The Loup City northwestern. (Loup City, Neb.) 189?-1917, November 02, 1900, Image 10
Bcceiver Howard Loots the Assets of the Exchange Bunk at Atkinson. ANOTHER POIITICIAN GONE WRONG The Fusion Candidate for tha Important Office of State Treasurer the Main t'htrscrr In a Corrupt and Effective Conspiracy. !■ O’NEILL, Neb., Oct. 22. 1900. Perhaps the most high-handed cor ruption ever practiced by a man ap pointed by a court as receiver was practiced by Samuel B, Howard, can didate for state treasurer on the fu sion ticket, as receiver of the Exchange hank at Atkinson, Neb. The story of the closing of the hank, the manner In which the re ceiver was appointed and the looting of the assets by the receiver and his political lieutenants, is a story preg nant with rottenness, fuaud and cor ruption from start to finish. At the time the bank was placed In the hands of a receiver It was per fectly solvent. The Lw.lon bank ex aminer had been sent there but a short time beiore and bad given It a clearing. Nobody had asked for a re ceiver and the depositors had absolute ! confidence in Its solvency and stabll- i Ity. At the time of the closing there I was enough cash assets to pay all the j depositors in full, aside from Hartley, j and there was absolutely no cause for I the depositors losing a rent of thPlr deposits. In The settlement, however, they received only 75 cents on the dollar. Fraud surrounds the manner In which the receiver was appointed. There was a district Judge on the spot at O'Neill, the county seat of that county, but Instead of applying to him the conspirators went 219 miles to Judge \V. H. Westover and had Howard apolnted receiver, Howard was required by the court to give bond In the sum only $2,500, whereas the property and money placed in his hands amounted to upwards of $100,000. There is nothing on file with the records of the transaction to show that Receiver Howard ever filed a bond. Search of the records high and low failed to bring any bond »o light or anything to show that one was ever filed. In order that the public may have ft clear and Impartial understanding of nil the tacts of record In the ease the following Is given in chronological order: May (J. 1*97: Hunk Examiner Cond re ports that the Exchange hunk of Atkin son Is In un unsafe condition, not having 15 per cent, of Its deposits |n avallublo casn. Muy 7, 1*97; Stale banking board or der* bank closed, and Attorney General Hinytli (lie* petition In district court ut O'Neill, asking for the appointment of a receiver with authority to "com prom loo bid assets und convert all property into money u* speedily us possible,” May P), 1*97: Judge YV. II. YVestover, who lived 219 miles from the scene of proposed operations, appointed 8 It How ard receiver, on u bond of order ing “mild receiver to report his doings In the premises to this court from time to time us required by Jaw." The public got It* iir*t tip on the scheme In the announcement of this favorite by u Judge who resided over two hundred inlliw away. There was a Judge of tho mime district residing at O'Neill. The bond required of Howard, If uny was given, was never Itled with the other rec ords where tho public could Inspect It. Tho responsibility which this “bond” was supposed to cover, amounted to iieai ly flUQ.OW, •May 17, 1897: Receiver Howard upplle.i Tor authority to employ un attorney. Two day* later Judge YVestover grant* the request, und Howard employ* J J. llar r.nglon, u brother of Mike, und who hut since been elected district Judge. The compensation Is not stated. July 9, 1*97: Attorney (icnerul 8myih flics petition stating that Hartley had deposited tn Hie bank, which prop erly belonged to the state. July ti, 1*97. County attorney of Holt Wes petition, stating that Hartley owed the county |*,tiuy in tho form of a Judg ment. July 9, 1*97: Attorney general Wes claim against the assets of the bank, und says the state "repudiates the act of Hartley In depositing the money, and refuse* to ratify or be a party to said act." August ta. 1*97: Petition by Mike Har rington ttial If the cla*m of the state ts allowed the Individual depositors will get nothing. August 2S, 1*97: Petition of H. K. Hen nett and others that the.r attorney, Mike Harrington, and the receiver go to i,i„ coin to i .infer with the suite official*, the expense of Hie trip to lx* paid out of the assets of ttie bank Application promptly granted by YVestover. The ex pense bill Of tills Junket lias never bet n made public. February 5, 1*!