lt
_
4I 4 I
THE SHERMAN LAW.
The Sherman law of 38)0 ! contains the
folloAving clause : "It being the estab
lished policy of the United States to
maintain the two metals ( gold "and sil
ver ) on a parity with each other upon
the present legal ratio , or such ratio as
may be provided by hiAV. " The policy
of the Government here declared is to
maintain the two metals in a parity
with each other. It has respect to the
metals , gold and silver , of which money
is made , and not to the coins struck
from these metals and used as money.
These coins , being equivalent represent
atives of our money unit , must have the
.same A'alue or purchasing power , that
is , the same relation to commodities , so
long as they concurrently circulate and
are used as money. Any unit of
money , or "dollar" is as A'aluable , that
is , it has the same purchasing power as
every other "dollar" regardless of the
material in Avhich it is embodied or by
which it is represented. All that is
required is that the material in the
form of a dollar be endowed by hnv
with the function of money ; and the
A'alue or purchasing power of this dollar
lar depends upon the number of those
urrits or the mass of money in circula
tion. In making this declaration of the
policy of the United States , Congress
could not have had in view the gold and
silver coins , but the gold and silver bul
lion , or metals , from Avhich these coins
are struck. How are these metals to
be , placed and inn ill tained on a parity
Avith each other upon a given ratio ?
HOAV can sixteen ounces of silver bul
lion bo made equal in A'alue to one
ounce of gold bullion , this being our
present ratio ? As the A'alue oC each
of these metals is determined by its use
for monetary purposes , their equality
or parity Avith each other can only be
.secured by their equality in such use ;
in other Avords , by providing by law for
their passage through the mints into
the currency on a prescribed ratio upon
precisely equal terms. It is the ratio
upon Avhich they are coined that brings
the metals together , or diminishes the
separation belAveen them. This has
been strikingly demonstrated by the
operation of our coinage laws. In 17)2 : )
Alexander Hamilton , after careful ex
amination , determined that the relation
of the metals to each other then was
1 to lo , that is. that one ounce of gold
AV.-IS equiA'alent in value to 1 > ounces of
silver ; and the best Avriters upon the
subject have A'indicaled the correctness
of his judgment. But France in 1V 0.
opened her mints to the unrestricted
coinage of gold and silver upon the
ratio of 1 to 3. > i/ . . and this became the
prevailing , ratio in Europe. As one
ounce of gold Avould exchange for only
1 ounces of .silver in Europe , it Avent
to Europe and silver came to this coun
try. In 1834 , to attract gold to this
country. AVC changed our ratio to 1 to
10 , one-half a point on the other side
of the French ratio. The result Avas
that as one ounce of gold Avould ex
change for only l.l1 ounces of silver in
France , but Avould exchange , for 1(5 (
ounces of silver in this country , it
came to this country , and our silver
migrated to Europe. Consequently gold
.1 predominated in our currency down to
fc-i
1S7J , and in this country silver AV.-IS at , s
about three per cent premium over gold. I
If the colossal blunder of throwing sil- I
Arer out of the money stock in 1S7 : > ( Car t
lisle in 1S7S said : "It was the most gi I
gantic crime of this or any other a .re" ) t
had not been committed ; 5f , instead. AVC iit
had then i.-itio t
changed our so as to
make it conform to the French or Eu P
ropean ratio , France Avould not haA'e a
18 ' closed her mint against silver , and this
disturbing silver question would never
have arisen. It is therefore only
through the agency of our coinage laws P
that the metals can be made to approach
preach each other and their parity 1
maintained. The phrase "the present
legal ratio or such ratio as may be pro
vided by law" manifestly means that
tc
the metals shall be freely coined upon
the present legal ratio , and if. upon a
fair trial , it does bring them together ,
then such change of the ratio shall be n
made as Avill accomplish this object. a
Hence the declaration of policy set C
forth in the above clause in the act of
1890 AA'as a declaration in favor of a tl
bimetallic standard , and not for an ex tlO
clusive gold standard , or an exclusire O
