DECEMBER 24, 1903.
12
THE NEBRASKA INDEPENDENT
Independent School of Political Economy
FALSE TO MARX.
Perhaps it may be because J. A.
Way land, ediior of the Appeal to Rea
son, was once a member of the peo
ple's party national committee for
Colorado; or it may be because A. W.
Ricker, one of its associate editors,
was high up in the people's party
councils in Iowa some years ago but
at any rate, the Appeal is guilty of
socialistic heresy and treason to Karl
Mark. Proof: Read the issue of De
cember 5, 1903, page 2, column 4, this
item in "Queries and Answers":
"ABOUT MONEY VALUE.
How is it that while at the banks
gold and silver are at par, the monied
men tell us that the silver dollar is
only half the value of the gold dol
lar? J. E. Greenwood, Chicago
Because the LAW says that the two
coined pieces shall have the same
power in the paying of debts. If the
law said that a piece of copper the
size of a cent, which it coined, should
pay as much debts as a. gold dollar
and would be receivable by the gov
ernment for all dues, might circulate
Just the same as gold in all transac
tions, though the gold would liKely be
used more in export business and
might itself be exported. But the bus
iness transacted with the coppei would
be Just as much transacted as if it
.had been done with gold. Nearly all
transactions are now done without
either gold, silver, copper or even pa
per moneyit is done by a transfer of
CREDITS on bank books. If the gov
ernment should issue a paper money
and refuse to accept anything else
than that money for dues to the gov
ernment such paper money would be
at a premium over gold, if gold were
thus depreciated. For if one had to
pay the government, and ro other
money but the government money
would pay it, each" person would have
to get that money, as they once did
gold, even if they had to give two gold
dollars for one of such paper. The
commercial valueof silver and gold
has nothing to do with its MONEY
yalue. The commercial value of gold,
measured by articles of wealth, is
very small in Klondike
Although stated somewhat crudely,
this is a populistic explanation out
and out. Those who have read Cap
tain Ashby's "Money and the Taxing
Power" will have no difficulty in see
ing that the writer of this answer had
a glimpse of the light. But those who
have read Marx's "Capital" will be in
clined to doubt the Appeal's claims of
being a teacher of socialism.
Let us look at the socialist theory.
'The value of a commodity is the
amount of abstract human labor em
bodied in it." (Student's Marx. d. 2.)
"Gold is now money, because it was
previously a simple commodity.", (Id.,
p. u.) uoid has become money in
consequence of all other commodities
expressing their value in gold." (id.,
P. 22.) "It (money) is a commodity
like the rest, and its value .is deter
mined by the labor-time necessary for
its production, and, is expressed by the
quantity of any other commodity that
costs tne same amount of labor-time
(Id., p. 22.)
Of course, a populist paper like The
Independent ought to .agree with the
Appeal and not with Dr. Aveline's
Student's Marx; but how can a so
cialist paper thus repudiate one of the
fundamentals of socialism? How could
the "law" have anything to do with
the matter, if Dr. Avellng Is correct
in saying that "gold has become mon
cy In consequence of all other com
uiuuiiit-s expressing ineir value m
gold," especially in view of the fact
that "Its value Is determined bv the
k A
lauor-ume necessary for its produe
tion." Could the ' law' tako a piece
Of copper (labor-time 2) and make It
pans on an equality with a plwo of
gold tiabor-timo &)?
And. by tbe way, where do tlu;e
"labor crystals" com In? I low uli
a piece of paper containing only cue
oi mese ie made to pass current with
a piece of gold containing ten? tlx
planatlon of the explanation Is surety
a oruer, Mr. Appeal to Kcason.