*: Offer of the Individ ual depositors to take certain securities u* one-half their claim and cash for the other half u* salt lenient in full. Peti tion slate* that the individual dep ,*,'•* ni#>'jiit to $lu,8ui. .in I thit the receiver now bus fit o o cash on hand. March 17, 1*9-*: Settlement effected by Mike Harrington, as attorney for Hi. depositors, and J J. Harrington us at torney for Hie receiver, He di posttors to take us Heir claim in full certain < h >i securities amounting to $.'e tat 79 and ti. 710 In cash later •valence that Mke Harrington arbitrarily ml I led with the difeiKitor* at 78 cents on the dollar August S. I*#* Howard tiles u it c« thit h« has ult hand 17 5# to divide between the state und county August I*. I*#* Judge YYVstuver. hav leg waltid unlit Harrington had taken Ills pick of the assets, how decides that the bank and Hartley owe the slat. - 091 and Hie county k *•) On Hits salti I data Howard hie* another notice that he It as |7 V *1 |o divide A pio rata d.vision 1* >*iv l upon by the state aiel county. November P. |c* lluwatd ltle-1 th« fol low teg notice ■ ttainuei It Howard, as receiver of lhe Iia ti.ivge bank of Atkinson, Nrhi.aki, Inl iiHi lh« vouit that im hi* judgment. It WUi |B< lu th* I.' t llllet* *1* of a'd vomer* T la hav# all the assets of th# givchan## bank «td 4v publ.c sola li Ik* klffkeel *««h balder. and upon d-e poltlM* of e*td asset#, to tmtnedia eiy gi ■#• UP the off i.t* of sakl hank MAUI HI. It IHtYVAMIt Receive*'' Off Ik# Milt# let# Judge YYea .ver Issued an order that the assets b« sold at public sale on December 16 1899. and that the sale be continued from day to day until all were sold, "said assets to be either sold sepa rately or collectively, as the receiver shall believe to be to the best inter ests of all concerned.’’ This order plainly gave the receiver full swing, and he certainly "swung.” There Is not another scratch of a pen on file in the district clerk's office from that day to the present date to show ! the result of the sale, but oral evi | denee Is that the receiver bargained off all the best assets of the bank to the chairman of the pop county com mittee for $40, without allowing any one else a chance to bid. This was done by "adjourning" the sale when bona fide bidders were preseut, and "reopening" as soon as the said bid 1 ders had gone away. While up to the time of the final sa!o most of the operations of the receiver were concealed from the public, there were occasional filings on the record to show that certain debts were compro mised at low figures, so that at the time of the $7,500 divide between the county and Btate the receiver must have had In his hands two or three thousand dollars more than that amount, which had probably been used for "expenses.” No report or statement has ever been filed, and the scattering bits put In the record only furnished a cloak for the general op eration*. This la In direct contrast to the action of Mr. 13. Opp, another bank receiver in the same county, who filed regular balance sheets four times a year, showing all transac tions. One etroke of business which was performed In March, 1899, was never recorded In the district clerk's office, hut comes to light elsewhere. The hank of Atkinson had a fine brick building, which was bought In 1894 at a cost of $7,500, It was well fitted up, and besides the vault had a safe which cost $1,500. The property had been carried on the bunk books at $10,000, and after the collapse there were a number of people ready to buy It If given aa opportunity. Howard, however, had other plans. On Febru ary 23, 1899, be notified Judge West over that In* hail on offer of $1,000 for the property, "and after diligent ef fort could find no better bid." West over promptly authorised him 4o sell, and the deal was made In secret. The bank building, safe and fixtures were sold to 13il Gallagher of O'Neill for $l,ooo, and a rent hill for $210 owed by Gallagher was deducted from the purchase prlco, so that the property went for $79u On this principle of "financiering,’• If Gallagher had rented the property a year or two longer, his nr real ages would have covered the entire purchase price and made the sale unnecessary. Other parties who would have paid four or five thousand dollars, and had notified Howard of their desire to Invest, were given no • nance 10 buy. I he transaction was kept in concealment so far as the dis trict court records at O’Neill were concerned, but copies of the applica tion and permission to sell were filed in the oftlce of the county clerk two •lays after the date of the halo. This was done to make the deed good, an l the delay in tiling wag a proper pre caution to prevent Interference, Oal iftgher, who bought the property, also owned a building at O'Neill and rent ed offices to the two Harringtons, one