silver standard. The present'adminis
tration interprets the above clau.-e in Ii
the Sherman act as imposing an obliga S (
tion upon the Government to keep all st
the dollars in our currency , Avhether in is
the form of paper dollars or silver dollars isA
lars , on a parity Avith gold , and that to A
do so it is indispensable that it shall be
oi
in a position to give gold coins in exchange
11
change for all this currency , as it is pre 111
sented , and obtain , this gold by issuing 111Pi
Pile
bonds for it in the name of the people
lo
and thereby increase the public indebt
edness. It AA'as because an increase of
the currency Avould be made by coining el
the silver seigniorage in the treasury , ! K
amounting to $33,152,080 , and thereby ig
increase the difficulty of accomplishing
this object , that President Cleveland )
vetoed the seigniorage bill in March
last ; and he appealed to this clause in
the Sherman act in justification of his kc
course. He regards that clause as in ha
effect placing this country upon an ex all
clusive gold standard , and the continu lit
ance of sihTer in the situation of mer po
chandise , and thereby defeating the pol 00
icy declared in the clause , viz. , "the ]
maintaining of the parity of these tAA'o [
nielals with each other upon the pres- th
ent legal ratio or such ratio as may be ac
proA'Ided by I.IAV. " For it must be ap do
parent to every one that these metals
never bo ma do to approach each
other while one of them , gold , is a
money metal , and the other , silver , is
merchandise , but that they must drift
farther and farther apart so long as
gold continues to rise. Henry G. Mil
ler.
7tTiist Touch the Pocket Nerve.
Personal interest seems to be the
only specific against municipal somno
lence. Franchise-grabbers never sleep ,
because there is no money in it , and
there is money in Avakefuiness. The
average man does not readily appre
ciate any but direct and palpable influ
ences. Wlien they reach him indirectly
or through disguises he displays the
Avisdom of the ostrich. Hence he ac
quiesces in a gold standard , a protect
ive tariff and indirect taxes in general ,
not realizing that they are more bur
densome than any other and afford ras
cals golden opportunities. When citi
zens once grasp the fact that they are
personally interested in even * act of
their officials they Avill be more vigi
lant. They Avill sleep Avith one eye
open. St. Louis Post-Dispatch.
A European 1)1 nil' .
It is scarcely to be believed that Ger
many and France Avill permit this coun
try to go the length of passing retalia
tory hnvs Avhich shall exclude their
food products from this country , for
Avhen the I-OAV is all over and such hnvs
on both sides haA'e been repealed , the
trade lost during the interim Avill not
be easily regained. It Avill be hard at
first to do Avithout certain sausages ,
cheeses and Avines or 1o pay higher
prices for those already made here ana
stamped Avith foreign labels , but the
boom Avhich Avill ultimately be achieved
by the American brand of these good5
Avill create an appetite for them which
cannot be eradicated. Philadelphia
Times.
Another Step Necessary.
President McKinley has deemed it
judicious to pardon Leech Lake Indians
Avho took part in a miniature rebellion
last summer , and there is no reason
Avhatever to doubt that their case Avas
one calling for the exercise of executive
clemency. But Avliat has become of the
Avhite officials and their businesses Avho
forced these Indians , as the only Avay
in Avhich they could attract attention
to their unendurable Avrongs , to begin
a Avar Avhich , as the Indians themselves
Avere Avell aware , Avas grotesquely
hopeless ? Numerous Avitnesses of good
repute testified that the Avhole trouble
AV.-IS caused by the brutal rapacity of
these officials. New York Times.
tlcttinsr I'veii OIF the Taxpayer.
P.y stubbornly persisting iTi an un-
Avholeome policy AVC have lost nearly
all of the foreign carrying trade , in so
far as the loss can be measured by the
fiag of the carriers , and now it is calmly
proposed to mulct the taxpayers of the
United States in order to make good a
losing business. What the carriers of
the seas Avant is to be allowed to buy
their ships as other competing carriers
buy them. They ask no odds of any
body. Give them an even chance , then
let them alone. Philadelphia Record.
Tutor for the President.
