Image provided by: University of Nebraska-Lincoln Libraries, Lincoln, NE
About Hemingford herald. (Hemingford, Box Butte County, Neb.) 1895-190? | View Entire Issue (Aug. 9, 1895)
jr rfHf: sk -jUBtsar - jgjsr;- m.. Tp!NB,.,nii'it 5T n "" i-niviiM " imwr -Jj j aMuAC9ee'n4 .SUPPLEMENT TO THE HEMINGFOKD HERALD, HEMINGFOED, NEB. .-.'( V 0 I m SMALL CHANGE. Tha silrerilrs Bay tlmt tho only way to find out whether f rco coinage would increase tho commercial valno of b!1 Acr to $1.20 per ounce, ja for tho Uni ted States to try tho exporiment. Aro the peoplo willing to run tho risk of National bnnkrnptoy, moroly to sat isfy the cheap money agitators that lavs do not mako values? All sensi ble men know that already and they io not going to upsot our financial -system for tho sako of trying fool ex periment!. Editors of freo silver papers must have a very poor opinion of tho intel ligence of tho public. Instead of giv ing faots and arguments to Bbow that froo coinage would bo a good thing for the country, thoy content thorn selves with child's fables about tho "shylooki, gold conspirators," and "aionoy sharks. " This may ploaso those whose minds are already mado npln favor of the flfty-cont dollar, bnl it does not enlighten the men who are honestly socking for the truth on the money question. That tho silvor standard advocates find no hotter argu ment than silly abuso of thoir oppo nents, may be safely taken as evidonco of tho woakness of their cause. THIS LITTLE Pia WRNT TO MAttKBT. Thoro aro in this country about iwenty-fivo million adults. If tho froo -coinage schomo for "putting tho monoy in the pookots of the people" wbb ndoptod, eaoh man and woman would havo to carry round with thorn twonty-flvo big silvor dollars in order that "tho people" might havo In their possession nil tho monoy of the ooun try. Of course it would nevor do to Jet tho wiokod bankers have tho proo ions whito motal disks on deposit, bo checks could not bo nsod for largo purehasos. Tho necessity for ft woman carrying two or threo pounds of Bilvor on a shopping expedition would bo ono pleasing rosult of tho cheap monoy ex periment. Morchnnta would build special vaults for holding their re ceipts, and wo would bo back again to tho primitive condition of bartering goods for motal. Thoro may bo a few poople in this country who honestly beliovo tho ail verite charge, that tho okango in our coinage laws by whioh tho silver dol lar was omitted from tho list of logal tondcr coins, was brought about by British influonco. Of course tho story about tho bribery of Oongross by tho English banker, Ernest Soyd, is a stu pid lie, yet it is repeato'd as a froo coinogo argument. To all tho at tempts to mako it appear that Qreat Britain is anxious to have other countries adopt tho gold standard, there is ono conclusive reply. For over a hundred years India, with more than two hundred millions 61 peoplo, ha betn governed by tho British. Yet the silver standard was established and is still maintained in India by the British Qovcrnmont. Does that look as though the British gold bugs woro engaged in "striking down tho Bilvor monoy" of tho world? Freo Colnago Dissected. The Sound Currency Oommitteo of tho Reform Olub has just issuod a short pamphlet entitled "Freo Coin age Dissected." It puts tho case against freo coinage in tho clearest possible light, and tho language is so simplo and tho sentences so short that no ordinary meohanio or farmer need have any difficulty in understanding tho discussion. Ex-Congressman John DeWitt Warner, tho author of tho pamphlet, dissects, in turn, each of tho principal claims of tho frso coin age advocates. Many excellent answers to "Ooin'a Financial Sohool" havo been written, but, heretofore, thero has been no first-class pamphlet to put into tho hands of tho millions who havo not xead "Coin's Financial Sohool," but who are intorested in the curronoy discussion. Thoy will bo glad to got in this condensed form, not only tho prinoipol objections to "Coin's" book, but to the whole scheme of froo coin age at 16 to 1. The pamphlet is, in fact, a primer of sound curronoy. Tho pamphlet is well adapted for general distribution, and merits a wide circulation by tho friends of honest money in all sections of the country. It is No. 10 of Sound Currency, and can bo obtained by sending fivo cents to tho Reform Club, 52 William street, Now York