STANDARD OIL'ECONGMY
Pew !UkrIU' rlrltjr i'rfs
trs til Kr WrlHe Mat
J. Lawrence Laughlin, proctor o
political etnoiny, University of Chi
rnr. rontrlbutre a pKr on "The
Currency Situation" tit IU Novemhe
number f "Tn World Today, " which
It thtranifrlstic j4 th man
ou pwUl pleading Intended to foo
the ateritge tuaa Into believing that
"asset currency" notes are not funda
mentally different from ordinary bank
credits, popularly known as "depos
its." Of course, all will agree that when
A "deposits" $100 with Banker B, the
latter becomes debtor to A in the sum
of $100, agreeing to repay the same
on demand or at a stipulated time up
on A's order." Again, all will agree
that when A delivers to Banker B his
(A's) certain promissory note for $100,
due 90 days after date, with interest
at 'steen per cent, and receives in ex
change therefor ten elaborately print
ed notes of Banker B, each for $10
then A and B have swapped credits,
to the advantage of B and the disad
vantage of A.
In either case Banker B is debtor
for $100. In the first the evidence is
recorded in 'his bank ledgers and In
the customer's pass book given to A.
In the second, the ten handsomely en
graved "notes" are evidence of the
debt owing by Banker B
Now, it Is well known that, in the
first instance, Banker B might loan to
C $75 to $85 of the hundred received
rom A, retaining the $25 or $15 as
reserve." C might in turn "de
posit" the $75 with Banker B and get
a little pass book. Then Banker B
could loan D $50 to $60, who in turn
would "deposit until . Banker B
could be owing $400 to $700 to his
'depositors" and have no actual coin
but the original $100 received from 'A,
but having "customer's" notes to
make up the difference.
If instead of using pass books' as
evidence of his debts. Banker B had
simply issued his own artistic notes
n exchange for those of his custo
mers, Mr. Laughlin argues that the re
sult would be nowise changed. Bank
er B would owe no more and no less;
his customers likewise, but they would
use bank notes instead of checks In
making payments In their own busi
ness. All of which is true in a meas
ure, but purposely misleading.
It must not be forgotten that no
check is in the remotest degree a "le
gal tender" in payment of anything.
t is in no sense "money," but an or
der for money. On the contrary, bank
notes usually carry some power of le
gal tender they are receivable for
taxes even if not good as against
Judgments. No banker would think of
paying one of his customer's can
celled checks in payment of one In
coming; but he could pay out and re
pay, time ager time, his own notes
as they kept returning to him.
Let us see what difference there
could be under "asset currency."
Given .. a bank with $lf0,000 capital
fully paid up in gold coin. Without
a dollar of deposits to begin with, the
bank could loan that hundred thou
sand (less what was used In fitting up
the bank) to customers. In the very
nature of things a large portion of
that gold would find its way back In
to the bank vaults, as "deposits." In
course of time the deposits would
greatly exceed the bank's capital. So
far there has been an v inflation of
credit due to customers borrowings
and deposits and the use of checks
instead of actual coin in exchanges.
But
Now, the "asset currency" feature
is Introduced. The bank's capital has
already been converted into "assets,
which is a convenient term for custo
mers' notes. It may now Issue $60,--
000 In printed bank notes and loan
them on customers notes, the bank
notes being a first Hen upon the ''as
sets" of the bank. As these bariTc
notes would carry some of the legal
tender powers of money, they would.
In fact, act exactly the same In ordl
nary business channels as if the bank
had been given without cost $00,000
In rold coin. And n'l the borrowing,
Joining, depositing, chfcklnq; out. etc..
whh took place with the orlelnul
lino.nno of thft ban':' capital could
bo repeated with this $GO,noo of asset
not1.
May we Infer that a noon as the
ItanV hd 1wh! It $l'",non In tet
nnt.-s thftt Its deposits would ahrlnk
fr..ftoo? Tbut l whit Prof, laughlin
wtnt u td think, b'tt he li too
nhrowd to nv eo In f mnnr word
l'nl''i there should b a nhrlnatre of
a dollar in dnlt for r my ddUr of
nt rote hied. th! thft Inevitable
Infnflon tnt W splice.