The President is said to be carefully
studying the history and methods of
:
British colonial administration. The
t :
President might get "Joe" Chamberlain
v
to come OA-er and ghe him a course of
lessons in colonial government. Or
there is a man in South Africa who
might possibly be induced to superin
tend a trial start of the American im
perial machine. His name and address
lire Cecil Rhodes. Empire Builder , Cape
Colony. Portland. Me. , Argus.
a
in Practice.
We are hurrying troops to the Philip
pines in order that the Filipinos may
govern themselves. St. Louis Post-
Dispatch.
Political Pointers.
Imperialism , like squab pigeon , seems
o have been biggest Avhen first hatched.
Grand Rapids Democrat.
Mr. Rockefeller and his trust are all
ight so long as nothing stronger than
in : Ohio court gets after them. Sioux
iry Tribune.
"We care not Avho makes the laAvs of
he nation if AVO may but name the
Vttorney General. Chorus of Trusts.
Jinaha World-Herald.
The President has had a head-on col-
ision : Avith public sentiment. Public
sentiment hardly knew that it had
struck something , but the other party
all in a heap. Kansas City Times.
There is no parallel between the
American expansion at the beginning
f this century and the imperialism of
he present day. Those Avho admire
he former are entirely consistent in de- T
tloring and opposing the latter. Buffa- m
Courier. in m
If AVC are going to build up our mer-
hi
hant : marine we should begin by re-
iealing our stupid and mediaeval naA'-
ijatioii laws. They arc anachronisms
ml ought to be Aviped off the statute p.-i
looks before the new country opens. SI
mlianapolis Sentinel. SIPi
On the assumption that Senator Fora- Pi
er spoke Avith authority and that 11 mi
as been the intention of the President ed
along to give the Filipinos their po- be i
bem
tical independence , the interrogation m :
oint rises up : "What was the $20- UK
00,000 for ? " DCS Moines Leader. to
It is a little late in life for Messrs. - .
oar and Edmunds to try to break into
ic Democratic party , but it must be j
cknoAA'ledged that they are preaching
octrine that ought to arrest some
romineut Democrats in their retro- rj ,
rade nioA'ement. Ciuciunnti Enquirer , on
SOME PARSONS' V/IVES.
Flieir De sire to Kxercise Ecclesiasti
cal Functions.
It appears from frequent stories in
'
English religious journals that many
ladies have an Idea that residence in a
parsonage confers upon them the right
{ to exercise some ecclesiastical func-
i lions.
"My husband is aA\ay , " said one
Avonian to a parishioner , a retired civil
ian , Avho came to haA-e his pension pa
per authenticated , "but my signature
Avill do as well. "
Before the poor man could object , the
paper Avas taken from him and signed.
Naturally the paymaster general refus
ed to accept the signature , and much
trouble ensued.
The Church Gazet'e mentions the
case of a lady , Avho at Dorcas and oth
er meetings Avhereat her husband is not
present gives the apostolic benediction
in the most approA'ed style.
A lady Avho seems to be equal to
"minor orders , " at least , is Mrs. Creigh-
ton , the Avife of the genial Bishop of
London. There is a certain wicked
legend , according to the London Out
look , that Avhile at Peterborough Mrs.
Creighton once Avrote te a clergyman
regretting that the Bishop could not
come for a confirmation , but promising
that she AA'ould come instead.
More authentic and vastly more prob
able is an amusing anecdote undoubt
edly illustratiA'e of the same lady's
practical turn of mind and decided
character.
When Dr. Creighlon had been offered
the bishopric of London a lady met his
daughter in a street of Peterborough.
Being on terms of intimacy Avhich jus
tified the question , she asked if Dr.
Creighton had decided to accept his ap
pointment to the more important see.
"Well , 1 don't ICUOAV , " the young lady
replied. "All I can say is that papa is in
the study praying for guidance , and
mamma is upstairs packing the
trunks. "
DARING PICTURE HUNTERS.
ng a Liife for the Pm-posc of
Gcttitiij a Snap fc-liot.
The English brothers , It. and C.
J\ ear ton , haA'c made a particular study
of photographing insects , birds and
small animals in their natiA'e haunts.
