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About Hemingford herald. (Hemingford, Box Butte County, Neb.) 1895-190? | View Entire Issue (Sept. 18, 1896)
FINANCE AND TABU?1.
HEBE IS AN EYE-OPENER FOR
HONEST AMERICAN VOTERS.
tloro Exports and I.sss Import Than
Under McKlnley Hill Yet Frlces Ue
ellne The Money Question Alone Af
The trcnsury department has IsBued
the following statements showing our
Imports and exports for tho past three
ycara. It will bo 6ecn that wo nro ex
porting moro under tho "Wilson bill
thnn wo did under tho McKlnley bill.
Also that wo aro Importing less. Tho
.lelation of tho tariff to finance Is fully
covered by the questions and answers
that follow tho tablo:
Imports for tho year ending Juno 30,
Total ,. $860,400,922
.Miscellaneous .. 158,023,113
Importa over exports..? 35,370,137
Imports for tho year onding Juno 30,
Exports over Imports.. $214,212,790
Imports for tho year ending June 30,
.Dutios collected $152,158,617
Exports over imports.. $ 62,422,631
Imports for tho year ending Juno 30,
Duties collected $100,534,351
Fisheries - .&. 6,585,814
Exports over imports.. $ 83,490,455
Q. What do wo give in exchange for
ttli imports noted in tho above tables?
A. The products of our farms and
Q. But in cases where the exports
exceed tho Imports, what do wo receive
to make tho balance good?
A. Nothing whatever.
Q. That's queer. How do you ac
count for It?
A. In this way: We owe a fast for
eign debt of $6,000,000,000, the interest
on which must bo paid annually. When
our exports exceed our Imports tho bal
ance in our favor goe3 towards paying
off our interest on our foreign debt.
Q. Is our excess of exports annually
sufficient to pay interest on our foreign
A. No, not by far; our interest
amounts to $350,000,000 annually in ex
cetss of exports.
Q. How do We pay tho Interest?
A. In gold.
Q. Where do we get the gold?
A. Wo borrow It.
Q. Cite an Instance.
A. During tho past three years the
government has borrowed $262,000,000
in gold from foreign countries with
which to pay tho Interest on our for
Q. Wasn't that $202,000,000 for tho
purpose of maintaining the gold re
servo at $100,000,000?
A. Apparently, yes; but If you will
remember that almost as soon as the
various bond issues were effected the
gold received was quickly withdrawn
from tho treasury by holders of green
backs who wished to send tho money
abroad in payment of Interest on for
Q. How does this country happen
to owe such a vast Bum abroad?
A. Nearly all our largest Industries
are owned by forolgn capital. The
-earnings must bo paid annually.
Q. Can we ever recover these In
dustries? A. Not unless we abandon tho Bin
cle gold standard.
Q. Why not?
A. Simply because should wo try to
purchase thorn tho present owners
-would demand gold In payment.
Q. Why can't we pay for them in
A. It would bo impossible to pay for
$G,000,000,000 worth of property with
our scant supply of gold.
Q, How much gold Is now In the
A. Very little. Two hunderd m.l
Hon dollars would fully cover It.
Q. Under the" circumstances, is It
cot unwise to keep up the endeavor to
sustain tho gold standard?
A. It ia foolhh and Impossible.
Mnna " A largo army of populists aro closing In on our roar."
Q.- Why is It Impossible?
A. Because all our gold Is now leav
ing us, and If something is not quickly
done to prevent it wo will soon be on a
Q. But isn't It better to bo on a free
silver basis than on a slnglo gold ba
sis? A. Yes, very much; but what wo
need most is a double basis.
Q.How Bhould wo go about getting
on a double basis?
A. By readmitting silver to freo
colnago and theroby making tho silver
In a sliver dollar just as valuablo as
tho gold In a gold dollar.
Q. How can that bo done?
A. Very easily. If the government
coins silver freo at the ratio of 16 to 1,
which Is equivalent to 1.29 cents per
ounce, holders of 6llver bullion would
not part with their metal at a smaller
Q. Would such a process cheapen
A. Yes, by throwing tho demand
onto silver. Gold would then flow into
the country instead of flowing out.