of whom was attorney for the receiv er and the other for the depositors and for the cashier of the busted bank. It was a happy "back-scratching" tournament, In which only the inter ests of the state of Nebraska suffered. To summarize: The bank was closed up for political purposes and a pop Judge 211» miles away appointed a pop politician as receiver on a nujniuul bond, which latter hi&s never been seen. The receiver went ahead "compromis ing" claims and slaughtering assets without making any complete public report. The Harrington brothers, prominent pop bosses, acted as attor neys for everybody. They settled the claims of the Individual depositors by taking |20,000 worth of good notes and ♦2,750 in cash. The depositors receiv ed less than $8,000 for their claims. The remaining assets were eased down Into the hands of political favorites. The state's interests suffered at every hand, and record of the expenses, re ceipts or operations, and no detailed report of assets lias ever been placed la-fore the public. In Holt county the performances of this clique of grafters lias caused common talk, and there are many sur mises as to why the Harringtons bo •anxiously worked Sam Howard Into ‘he nomination for Htate treasurer, after they had dictated a warden of the penitentiary and after they had fostered the boom of VV'estovcr for governor. The people believe that there is a method or reason behind every act of this crowd. Some information may be gained as to the value of the property looted from prominent citizens of Atkinson, as follows: John I*. MeNichois, a prominent democrat, said: "I consider the build ing nud lot, exclusive of furniture, a good investment ut three thousand Uol ! lurs. and stood ready to pay $2,003 | for the building or a little more. Talk j ud with the receiver several times i about wanting to buy the property. | but he seemed to want to evade the matter. Several others here wanted j to buy. No person In Atkinson kuew ' when the sale a as made, or had op portunity to make a bid Howard I seemed to want to favor somebody." j I* W. Johns-m. for sixteen years a i resident of Atkinson "The *.al« was a clandestine arrangement. Several people In Vtklnsoii wanted to buy, but I got no opportunity The building and natures were well worth $,".,onn The * if-' « " ' $1 . I he net a! opinion w vs that there was no <v-eseton to : close up ihe t ank In the firm pia A J iittl* >n uiemtier of the town board of Atkinson The 1.411 x was doing well wh<n It wss closed The 1 building was woith more than three lines what it sold for Among the assets Were Sonic gilt « t*> securities, the Judgment against the city was worth fa-» face v doc end the e. texjl district Judgmei t as good as g >xeru» Strut bonds " J K AlHwm formerly cashier of the t ank "No »« csslon fur closing the bank |tepueit«»re were r >t uneasy, and non* of them applied for a nnili< J er A trank ex emitter Had less the fa I shortly before and given a |«wd . I»«r | sues to tht bsnk I he liabilities wets fully secure^ and the paper wag good The books balanced to a cent when the receiver took charge. The Judgments against the village and school district were worth face vaJue. The building, safe and fixtures were carried on the books at $10,000. The safe cost $1,500 and was good as new. The building and fixtures would easily have Bold for $5,000 at hard times prices. The extra room In the building, aside from the banking room, brought in $25 per month. Among the first-class paper, were the two judgments aggregating $1,000, and decrees of foreclosure against lands In Holt county worth $500. These and some other securities, I understand, were quietly sold to Mc Carty for $40. I understand McCarty lias since disposed of some part of these securtles for $400, or ten times more than he paid for the whole, How ard disposed of all the good paper and the building on the quiet.” E. O. Schultz, druggist: "The bank building was easily worth $4,000. The location was good. There was no no tice given of the sale.” l)r. McDouuld, office next door to the bank: "The bunk building and lot would be cheap at $5,u00. Sale was under cover. No notice In the papers. After the bank closed M. F. Harrington was made attorney for the depositors. He arranged the settlement with the receiver, and tnen notified the deposit ors In a circular letter that he had settled on a basis of 75 cents on the dollar, and he sent them each a check. He must have kept the securities got from the receiver in the deal. No rason why the depositors should have lost 25 per cent The assets were sold In O'Neill and It was worked pretty smooth.” J. F. Brady: "I went to the sale of the assets last December. McCarty, Harrington, the sheriff and a young man who works for Harrington were there with Howard. I wanted to buy In a mortgage on VV. E. Scott’s place. Howard had a package in his hand, and he said, 'Let's open the sale.' He turned to me and asked if there was anything 1 wanted In particular. I told him about the Scott mortgage, and he knocked It down to me at $20 on the first bid. Its face value was $100. Then I asked him what else he had, and he told me everything else was bargained for In advance. He said he would adjourn the sale a while. 