
Some servant or another, not knowing
the robing room, had placed the port
manteau bearing the rube* In the
wrong room Loudon Chronicle
»h» Wheel |> the Afmj
The bicycle will mioii be pui to proc.
Ileal leal In ihe army A detachment
of eight men of the Twenty-lifth in
fantry h*a Iwcn mounted on wheel*
and In charge of a lieutenant will ride
over the Montana trail* A bicycle ie
pair thop haa been eetabllahetl at p'ort
Mueoui* where the men are atatluaed
and i he Inatructioa la regard to riding
Include* leawin* |n repairing under an
evpert bb ycle mechanic. The wheel
Will be thoroughly levied In rapid amp,
teyante of nowaage. fro*, )i
wtul* to oih.r fort*. »|,h
r lay ptali.e .M*» with rtSea. blank
•t# and abetter lent*, rand patrolling
and rwconuolaewnce
A V elite
da ltd ford What did ah* n..
»'“* iul'* bet you were a tutor la You •
M.rtm. t.hed m. if 14
^btn, part, ner friend. .... ,
op. Truth *