Hemingford herald. (Hemingford, Box Butte County, Neb.) 1895-190?, October 11, 1895, SUPPLEMENT, Image 5
SUPPLEMENT TO THE HERALD, HEMINGFORD, NEB.; ( P f SMALL CHANGE. Silvcritcs claim tbnt tlio adoption I thoir sohomo would "mako mora work," In tho senso that mon would havo to work harder to got tho things thoy neod, froo silver would certainly make raoro work. So would burning down housos mako moro work for car pontcrs. But that is no reason for abolishing firo departments in our towns and cities. The progress of civilization in any country is best shown by tho uso of Euporior tools and labor saving inven tions. Thero is no doubt that if tho skilled Amorioan mochanio woro com polled to work with tho crudo tools Hsed in China and India, it would t&ko him far longer to mako an arti olo, and ho would thus havo to work hardor than ho does now. Does ho want that kind of "moro work?" In the same way tho adoption of an inferior metal liko silvor for a stand ard of vftlao would mako tho proooss of production and oxohango of com modities more diffloult, and thus tho working classes would havo "moro work." But sinco it is not merely work in itself, but tho products of labor, whioh workingmon really want, their best Interests aro sorvod by tho two of that standard of valuo under whioh prodnotion and oxohango aro greatest and eosiost. Thoro can bo no question that it is in tho oountrios whioh havo deliber ately adopted tho gold standard that tho intelligenco of tho people1, as shown through their superiority in methods of produotion, arts, soioncos, literaturo, etc, has roaohed its high est level. Sinco this is tho caso it is reasonable to infor that their uso of a particular metal for a moasuro of valuo was guided by tho samo wisdom whioh they havo shown in othor direc tions. Tho silverito idea, that all tho civilized Nations aro inforior to tho Bomi-oivilizod countries on the ono point of their monetary standard, whilo excelling in all othor rcspeots, is too absurd for serious argument. All attempts to show how freo coin ago would inorea3o tho demand for goods, and, therefore, oroato a buui ncss boom, have dismally failed, and tho Bilver causa is rapidly losing tho supporters who woro attraotod by tho promise of better timos under tho sil ver standard. Tho proof that cheap monoy does not oncourago consump tion, and thereforo would not inoroaso tho volumo of exchanges of goods, is found in tho undeniablo fact that in all oountries using only silver monoy tho average consumption is much umaller than in tho gold standard coun tries. As tho produotion of goods must bo limited by their consumption, it is evident that a schemo which merely looks to an artificial stimula tion of produotion could not bring any inoroaso in industrial prosperity. In tho silverito argumonts intended to show tho farmer that ho would bo xichor if ho received moro "dollars" for his produots, it is taken for granted that tho dollars ho would get tindor free coinago would be worth just as much as those ho gets to-day. it tho farmers onco understood that 'tno "valuo of the money they are paid for tboir crop depends ontirely on tho onantitv of Roods whioh it will buy, dad that with free silver a dollar 1 would only purohaso half o Wnat it will now, they woulduiokly oeaso tboir .SKtfitieii fcr oneap. money. When tho Bitverites claim that freo coinage will double prices of all produots, they practically admit that their silver dol lar would bo worth but fifty cents. What the farmers neod is moro 100 cent dollars, and not a lower measure of values. It will now bo in order for some of eur "16 tor ones" to kiok on the gold en streets because they are not paved with silver, and swear that tho whole plan of salvation is a schemo of tho old bugs to put heaven on a gold basis. WHAT EREE COINAGE WOULD DO. . Crocxx Y, prices aro Waqx Elans But my FOREIUN CAT1TAL BUtUDUO. Our Debts Abroad Need Not Worry I Anybody Advantages of an In flux of Foreign Money. Our foroign dohts aro a groat sonrco of worriment to tho froo coinago people. Every instanoo of bonds sold abroad is taken up by them to provo that our proporty is passing into tba hands of foreigners, that Gormany Franco