MARCH 5, 1303.
THE NEBRASKA INDEPENDENT.
5
allowed to be struck, by order of the
private owners of gold and silver, that
had been struck by order of the king
previously. This law allowed the pri
vate owners of gold or silver to make
a pound sterling, represented by a
gold guinea, or a pound sterling repre
sented by 20 silver shillings and, of
course, they always made a pound
sterling out of the metal which they
could buy with the least labor, or
wheat, or other commodities. If gold
was abundant and cheap and they
wanted a number of pound sterlings
with Which to pay debts, they bought
gold in preference to silver and made
guineas. On the other hand, if silver
was abundant and cheap (compared
with gold) they bought silver bullion
and made their pounds sterling out of
this material. This was the result of
free coinage of gold and silver. It pro
duced the double standard in England;
and, what they, in France, now call
bimetallism. It was two moneys. If
silver was very cheap and everybody
was coining money out of silver and
silver coin became very abundant and
gold coin scarce, then guineas were
bought and sold in open market with
the cheaper money, silver, and gold
came to have a market price in sil
ver, as contradistinguished from its le
gal price, the market price always be
ing above the legal price and never be
low. But when guineas were quoted
they were quoted in silver money, and
their market price was in silver. On
the other hand, if gold became very
abundant and cheap and everybody be
gan to coin money out of gold and to
make guineas, and silver money be
came very scarce and dear, then silver
bullion and silver shillings were
bought at a premium and paid for
with gold guineas, and silver began to
have a market price, as contradistin
guished from its legal price, which was
always higher than the legal price,
never lower. But when silver was
quoted, it was quoted in gold money.
In this way one money would demon
etize another money. It was an "al
ternate" standard instead of a double
standard of value. Or a mixed stand
ard of silver and gold.
By way of a little more illustration,
let us notice what Adam Smith says:
"In the English mint a pound-weight
of gold is coined into forty-four guin
eas and a half, which, at one-and-twen-ty
shillings the guinea, is equal to
45 14s Gd." If they coined 44y2 guin
eas out of 5,760 grains of gold, or a
pound of standard gold, then there
must have been 129 4-10 grains of gold
in each guinea, which was the fact.
He also says, that they made in the
English mint sixty-two shillings out of
5,760 grains of silver, or a pound, of
standard silver. If they did, then they
made 20 silver shillings, or a pound
sterling, out of 1,958 grains of silver,
each shilling being 92 9-10 grains.
If they made a guinea or a gold
pound sterling, out of 129 4-10 grains
of gold bullion, and a silver pound
sterling or 20 silver shillings out of
Over 3000 Boys
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selling The
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TN A DAINTY little booklet, which
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most successful of our boy agents tell
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The Saturday
Evening Poit
There are many stories of real busi
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The Curtis Publishing Company
497 Arch Street, Philadelphia, Pa.
Mo4Mvitr)m. REMODELING SALE XAkouTm
Important Changes Extra Special Prices
Sale Commencing Thursday, Fiarch 5th
Onr store is to undergo a thorough chanjyfi. .ind everv denartment will be effected hv it
Change of location in many and an increased space for all departments. Our Cloak and
Suit and our Millinery Departments will occupy space on the second floor, where much more
space will be given them than they have before occupied. From season to season these de
partments have grown more popular, and every year have shown an immense increase of
business. These departments will be fitted up in the most modern style and will be the best
lighted rooms in the city. Our China and Glassware departments will occupy space in the
basement which is being fitted up especially for it.
Our stock is all new spring merchandise, but is altogether too large to move conven
iently. We have arranged this remodeling sale, to lighten our stock and have made Extra
Special Prices in our numerous lines which we feel assured will reduce it quickly.
Out of town orders will have prompt attention. Send for samples.
Lincoln, Nebraska.
1,958 grains of silver, then they un
dertook to make 129 4-10 grains of gold
equal to 1,958 grains of silver bullion.