[
:
"
* XV"r > " ' > v "
S
AX ENTHUSIASTIC niOTOOISAl'IlEJi. ( ]
s
Dften in order to secure the best re-
| (
suits , they have risked their lives for
some striking snap shot. The illustra- '
ion shows one of their attempts to pho-
ograph ( a sea bird in its home by the
i
A MAINE MEMORIAL.
New Chapel at Annapolis Will
Commemorate the Havana Tragedy.
The destruction of the battleship
Maine and the death of so many of her . -
) rave creAV will be fittingly commemor-
ited at Annapolis. Among the neAv
mildings to be erected on the academy
grounds in the near future is a chapel.
fi !
et
01
01fc
fc
ii
iiv
\v
loYN
YN
YNvi
vi
vie
o ]
nius
us
re
IK
til
to
ai
" J
TIIK MAIXi : JIHilORIAL.
yc
vc
his : building Avill be dedicated to the
0
inrdered seamen Avho lost their liAres ,
n ]
i II.Tvana harbor , and Avill be a lasting '
sti
iiiuanity and treachery. .
1
th
ill" ? Knew Him. tha
"Do you know any one in these ? a
irts ? " queried a lawyer of one Mrs. So
mltz , Avho Avas a witness in a trial at th.
ratt. Mrs. Shultz dropped her eyes , no
ucked nervously at her shaAvl for a snmi
oment. and then , blushing , respond- mi
: "Sheriff Keyes OA-er there used to sa
my beau before either of us were is ;
nrried. " Whereupon the court hnni- sir
UK
ered vigorously to bring the audience
order. Kansas City Journal.
i
Every time a woman of no good
[ 01
) ks , but of social position , is men-
Oa
> ned , the words "refined looking"
riA [
3 AA'orkcd to death.
tin
Dhe finger ot * destiny is undoubtedly the
the hand of fnt/1
One of the late James Fayn's stories
concerned a dean , famous as a gour-
mat , AA'ho in his ( linings out Avas , of
course , asked to say grace. The Avorthy
dignitary first scanned the menu. If it
was an ordinary repast , the grace be-
gaii , "Lord , we thank Thee , " "but , "
added Payii , "if there Avas turtle soup ,
the invocation commenced , 'Bountiful
peatorr "
Scotch caution is Avell illustrated in
the story told by a minister Avho taught
a Bible class in Edinburgh. Having
missed one of his students for several
Sundays , he said to one of her relatives :
"I haena seen yeer cousin Bell at the
class for a long while. Ye ken it's her
duty tae attend the schule. AYhaur
has she gnen ? " "I canna very Aveel
tell ye that , meenister , " was the care
ful reply , "but she's deed. "
In the famous engagement between
the Bonhomme Richard and the Seranis ,
the British captain Inquired , after an
hour's fighting , to ICUOAV if Commodore
Jones desired to surrender. "I have
not begun to fight yet , " AA-as the Ameri
can's reply. Later , Avhen he learned
diat tiie British captain had been
knighted by George the Third for his
jallantry on that occasion , Jones re
marked : "XeA-er mind : if I meet him
again I'll make a lord of him. "
As a performer on the piano. Brahms ,
I he composer , had an extremely hard
( ouch. This once led a musician Avho
was accompanying him on the 'cello to
pxclaim : "I don't hear myself. " "Ah , "
replied Brahms , "you are a lucky fel
low. " When he left the room after a
lively evening among friends , he used
to remark : "If there is any one present
ivhose feelings 1 h.iA'c not hurt , I trust
lie Avill receive my humble apology. "
'
.lolm F. Hurley of Salem , Mass. , Avho
rerved in the late Avar , Avas a clever
gunner , and several years ago the fol-
owing tale Avas told of his skill : He
< vas actively engaged in firing solid shot
at the enemy in one engagement , and
iiis captain came up and said : "PriA'ate
Hurley , let me see you hit that rebel
? aptain in the eye. " "Yes , sir , " replied
John ; "which eye shall I hit ? "
Mr. Bradlaugh Avas once engaged in
a discussion Avith a dissenting minister.
Bradlaugh insisted that the minister
should ansAver a question by a simple
" " " " Avithout circumlo-
"Yes" or "No. any -
i-ution , asserting that every question
; ould be replied to in that manner. The
reverend gentleman rose , and in a quiet
manner said : "Mr. Bradlaugh , will you
alloAV me to ask you a question on those
ferms ? " "Certainly , " said Bradlaugh.