Both metals, having tho samo value,
wo could then pay our foreign debt In
Q. What effect would the remonetl
zation of silver have on our exports?
A. It would greatly Increase them.
A. For many reasons. In tho first
placo there would bo a big Influx of
ftllver from every country. This would
go into our mints and bo coined Into
American dollars. These dollars
would in turn pay for tho products of
American farms and factories. In
other words, our products would go to
the countries from which the sliver
would como. This Is Just the condi
tion of affairs that the people of this
nation should aim for.
Q. Then It wouldn't Injure this
country to absorb the world's sliver?
A. Did you ever know of a nation
or an individual Injured by too much
money? That is tho best answer.
Q. I seo that Bomo of tho papers say
that the advocates of freo silver coin
age are all lunatics.
A. Yes, having no substantial ar
gument to make agalnBt our proposi
tion, they ridicule us, and In this way
l:cep many good, yet timid, persons out
of our ranks.
Q. Have any really great statesmen
ever advocated free and unlimited
colktge of silver?
A. Yes; nearly all the greatest men
of this and other generations.
Q. Name some of them?
A. James O. Blaine, James A. Gar
Acid, U. S. Grant, Abraham Lincoln,
Lyman Trumbull, Andrew Jaekson,
Henry Clay, William Henry Harrison,
Thomas Jefferson and many others.
Q. Has William McKlnley ever ad
vocated the freo coinage of sliver at 16
A. Yes; when In congress he voted
and spoke for It
Q. How do you account for his pres-
opposltlon to free Bllver?
A. He failed In business a few years
ago and two representatives of the
money power, H. H. Kohlsant of Chi
cago and Mark Hanna of Cleveland,
came to his rescue and paid his debts.
About that time his views on free sil
ver underwent a radical change.
Q. Do you believe that a free sliver
republican should vote for McKlnley?
A. A sincere advocate of free silver
cannot consistently vote for McKln
ley. Q.How should 'he vote?
A. For Bryan.
Q. Ono or two questions .more:
What was the price of silver when it
was demonetized In 1873?
A. About $1.31 per ounce. It was at
Q. Then It 1b truo that It was not
demonetized because the silver dollar
was cheaper than the gold dollar?
A. Yes; the silver dollar was worth
a premium of 3 cents over the gold dol
lar. Slnco 1873 silver has declined
in value on account of demonetization,
and all prices have declined with It.
Admit silver to tho mints again and it
will at once regain its old value. In
like manner will all other property,
particularly tho products of the farm
and factory, adding almost 50 per cent
to tho income of the real producer
labor. P. J. D.
The seventy-two races Inhabiting the
world communicate with each other In
3,004 different tongues, and confess to
about 1,000 religions. The number of
men and women la very nearly equal,
the averago longevity of both sexes
being only thirty-eight years, about
one-third of the population dying be
fore the age of seventeen.
MODERN NAPOLEON AT WATERLOO
THE ARKANSAN WRITES FOR
THE DOUBLE STANDARD.
Shows Wherein the Present Gold Stand
ard Is Causing Miser The Foreign
Bllver UuRaboo What Franoe Has
Why has silver "depreciated to 50
cents in tho dollar?" and how can tho
law restore It to a 100-cent dollar?
A witty Jew onco said in my pres
ence that Mose3 got up the first corner
on beef of which history gives an ac
count. "Ho bought up all tho beef cat
tlo and then passed a law forbidding
tho peoplo to uso swlno's flesh and
made millions out of the riBo of beef."
Even a ten-year-old boy ought to seo
that under such a law beef would go
up and bacon down. Not that tho law
directly fixes tho value of either, but
by destroying the demand for one and
increasing tho demand for tho other.
While law cannot fix values it can
create or destroy either demand or sup
ply. For untold ages prior to 1873 nil the
great commercial nations used two
metals as redemption money (except
England for a short time). Ono was
gold and ono was silver. In 1873 and
1874 tho great nations destroyed silver
as a redomptlon money. Thus was de
stroyed the almost unlimited demand
for silver for this purpose, and Increas
ing the demand for gold. Of courso
and inevitably, under tho law of de
mand and supply, silver went down
and gold went up, and now gold-standard
men take advantage of this neces
sary result of their own wrong to dis
credit Bllver. And during all tho ages
that both metals wero used as re
demption or real money their rela
tive values, no matter what their rela
tive supplies, did not vary moro
than three points, whllo during tho
twenty-three years since tho demand
for silver was cut down tholr ratio has
changed from 15 to 1 to 31 to 1.
