miji.hptw '! ijMPt'mwW
mMNmipin
The Commoner.
PCTOfiBR 9, 1003.
13
WHsff
& A SPECIFIC PROPOSITION
The EmmertsLurg Reporter is op
posed to a bank currency"based on gen
eral assets. It -believes the advocates
of such a currency are very likely to
bo deceived, for . finds that very ablo
men and presumably very honest men.
have, during the past forty years, ad
vocated many foolish .financial meas
ures from an irredeemable paper cur
rency to "the Bland-Allison silver pur
chase act." Amcng those who are af
flicted most grievously with the asset
currency vagary the Reporter names
the Register and Leader conspicuously.
At the outset it may be admitted
that no sentiment has been developed
ir. favor of a currency based on hank
assets that encourages the belief that
legislation will be enacted in the near
future. The discussion is therefore
wholly academic. There is not even
enough sentiment in favor of an emer
gency currency, such as Secretary
Shaw has suggested, to secure its adop
tion, at least there has been no pub
lic expression of it. But in the end
some change is going to be made in
our banking laws and some lee-way is
going to be granted to banks to meet
emergency demands for money, for
other countries have proved that an
elastic currency satisfies a real demand
of business, and government bonds are
going to prove less and less adequate
au the basis of our bank issues. An
academic discusrion therefore that has
no reference whatever to legislation
immediate or remote is not without
s5me prospective benefits.
To come at once to a specific propo--
sition, what has the Reporter to say
tn the statement that Tve take from
the United States Investor? It is per
haps proper to say, before quoting this
financial authority, that it Is not an
organ of Wall street, and that -in the
article from which we quote it says
that "Wall street is perhaps as bad a
place as one could go to for clear
sighted views of finance." The United
States Investor has figured out exact
ly what impairment of the stability
of our national banks such an asset
currency as has been proposed would
oncwion, in the following paragraph:
"In April this year the total national
bank capitalization was about $735,
000.000. Suppose the banks were al
lowed to issue asset currency up to
75 per cent of their capital; this would
mean an additional lien of about $550.
000,000 on the general assets of the
banks. Now let us see how much of a
lien already exists against these as
sets. Ignoring trifling items, and ig
noring aleo circulating notes and gov
errment deposits (which are specif
Ir.nllv secured hv deposits of bonds
with the government), and including
individual deposits and amounts due
other banks, we find about $4,386,
000.000 of obligations. To meet these
we find a sum of about $5,618,000,000.
including loans, securi'ies owned, real
eptnte and buildings, amounts due from
other banks and from clearing kbuyes,
and specie and leiral tenders. We take
no account of $734,900,000 of capital,
$?.54.000,000 of surplus, and $177,089,
340 of undivided profits, a considerable
portion of this total is of course in
cluded in the foregoing assets as for
instance; in securities, banking build
ings and fixtures, bonds to secure cir
crlatlm. nnrl eovernment deposits, etc.
This rough f-rurinr shows a margin
of about $1,233,000,000 ' etween the
principal assets of the banks and the
pr in cinal liabilities, in favor of assets.
Can't Sleep?
Its' your nerves. Dr. Miles' 'Nervine
will strengthen them and bring sweet
sleep and health. Delay is dangerous.
AU dniRg Igts sell nd guarantee. Bend postal
tor book on nervous dlsea ea. . .
Djt, Mix MxJUCAii Co., Elkhart. Ind
Nw K tho banks had outstanding
550,000,000 general asset circulating
notes, there would still he a margin of
safety of $483,000,000. And the fact
must not be ignored that tho capital
stock is subject to one hundred per
crni assessment."
Will the Reporter go over these fig
ures carefully and point out wherein
the plan that has been suggested would
imperil the stability of our currency,
or wherein such a plan bears any ro
tation to irredeemable paper money, to
50-cent silver dollars, or to any of tho
other financial vagaries that have at
one time or another received the in
dorsement of the good people to whom
It refers? Will the Reporter come
right down to the specific proposition
that has been submitted and point out
wherein it introduces a dangerous ele
ment into our monetary system?