and England will soon own this country, and that wo cannot possibly pay our interest to thorn in gold. Strangoly enough it novor scorns to ooour to them that tho Americans who aro soiling this property may bo got ting full valuo for it. And yot whon you mcot ono of thoso Americans who has just complotod a salo to a foroign syndicato ho novor scorns dojeotod. If anybody in Amorioa has lost any thing by tho salo ho must bo tho man, but who over saw an Amorioan strug gling to osoapo from tho olntohcs of an English syndioato who woro trying to buy his property. Tho loot is thoso political economists act upon tho t hnnrv that, tlila nrnnnrtv nuKOB to the foroignors without consideration, whereas tho question of.considoration is well looked after by tho Amorioans immodiatoly interested. That is not a matter requiring Qovernment super vision. Tho United States has been-gatly benefited in tho past by tho flow of European capital hithor for invest ment. It has hastonod tho develop ment of tho country, reduced tho cost of transportation, increaBod tho valuo of Western farms and lowered tho rates of intorost. Money has como to this country from abroad for tho samo reasons that millions of sturdy work ing mon havo come, viz. : Bocauso it oould earn moro horo than thero, and tho Governments or syndicates of Europe can no moro draw it away from us whilo that condition romains than thoy can draw back tho mon who havo bottorod their condition hero. "You can't draw all tho monoy of tho worll into ono country any moro than you can partition tho Atlantio and pump ono sido dry. England - J - - M C I I loaks gold at evory poro after enough is piled up thero to depress interest ratos." Goorgo E. Boborts. Tlio "Dollar ot Oar Daddies." It looks as though tho pooplo did not want tho "dollar of our daddies. " Wo havo ooined hundreds of millions of them, and for twenty years tho Troasury has tried by ovory concoiva blo means to get them into circula tion, and yot the roport of tho Direo tor of tho Mint last fall shows that thero wero only $56,000,000 in circu lation. Oar pooplo refuse to rooeivo thorn as change in .any amounts, and they accumulate in tho banks. whioh in turn dump them into tho TJnitod States Treasury. Hundreds of mil lions of thorn lio thoro in nseloss heaps, which wo cannot disposo of in any mannor whatsoever. If our peo ple rofaso to uso and carry around these dollarB now when they aro really worth 16 to 1 with gold, will thoy havo moro respect for thorn whon wo cease to hold their valuo up to tho present standard, and they will only be worth one-half as much? Does it no$ look liko sheer folly for us to coin m)ions moro of thoso dollars whon we already havo hundreds Oi millions that wo cannot dispose of? From Dr. W. P. Hill Disaster With Dishonor. National dishonor is the dishonor ot evory citizen : and any change in tho etandord of value, or anything done which shall doprivo any creditor of tho United States of payment in full in money recognized as valid by tho loading commercial Nations of the world, will not only bo dishonorable, but will result in tho pecuniary loss to evory citizen in the United States. B, Weissinger, in "What Is Monoy?" A (Jncsllon. Querious "What do tho silvor peo ple mean by 16 to 1 ?" Jollicus "Thoso are tho odds against their winning." jtut about double. wages are Just about the same. 5 OUTSIDE THE SILVER QAMP. lie Finds Itlmposslblo Longer to Re lieve In tho Freo Coltmgo Delusion Ho Gives Most Kxcellout Kon Oons for Ills Change of Front. Sonator Mills, of Toras, liko many othors, has during tho past six months ronowod his Btudy of tho monoy ques tion aud, liko many othor distin guished mon, has oorao to tho conclu sion that froo coinago of silvor at a ratio of 1G to 1 with gold is a delusion and a snaro. His rocout letter to tho Chairman of tho Domooratio Stato Oommittoo of Toxas has croatod con sternation in tho camp of tho silver itos. Why it should do so will bo un derstood aftor roading tho following extracts from his lottor : "Tho proposition is not to bo dis putod that tho inoroaso of ourronoy, all othor thincs boing oqual, raisos prioos whorovor the monoy clronlatos. lint priOOS aro not