All that Is necessary to restore their
ancient ratio Is to restoro tho ancient
demand for silver as redemption money.
Unfairness or Slncle Standard.
This historical test proves another
thing. It shows that a standard com
posed of any one metal cannot possibly
be as stable as a standard composed of
two metals. The reason Is obvious.
When we have a standard composed
of only ono metal every fluctuation in
the Bupply of that metal, whether re
sulting from tho output of the miners
or from the cornering processes of
bankers and brokers, necessarily pro
vides a corresponding fluctuation In
prices, and tho burdens of debtors and
taxpayers and producers, as is the case
un me oiner nana, wnen we had a
standard composed of two metals, and
the supply of either increased or di
minished peoplo who needed money to
pay debts or embark In enterprises or
for any other of the many uses for
which money is needed naturally
sought for the cheaper and most easily
obtained. This Increased tho demand
for this metal and lessened the demand
for tho other. Thus under tho simple
law of demand and supply tho values
of tho two wero brought to an equilib
rium about a fixed point or ratio, which
history proves to have been about 15
to 1, which was tho ratio established
But in the face of history it Is claimed
that this country could not maintain
any ratio by Itself unaided by other
Let us seo.
The Silver Dump.
We must not forget that tho demand
for money is largely dependent upon
tho amount of business to be transact
ed through its instrumentality.
According to our census reports tho
United States manufactured in 1889
$9,380,000,000 worth of goods, or nearly
as much as Great Britain, Germany,
and France combined. According to
the mint reports there are only about
$7,500,000,000 of gold and silver both
used as money and bullion in tho whole
world. So If all the gold and silver In
the world were dumped Into the United
States it would not pay cash for one
year's output of our factories by nearly
But this Is not all. We transport by
rail alone 60,000,000 tons of freight
more than all the rest of the world
combined transports by rail and by
water both. Wo produco $800,000,000
moro of agricultural products that any
other nation on tho globo.
Now, if you add to our manufactures,
our transportation business by rail and
water, our agricultural products, our
real-cstato transfers, our mlnoral prod
ucts and all of our other vast, varlod
and rapidly increasing business, nil tho
gold and silver In tho world usod as
money and bullion would not pay cash
for 10 per cont of tho business of this
ono country. Any share of these motals
which this country can possibly obtain
will not pay 1 per cont.
What France Has Done.
Yet France, which is only a second
rnto power, that manufactures less
than half as much as Great Britain and
less than ono-fourth as much as our
country, a nation which could bo enrved
out of tho slnglo atato of Texas and
leave territory enough to mako nearly
eight states as largo as Massachusetts
this comparatively llttlo France for
thlrty-nlno years, from 1834 to 1873,
controlled the prlco of silver all over
tho civilized world by opening her
mints to tho freo and unlimited coln
ago of gold and Bllver at 15 to 1.
And this, too, whllo tho two greatest
nations of tho globo tho United States
and Great Britain had different mon
etary systems from France. England
h?d Bllver demonetized, whllo the Unit
ed States had a ratio of 16 to 1.
No man who had silver In London
or Now York would tako less thnn ho
could get at tho French mint minus
coat of transport. This Is tho reason
that at tho time Bllver was demone
tized in 1873 It was worth 3 per cent
more than gold, becauso tho French
mint gave this much moro for It than
wo did at our ratio of 16 to 1.
"FaUrf' Ilnslnoss Men.
Notwithstanding this conclusive ex
perience, Bomo of our "business men"
are frightened out of their wits" le3t
this country may not bo ablo to accom
plish what little France did bo success
fully and for so many years.