That this country needs a more flex
ible currency, tho supply of which
will be responsive In some degree to
tho demands of business, and that will
allow any section to utilize Its credit
in times of stringency, ought to bo ap
parent to everybody. By what means
shall such a currency bo supplied? Or
what sort of a currency should It be?
Has anything better been proposed
than a bank currency that cannot be
used as part of tho permanent re
serves, that will not inflate the perma
nent money supply, and will not be
available to promote speculation, but
tbat will servo the purpose of money
in the trade centers In times of money
stringency? And is there any safer
asset upon which to secure such a cur
rency, outside of gold, and national
bonds, than the assets which the law
allows the national banks to hold?
Des Moines Register and Leader.
Rising Silver and Philippine Coinage.
Officials of the treasury department
are worrying over the advance in the
price of silver. What they fear is
that tho price will go so high that the
nev; jpnuippine peso win do worm
more as bullion than as coin.
The first question that suggests It
self in this connection is, Why should
the treasury officials borrow trouble
about that?
The Philippine government reports
to the war department. President
Roosevelt laid paxticvlar stress upon
that fact in bestowing praiso upon
Secretary Foot. The war aepartment
has jurisdiction over the finances as
well as everything else in the Philip
nines. If the pos manifest a dis
position to hold aloof from circula
tion because of their superior value
the correct thing will be to issue a
military order commanding them to
attend strictly to businesb and not
get proud.
But even if the matter came within
the jurisdiction of the treasury depart
ment its officials would have little
cause for worry. It Is true that the
first purchases of bullion for the Phil
ippine coinage were made at about 49
cents per ounce and that as high as
581-4 cents has since been paid. But
the price has fallen again to 561-8,
and it will have to go 81-2 cents high
er before the peso will be worth more
as bullion than as coin.
Besides, in the Philippines, where
nWA to tho common retail money, the
peso is likely to remain in general use
even if It becomes somewhat more val
uable as bullion. t
Wnat is of chief importance in this
connection is the fact that if silver
hMillon eoes to 64 1-2 cents, or even to
64 not only will the United States
cease to purchase for the Philippine
Sge? bPut Japan and Russia will
to " SiJXr nnd' nrobabTy
ago ror me vESr. - - .
the government ui -. - - .
ver would not only stop the rise, but
causo a fall in bullion and fnercased
production induced by the riso would
heighten tho effect
Add to thlB the fact that tho riso
would bring out tho accumulated stock
of bullion, which probably is cousld
crablo, and it will bo seen that there
i nrt rrrnnt flnnrrnt if Mm uiwlilnn wtt1t
' drawal of tho Philippine pesos from
circulation. Chicago Chronicle.
Birthday" for Each Sex.
With the exception of tho emperor
there aro no individual birthdays in
delightfully interesting Japan. The
people, however, make up for this neg
lect by having a sort of general birth
day of everybody In common, which
is colebrated with great rejoicing.
There are two of those general holi
days, one for each sex. Tho male birth
day, which is known aa tho "celebra
tion of tho boys," occurs on tho 3rd
day of tho third month and tho girls
on tho 5th day of tho fifth month.
These days are generally put aside and
boys and girls respectively receive
presents according to their station.
The birthday of the emperor, or
Ten-o, as ho is more properly styled,
is also a general holiday for tho Ja
panese everywhere. Tho houses are
all decorated with flags, and in the
evening the streets are gay with tho
lights of innumerable colored lanterns.
In the morning the highest authorities
go to the palaco and, offer their con
giatulatlons in person and tho lower
degrees offer them vicariously to their
superiors. All the Japanese would,
somehow or other, congratulate their
monarch on having added another year
to his ago. Chicago Chronicles
"No Breakfast" Plan Cure.
