DECEMBER 24,' 1903.
THE NEBRASKA INDEMDENf"
15
1666 entirely failed to realize any of
the expectations that were held out in
its title or preamble. :It did not in
crease the coin of the kingdom, -, but
on the contrary diminished it. It did
not ease the ting, but on the contrary
robbed the, state of its prerogative of
coinage and the profits it would have
made by the- Indian -exchange; it did
rot promote the. trade and commerce
of the kingdom, but only that of the
East India company,". It did not even
.answer the " expectations of , Barbara
Villiers.. . -.. for . she was - soon.- after
supplanted in the king's affections by
the Duchess of s Richmond, and she
Uarbara) thrown aside as a broken
toy." ;. - ,. "-
. So was instituted the system of pri
vate coinage, usually called , "free! by
which government . loses all -control
over the, volume., of circulation. - The
"melting pot" can .be applied without
loss to the owner of the coins and the
j.ot; he may have his bullion coined
"tree," and just as freely afterwards
export or melt down without loss the
coins so made for him. What differ-
erence does it make, may be asked?
Simply this: Every dollar coined
and added to the circulation has the
effect of lowering the value or pur
chasing power , of all the dollars in
circulation. This is. shown by an in
crease in the prices of commodities,
by an Increase in the price level
Conversely, every dollar melted down
or exported and taken out of the
circulation has the effect of raising
the value or purchasing power of all
the remaining dollars in circulation.
And this is shown by a decrease in the
prices of commodities, by a decrease
in we price level.
Now, no one will melt down an
American silver dollar today, for the
purpose of exporting the silver, be
cause it means a loss of 50 to 55 cents
on each dollar so melted. But one
may melt down as many ten dollar
gold pieces as he likes, and the loss
is practically nothing. If he does not
care to export the gold, he may after
viard take his bullion to the mint and
have it recoined. Hence, the govern
ment has absolutely no control over
the quantity of gold coins in circula
tion.
No more than a passing reference
can be made to the Crime of 1742,
whereby the Colony of Massachusetts
vas tricked into passing an act which
demonetized its "colonial bills" and
deprived it of the blessings of paper
ir.oney; to the Crime of 1868, when
August Belmont, Manton Marble and
Samuel J. Tilden wantonly slaught
ered Horatio Seymour, the democratic
candidate for president, in order to
promote the schemes of foreign hohl
ers of United States bonds an act of
perfidy which cost the American peo
pie half a billion dollars or more; to
the Crime of 1870 in England and its
counterpart, the Crime of 1873 in
America; or to the Crime of 1900 the
latest, but not the last, if we may
judge from the actions of our leaders
in congress. ;
Every populist in America should
tave a copy of "Barbara Villiers;" it
will strengthen him in his fight
against plutocracy. ,
Subjective Valua
Editor Independent: You will find
enclosed $2, which pays my subscrip
tion until May 12, 1904. .
i don't know where I'm at political
ly. I desire to support the party that
sunds for individual liberty; that
makes no unreasonable demands of
auy; and that enforces no arbitrary
taxation cither small or great.
We had a little man in our town the
other night. He told the boys how it
was and gave them to understand that
his expenses were paid, and charged
them 10 cents for the privilege of be
longing to his party; promised to keep
up the charging monthly and left
them. Now, what do you think!
Some, day we will start in life and
eurybody will be rJch?
No, sir! People place values on
things, that is, temporal things, ac
cording to different rules. One man
counted them "but nothing" one tmi.
IX) wo think he would have fonsworu
himself and bound him If muhT a
enrao that ho would neither at nor
drink till he had voted out. struck out
or killed out the rich nun?
No, ilr. Why then? Simply bo
cau h dl not nvet their sllvir,
fold or apparel. Valuta are only rl
atlve; that J, we know of the valu
of thl pupvr In a common way by
valuing It with something else. We
talk of a "standard!" No two turn
will valu gold rut lly alike-wo
th.nk and wo fori sure that they will
not If one HWjt'4, thi and the
other has none.
Solomon, f think, rays: "It In
Baar.ht-lt U nauf.ht-nayrth' th buy
tr, but when he gooth. then he hout-
will not value it extremely iiigh till
he has some in his possession. Then
he glories over it and boasteth over,
its value. ; .'. ."
So we are here reminded of the pro
verb: "He "that thinketh himself rich
generally is so; he that thinketh him
self wise is generally the biggest
fool." T. D. WALKuft.
Sod.dy, Tenn. ;.
(Mr. Walker's comments on "value"
call to mind the teaching of the . so
called Austrian school of , political
economists. - The ; first mouthful ,-of
bread eaten by the hungry man -has
the highest utility; each . succeeding
mouthful has less; utility, until finally
his hunger is satisfied. The utility of
the last mouthful is. -said to be the
"marginal utility.1' Now, the "value"
of every mouthful of that bread eaten
is exactly equal to the yalue of every
other mouthful eaten; hence, the "val
ue" is determined by the marginal
utility, . , . - :
. This "value" Bohm-Bawerck. calls
"subjective use value." . When men
meet for the purpose of exchange, each
makes a mental appraisement of the
"subjective use value" of his - own
product; he does the same for the
product of the other. If any exchange
is effected, it will be because each ap
praises the I'subjective use value" -of
the other's- product higher than he
does his own. Hence, the explanation
of how both parties to an exchange
may be gainers.