1 went away, and in a short time I came back cnly to find that Mc Carty had got all the valuable stuff for $10. Nobody else got a chance to bid. McCarty is the populist chairman, and a great friend of Howard and Har rington. The stuff he bought was worth several thousand dollars.” One gentleman who was on the ground and knew of the whole pro ceeding, writes to a friend at O’Neill as follows: "It seems to be no secret around Atkinson that the bank’s assets were Indiscriminately slaughtered by Mr. 1 Howard. I am confident a little In- i quiry would bring a good deal to "The fact that the building and fix ture, which originally coat about $7,50U, were sold by Mr. Howard for less than $1,000, without giving any notice or allowing any one to bid, is pretty good evidence of what he was doing. I knew of several parties who were watching this building and fix tures with a view of purchasing when It was to be sold, and I know that Mr. Howard could have realized at least three or four thousand dollars out of them If he had not sold them undcr h&ndedly and on the sly, “While I only looked upon Howard as a tool of the pop ring, I cannot help but feel that any man who will lend himself to such work is unfit for public office.” In an effort to get further light on the operations of Howard the office of the State Hunkiif; board at Lincoln was visited Wednesday. I)r. Hall, th« secretary, who Is also chairman of the democ ratic committee, was not present, but hlH deputy was there and handed over the last printed report of the Exchange bank, dated March 23. 1897. This showed that the bank had loans and discounts, $88,303.13; overdrafts, $608.91; stocks, bonds and Judgments, $79,228.82; banking house, furniture and fixtures, $10,000; due from other banks, $6,882.59; cash on hand, $3,- ! 861.55. The capital stock vas $30,009 and the deposits were $70,934.48. “Will you please let me see the last report of the examiner on the condi J tion of this bank?” was asked of the 1 deputy in charge of the banking board j records. “No, you cannot see that.” said he; | “the examiners' reports are not public 1 property.” “Not even when the bank has failed, and owes money to the state?" “Well—I can't let you see it. Of course if the report is filed in the dis trict court in the county where the bank was located, and you can see It there, that Is all right." “Has the receiver ever filed a report here?” "No, he makes his report t » the dis trict court where the bank I* located. Our jurisdiction ends when the re ceiver Is appointed." "How much money has been turned over to the state by the re elver?" “I do not know.” At the state treasurer's offl e the Information was received that on Au gust 26, 1898, the slate te elv-J $«, 782.30, and on June 15, woo, it re ceives! $1,442.81. This last payment was made after Harrington and How ard'# badges w< te printed atinouni lug his candidacy for the state treasury ship, and was a happy after!hough' According to the records at O'Neill be must Itave been tarrying that monev Just six months, the date of the final sale uf assets "to the highest reli bidder" having l**ui on the |6th of December, 1899 there is nothing hied to show where this money came ; from, or how much remained It is presumed the receiver Was stl'l | >• I celvlug salary at the date uf this last i payment, and that he will continue tu hold the affairs oje-n a* tong as any j money remain* to be used up by him l salt and his attorney PeltMleste lirliM V*«t a.