Cured of rheumatism after more than
forty years of Buffering Miss Mlllossle
Itooo, of Morriatown, N. J., now eingi
tho praises of tho "no-breakfast" Idea,
which oho says Is tho solo causo of hor
marvelous recovery.
Miss Rose Is nlxty-clght years o
age. Since her twenty-first birthday
she has been unable to walk moro than
a Tow hundred fcot from her doorstep.
Hfcr fingers wero twisted and knotted
until nhe could barely move them.
Now she walks four or flvo miles a
day without tho least pain. Tho "no
bioakfaat" plan was introduced by Mr.
Sherman, formerly a PnJsbytorlan
clergyman. New York Herald.
STEEL ROOFING.
fltrlctljr new, perfect. &emMUrdn4
Steel Hheola two feet wfd. ilx feet ong.
Tbe brat Hooin. HlAlmg or Collins
tHantie. WolurnUnniJU frfrrani
paint roofln, two klrnr. Cornea elttitr
flat corrugated or"V"crirnptl. Dellr.
ored free of allchaivc to all point In U.
8. eMtor Ml iUMppI Hirer and north of
Ohio lUrnr at .& I'KIt HO I' A HE.
lrlrca la othernalntaon nDnllratlM
A quaro mean i'OrUrc iret.
IIIEIII
Wnto lurVroo Catatonia Ho. 334 on material rxroarht
from HhoriftV and UorclrenTMifa. CII1CAUO HOI'HJC
WKKC'KINtt CO.. IV. SClk and Iran MU., Okie.
BUND FOR YE
Mr. O. II. flweetlnnd, I!nmbnr?,In,
bad her aleht rnatorod at Lor own
home by tho OhchI DlMnlvrnt
Method. Cataract and all othor
Ere Dlsoaeoa cured qnlcklr and at
amAll expense. OrnM'KycuHtraljrht
tened la two inlnuto. Alwaanue
ceMfaL nrorncfl la all CDCC
parta of the world. Ill tm. book inuu
OREN ONCAL, M. D., Salts IZI.SZ Dtajfera
ARS
m
,CMct.
(faff Month and rxpM( no experience
Tfc nccdcdjnosltton permanent; aclf-eeller;
ti? at tl'KABK Mko. Co., fitut'u W, Cincinnati, O.
DK IxatbyTett 78 YEARS. We DA V CASH
Vet WiHT MORE Balksnum rAl WatkJr
Mane ttnj, Uafadaaa. Ha.; HaattvUte, A
SB
lG&m&Q&&&&&&Q&& mjk fflQgafgaiB
'&oMoaraAutitUE -
w SOMETHING NEW "THEhr
A Cold Watch and Chain for $3SS
30 nrljnJJSt. QrTJAXA.T9X3C2U
f JP JaT .aaaaM. Jaari fll Ta"B
91 WiUa WWC
m 160 m
fsf&
mii TBBBK".?.? aaw
Tb ttt. buktonttt, inl tnt trftt fjraulne km rltan 14 linu Ool4 pUu4 witeb m4 bm rtti XitA tn mU
it bj pt Im. Duk1 buatltf cm, rich olH gi tuura ( (mU. mwti4 4Mlrtu. Ttiui Ui tin ttrj Ul
jtwiltd 4nrrWo tmmi M It unkit, tun vlad ul tm mC, wittu u 0 ! i4 kbtvlaulf rulMU4
lotfyjun. Btollful tHnh 0M PltU4 LorfD.iu Ctil tin with A"t $w nrfi,4 taimm ttnllt bwul
VH Chain aa4 Cbtrtu In wlib fti' ilt vaub Ixtrlr! tin paii tftl ha t it Itnh.