J'Then , may I ask , have you given up
beating your wife ? " This , Avas a poser.
Cor if answered "Yes. " it Avould imply
that he had previously beaten her. and
f by "Xo , " that he continued to do so.
A delegation of preachers from Ghi-
-ago once Availed upon President Lin
coln to urge the issuance of the emanci
pation proclamation. The spokesman
urged the claim AA'ith ecclesiastical dig
nity by saying : "The Lord sends this
I'ommission to you , President Lincoln. "
"Perhaps so , " he replied , "but isn't it
strange that He should send His mes
sage by Avay of Chicago ? " To another
delegation urging immediate action , he
said : "If you call the tail of a sheep a
leg , IIOAV many legs will the sheep
liave ? " "Five , " replied the spokesman.
'No , " said the bothered 'President , "it
would only have four. Calling the tail '
leg Avouldn'l make it one. " When sick
with the varioloid , he told the doctor
lie Avas "glad that now he had some-
Lhing to give which the office seekers I
lid not want. "
During the Queen's jubilee , the colo- '
lial princes , officers and premiers Avere
-ecelved with cheers and especial hon
ors. On one occasion the streets Avere
mcked Avith spectators Avatehing the I
quests depart from some royal function
it Buckingham Palace. The crowd reused - F
used to move except Avhen some of the
Indian rajahs or Australian officers ap I
peared. Avhen a way Avas speedily open
ed for them. A carriage presently came
ut of the gates in Avhich were throe or V
'our Americans , AVIO had been guests
: the palace. Finding that the Avay
vas completely blocked , one young f clew
ow innong them shouted : "Let us pass ;
Ye , too , are colonials. " The croAvd di- v.
ided , and. as the carriage entered the
ipening , he added : "We are the colo- \
lials Avho wouldn't let our mother spank lo
lool
is. " The-croAvd caught the joke , and ol
eplied Avith laughter and applause. . Is
Several clergymen boarded a street jlai
ar in Boston one day. and one of them ai
tearing that Wendell Phillips Avas in to
lie car , got up and asked the conductor
point him out. The conductor did so , LY
ml the minister , going up to the orator , ri
aid : "You are Mr. Phillips , I am told ? " '
Yes. sir. " "I should like to speak to ei
ou about something , and I tru < t. sir , ta
ou Avill not be offended ; " "There is In
fear of it , " Avas the sturdy answer , tli
ml then the minister began to a k Mr. tli
'hillips earnestly Avhy he persisted in vl
tirring up such an unfriendly agitation C.'l
one part of the country about an evil ot
liat existed in another part. "Why , " in
aid the clergyman , "do you not go st
outh and kick up this fuss and leave
lie . North in peace ? " Mr. Phillips Avas
ot iu the least milled , and answeuil
milingry : "You , sir , I presume , are a
linister of the Gospel ? " "I am , sir , " he
lid : the clergyman. "And your calling th
to save souls from hell ? " "Exactly ,
r. " "Well , then , Avhy don't you go
Sawdust Explosions. lie
Who ever heard of saAvdust explos-
ms ? They are common enough in ,
anada. Navigation on the Ottawa
ver has been seriously impeded at
ines by the explosion of sawdust , and 1
dominion government has at last tin
to take steps to prevent any eai
practice AA-hicli Avill enhance the possi
bility of these explosions taking place.
One would hardly suppose that saAV-
dust dumped into the river would in
course of time reform itself into a gas
generator Avhich would keep the sur
face of the stream in a constant up
heaval. But it is true to sucn an ex
tent that small boats have been cap
sized and large vessels have been in
jured by the submarine convulsions.
The bottom of the Ottawa river is
covered with a deep layer of sawdust
dumped there by the lumbermen , who
haA-e carried on their log-cutting in
dustry on its banks and tributaries for
years. The dust , becoming water-
soaked , sinks to the bottom , and in the
course of time rots and generates a
highly explosive gas. The latter rises
to the surface , each bubble being joined
or reinforced by other bubbles on the
way up. Contact with air seems to
be as destructive as touchiire to this
gas , and the moment the surface is
reached it explodes Avith a loud report.