Besides, to wait for England to help
ub to restore Bllver Is an Idle nonsense
as It would have been for our fathers
to havo waited for her to consent to
Wo must forco her, as wo easily can,
to an International agreement, by mak
ing It her Interest. The United States
government and Its people owe Eng
land and Europo several thousand mil
lions. If wo make these debts payablo
In gold or silver, at our option, as
prior to 1873, and open our mints to
tho freo and unlimited colnago of both
metals, It will be the interest of our
creditors to havo tho silver, in which
W6 would pay tho greater part of them,
as valuablo as any other money In tho
world. ThlB could be done by an Inter
national agreement to restoro tho un
limited demand, which they destroyed
iu 1873 and 1874. It would not be
twolvo months after wo began to pay
In silver before England would bo or
ganizing an International congress for
To force Europe and Englnnd Is much
more becoming the greatest nation on
earth than to bo occupying tho attitude
of a suppliant, as tho republican plat
from purposes. GOV. FISHBACIC,
Excctlvo Mansion, Llttlo Rock.
With Knclnnifs Consent.
The Republicans are in favor of freo
coinage by International agreement.
Tho silver men of all parties do not be
lieve it io any moro necessary to con
sult Europo In regard to freo colnago
In the United States than It was to ask
Queen Victoria for n design for our
national flag. There are too many for
eigners In this country who wero born
here. Budget, Astoria, Oreg.
Wall Street Scared,
Wall street Is badly scared at the
growth of reform sentiment in tho
country. Some of the money lords, who
usually spend their summers In Eu
rope, aro forced to remain in this vul
gar, plebeian country and do what thoy
can to head off the mud sill masses in
their efforts to regain their liberties.
Industrial Educator, Fort Worth, Tex.
Vote for that banker, and then next
year, when you have to soli your wheat
for 45 centa a bushel, your oats for 10
and corn for 20 cent3 a hundred, you
will go out and kick yoursolf around
tho straw pile for being a chump. Get
your thinking dono all ready-made for
about a dollar a year, delivered; don't
you? Advance Guard, DefUnet, Ohio.
STOLEN DVA PREACHER.
Bnhmtti Them a Original to the Chi
cago Itecord Again rnnotnred by
the Kdltor of the National lllmetal
list. Rov. Mr. Caso in his recent communi
cation attempts to dlsposo of tho wholo
silver question by laying down five
propositions relntlvo to tho condition of
silver-using countries. Thoy are not
original with him, for they nro nothing
moro or less than Mr. Carlisle's "flvo
lndlsputnblo propositions" which went
tho rounds of tho press during tho fa
mous Blackburn campaign In Ken
tucky. If Mr. Caso had studied tho
quostlon fundamentally instead of
blindly accepting tho Ideas of Secre
tary CarllBlo ho would havo known
thnt, whother truo or false, not ono of
the five propositions has tho slightest
bearing upon the Issue. In using them
Mr. CarllBlo was merely employing ills
power ns a sophist to befog tho public
mind and mislead thoso who have not
tho tlmo or opportunity to study tho
question for themselves.
The First I'ropnsltlnu.
Lot me briefly nnalyzo them.
1. Every frco-colnngo country Ib on
a Bllver basis.
By this tho effort Is mndo to convoy
tho Impression (without nctually Baying
It) that thoso countries adopted bimet
allism as we advocated it in tho United
States, and that by so doing they had
been forced to a silver basis. Honco
that tho Bamo fate would boftill ub it wo
Bhould ndopt freo coinage A glance at
tho world's monetary hlBtory will show
tho fallacy of tho proposition.
At tho beginning of 1873 tho coun
tries of tho world, as regards their me
tallic monoy, wero divided into threo
classes gold Btnndnrd, silver stnndard
and blmotalllc, tho latter being thoso
In which tho two metals wero both
frcoly coined at a certain ratio to each
other and both full legal tender aftor
thoy were coined. Tho action of tho
bimetallic countries linked tho two
motnls together at about 15 to 1 and
gavo them a practically fixed par of
exchange all over tho world. Tho offoct
was tho samo ns if both metals had
boon coined In every country. Tho cn
tlro mass of gold and sliver at tho ratio
of 15 ounces of silver to 1 ounce of
gold (tho Fronch ratio) weighed in tho
balanco against tho entire mass of
proporty to bo sold and fixed prices
tho samo as if It had been all gold or
When, In 1873-4, the bimetallic coun
tries 61thcr limited tholr Bllver colnago
or stopped It altogether, aB a matter of
courso tho only countries In which Bll
ver colnago wnB left freo wero thoso
upon tho sllvor standnrd. Tho Idea of
tholr being "forced" to a sllvor baso
Is absurd. Their monetary syBtcmB are
tho samo as they wero beforo, but the
par of exchange between tho motals
has beon broken by tho closing of tho
bimetallic mints of Europo and Amer
ica. Consequently gold is "dear," and,
by comparison, silver Is cheap.