SEEING IS BELIEVING, Cat lkUoMJao4liUuaia jimt aata.pwiSUaa4
mdriM.and w will mb3u vaub aaciiala evtsplau I jur uprtu ffl for tiaatoulaa. T tlaalM ibaaa alti
iprftfficaa(lirM ftprcMttad pa? tha tipTiaf.altirli(tla cU pV fJJO b4 nprt tbUfM tl thtj mr$
Timti. MtkUas ill of mb waauJ. GENTS LA DVS'' "i" -4T " '" paablnlr ai Hy tftt.
Address K. B. CHALMBRS & CO.. 352-356 DcarbernSt . CHlCAOoTlLL,
U yoa with to aroid paflnf xprau eharje. Mod tM with your oidcr and wUcb cuala will N Htilbj teiliUtfl taaJJ pottyi!.
FARM BARGAINS
big bargains are listed for sale.
If you want to buy irfarin, Hcnd 25 cent In Htnmp or
Bllver to TUK I'UAIKIK I'AHMKU, lfiO Adama Ht Cbi
caco.for THK PJIAU1IK PAHHBR Home MajjazJno
edition, monthly, tor twelve inontbj. Uundreda of
C" lIT"C SENT NOW will bring you fonr vlit8ft month from the Unlaa
vLll I O Ouapel News untllJanuary 1st, 1!K1, introducing In attractive form
Weekly Evangelical Sermenaby Rev. J. Wl'bur Chapman, D. D.
Weekly Counts In Dlble Study by Rev. Janes M. Gray, D D.
Wrckly Prayer-Meeting Dfaxuf lana by Rev. A. C, Dlxss, D. D.
A Department ef Personal Werk by Rev. Ifaward W. Pope.
A 5PLtNUIO HOME DEPRTHENT BY HELEN M.,.WIN5LOW.
and hosta of special articles on timely oubjecta that you will want to read. Address
UNION GOSPEL NEWS. Caxton Bldg.. Cleveland, O
0
7
Our 2 H. P. " Man of All Work"
i.
GASOLINE ENGINE S60 ZfZZ
Comoiicomploto wltliKOMllna and water tanks, piping-, batturie. rpark oofl and ell flt
tinga and connections, net up on baco ready to run, movablo from place to pUcc Uurap
lng attachment ii 10 extra). A child can run It. No Are, Auagtr, eralMaea. Ulxaplcat
enKtnoinado. Choapct power on earth. Mudoalno la 8, 5 and 7 JiM.I at proportion
ately low prices. Jiycryono folly guaranteed. 8end tot Gaaoilno Kajdna Catolo;, free.
O. L. CHASE .MERCANTILE CO., Dept, 02. Kansas City, Mo.
4-33aa333&a&aA
r
"RUNS LIKE A CLOCK.
V
nAA.a,AMA A BEST ILLUMINANT
afAICLVIC;! IC? ViCfO. ...IN THE WORLD
For Farm, Home, Business and Town Lighting:
YT J
D. I
'. t.,.. r. fhnr hnmp. coin
cease to purumw " zi-nM,
ago fi
nViroTiase for rupse coinage, 'ine ao
?nce would also checlc purchases for
industrial uses. f .,
This sudden closing of vents for sli
for:
Va
DAVIS CARBIDE FEED GENERATORS ARE THE BEST BECAUSE they have IN
DEPENDENT TOWER for leedlntrand u e LU3IP Carbide, which yic da MOKE and BET
TEE Gas ban finely crushed. In succcssinl oac in 25 States and Canada. Special In
duce ents for Introductory Generators.
Testimonial. Locisville, Ky., Aug. 28, 1903.Tne 15 Da is Macnln & we have Bold
and insta led are working perfectly and have made us many frlend& DAYLIGHT
ACETYLENE GAS CO.
ENEKGETiu, KJsruTAJjjjJs iJUHiwjiSi e Buouia write for Ube al proposition
Exclndve Balea Territory. Scad for on N w Iila tratcd CaUloea-v
DAVIS AOETYLENtcO.. & Frosasct Ct.. Elkhart. Iml.
m
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11,1
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l0ijiJM4di,