Legislation may in time do aAvay with
the annoyance , but even if no more
sawdust is thrown into the stream
henceforth , the millions of tons already
there Avill take a long time to Avork off
their gas-generating qualities.
Grandpa's ljtier. .
My dear little grandson , yourifetter re
ceived ,
And contents noted , but I don't per
ceive
Exactly Avhat you want. So I've left
it all
To my old friend , Santa , Avho soon will
call
On Christinas Eve , and put on the tree
And mark it , so you Avill know it is
from me.
I hope you'll be pleased , AA'hatever he
gives ,
For everything's nice Avhere Santa
Glaus liA'es.
It may be an elephant , pistol or gun ,
Or anything for a small boy to haA-e
fun.
What a little boy Avants it's quite hard
to toll ,
But Santa Clans knoAvs good boys
pretty Avell.
So he'll do what is right , for he's a
good "Old FelloAv ; "
His heart is as big and as soft as a
pillOAV.
Once I AV.-IS a little boy , just like you ,
And I thought I would Avatch and see
if 'tAvas true
That Santa Glaus came dOAvn the
chimney so black ,
With a pipe in his mouth niul a pack
on his back.
I lay still as a mouse , with hand under
my cheek ,
Peering through darkness and trying
to seek
The form of old Santa Avith his bag of
toys
He Avas to give to all good little boys.
So Avinking and blinking and almost
asleep ,
I heard such a noise that made my
, flesh creep.
Way up on the roof I heard such a
racket
I certainly thought that someone Avould
crack it.
Then doAvn through the chimney the
soot came a-rulining ,
Which told me quite plainly that Santa
Avas coming.
Then doAvu Avent my head 'way under
the clothes ,
And I left nothing out but the tip of
my nose ;
And I Avent fast asleep , nor opened my
eyes ,
Till the bright morning sun o'er the
hills did arise.
Then I jumped out of bed and ran foi
my stocking ,
And very soon saAV that nothing Avas
lacking.
had toys of all kinds a pistol and "
drum ;
Though 1 I did not see Santa. I knew he t
had come.
So you see , 3-011 can know something. ti
though not in sight.
But ! believe all that's good , and then t
yon are right. o
From that day to this
, as Chri-Jtmns a ;
comes near , b
think Avitli great pleasure of Snnt ? ei
Glaus dear.
So I'll close my letter , a dull on : > I iVir [
With the wish. "Merry Christmas aiul e
Happy New Year. "
a
i < er or iii ! tirfi. : .
Yon are either left-eyed or rghr-eycd
writes Dr. C/.cki , unK-ss you ; > ; v L
lorson out of every i-ftei'ii v-h' > h.- tr
\A-es ; of equal stiviigi's. You als > ! - . t
to the small ol
eng minority of one o ; :
f every ten persons if your h ft ey
stronger than your right. As n nI.
iust as people are right-handed. tr : ; >
ire right-eyed. This is probably < i .
the generally greater use of UK- . ;
rans of tne right side of the body. : : >
'or example , a sportsman u < Iug h. at
atm
ight arm and shoulder , uses h"rzh m
'ye to sight his gun , thereby s.-cg.i !
'iiing it with exercis-- cli
exercisOld - . ; : ; : ] ;
ain- . after a long use of the teli'-T-i , . re
hid their right eye much srrciig , ; th.j.
he left one. This law is <
he experience of aurists. if : j ji r .r m
> o lias ears of equal hearing l. . .
av.sc' to u = ? e one ear more tlun : ! >
ither for a long period , { he car hr.n-n :
tito requisition ia found to b" im--- " f
trengthened. and the far v.hMi I.- - . - . < - '
ised losts in a corresiujiuiiug degr
.
Col lest Hour ol * the Uay. mi
Taking all the year round. tlr colv ! . - gi'i
our of the twenty-four is 5 o'clock i. yo
lie morning.
"Woodpeckers Are Ji tistrioixs.
Woodpeckers in Californi.i A'Jll CM.I- ;
corns thirty niil s to store in tlu-I su
ests. a !