ThoretlcUy the wwtMlltlen would
be that a f.rt per rent Inftstlon could
tiv pure; but practically tM U not
IH'I. lf nlth !. rnrrenry
will iome a retirement of I'm "rreeq
hie .' and irhup a rel (femonetlu
Hon of th !ver dolhr, th obwt h
lm? to rr?Jie thie In the circulation
by r t bank nnict.
Prof, Laushltn it working hard for
his Standard Oil masters to "pervert
the egoism" of the American people.
He is doing a good Job of it, too, if
we may Judge of the number of mul
let heads who will read his lucubra
tions and sagely remark, "Yep. That's
so." .
Write a postal to C. Q. De France,
Lincoln, Neb., for prospectus of "The
Old Guard of Populism."
A Wild-Eyed Republican
When Representative Hinshaw, of
Nebraska, reached Washington at the
opening of the session, fresh from the
state so lately redeemed from pop
ulism and whiskers, some wag armed
him with a card admitting him to the
spectators' gallery. This card he ex
hibited to the doorkeepers, and, be
ing a new member and unknown, was
promptly directed upstairs. It was
practically deserted when he entered,
and, as he looked down on the busy
scene,' he felt aggrieved that his mem
bership card did not -entitle .him to
the privilege of mingling y with the
members on the floor.
'Say," remarked the new fledged
representative, as he sorrowfully de
parted, from his lonely vigil, "how
long does a new member have to be in
congress before he is entitled to the
privileges of the floor? I want to
select a good seat and get to work."
Explanations and apologies followed
and Mr. Hinshaw was soon bustling
around the chamber... His feeling of
homesickness has gradually disap
peared, but whenever he glances up
at that particular gallery he finds It
necessary, to repress an involuntary
shudder as he recalls his first experi
ence In the national house. New York
Tribune.
Burr ft Burr, Attorney
NOTICE
To Robert C. Baym'ond, non-resident defendant.
You are hereby notified that on the 4th day of
TWwnnKa A li ltitt fnthrinA R&VCQGnd filed
a petition against you In the District Court of
Lancaster county, rueurasnn, ijjc uujcli u
prayer of which are to obtain a divorce from
trtii f Ka n.nimil that tTfill hflVA formed tllO
habit of drinking Intoxicating liquors and that
you have become and now area habitual drunk
ard. Yon are required to answer said petition
on or before Monday, the 25th day of January,
A. D. 1904.
CATIIRINE RAiMOMJ, .
By L. C. Burr, her attorney.
tfam'l B. Ham Attorney
NOTICE '
In the District Court In and for Lancaster
county, Nebraska.
In the matter of the estate of Catherine Clark,
j .
Tl.lo nandA AamA on fAr Knartncr nil IliP rpt 1 t1fTl
of Y. James CoHgrave, administrator of the es
tate of Catherine Clark deceased, praying for
licence io sen 101 uuuiucrvu umc v
nu . bered twenty-three (Zi) in tkmrh Lincoln,
nu auuiuuji i ' ...v w.j " -
County, Nebraska, or bo much thereof as should
oe necessary to pay ine oems, uuu .niifusra m
adm nlstering wild estate, tliero not being guf
flHpnt Tiprsnnal nronertv to nay said debts and
expenses.' It is therefore ordered that all per-
eons interested in saia esiaie appear ut-iure uio
.it ih mnrt Viniica In thoHtv nf Hnrfiln. Lati
tat ILI L V UV'inv ' ' J ii i.
caster county, Nebraska, on the 1st dayotteb-
ruary, A. V., jam at W O ClOCK B. in. ui nam uaj,
to show cause why a license hhould not be
trronto.l (n tial.l nH ml n t r t ClT tfl Sl'll Pfti(l rC'Ul
estate to pay such debts and expenses, as In his
saia pennon prayeo.
it Is further ordered that notice of such hear
ing be given to all persons interested in said
matter by publication for lour consecutive weeks
in The Nebraska Weekly Independent, a news
oaoer ot ceneral circulation in said Lancaster
county, Nebraska.
iatea tnis lotD nav oi uecemoer i. i. i-jvk.