affootcd in any . country whoro tho monoy does not circulate. Tho opening of our mints to tho unlimited coinago of silver will inoroaso prioos in tho Unitod 8tates, but not in Europo. As tho prioos of commodities riso horo, tho valuo of tho dollar falls horo in preoisoly tho samo proportion. Tho prioo of the gold dollar, whioh is tho oommon moasuro of value, romainlng tho samo in Eu rope, it would go to Europo, bocauso it would buy moro commodities thoro than horo. "I object to tho silver standard bo ing adopted in lieu of tho oxisting standard bocauso it will defraud all oreditors out of ono-half tho valuo of thoir debts. Every debt contracted sinco January 1, 1879, was contraotod on tho gold standard. Tho dobtor honoBtly owes tho ialuo of 23.22 grains of gold for ovory dollar prom ised, and thooreditor is honestly en titled to recoivo it. "No persons would recoivo tho least benefit from tho ohango of stand ard to silver oxcept tho man who owes 100 cents and wishes to pay it with 50. Ho would under tho silver standard bo ablo to disohargo his dobt by paying ono-half of what ho prom ised. This would bo a schemo to on rioh ono-half of a community by despoiling tho othor half. Whorovor thero is a dobtor there is a creditor, and ho is entitled to tho same protec tion as tho dobtor. Congross has tho power to dischargo insolvent dobtorB by a bankrupt law, but tho adoption of tho silver standard now would dis chargo all solvent debtors from ono half tho obligation of their coutraots, oven though as a class thoy might bo tho wealthier part of tho community. "I object to tho silver standard again, booauso it is not tho standard of tho country "with whioh wo conduct our largest commerce. Mr. Jefferson saye, 'To trado on equal terms tho common moasuro of valuo should bo as nearly as possible on a par with Mint nt Ha nnrrptmciwiWna Nation. whoso medium is in a sound state. i Tho reason lor it is, as ho says, 'being of universal valuo, it will keop itself on a aonoral lovol. flowing out from whoro it is too high into parts whero it is lower.' Gold is tho common measure of valuo of tho pooplo with whom wo carry on nino-tentha of oar Ibfoiga tr3uG, and, aOOoTdlUg to the principles enunciated by him, gold should bo our standard, as it has boon sinco tho days of Jaokson, Van Buron, Polk, Piorco and Buohanan, except during tho war period from 1861 to 1879. when paper was the stanuara. If wo Bupplant gold with silver, then wo havo two standards of value for all tho articloa that wo oxport, Cotton and wheat will bo bought in this country by tho silver standard and sold in Europe by tho gold standard. Thoro must be betweon these standards nnntanfc fluctuations. Two-thirds of all our cotton must bo oxportod and sold by gold valuo. Tho prico of tho wholo crop at homo and abroad will bo fixed by tho gold standard, but every pound ot it will bo sold by American farmers by tno Biiver standard. Whon tho Ainerioan far mer Bees cotton quoted at so many cents or ponce per pound in Liver pool, ho knows that it U bo muoh in gold, hut ho aoes not jsuow uuw umuu tho silver will bo worth with whioh ho will bo paid for his cotton, Instoad of logitimato business exchange, whero every ono knows with what valuo ho ports and what ho recoives, our prod uots will bo sold by a system of com mercial gambling with a fluctuating standard by which tho producer must in every instance be defrauded. "Behoving that tho silver standard would provo injurious to the pooplo of tho Unitod States, and especially to that part of them engagod in growing cotton, I am unwilling to take any stops in legislation calculated to im peril that groat industry upon whioh tho welfaro of my constituency so greatly depends. "Tho vast army of wago-workors will bo injured, aud seriously "injured, by tho expulsion of tho present standard and the adoption of any depreciated standard of values. Tho paper stand ard, as I havo said, is the worst, bo causo tho paper has no appreciable in trinsic valuo to check its expansion. The silver standard is tho noxt in or der, but its mischief is hmitod by thft market valuo of the metal in the dol lar. The most stable, invariablo and the best of all monoys