City. How to Hasten Returning Prosperity. The Florida Citizen (Dem.) belioves -that all signs point to the speedy tri umph of sound money, but still it urges the foraai.on of noro sound money clubs in the South, saying: "They will spread right views and hasten the time when the delusion will disappear. It is particularly fit that och efforts should be made in South--era States. The surest way of hasten ing tho return of complete prosperity is to dispose of the free coinage folly." HOIT. HOKE SMITH SPEAK3 AT GAimVlLLi; GA. He Makes a Strong Argument Against Freo Colnnsc TCxplalns Why the Price of Silver Has Fallen and ' Tells or Somo of tho Inevitable E fleets of Freo Coinage at 10 to 1. Tho following is a part of Secretary lloko Smith's speech at Gainesville, Go., on July 23: Tho valuo of silvor bullion has fallen since 1878, on account of tho lossenod cost of production, on account of tho enormous inoroaso in production, and on account of tho docreased demand. All of these oloments entorod into and holpod to cause tho redaction of tho valuo of oilver. To rostoro tho prlco of silver to ita valuo in 1873 yon must romovo all tho onuses whioh havo reduced its valuo. Concodo for tho sako of argument that tho action of tho United Statos was ono of thoso canses, it is illogical to claim that tho romoval of this ono is to romovo tho offeot of all tho others. But it is nrgod that tho United States should try the exporiment, and, it it failod, thon abandon it, or change tho ratio. Tho facts stated show con clusively in advance that it must fail. To lift tho value of 412t grains of sil vor in tho Unitod States from 60 to .100 oonts it would bo necessary to lift tho valuo of all tho silvor in tho world to the samo oxtont, less tho cost of transporting it to tho United Statos. That volume to-day, coined, is $4, 051,700,000. If tho burdon woro only to raiso tho oommerolal valno of the coined silver, in thoso coun tries whoro it was dropped, to bullion valuo, tho undertaking would still be dearly impossible. Indiakas$9G0,O0O, 000 ; China, $750,000,000 ; Japan, $72, 000,000; Moxico, 50,000,000; South Amerioan States, $30,000,000. A to tal of $1,852,000,000 is usod by theso countries alone. This silvor, though coinod. circulates only at its bullion valuo. In addition to this, oan the silvor mines afford to continue in creasing their prodnotion, as thoy have, from 881,000,000 in 1878, to $214,481,000 in 1890 on a market whioh has risen 100 por cent? Tho volumo to bo raised in valuo extends to tho earth deposits as woll as to that horetoforo minod. Wo woro unablo to keop tho valuo of silver up to gold under tho Freo Coiuago not of 1792. Wo wero un ablo to keep gold up to silvor under tho Froo Ooinago aot of 183 4. Franco andjior associates in tho Latin Union found themselves unablo to keep sil vor up to gold in 1874. Tho failure of theso praotical tosts, under far moro favorablo circumstances than thoso of tho present, demonstrated how how ridioulous is tho claim of tho sil ver advocates. Theso facte, fairly considorod by any one, will bring tho conclusion that freo ooinago at 10 to 1 means tho uso of no coin but silver ; means a now standard of moasuro equal in value to tho prcsont commercial valuo of tho bullion now put into a silvor dollar; moans a new dollar worth only ap proximately half as muoh as tho pres ent dollar, and tho moasuro of all valuos by this now standard. Tho immediate effcot of tho olootion of a President committed to eaoh a polioy would bo tho soparation of the gold and silvor dollar, tho gold dollar going to premium of about two for ono. Wo would loso at onoo $078,000,000 of gold now in oirouktion and now in the Treasury, Tho greenbacks and Treasury notes $375,000,000 whioh would still remain outstanding, would bo hoarded, in tho hopo that a froo silver bill, if passod at all, would bo soon repealed. This would tako plaoo immediately after tho olootion of a President in Novomber, 1890, and probably ovon aftor the nomination by oithor of tho grout partios of a free silver candidate. Tho new Presidont could not bo inauguratod until March 4, 1897. During tho Bix months or moro before it would be possible to pass froo tilvor legislation the con traction of tho currency just described would preoipitato tho most serious consoquonces. Thoso owing gold obligations would put a strain upon tho remaining silver curronoy