The Second Proposition.
2. Thoro is not n gold-standard coun
try In tho world that does not uso both
gold and silver.
That is becauso thoy cannot got
along without silver. They must havo
It for small transactions and to eke out
the Bupply of gold. Germany has been
obliged to stop her sales of silver nnd
keep In circulation about 100,000,000
of silver thalers. France could not bo
Induced to part with her 5-franc pieces.
Sho needs them all. Tho United States
haB been literally coerced Into tho coln
ago of silver dollars by tho steady do
mand of tho peoplo for the restoration
of bimetallism. Tho point, instead of
indicating tho superiority of the gold
standard, BhowB Its inferiority. It
proves conclusively that the great na
tions of Europo and America have un
dertaken to witabllsh tho gold stand
ard with an insufficient supply ot gold.
The Third l'ropoltlon.
3. There Is not a silver country in
tho world that uses any gold money
along with silver.
ThlB Is not literally true, but 1 Is
Biibstantlally, and It proves the supe
riority of tho single silver standard
over tho slnglo gold standard. When
silver Is full legal tender all payments
can bo made In that metal, and thero
Is no occasion for a mixed metallic cur
rency. The Fourth l'roprnlt'on.
4. Thero is not a silver-standard
country where tho laboring man re
ceives as good wages for his labor as
in the Unltod States.
Neither Is there any gold standard
country In which the laboring man gots
ns high wages as in tho United States.
Thero Is no country on earth In which
tho worklngman has beon so well paid
as In this, but It proves nothing In fa
vor of the gold standard. Wages havo
been high la the United States becauso
of tho strong demand for labor and
tho thoroughness of labor organiza
tions; not becauso wo have a gold
staudard. How high does Mr. Caso
think wages aro In Portugal? Or In
Finland? Or in Turkey? Or in Egypt?
All of thoso are gold standard coun
tries, and if the condition of labor Is
peculiarly oxalted In any of them per
haps Mr. Case will kindly point It out.
Tho Fifth Proposition.
5. There Is not a sllvor standard
country that has mere than ono-fourth
as much money por capita as the Unit
If that bo truo, what becomes of ho
stereotyped cry that freo coinage will
wiiiiiiinsiiMi i niii ,iii nan hi
"flood ths country with cheap sltverf
Why aro not thoso countries "flooded?
Tho question suggests lla own answer.
Tho amount of money in a country, like)
tho wage rate, depends upon industrial
and business conditions. Every conn
try will get nnd keop Just its Bhara
of tho world's money, whatever ths
substance of which It is mado. This la
axiomatic. If India has but $3.33 por
capita it Is simply becauso that amount
is her sharo of tho world's monoy under
existing commercial conditions. Whon
Uio richer and moro powerful nations
adopted tho gold standard tho poorer
nnd weaker countries wero loft on tho
silver basis, but it in gronsly Illogical
and fnlso to history to Boy that tho
land was tho richest nation In tho
world long beforo sho wont to tho gold
stnndard. Germany roso to the height
of her Imperial greatness upon tho sil
ver standard, At the samo tlmo other
silver countries Inggcd behind. To-day
somo of tho most wretched of countries
aro upon tho gold Btnndnrd. Tho ab
surdity of tho por capita argument will
appear when wo carry Mr. Caso's fig
ures a llttlo farthor.
Ho tells us that Central America has
23.78 por capita, Japan $4, India $3.33,
Chinn $2.08, Mexico $5.47. Thoso coun
tries ho compares with tho United
States and tho principal European na
tions. Let mo add some others to
tho list Norway, $6.65, Sweden
$3.10, Turkoy $4.09, Sorvia $3.78,
Bulgaria $1.76. Tho averago of theso
five gold countries lo $3.87, whllo tho
averago of tho flvo stiver countries
given below 1b $3.71 suroly not enough
dlfforenco to bo seriously considered.