I they did, they undertook to make
one grain of gold equal to about fif
teen grains of silver. If they did,
they could not make 129 4-10 grains of
gold equal to 1,958 grains of silver, or
one grain of gold equal to fifteen of
silver, except in paying debts. In oth
er words, they could make one grain
of gold equal to fifteen of silver in
paying taxes, rent, interest, -and all
other debts, but they could not make
one grain of gold equal to fifteen of
silver for any other purpose. Further
more, as soon as it was found that one
grain of gold was worth more than
fifteen of silver as merchandise, then
an unseen power would cause coin
age of gold to cease and coinage of
silver to increase, so that in a short
time there would be no gold, with
which to pay debts and all debts would
have to be discharged with silver coin;
but, if, on the other hand, they found
that 15 grains of silver were worth
more than one grain of gold as mer
chandise, then the same unseen hand
would cause gold to be coined and
coinage of silver would cease.
David Ricardo explained the reason,
as I have said before, but the world
has been slow to comprehend. He
said that every nation is composed of
debtors and creditors, and that the
debtors, including the bankers, make
money out of the cheapest material,
out of which they have a right to
make it; and that when there is free
coinage of both gold and silver, at a
certain ratio, that is, if there is a
right to make a dollar either out of
o'ne grain of gold or sixteen grains of
silver, they will make the dollar out
of gold when one of gold is worth less
than sixteen of silver; and out of the
silver, when it is worth less than the
gold. JNO. S. DE HART.
Jersey City, N. J.
(To Be Continued.)
Importance of Majority Rule
The underlying principles of free
government are permanent and im
mutable. Freedom,' justice, fraternity,
equality of opportunity, and equality
before the law these things are basic
and unchangeable. But to preserve
the victories won, to conserve the
great cause, to approach nearer and
still nearer the glorious ideal that
was the pillar of cloud by day and the
pilar of fire by night to the master
spirits who led the people out from
the Egypt of imperialism absolutism,
and kingcraft such is the high mis
sion of the true statesman and the
most solemn obligation devolving on
the citien where, as in a democracy,
the destiny of the people lies in the
ballot of the electorate.
The changed conditions of the last
fifty years have rendered it not only
c::pedieut, but absolutely necessary, if
free institutions are to be preserved
and if the republic is to be in fact as
well as in theory a government of the
people, by the people, and for the peo
ple, that, certain safeguards be thrown
ou; to preserve popular government
from the coirupt aggressions of cor
porate wealth and the subtle reaction
ary spirit that seeks to re-establish'
th-i old immoral "divine right" idea on
the throne of a people's government
This is not saying, of course, that the
attempt to revive the idea of the di
vine right of kings is contemplated.
The divine right of property, or the
establishment of property rights over
the inherent and inalienable rights of
man, is merely another form of the
same tyranny that ever wars against
just.ce, freedom, and fraternity. And
during the last thirty or forty years
so great has been the rise of the aris
tocracy of the dollar or the plutoc
racy in this country, so aggressive and
immoral has been its influence in poli
tics, and so rapidly but quietly has it
gained ownership, control, or influ
ence over various public opinion-forming
agencies, that municipal, state, and
national scandals have followed one
another in rapid succession; while
millions are oppressed and plundered
by monopolies and corporations in the
presence of a government that, when
not cynically indifferent, pleads the
baby act of helplessness. Daring this
period the machine, the partisan boss,
and the corporation a trinity of dark
ness have become a deadly peril to
free government.
To meet this emergency it is of vital
importance that government be car
ried back to the people, that the pow
er to initiate and to veto legislation
he given in fact to the voters and that
the farce of special interests ruling a
country under the pretext of popular
government shall cease.
This is precisely what majority rule
secures to the people. It is merely
the realisation of republican or demo
cratic ideals of government in their
most perfect expression, and the only
way in which the usurpation of public
government by unscrupulous party
bosses, corrupt machines, and equally
corrupt corporate wealth can be de
stroyed. B. O. FLOWER,
Editor, The Arena.