and bank notes, to buy gold to moot their gold obligations. Tho curronoy, consisting of checks und bills of oxohango, amounting to 915 por cent, of our ontiro ourrenoy, would go out of uso in oonsenuenoo of loss of oonfidonoo and orodit, and tho result would bo tho withdrawal of 97 por cent, of our ontiro curronoy and the paralysis of business would imme diately follow. Banks would bo raidod by their depositors. Creditors would seek to enforce their debts before the reduction of tho standard to tho silvor basis. No extension of dobts would be given to anybody, exoopt whoro payable in gold at increasing rates of interect. Long timo debts are iu gold. The amount to bo paid on them would not bo reduced. Indebtedness not pay able iu gold would bo collected at onco or tho property owned by tho debtors taken from them. Merchauts would fail, workmen be idle, farm products without a market, and pov erty and distress found on all sides. I do not bolievo that a President would over approve suoh legislation, elected upon u platform with a Con gress pledged to pass it. Tho calam itous effects following such an election would bring to them the prayers of the very men who elected them, ap pealing for the defeat of suoh legisla tion. But if suoh a law should pass it would not be until the later part of 1897. Then a general adjustment to the new standard would be ueoesHary. Prices beiug temporarily reduced on aooount of tho panic, it would bo some months before the actual effect could be told and the real value of 412 grains of silvor detorminod. During this time business would stag nato on account of tho uncertainty as to what waa the real sizo of tho now measure tho now standard of value. This tronblo would moro or loss affeot businoia permanently, because tho commercial valno of silvor bullion has booomo uncortain ; ha? ooasod to bo stationarr. on noaounfc of Mm fnm conntries now tiling it an standard money, on aooount of tho unoortainty as to tho volumo of its probablo pro duction. NornAoxiOAr, benefits. No praatloal benefits can bo pointed out as a consoquenoo of tho legisla tion. It would intorfero with our ox changes in foreign trade, and provo a burdon upon tho produoors of our groat staples cotton, corn and other grain. By hindering international commoroo it would burden the agri cultural products of this country liko a high protootivo tariff. 'Not only would tho mon who work for salaries be doprivod, at least for a while, of employment, but whon onablod to re turn to work thoy would find tho dol lar paid to them ns wagos dopreoiatod In valuo as a oonsequonoo of a change of standard. Tho only possiblo ben efit would bo from a limited inoreaso in tho valuo of Bilvor bullion, whioh would go into the pookots of tho groat silvor mine ownors tho mon who aro really baoking all tho agitation and furnishing to it its sinows of war. Tho pioturo is not ovordrawn. When I contomplate it, thoro is but one Bonroe of oomfort it is in an abiding confidonoo that within twelvo months of full, freo disoussion tho Amerioan peoplo can bo roliod upon to over whelmingly defeat any party whioh proposos to bring suoh disaster upon us. Instead of froo silvor at 16 to 1, whioh means silver monometallism, a contraction of tho ourrenoy, and n temporary and pormanont injury to businoss, whioh had been doBoribod, tho Seorotary urgod tho necessity for a sound-money ourrenoy, consisting of gold, Bilvor, and paper, but ovory dollar kept as good as any othor dol lar. This would allow tho ooinago of all Bilvor, whioh could bo hold at an equal oxohangeablo valuo with gold. THIS LITTLE riQ STAID AX HOME. CURED OP FREE SILYER. Presidont Max Robinson, of tho Goorgia branoh of tho T. P. A., is showing his friends a 52o. silver dol lar and tolling thorn how a fow days in Moxico is pretty apt to convert the strongest freo silvorito into tho most ardent sound monoy man. Tho 52o. silver dollar is a Mexican dollar with moro intrinsio valuo than our silver dollar; that is, there is moro silver in itthan thoro is in ono of Undo Sam's silvor dollars. Noverthe Iosb it is worth just the bullion value, or 52c, and that is all it brings in the country that coins it and at its own mints whon it is hot from tho dies. Mr. Robinson got his silver dollar at tho Moxioan mint. It waa ono of a number coined while the traveling mon visited tho mint and each of them paid 52a. iu