is that oca of tho precious metals which is recog nized as 'tho con: mon moasuro of value' of the commercial world. Wo have that stable, invariable standard of value now a currency destitute of flexibility or elasticity aud thoro is nothing wanting for its improvement but tho substitution of halves, quar ters and dimes in tho place of National banknotes and a continuod coinago of silver so limited in its amount as to keep it at par with gold." A BITTER EXPERIENCE, That or tho Watco-Karnor With De preciated Currciioy During Our Greenback Period. Perhaps thoro is no bottor or oloaror domonstratiou of tho oflcot of a do prooiatod ourronoy upon wages than that offorod by tho oxporionoo of tho Unitod Statos during tho Civil War. Prices advanaod as soon as tho Gov ernment bogan to issuo legal tondor notes. Wages advnsood a littlo later but loss rapidly. At uo timo during tho period from 1801 to 1807 had wages adrancod suQloiontly so that tho wagooarnor oould purohaso as muoh for his day's labor as in 1861. In spito ot tho faot that about ono fourth of tho host workers woro serv ing as soldiors and withdrawn from competition with thoir follow wago earnors, so great was tho doolino in the purohasing powor ot wages that, in 1805, tkoworkingman found him solf working for four-fifths of what ho had roooivod in 1861. Sinoo 1865, and cspooially sinoo tho resumption of Bpooio payments in 1879, the purchas ing powor of a day's labor has beon Btoadily inoroasing. In tho following tablo (takon from "Qnalityof Monoy and Wages," by Prank Ii. MoVoy) tho avorago nom inal wagoB paid in loading oooupations in 1860 was takon as a normal 100 per cent. ; tho prioos for tho loading necessaries of lifo in 1860 woro takon as tho normil for prioos ; tho amount of thoso neoossarios that oould bo pur chased by a day's labor in 1800 wa takon as tho normal for tho purchas ing powor of wages. TABLE OP WAGES, PMCES AND rUBOHABINO TOWER IN THE UNITED BTATKS, 1800-1891. Aldrich's SonatoBoport, Tart I., pp. 13, 03. Currcncr Ciirrenoy l'urchaV Yew. Wage. lrtoo. l"ower. 1BG0 100.0 100.0 100.0 1801 100.7 05.9 105.0 1803 103.7 102.8 100.8 1803 118.8 122.1 97.3 1864 134.0 140.4 80.7 1865 148.0 100.7 77.0 I860 105.0 , 1G0.2 07.1 1807 104.0 145.2 112.0 1808 104.9 150.7 100.4 1869 107.4 135.9 123.2 1870 107.1 130.4 128.1 1871 100.4 124.8 183.3 1872 107.1 122.2 130.7 1873 100.1 110.0 183.5 1871 162.5 120.5 134.8 1875 153.0 110.8 131.0 1870 151.4 115.5 131.0 1877 X43.8 100.4 131.4 1878 140.9 103.1 130.0 1879 139.4 90.0 144.3 1880 143.0 103.4 137.0 1881 150,7 105.8 142.4 1882 152.9 100.3 143.8 1883 159.2 101.5 152.3 1881 165.1 101.8 102.3 1895 155.9 05.4 103.4 1830 155.8 05.5 1C3.2 1887 1C0.0 00.2 102.7 1838 157.9 07.4 102.1 1889 102.9 09.O 161.5 1800 103.2 05.7 175.7 1891 108.0 00.2 175.4 Tho wago-oarnor's loss ia shown in a moro striking form in tho accompany ing diagram, also takon from Mr. Mo Yoy'a pamphlet: S9 en It seems strange, with suoh a history and Buoh an experience boforo him, that any wago-oarnor would bo foolish enough to agitato for doprooiated sil ver ox any othor kind of ohoap dollars. Sound Money; Low Interest. By a misuse of tho words "choap" and "dear" tho freo ooiuago advocates pretend that tho boliovers in tho gold standard want monoy scarce ana inter est high. Pointing to tho Bound curroqoy objections against "ohoap money," a loading silvor organs asks: "What dooB this mean, if not that tho mon opposed to cheap monoy want money soaroo and dear?" This triok of words should dooeivo no one. What tho gold standard ad vocates moan by "ohoap money" is not monoy whioh is plentiful or whioh can bo had at low rates of intorost, but monoy which is made of motal of low commercial value. It is in this senso that thoy rofor to tho silver monoy of China orJMexico as "ohoap." Neither do believers in tho gold standard want monoy soarco and interest high. Ono of thoir chief reasons for opposing free coinago is their belief that by driving out gold and causing investors to withdraw their loans tho rates of in terest would bo raisod. That poor monoy decs not moan low interes'oau bo soon by thoso coun tries vnioh have tho silver standard. In evo 'y caso tho rate of