*i| illx, j l‘etrul»um has been used with much i «ui cess as a means of estrrmin tllug I in ><m|uiiim«. and thus preventing uu< Isrta All that Is necessary la Its spray 11ha drains marshes and puddles with ! the tilt early In the season and repeal ths operation every is>i weeks fur a «hort Huts thereafter It la said to he • ths b*st Method |iti tried f«r disinfect# Mag a locality 4 malarial gstauik PROSPERITY GALORE. i - ALL CLASSES THRIVING AS NEVER BEFORE. The Ks-ritVflnudlMil Deiuocrnrjr Hit* No Argument That I* Not Shattered liy the Happy Condition* Now Prevailing —Sign* of the Time*. Mr. Bryan and his followers are hav ing a hard time to convince the farm ers that they are worse off in 1900 I with protection and sound money than ' they were In 1896 with the shadow of free silver Impending and a free trade law in operation. A general comparison of articles of farm consumption and farm produc tion between the two years completely disproves the Bryan theory. In the Item of farm animals alone the farmers are worth five hundred million dollars more than they were In Democratic daya. The table printed below, which is from the reports of the United States Deepartment of Ag riculture, Is worth study: TOTAL VALUE OK FARM ANIMALS. 1896. 11,727,126,684 1900. 2.212,756,878 I The difference Is apparent in every class of animals. Divided Into appro priate groups, the Increase Is strik ingly shown: I VALUE OF HORSES AND MULES. IH6. $603,344,643 1900. 715.686,534 VALUE OF ALL CATTLE. 1896. $ 872,888,961 1900. 1,204,298,366 VALUE OF SHEEP. 1896. $65,167,785 1900. 422,665,913 With all grain, animals, and other farm products higher In price. It Is no wonder that the farmers of this coun try have little use for Bryanlsm. CHEAPENING OF "CATTLE” LOANS. The feeding of hogs and cattle with corn, or the conversion of corn into hog and cattle flesh, has developed re markably the last three years as a fea ture of farming, and It Is responsible for a large share of the Increased eon sumption of corn. The Individual stimulating cause has been the cheap- j enlng of money due to the sound j money victory of 1896, This has enabled farmers to make loans secured by their cattle or hogs, and by use of surb funds to keep their corn for feed and for raising hogs, In stead of selling It. Four years ago this cattle paper was not looked ou with any favor In the east. Now from forty to fifty million dollars annually are loaned on It by eastern brokers. The abundance of money In the west ern banks seeking Investment has forced competition In the placing of these rattle paper loans until now they are taken at three to four per cent less than formerly. Of course this both tends to Increase the demand for corn and to render Its price more stable; for instead of throwing corn on the market at the harvest season, the farmer can now keep it on the farm to feed to cattle and hogs all the year around. Cattle loans were difficult, If not Impossible to negotiate In the democratic days of 1893-1896. PROTECTION IN FRANCE. The Industrial development of Franco from the close of the Napo leonic wars to 1860. says Mr. Curtiss, is without parallel In any continental country. Under the protection which then existed the growth of manufac tures was rapid and successful In every particular. In 1860, however, a com mercial treaty was entered Into be tween England and France, by which France removed all prohibitions from Imports and substituted duties ranging from 20 to 30 per cent on competing manufactures. The experiment of this duty, which continued until 1882, was unsatisfactory, and the French gov ernment refused to renew It in that year, and a more vigorous protective policy was restored. In 1885 the du ties on foreign products were raised, and In 1891 a thoroughly protective tar 1 fT was enacted, under which the great prosperity and industrial activ ity which now exist have come to that country. THAI TAMMANY ICE TRUST. To questions from his audiences about the Tammany Ice trust, Mr. Bryan has repeatedly made this an swer In the last ten days; "There are I u Republican governor and legislature ! In New York, ami what have they done j to throttle the lee trust? The Kepith- j Bean governor of New York has not time to bother with the Ice trust, for he la too busy out here telling you about It." Governor Theodore Roosevelt of New York, months before the Tammany Ice trust became notorious, sent a me*- j mtge to the New York legislature ad- ; vising action against trusts. The leg. j IsUture |»eil and Governor lli»»s« veil signet an anil troat act Under this law the Urpuldb an attorney gen eral of New Yurk Is now proceeding agalust the Ice trust This action the Tammany stockholders are lighting at every point. The principal »t<* kholder* of the Ice treat are ltl< hard t'roker, Mr Itryan • eastern manager; John F Carrol!. Mr ('roller • ehlef lieutenant, Hugh I Grant and I horn as F Gilroy Tammany • s mayor# Augttalu* Van Wyeh Tam many candidal* for governor n ism Hubert Vsn Wyt h Tammany mayor of New York, Randolph Gugg*ult*tm»r Tammany's president of the coomll, J a*rg«aat Cram and Charles F Mur i phy, Tammany dock commissioners, etc., etc., etc. It Ls these trust beneficiaries and supporters of Mr, Bryan who are rend ing the heavens with their