United States ourrenoy for tho Mexican dollar. If tho United States adopts free coinage Mr. Robin son has mado arrangements to havo shipped to him a carload of Mexican dollars at Now Orloans, thero to be minted into Unitod States coins at a handsome profit, provided, like the Mexican dollar, thoro is not too rapid a doprooiation in their purohasing power. Thoro wore 350 traveling mon in tho party that invaded Mexico. Among mem wero uomo iroe siivorite, rabid white metal bugs, who wero delighted that tho motos in the eyes of their gold-washed brethern were to be dug out by some praotical illustrations of the advantages of freo Bilvor. Tho practical illustrations met them on all sides, all the way from the Rio Grande to the door of ho palace of President Diaz. Instead of tho motes boing in the eyes of tho sound money men the free silverites disoovered that there wero large planks of errors in their optics. They studied the situation bravely, confronted their lesions like men, took thoir own medioiuo with out a grimace aud when tho return trip was made reuderod thanks thut they woro returning to a sound money country. Fifty-two cent dollars, 13o. calico, $12 Hour, 20o. day labor,, beauties of tho rogiruo of freo silver, changed the color of their views until the wero liberally tinged withyollow. It is doubtful if a whito mououiot allist came back from Mexico. avan nah (Ga.) Press. Don't Wmit Mexican Dollars. Speaking of tho proposed organiza tion of a new secre. ordr in tho in terests of free silvor, the Chicago Trib une (Rep,) Baya; "dtrango and para doxical as it may seem, initiation fees and duos will have to be paid in sound money. Mexican dollars, if tondereJ, will not be taken on the basis of the 1G to 1 ratio." Tiro Sides to tho question. Tho prosont ndvooates of froo coin nge forgot that at this gamo of paying dobts by legislation thoro ia room in the gamo for two sidos. The Harrods burg (Ky.) Domoorat offers this warning: "Three-fourths of tho pooplo who favor froo coinage without personal investigation havo a snoaking idoa that thoy can pay thoir dobt easier with a debased curronoy than under mo present totiBotno, Blow-going pro cess. But this is all a dream born of tho lurid imagination of your typi cal froo silver advocate. Tho credi tor who holds a mortgage on the farmer's land is not oxaotly an idiot himsolf, and the moment it becomes clear that froo cninao-n at tlm Id tn 1 ratio will bo legalized in this country inuusauuB 01 mortgages will be fore closed by mon who propose to havo thoir loans naid in crnnil mnn. Thn froo silvor dupo may argue, with toara in his oyo, that tho prioo of silver will bo immediately jerked up to tho dosired point in tho markets of the world as soon as onr mints are opened to the motal. But tho h ard-hearted oroditor doesn't balono- tn that nln.K of reasoners, and ho will turn the lormer out, bag and baggage, unloss ho moots his overdue morto-aco thon and thoro with tho monoy in whioh thd orouuor nas oonuaonoe. tiunt Deioro tho dawn of that happy silver day when the silvor lining of tho olouds will bo coinod into good Government dollars Shoriffs will be perohod nronnd on tho worm fenced in thn country waiting for mortgages to ma two, liko blaokbirds watching a corn crop." Prosperity of Arkansas Farmers. It surprised many pooplo to find that tho Arkansas dologates to tho Olevo laud convention woro against froo coin age. Ono reason for their attitudo is undoubtedly found in tho foot that Arkansas is now an unusually pros perous State. Crops of all kinds wero novor more promising, and tho farmers aro more independent than over be foro. Tho Littlo Rook Gazette de clares that any farmor who has "lived at homo" for several years past that is, has raised onough of othor crops than cotton to avoid tho necessity of purchasing supplies must acknowl edge that ho is better off this year than ho over was in the past. Tho farmers in the northern and western parts of tho State nro roported to bo, as a rule, out of debt and with money in the bank, whilo many of them belong to tho "creditor olass" and hold mortgages on city and town property. Tho ro sult of nil this is that tho Arkansas far mer is coming to be a safe and sound political economist ; in tho words of tho Gazette, "ho is no longer a theorist or a calamity howler." A similar chango in material conditions and economio attitudo is