It will bo seen that poor, miserable,
half-starved India, bled almost to death
by tho hand of tho dcspoller, hnB 23
cents por capita more than gold-Btand
ard Sweden. Mr. Caso's statement that
tho United States has $24.34 per capita
cannot pass unchallenged. Tho latest
treasury report shows It to bo $21,18,
Even thlB Is an exaggeration, becauso
In arriving at thoso figures tho treas
ury department has mado no allowanco
for unknown Iosbos. But concodlng It
to bo $21.18, how much docs Mr. Cass
think It would havo beon If tho "monoy
power," devoted to tho gold standard,
could havo had Us way? Ho certainly
must know that all of the silver portion
of It (except tho small chango), about
$550,000,000, has been added to our cur
rency In tho faco of tho most deter
mined opposition on tho part of those
who aro now leading tho fight for tha
gold standard. Thoso men havo always
been in favor of contraction, unless they
could do tho expanding by tho Iseuancs
of bank notes, and .they aro In favor of
As to the reoplo of Mexico.
Ono word more. Mr. Caso Bays "Mr,
Bryan tells ns that tho peoplo of Mox
lco aro better off financially than aro
tho citizens of this noble republic."
This Btntement proves that Mr. Casa
does not understand Mr. Bryan's or
gument. Neither bo nor any other ell
ver advocate has over claimed that Mex
ico Is better off than tho United States,
In tho absolute sense. Wo havo a
thousand advantages over Mexico, with
which every student of history Is famll
lar. Suroly Mr. Caso docs not think
that If Mexico had adopted the gold
standard in 1873 sho would bo abreast
of tho United States to-day. What sll
vor men claim la that Mexico Is rela
tively prosperous; that, whllo In tha
United States business Is depressed, in
dustry stagnant and almost everybody
complaining of hard times, Moxlco Is
more prosperous than over before, and
13 now advancing with great Btrldee.
If Mr. Case will reflect for a moment
upon tho significant circumstances that
in Mexico everybody Is satisfied with
the existing monetary condition, while
in the United States vast numbers ol
peoplo, probably a majority, are now
nnd havo been for years Btrcnuoualy ob
jecting to tho gold standard, and that
thero 1b great discontent In ovcry gold
standard country, it may possibly oc
cur to him that there la something
wrong with that standard which he has
not discovered, and that his flvo propo
sitions aro very far from being conclusive-
H. F. Bartlnc in Chicago Record,
If all the voluminous and multitudi
nous lies that have emanated from tb
brain ot old man Rothschild and the
devil and found expression In tho voice
of tho agents of tho money power wera
put Into hooka the "world Itself would
not hold tho books that would bo writ
ton." The latest io tho threat thai
Wall street will wreak a terrible venge
ance on tho south and west If silver '
restored to coinage. It can't bo donoi
Wall street hns to pay the fiddler thu
tlmo, and Rothschild must drink the
worn.wood of defeated rascality to lh
dregs. News, Imbodcn, Ark.
Not the Tariff.
Many a good honest man will vote
tho Republican ticket this fall "Just foi
a change," expecting that prosperity
will nrrlve on the back of the g. o. p.
elephant by tho tariff route. Nono eo
blind no those that won't see. Dur ng
the last yoara of the McKlnley law re
gime tho militia In flvo t tales was c .lied
out to quell labor disturbances, and
strikes and boycotts existed In nearly
every manufacturing and mining state
in the Union. Journal, Mankato, Minn.
A Question of Logic
For many years the Republicans have
championed protection and claimed
that cheap products meant cheap axon.
Today when the farmer attempts to ap
ply their logic to his condition they say
It Is different with tho farmer. The
farmer has, been fooled about as long
as he will stand It. If they will only
get together and work for their own
interests they will start this country on
tho read to prosperity at o gait that will
make John Bull staud ogUaaC Weokl
Union, Sallna, Kans,
' i. ".
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