denuncia tions of trusts. As Governor Roose velt well says: ‘‘Hypocrisy could be carried no further than it Is by these men and their defenders." They charged the poor of New York 60 cents per 100 pounds for Ice which cost them not over 16 cenfk per 100 pounds deliv ered. and with their <00 per cent trust profits are supporting Ilryan's anti trust campaign. Mr. Ilryan's zeal in defense of the Ice trust may he due merely to a sense of social decency toward Mr. Croker and others whose guest he Is today. Or It may be clue to a lively sense of grati tude for favors received and expected. Hut whatever the motive may or may not be, the facts recorded above con demn him as a hypocritical demagogue before the people.—Chicago Inter Ocean. TRADE EXPANDING, There Is, In the United States at the present time, unparalleled prosperity, In which every citizen has a right to share. If any citizen Is prevented from sharing In that prosperity he is the victim of conditions which cannot bo righted by the election of Hryan, strongly as he may be tempted to trust in that remedy. The American farmer is selling for 37*4 cents a bushel of corn It costs him 15 cents to produce. Hts wheat and cotton, Ills beef and pork, are selling at profitable prices. HE IS HIDING IN RAILROAD ' TRAINS, AND AS HE LOOKS FROM THE CAR WINDOW OVER THE I BOUNTIFUL HARVESTS HE IS TAKING A NEW VIEW NOT ONLY OK HIS NATIVE LAND, WHICH WAS NEVER FAIRER AND HAP- j IMER, HUT IS ALSO THINKING OK His NEW MARKETS AND NEW “POSSESSIONS" ACROSS THE SEA. | The laborer Is today receiving more j wages than he ever received before, ; and IN A CURRENCY THAT IS ; GOOD THE WORLD OVER. The business man sees trade follow ing the flag all around the world und new* markets opening to him under ; national responsibilities, lie realizes \ as a business man that THESE RE SPONSIBILITIES MUST HE GRAP PLED WITH AND ADJUSTED ON A BUSINESS BASIS. The only peril now threatening the United States is RUIN AND RETROGRESSION UN DER SILVER TURNING HACK OK THE WHEELS OK PROGRESS AND PROSPERITY TO THE STANDARDS OF SPAIN AND MEXICO, AND THE ABANDONMENT OK OUR POSITION AS THE GREATEST COUNTRY IN THE CIVILIZED WORLD.—Helvillc . E, Ingalls, President of Chesapeake & , Ohio Railroad Company, In September North American Review. OUR ARMY COMPARED. "We oppose militarism. ... It will Impose upon our free people a large standing army and unnecessary burden of taxation, and a constant menace tothe'r liberties."—Democratic National Platform, 1900. Our “large standing army,” exclusive if the Philippine volunteers, consists it 65,000 men. In 1867, with a popula tion only half as great, It was 54,000. rhis "large standing army” Is relative ly the smallest army in the world, as these figures show: Soldiers 1 per 1000 Country— Army population. Prance .500,000 14.05 Germany .600,000 11.05 Austria-Hungary ..280,000 6.07 Russian Empire ...700,000 6.01 rurkey .... 7.01 jreat Britain .210.000 5.06 Italy .210,099 7.91 Switzerland .148,000 47.00 United States . 65,000 0.86 Even Switzerland keeps 148,000 sol Jlers In compulsory, active military training, exclusive of the 361.000 men n the Handwehr and Landsturm (re terves). This Is forty-seven Boldiers n active training for every one thou utnd of the population. The United 1 states has less than one soldier for 1 »vory thousand. Is our republic forty- 1 seven times as afraid of Its protectors 1 is Switzerland? Shall we wipe out the army and ' leave American ministers, rm chants and missionaries to he murdered with- 1 nut redress or appeal? Mr. Bryan wants to cut down our lit- ' tie army to the vanishing point. Do you ? VALUES IN NEBRASKA. Values have Increased In Nebruska ! since 1M*6. as follows: Per cent. 5 Hors. Increase .....45 Beef, Increase ..69 i'urn. Increase . 15 latnd. Increase. 20 Household Roods, Increase..20 Savings hank deposits, increase.,, .33 All properly. Increase..........75 On ihe other band there has been the follow lit g reduction: Per cent Mortgages dec reg.ed .............. 40 And th« record run* the same through all state# under McKinley's Protectkiu and Prosp* rtty ____i. ii I T-rni t -- I 1'HOSHt.Mirv RCAUHfcS CHUHCH the 111. k lli*ei M.itfoonv ,.f M,r Method!