in progress throughout the South, moro or loss rapidly, and it explains tho steady dying out of tho silver orazo in that section. New York Evening P,ost. this little ria aox roast use?. High Prices nnd Low Wnos. The most stupid Bwindlo for whioh it was ever attempted to gain the votes of tho workingmen is tho high prices, dear-goods Bohemo of tho 10 to 1 silverites. It passes boliof that any sot of political agitators should havo the impndenoo to ask tho wago earn ers of this country to help adopt the cheap silver standard of China, Mex ico and tho small South Amerioan countries. On tho admission of its ad vocates the first effect of free coinage would bo to reduce wages fifty per cent, by making food, clothes, rent, and everything tho workingman must buy for himself aud family, twice as dear as they aro now. The result would bo that all the luxuries and many of the .necessities, which the wago earner is now able to buy, would bo raised entirely out of his reach. The silverites say that wages would bo doubled under free ooinago. But would thoy? The workingmen know that it is only by bar i struggles, ex tending over long period?, that small wago advances aro secured. Aro they willing to risk tho certain doubling of prices for a possible increase in wages? Teachers and Tree Coinage. Lawrnncevilla News: No class of people aro more deeply intorested in the curreucy question than those en gaged in teaching in the public schools. Their pur diem is fixed by law and will doubtless remain whero it now is in definitely, regardless of any change that may be made in the ourrenoy sys tem. At present thoy ure being paid in sound money, consisting of gold, silver und treasury notes, eaoh having equal purchasing und debt-paring qualities. The free and unlimited coinage of Bilver would 'destroy one half of the purchasing power of the meagre coiajieusation they are now receiving &0Jj THE BOG m WHICH WILL IOU CREDITORS AftD DEBTORS. The advocates of freo Bilvor aoek to create a class fooling in favor of thoir BOhemO bv ranrnnAntinw flm nnnnfrv as divided into two classes, a largo numoor 01 poor dobtors and a small number of rioh creditors. Thnv ten. peal to tho onvy of those who havo ooen unsuccessiui in 1110 by pretend ing that tho cause of their failuro is tho oppression of tho borrower by tho lendor, and nino-tonths of tho froo coinage literature is dovotod to in vootives anainst tho robber canitnlinfc who has enslaved tho poor farmor and workingman. Like all othor nilrnritn nrommnntn this of tho dobtor ngainst oroditor has no lonuaation in faot. In the first place it has been raneatmllv nhn-nm that aa a rule the number of creditors. mat is, mon and women who havo money owing them by individuals, banks, insuranoo comnanipn. ntn.. ia muoh larger than that of thoso in aoDt. uj iar tfco greater part of tho debts of this countrv in nwml w comparatively small number of per sons or corporations, who havo bor rowed in largo amounts tho united savings of millions. It is only among tho farmers that too number of dobt ors appears to ba laroror than rf creditors, but this is moro aoeming man reai. &. majority ot tho farmers Of the COUntrv arA nnt, in (Inhf nnl many of thoso who aro have borrowod monoy irom otner farmers. These facts nrOVO that n law intnmlnrl tn .benoflt dobtors at tho oxpenso of Creditors WOUld iniliro fur mnrn -non. pplo than it would help. Anotner reason for condemning tho silverito attempt to sot class against olass is the falsity of the claim that tho creditors aro responsible for tho poverty of tho debtors. This idea would not bo worthy of notice, were it not made the basis of tho de mand for laws whioli would wipo out one-half of tho debts of tho country. To say that tho strong, thrifty, capa ble and industrious havo caused tho poverty of thoso who woro less oapablo or fortunate, is absurd. On the con trary, if tho assistance given by tho creditor's capital was not of greater benefit to the debtor than tho interost which he pays, borrowing would cease. There i3 no law to compel mon to bor row, so tho presumption is that the debtor must bo satisfied that it will pay him to go in dobt. Neither di rectly nor indirectly is tho man who has savod a little money to blame bo cause his neighbor findB it profitablo to borrow. Tho complaint against creditors is founded on ignorance of tho service performed by tho men who save and lond capital, . 