lutorest is higher than in tho Nations which havo the gola standard. Euglnnd is repre sented by the silvoriiwa as a robber gold-bug country, yit in England monoy is loaned out at lower intorost than in any othor part of tho world, whilo in Mexico and the silvor-nsing countries of Central tad SouthAmon ca, not to ppoak of eemi-civihzod China and Japan, tho rates of interest aro ranch higher than in tho United States. Advaaiiw of ou? present standard beliove in having monoy as plentiful as tk business of the country ro quire, but they inoist that it must all , be good money. m m 'c e,g l9,69 ' B,71 en K7S B77 l879 m 6P ee5 ft.87 -13.39 B.a' ; i L. - f urren cv W ices , V . I ;m .- -r i . ; . ' I - .. , i ..f. -iTT fflfl 1,-1 TCurrercyTneeo i, . i I ', I 'i 4Purch,jmg pove,r f I J l ' Tn Iran t ibU twi id uo irti lnnyc iw K 'A J -. - r- t4 rt -4 --4 &- T ' It? r I - i li t i ' 'i I V , , I' i lJt : i k : I W ( "-"1 -r-- -- ' I ' -i " "" 'li"iiu jj-Vt "3" " vHc' " Iss "5" WG ' ' X1 I I I !: i JL. t w -s jbr trH "" "" ' ' '4 i " i "THE OAT AHB Hoy, diddlo, diddlo, Tho mino ownor's fiddle. NO SILVER IN CIRCULATION 1878. IN Tho plain truth is that this aot of 1878, whioh has boon tho subjoot of so muoh misapprokonsion and donunoia tion, was Bimply a logal recognition of a monotary condition whioh had ex isted in faot in this country for about thirty-flvo yoars, or ovor sinoo a short timo aftor tho passago of tho coinago aot of 1834. Prom about tho year 1838 until aftor tho passago of tho Bland-Allison aot in 1878, no silver dollars woro in oireulation in thiB country, and our wholo ourronoy con sisted of gold coins and bank notos, oxcept from 1802 to 1878, whon our aotivo circulation outsido of Califor nia and its neighboring torritory, was all paper. Thoro was during tho lat tor period about $25,000,000 in gold in circulation on tho Paoiflo Coast, and tho Unitod Statos was collooting customs dues in gold and using it in tho paymont of intorost on tho publio dobt, but thoro waa no silvor in circu lation anywhoro in this country, not ovon tho light-weight subsidiary coins. Tho valuo of tho Unitod Statos note or groonbaok was always moasurod by gold and not by silvor, and commodities had a gold prioo aud a paper prico, but novor a silver prioo, because silvor, oxoopt tho half-dollars, quartors and dimes ooined under tho aot ot 1853, had boon out of uso horo for moro than twonty years boforo tho oommonoomont of tho war, and ovon thoso subsidiary coins had not boen in use for eleven years prior to 1878. Our own monotary history haa airoaay iurnisnoa wo most striking illustrations of tho oporation of tho natural law under whioh tho coins whioh aro ovor-valued by statute always drive out of circula tion the coins which aro under-valued. Our own experience had again demon strated what tho history of tho world alroady showed that whonovor tho coinago laws of any couutry pormit tho froo ooinago of both motals with full legal-tender qualities at a ratio of value whioh doeB not oonform sub stantially to their intrinBio or com mercial ratio in tho markota of tho world, both kinds of coin cannot be kept in oiroulation at tho same timo. Tho roason ia that, both boing full legal tondor, tho least valuablo ooin will always bo usod in making pay ments, and will become tho solo meas ure of valuo, and tho most valuablo will bo hoarded or sent out of the country into tho markota whoro its real valuo can bo obtained. Hon. John G. Carlisle. Unsafe. Toaoher "Now, Dick, yon may re peat tho goldon text." Diok Ilioks "I don't dat ; me fad dor is a silvor man." Colorado Ammunition. "Now," said ono of the campaign managers to tho candidate, "to start with you aro a bimotalist." "Excuse me. I'm a trimotallist," "What do you mean?" "I propose to run this campaign on gold, silvor and brass." -Washington Star. Too Busy to Talk SilTer. The free silver sentiment grows smaller as the rovival of businosa gives men less time to stand around and argue. This iudioatcs that tho agitation was ono of 'tho iuoidental symptoms of a financial stringency and not a cool headed demand for a radical change t of polioy. Washington Star. ME JTIDDLE." i . . ii a ' ' THE BILVER