Let us make the Independent School
of Political Economy a great body of
truly educated men and women, and
thus counteract the evil being done by
the National Economic League, with
Its plutocratic college presidents, trust
magnates, and Grover Clevelands.
Henry Harvey Stuart, Hopewell
Hill, N. B., Canada: Socialism is be
coming a factor jo be reckoned with
in Canada, and by the appearance of
after election reports from the United
States it is a fast-growing factor in
your republic. If The Independent en
ables me to form a correct idea of the
standing and relative strength of all
political parties in the United States
socialist and socialist labor parties,
as well as the capitalist organizations
I will subscribe at the end of three
months.
CERTIFICATE OP PUBLICATION
STATU OF NEBRASKA
Office of Auditor of Public Accounts.
LINCOLN, February lit, 1803
It it hereby Certified that the Bankers Life
Insurance Company of Lincoln in the state of
Nebraska, hat complied with the Insurance
Law of this state, applicable to such compan
ies, and is therefore authorized to continue the
business of
Life Iktbubahch
in this state for the current year ending Janu
ary 31st. 1904.
Summary of report filed for the year ending
December 31st, 1902.
INCOMH
Premiums , $271,400.90
All other sources 199,322.88
Total $290,723.78
DISBURSEMENT!!
Paid policy holders 34,930.47
Allother payments 127,460.:
Total 12,401.85
Admitted Assets $548,814.97
LIABILITIES
Net Reaerre $404,81.21
Net I'olicy claims and ma
tured installment poli
cies not yet duo 408,524.85
All other liabiiitins 406,703.03
Capital stock paid up 100,000.00
Surplus beyond Capital
Stock and other liabil
ities 42,111.94 142,111.94
Total 548,814.97
Witness my hand and the seal of the Auditor
of Public Accounts the dy and year first above
written.
UlUKLES WKSTON,.
J. L. PIERCE, Auditor Public Accounts.
Deputy.
CERTIFICATE OF PUBLICATION
RTATE OF NKURABKA t
Office of Auditor of Public Accounts.
LINCOLN. February 1st, 1903.
It is hereby certified that the City Trust Safa
Deposit and Surety Company of Philadelphia,
in the state of Pennsylvania, has complied witb.
the Insurance Law (if this State, applicable to
such companies, and is therefore authorized to
continue the business of
rlDKLITl AND DURKTT II RUHANCE
in this state for the current year ending Janu
ary 31st, 1904.
Summary of Report Filed for the Year Ending
December 31st, 1902:
INCOME
Premiums S223.lfvt.7fl
AU other sources 14a,651.23
Total $ 371,835.09
DISBURSEMENTS
Paid policy holders $ 65,641.85
All other payments 279,219.92
Total $ 344,864.77
Admitted assets $3,426,327.86
LIABILITIES
Unpaid claims and ex
penses $ 85,993.25
Unearned premiums 138,928.56
All other liabilities 2,437,418.03 2,662,337.84
Capital stock paid ep 000,000.00
Surplus beyond capital
stock andotherliabilities 263,990.02 763,990.02
Total 3,426,327.86
Witness my hand and the seal hEAL of thm
Auditor of Public Accounts the day and year
first above written. Charles Wkstoh,
J. L. Pieice, Deputy. Auditor of PnblioAccts.
CERTIFICATE OF PUBLICATION.
STATE OF NEBRASKA
OFFICE OF
Lincoln, Feb. 1st, 3903.
It is hereby certified that the British Ameri
can Insurance Co. of New York, in the State of
Mew iork, has complied with tlie insurance
Law of this state, applicable to such Companies
and is therefore authorized to Continue the bus
iness of Fire and Lightning Insurance in this
State for the current year ending January 31st,
1904.
Witness my hand and the seal of the Auditor
of Public Accounts, the day aud year first a bore
written.
J. L. PIERCE, CHARLES WESTON,
Deputy. Auditor of Public Accounts.
W. A. M. Smalley, Gabriel Mills.
Tex.: I have noticed an article iu
The Independent called "Money and .
The Taxing Power," by W. H. Ash
by. Find subscription for three
months.