Subjectively, the man with a lone
five dollar gold piece, is presumed. to
place a higher valuation on it than
would the millionaire spendthrift.
For the one it may mean escape from
starvation; for the other "it is
naught." Yet viewed objectively one
five dollar gold piece has no greater
"value" than any other; It Will' buy
no more and it is in this sense that
The Independent uses the term "val
ue." Associate Editor.)
MARCUS A. HAIIIIA
The Rich, Popular Senator From Ohio
Would be More Than Human
H He Were Te
PUT AWAY AMBITION
With a View of the White House Con
stantly Reflected From his
Personal Mirror,
Marcus A. Hanna was the victim of.
more abuse in the first McKinley cam
tnign than any public man who ever
before conducted the affairs of the na
tional committee of any political par
ty. He has outlived the cartoons, the
jibes, the slanders and the meanness
es of political strife. Twice his state
has vociferously voted him the sena-
torship. He stands today smiling and
serene, a most renfaTkable product of
our political system. When he made
his tour of Nebraska, the
BANKERS RESERVE LIFE
iook occasion to speak of him as a
man who had grown immeasurably
in public esteem. At the same time
this young and vigorous western In
stuuuon invuea nim to "stand pat' a
brief period and note what loyalty to
western life insurance companies was
doing for the western people. Now
mat ne is tne cynosure or ail eyes,
and especially of all elements and
persons inimical to Theodore Roose
ult, the Bankers Reserve Life com
mends the good sense of
"LET WELL ENOUGH ALONE"
aa a campaign war cry. It Is not so
sure that the sentiment will fill the
bill where ambition Is unsatisfied and
thre are other fields to conquer. The
Bmkerg Reserve Life is not natisfted
with $7,0i00O of business, phenome
nal aa its record may bo. Next year
the touipfuiy will have J 10,000,000. A
IIO.COO.OIH) company safely anchored,
conservatively managed, and argr
Ively artiv. will have $'nooo.o,)i) In
ten more year, and even tb-n will
not m aatUnVd to Jet well enough
a'ono, bntis the life Insurant field
of tho central wt In good for (,
0M,oo of the best buslnM ever writ
ten. If you havo any Interest In the
iubjTt, rail at Mtt'ague building, the
home ffl of thw Hankers Ueono
Ufo, and see
TWELVE REASONS
WHY YOU SHOULD USE
HIGHEST AWARK
TO.
l 1 Tf TTT
Ptgsq L
AJX
1898, at
The
Transmississippi X International,
exposition, -.
O M AHA.U.5.A
Only Whiskey Sold With
$1,000.00 Guarantee of Ab
solute Purity
Never Sold in Bulk
a
Is Gaining in Popularity Over All
Other Whiskies
1st BECAUSE it is a happy combination of best qualities of ALL, without the
fault of one.
2nd BECAUSE it surpasses in delicacy and mellowness of flavor anything and
everything heretofore put on the market
3rd BECAUSE it appeals equally to the fancy of the connisseuer as well as to
the delicate taste and 3tomaeh of women and invalids.
4th BECAUSE it superior quality, taste and purity make it the favorite of the
physician, of the family, at the bar, as well as on the fride-board.
5th BECAUSE it supplants and excels all other whiskeys for making a hot
Scotch, a hot toddy, or a high ball.
Gth BECAUSE it is the only Malt Whisker offered by its bona fide distiller; ia
never sold in bulk, but only under the distiller's bottling and labels.
7th BECAUSE it is distilled at one of the largest distilleries in the country,
whose trade-mark is the best guarantee of high quality.
8th BECAUSE it is the only whiskey Fold under a substantial guarantee of pur
ity, offering $1,000 oo to anyone who can detect in the same any impuri
ties or artificial coloring, flavoring, etc.
0th BECAUSE it is properly distilled from the very choicest materials, and
never sold until fully matured in government bonded warehouses.
10th BECAUSE it is sold entirely upoa its merits, without tho aid of fabulous
Buois for advertising, which must be added to tho price of the goods and for
which the consumer always pays in the end.
11th BECAUSE it is offered not as a patent nostrum claiming to cure all incura
ble diseases, but for what it is worth a first class tonic, a rational stimu
lant, and a concentrated food of the highest poible value.
12th BECAUSE it it sold at a small legitimate profit, warranted by it manu
facture and tale in eitraordinary quantities by a distillery paying over three
million dollars ainually for internal revenue tax alone.
Willow Springs Distillery
Capacity 15,000 Gallons per Day.
DUtlilera of (lolden Sheaf Pure Rye and Bourbon Whiskey and
ILER'S EAQLE OIN
t that whatever you buy under the trale tnnrV of
IVwITlwrnDwF iWtk (?n the Willow Hr-ftngs DUtillery U
guaranteed to be flrtclai in every reKpoct.
A I that uncrupulou dealer will Invariably recommend something
I Cfj Jut an good or better," simply became they make more profit on
4 the other.
of dealers who ray their elerki a jh'UI roinmlwdon X
work olT profitable eoUtitute. loUlou llcr'a Malt ami
you will be eure of what you get.
For Mte by all tlf4t cUm druUU an ! li nior delr. (If not obtainable la
your locality write Willow Hprlngi DUUIlery, Otuaha, Neb,, and you wilt be refer.
Beware
Uh." So the man who hat no gold I
D. H. llOlllSGN, PRESIDENT. ,
4 10 iae proper faruc.j