DISCUSSION, Disputed Points Definitely Settledt During tho Past Six Months. During tho past six months tho country has boon tnrnod into a vast dobating socioty, and tho proposition for tho froo ooinago of silver at a ra tio of 16 to 1 has beon eagerly dis cussed in tho magazines and nowspa pors, on tho platform and in political conventions. At tho outset tho advo cates of freo silvor appoarod to bo in tho majority, and as I tboir movomont waB woll organized it seemed as though tho 10 to 1 issuo would swoop tho oountry. But tho ad vantago of tho choap monoy shoutors was shortlived. Through tho sound monoy press, and in a largo num bor of books and pamphlets, tho folly and dishonesty of freo silver was dear ly shown, and by faots and statistics, whioh loft no room for controversy, tho fatso olaims of tho silverito agita tors woro overwhelmingly rofutod. Now that publio sontimont is Btrongly inolinod in favor of maintaining our prosont sound financial systom, abriof roviow will ehow tho main points which havo boon dofinitoly settled during tho froo ooinago 'discussion. 1. It was assortod by tho silvor itos that by "tho orimo of 1878" sil vor was soorotly domonotizod. It has boon provod beyond disputo, so that tho ohargo has been genorally droppod, that tho coinago laws of 1878 woro adoptod aftor boing throo yoars boforo Co'ngroBs,and with tho full knowledge of tho mombers of both Houbos. 2. It was claimed that tho freo coin ago of silvor at 16 to 1 would establish a bimotallio standard of values, where by both gold and silvor would bo usod as standard monoy. It has boon provod that in roality freo coinago at 16 to 1 would mean Bilver monomet allism, and this is now admitted -by suoh eminent advocates of bimetallism as Prosidont Andrews and Gonoral Francis A. Walker. 8. It was urged that thoro was a soaroity of money and that freo silver would give a largor volumo of our ronoy. It has beon proved that there is now more money per capita than at any timo in the history of the oountry, and that tho adoption of the Bilver standard would lead to currenoy con traction by driving out all our gold. 4. It was said that sinco 1878 one half of tho money of the country bad boen Btruok down. It has been shown that while in 1873 thoro was less than 8100,000,000 of silvor money of all kinds in tho country, tnore is now- over $500,000,000. 5. It was charged that tho gold standard was adopted and maintained, at tho instigation of a small creditor class, against the interosts of a largo dobtor class. It haa beon proved that the number of oroditors far oxcooda that of the debtors, and that the only way in whioh freo silver oould benefit dobtors would be by aiding them to ropudiate part of their debts. 6. It was said that tho passago of a free coinage law would raise tho com mercial valuo of silver from 80 to 1 to tho ratio of 16 to 1. It has been provod that it would be impossible for tho Government's stamp on silver coins to inoroaso their real value, whioh, as in the caso of all othor com modities, depends on supply and demand. 7. It was claimed that freo ooinago would bonefit workingmen by giving them higher wages. It has been proved that under tho silver atandard the prices of everything tho working man buys would at onoe be doublod, whilo any increase in wages would bo slow'and muoh smaller in proportion. 8. Tho cotton planters and wheat growers wero told that the doolino in tho prioe of tboir produots was caused by the gold standard. It has beon shown that during the past eix months cot ton has advanced 50 per cent., and that wheat ro30 from 55 to 81 cents per bushel, without any ohango in tho standard or volume of money. It has also been shown that prices ot corn (our greatest staple), oats, butter and eggs, and of many other farm pro duots, as well as of tho piico of labor (wage), are higher now than in 1873. 9. The business depression of 1893-i wad asserted to bo due to tho alleged demonetization of silver. The present widespread industrial revival, with factories running on full time, now mills boing built, and gonoral evidenoa of prosperity, is a complete answer to the calamity howl whioh was the Hftio- reliauoe of the silvontes.