4 C9 esEsi THIS LITTLE Via OOT NONE. Lost Lloqucnce. There is a very widespread belief that ovon in the South free silver is losing ground at this very moment; that tho tide has reached its highest and the flood is now recoding. Nu merous newspapers that until recontly have been non-committal or lukewarm in their support of silvor havo come put for a sound enrreno and an or ganized and RuccessCul ofibrt is boing made to resist tho efforts of the 10 to 1 forces to turn over the solid South to 'the bullionairev This looks as if .Mr. Bryan's undoubted eloquence bad been spent m vain Tribune, Fre mon", Neb. "T&mLJFry w TV" THE MANUER. HAVE DOQ OR HOUSE WHAT MAKES INTEREST HIGH. Tho readors of this do not need to have it explained that business activ ity depends in large measure upon low rato of interest, whioh is tho most conclusive proof of plonty of money to bo loanod. If I can get capital at 4 por cent, a year, I may build a fac tory and employ hands and carry on an industry suooessfully and with profit to mysolf, whore if I had to pay 6 or 7 per cent, for the monoy, or could not borrow it at all, I might ba unablo to do bo, and tho faotory would remain unbuilt and tho labor unem ployed. How are wo to have interest cheap and monoy abundant ? Capital ists aro no worso than other men. But they aro no better. They are just like yourselves. What would you do? Supposo thero wero a lot of men who advocated tho passage of a law that, after you had loanod out monoy oa gold valuo, would force you to acoopt silver values in return would you bo in a hurry to lend monoy? Would you not rather keep it looked up in a trust company or olso loan it only at high interest and for short terms? And then, if this agitation stopped and cvory ono became satisfied that thoro would bo no interfoionce with tho standard of values, and that oapi tal whon loaned out would bo safo and would bo repaid in money as good aa loanod, would not you would not every capitalist bo prompt to offer to loan his funds at intorest, howovor low, rather than lot them remain idle? This country to-day affords an ob jeot lesson of this. In thoso parts of the country whoro tho peoplo beliovs that our currency is safo and that no chango in its standard is likoly to take place, plonty of money can ba had at 4 and 5 percont., whilo in thosa parts of the country in whioh tho poo plo aro confident that freo coinage legislation will be had, and that a loan, made for any long time ahead may ba repaid in depreciated silver, thoro ia scarcely a place whero you oan borrow monoy on very long timo at all, ex cept on gold contraots, or oyen on short time, at loss rates than 0 or 8 per cent Freo silver would not add a dollar to the real wealth of tho West or South. But tho apprehension of it has kept from those sections of tha country the millions upon millions of capital that, had thoy been invested there, might Iibvo made suoh prosper ity as the world has not seen since tho sun ehono upon Eden. Hon. John DeWitt Warner, in Free Coinage Dis sected. Bouhllng the Wheat Crop. A proposition to doublo tho wheat crop by measuring it in "bushels" one half of tho present size would ba laughed at by every intelligent far mer. No one would bo deceived InTo thinking that the quantity of wheat grown would bo any larger though it was called twice as many bushels. But when it comes to measuring val ues, instead of quantities, a groat many people are viotims of tho ourioua delusion that by adopting a standard of valcj worth only half of that now used, this country would at onca doublo the valuo of all the produots of labor. They are entirely mistaken. Changing tho measure would not in the slightest dogreo increase the real valuo mrtiso or exchange of the goods measured, and the pretense of tho sil verites that free coinage would double the value of all property is merely a fraud by whioh they hope to fool tho people into voting for fifty-cent dol lars. Sights lor a Statesman. If Billy Bryan, of Nobraski. thinki the people of tho South aro iu daugor of sutforiug or starvation because tha coinage of silver is not free, he ought to go out aud look nt the crops in aav Southern State ho may happen to ba in. Tha great fields of smiling and nodding grain would mako' tho boy orator ashamod of himself. Savannah , Nows. Tins little ria crikd 'Vkb, vb " ran way noitK. ' '! e, m x m