*! (hutch ha* plat complrled It# tabor* at t'kt-'agu During the past year (»• rh arc he* have breg ere, tad. at a total coal of about |toaa. css), and |il.t«4 Indebtedness has been l>atd off ihe church Has had aa era of proape’tty like **efirb«»ty ei*e I ALTGELD'S GREAT DISCOVERY, John P. Altgeld has made a great discovery. It la that If you sell more than you buy you are growing poorer. Mr. Altgeld revealed his discovery last Thursday at New Haven, Conn. In a Bpeech there he said: This country Is being drained to pay tribute to foreigners. By estab lishing the gold standard It takes twice as much of our products to pay that tribute. During this administra tion we have parted with over $1,500, 000,000 worth of goods more than wa received In return, and we have only $137,000,000 to show for It. How long can we Htand an annual loss of nearly $500,000,000? This amount of goods goes abroad every year and disappears. Mr. Altgeld's figures are apparently derived from the statistics of our for eign commerce. In the fiscal years 1897, 1898, 1899, and 1900, we sold to other countries goods valued at $4, 903,685,559, and bought from other countries goods valued at $2,927,043, 225, leaving a balance or credit In our, favor of $1,976,042,334. During the same period we exported $371,639,493 and Imported 464,563,275 In gold und silver, an excess of precious metal Im ports over exports of $192,923,782. The Altgeld theory Is plain. For our $1,970,012,334 excess of merchan dise exports we have nothing to show hut our $192,923,782 excess of precious metal imports, and so have grown poorer by the difference between these sums, which Is $1,783,118,552. Divid ing this by four wo have $446,779,638, Altgeld's "annual loss of nearly $500, 000,000,” the "amount of goods" which he says "goes abroad every year and disappears." Mr. Altgeld's neighbors In Chicago, however much as they have differed from his (Altgeld’s) opinions hitherto, have considered him a man of intelli gence. Itut his New Haven speech must force a reversal of that Judg ment. To show the ineffable silliness of Altgeld's "annual loss of nearly $500,000,000" assertion we have but to take the commonest concrete individu al case. Farmer John Smith, after selling his crops, paying his hills, and setting aside enough for next year's expenses, finds that he has $1,000 left. He might convert that $1,000 Into gold coin and bury It In his cow stable. Being a sensible man, he looks about for an Investment. He may lend his $1,000 to a neighbor on a mortgage, or he may buy a railroad, a United States, or even an English government bond. Now, Smith has "parted with $1,000 worth of goods more than he receiv ed," and has “only a piece of paper to show for It.” But is Smith poorer? Is his British bond, If he choose that In vestment, “tribute to foreigners?" Smith knows It Is not, for whenever he cashes a coupon he knows the British taxpayer gives tribute to him. Democratic stump speakers have emitted many lunatic assertions, but Altgeld's discovery that our favorable trade balance of $1,783,118,552 Is not gain hut loss certainly caps the climax of folly. His doctrine that men or na tions grow poorer whenever they sell more than they buy Is the most ludi crous "argument" that this campaign has produced.—Chicago Inter Ocean. DEMOCRATIC PROSPERITY. (Omaha Hoe. Doc. 22, 1893.) Knights of Labor assembly, No. 374, composed of upholsterers and mattress makers, held a regular meeting last night. It developed at the meeting that about one-half of the membership Is at present without anything to do and unable to And work In their line in Omaha. It has been the practice of tradesmen In this line of work to go on to Chicago when work was slack In Omaha, but their fellow workers in Chicago inform them that It Is even worse there, so there la nothing for them to do but do the best they can at home. WORKS ARE BUSY. Four years ago the Culter Hammer company of Milwaukee, Wls . laid off about one-half of their rnen, on ac count of Insufficient, business, and the other half were employed only six hours with six hours pay. Today, every man is working full time and receiving ten hours' pay for nine and a quarter hours' work. The company's condition is similar to that of all other electrical manufacturing con cerns. The electrical workers know a good thing know how to continue prosper ity by voting the Republican ticket. BUSINESS DOUBLED. Activity «t the mines, factories and furnucea is best shown by the follow ing exhibit of ptg Iruu production of the I'ntted States—thus: Year. Tons. M1M)..... 13.62*1,703 1694 .. 6,637.386 Republican Increase . 6,963,313 While the output of pig iron doubled, those manufactMrlng Interests which lined ptg Iron or Its product* in any shape must have duutded their busi ness within the Hi* years ttATISFACTUNV IN COLUHAUU, Hi turn* received from * preliminary a mao* of Colorado. by Chairman Ford of the Republican Plate lointutt tee, initiate that (he gains made by the RepuMi- ana in I*1** will be more than maintained thin year Chairman Ford raped* that the state a III give 4 14* publican majority of )>wa m * ye*r