EDWAKl) Y. HOLMES,
Judge oi the District Court.
SPECIAL MARKET LETTER
FROM NTE k BUCHANAN CO.. LIVE
STOCK COMMISSION MER
CHANTS, SO. OMAHA.
NEB.
Cattle: There is a decided reaction
from the low market of last week and
if feeders will hold out and make
their cattle better and not get scared
it will boost the market up to where
it belongs. Feeders and stock era still
keep firm. Fat cattle 20c higher than
last week. .
We quotfe choice corn-fed steers at
14.40 to $5.00, fair to good $3.50 to
$4.30, warmed-up down to $3. Choice
heavy feeders $3.30 to $3.40, medium
$2.90 to $3.20, common grades down
to $2.30. Yearling steers choice $3.50
to $4.00, others $3.00 to $3.25. Good
fat corn cows and heifers $2.40 to $3.
Stock heifers $1.90 to $2.40. Oanners
$1.25 to $2.00. Milkers and springers
$20 to $35. Sleer stock calves $3.50
to $4.00, heifers $1.00 loss. Veal $4.50
to $5.50, bulls $2.25 to $3.25.
Sheep market dull.
Killers Feeders.
Lambs $4.50-5.50 $3.50-4.25
Yearlings 3.80-4.25 3.25-3.40
Wethers 3.45-4.00 3.00-3.20
Ewes 2.50-3.00 ,2.00-2.40
Hog market stronger. Range $1.30
to $4.50.
A Winter in Florida
Why not arrange to spend your
winter in the land of sunshine and
flowers? The cost of a winter so
journ in Florida ia so small compared
with the benefit you will receive, that
you cannot afford to risk your health
in the cold, disagreeable winter of
the north. Do not get the Idea that
you can find first class accommoda
tions only at the high priced hotels
As a matter of fact, there are hun
dreds of medium priced hotel In Flor
Ida, where first class accommodations
can b secured at rates of $8 per week.
and up.
In arranging for your trip, do not
lose sight of the fact that the "Dixie
Hyer" route offcra you more In the
way of a scenic trip from St. Loula
to Jacksonville, Fla.. than any other
through car line from the west No
change of cars between St. Louis and
Jacksonville. Fla. The "Dixie Flyer
ro'ite reaches such points a Nh
vllle, Chattanooga, Lool out Mount vln.
Chlckamauga Park, Atlanta and Ma
con. i.eavio si. ivouia on me even
Ins train via Illinois Central, you
raoh JacVKonvllle the erond morn
In. In time to make direct connections
In Union depot at Jrfcsonvlll, Fla.,
with all dlvrrrinft llr.
FptvU! round trip winter tourlit
tkku. which permit ptopoTrri W
rolnf and rfturnlnjr, are now on Ml.
rood for rrturn up to and Including
J n 1. r.H)t.
Writ if for handfom! UluMrat!
booMM and dUUM Information re
gtrdlng ratM. hotel accommodation!.
tlntranr of a trip. etc.
W. II, imiLI nit. rai Art..
Illlnota Central U, It .
Omaha, Neb
sAMX B. IIAM8, ATTORNEY.
Articles of incorporation of the Pythian Sun
beam Publishing Company.
tie H remembered mat tne nnaersignej, jhcuu
H. North, Samuel H. Hams, Kent V. Running-
ham and Frank J. Keiiej oi uie cuy oi jviucmu,
r nnonator ennntv. Nebraska, do hereby in pur
suance of the statutes ot said state of Nebraska
in such cases made and provided associate our
selves together in business as a ooay corporate
in the manner and Jor the purposes hereinafter
mentioned, do hereby adopt the following arti
cles of incorporation:
Art. 1. The said corporation shall be named
and known as The Pythian Sunbeam Publishing
Company.
Art. I. i ne principal pmce oi irnuantuus mo
business of said corporation shall be in the city
of Lincoln, Lancaster county, Nebraska.
Art. 8. The general nature oi ine uusiness io
ha trnninrtod hv this corporation shall be the
owning, maintaining, conducting, publishing
and editing a fraternal newspaper devoted to
the interests of the order ot nuigmsoi ryimas
and for such purpose may purchase, own, lease,
sell and convey such property, personal and
real, as may be necessary or Incident to the main
powers of the corporation.
Art. 4. The amount of the capital stock of
this corporation authorized is the sum of One
Thousand dollars, to be divided into two hun
dred shares of the par valueo five dollnrs each.
At leasi sixty percemu nui mun-Bum, uc
scribed and shall be fully paid up at par upon
the organization of this corporation and fully
paid up shares of said stock shall be issued to
the stockholders thereto and not otherwise.
Art. 6. The highest amount of indebtedness
tn which this corooiation shall at any time sub
ject itself shall not exceed the sum of one hun
dred dollars.
Art. 6. The date of the commencement of this
corporation shall bethe (3th d y of August, 1903,
and shall continue for the period of thirty years.
Art. 7. The ailtiirs and business oi mis corpo
ration shall be conducted by a board of at least
tour and not over nine directors, one of whom
shall be president, one the secretary, one the
treasurer, and one the manager. The board of
directors shall be elected by the stockholders
lrom among their own number.
Art. 8. The first meeting of the stockholders
shall be upon the day ot the organization of the
corporation, and tnereaiier me rcgumr meet
ings Bhall be held at the office of the corporation
in the ci y oi Lincoln, Lancaster count' . Ne
braska, on the first Monday in each and every
month.
Art. 9. The officers of said corporation or me
first year are Jacob II. North, president; Samuel
B. Hams, secretary; Kent U. Cunningham, treas
urer, and Samuel Y, Lams, manager, and any
two of said offices can bo held by one and the
same person. They snau noia ineir oruces ior
tne pefod ot one year anu uhui wi-ir nuuL-cMur
mid aualified. Should a vacancy
occur in any of said offices or on the said board
of directors, the same may be filled by the re
maining members oi tbe board ot directors, such
appointee to hold until his successor is elected
and qualified.
Art. 10. At all stockholders' meetings each
share of .stock shall be entitled to one vote and
a vote of a majority of the shares . shall in all
cases control. Stockholders may vote their
share In person or by proxy duly authorized ia
writing. .... ...
Art. 11. The board or directors snau naveiuu
power and authority to make all rules and by
laws ior thei.urnose ot conducting the buslnewi
affairs of tbe corporation and may alter and
amend the same at pleasure.
in testimony whereof we have hereunto affix
ed our signatures this l:h dy of Auvusi, Umim.
KKNT I. t't'N M N'liilAM,
r'KANK J. KKLI.KY.
PA MULL H. HAMS.
JACOB It. NOUitl.
In the prwnce of I". Ja . Cos rave.
State or Nebraska. Lancaster County-.
lie It remembered that on IW l.tih day of Aug
tut. IVU'. bvior me, a notary public. In and !r
l.nrtrr county. Nebraska, enme Jucub II.
North, Samuel It. ilams, Kent l Cunningham
and Krank J. Krlley, la me known to be the
identical pc?ii a he naiutt ar- affixed to the
lorrrittng articles oi Incur- oration, and they
severalty at know lr.teH (he rxrcutlvn of th
same in be tlu-lr voluntary act and dtred for the
purpost-e In said anklet e prel.
In tUttny whett-nt I ir-tmto iulrrUi
my nam and !ftt mr otIW tal ! Uie day and
year Ul above wrtum.
' I'.iA't.tO-MiUAVr,
(al.) otary 1'uWle.
nomeseeVcrit and Settler Rates to
the 5uny South
On first and third Tueaday of each
month to and Including April, l'.H.
Write Jno. M. livall, A. tl. V. A Mo
bile 4 Ohio U. H . St, Loula, .ro., stat
tii to hat iilnt you who mica.
Snd a list of ' heart of oak" popup
lU to C. Q. IH r ranee, Uutola, Ne.