Cut Iluir for i
in
In Persia cutting the hair is a . : gii o- tl-D
louming.
When lovers Avalk beneath the moo : no
icy forget that they are of theearti CO1
irthy.
Gold as a Ftamlard.
The failure of the supply ot" nininto
keep pace Avith the demand cau.-- -he
' . ThU b-
rlollar to increase in A'alne.
viously , is to the advantage of tinHo
holders of idle dollars , and to the el * ri-
ment of every one Avho has IV - - > tlo
either his labor or the product < J his
labor. If there Avere no deferred ; v-
ments , or debt , this would not t. so
such injustice , but AVhereA-er ther .MV
dcierred payments , then an anj.i ia-
ting dollar Avorks great injustice ! .ill
debtors and to all Avho labor or ho
have made im-eslments in i-rnduMve
enterprise. To illustrare :
The farmer Avho borrows mone. % ' ll *
culates that it will take a - * .5
amount of his products when th- . ' --bt
is due to buy the dollars m wliir'i rhe
payment is to be made. The lab vr
figures in the snme Avay. He has n-
tracted to pay his debts in th.llar.it
het'st purchas dollars Avitb so . . ay
dvs labor , and if tl. " dollar ; v-
( hfcs the laborer IUIOAV. ; that it \ ill-
lake more da\s' labor to ev t th" d > I
than it Avould have taken ulien
del t Avas made. In other word - . v - a
he A-alue of monejgoe. . , up the ; ;
of products goes dtnvn. Thr.uig' : , it >
application of thi : ; piinciple by i.1 .tl.S
of the single standard of gold , pro '
of the farm , the shop anil the fat
the wages of labjiers and the s.il e.s
-if the professional cla.'Sf-s haA-e ' Ml
shifted into the eofl'ers of the fev. lie
control the nation's circulating ie-
lium.
Instead of being an honest and . > t
standard of deferrc ! payments , go.-l is ,
when used .done , an iustrumi : ; of
legalised plunder. Instead of i til
taining the equity of contract * , i ls
more ihan doubled the aggreg.tt.-
dividual , corporate : md pubiic '
thus doubling the burdens of th <
payer. Its eP'ect upon the nation- . !
illustrates this proportion. In I-1 ! :
national debt AV.IS . < ? : > .7.c. > ,000 , < HP ) . :
that time AVC lum * paid as inter * . .
. ' } .3,000,000 , a sum almest as gr >
the original debt. In ISO ! the d b. IS
JsWlThough ! ! ) there has I'll
a reduction of the debt , if express , ' in
dollars , there has been an acta.- ' in
crease expressed in products in v , . h
debts are ultimately paid. Ma v id
L. Daggy.
"Value" of Money.
If I had to select the economic v nl
that has done more mischief to th iu-
man race since 1S73 than any oil- . . I
Avould point to the word ' 'value .is
applied to money. It is the m. . -"r
word-fallacy of the age. Whoever ' -.in
assist to clear up the meaning < 'Jiis '
word "valup" Avill be a benef.-u '
the human lace. Hence to ngle -
effort Avould be umvorthy of a u . of
ordinarily humane instincts.
Among the various powers ? u-
dered to Congress by the i-
through the constitution of thf * I il
States , was the power "to coin i. ily
and regulate the value thereof. " Let
us try to ascertain Avhat this i-d
means in the constitution as it AV.Iie -
tined or carried out by statute ltr.u -
actetl by the fathers of our repu. i * ,
Avho Avere also the framers of tai- . ? i-
stitution.
Firstlj- , they chose for our pri i . . .il
coins the two metals gold and e : ' . -r ;
secoudlj- , they decided on the re- -
tive quantities of metal they woiil 1 .it
into each of the dollars , and th" ; , ly ,
Avhich is perhaps the most impe. mt
function , they declared that c-.n r
"shall be a lawful tender in all j ay-
nients Avhatsoever. " In other \ > . ils ,
thej- made one dollar as a legal : . Jit
payer under our fiag "just as gOf > i" .is
the other.
They also Avis-ely made the alt , Mpt
to use a precise commercial eqniv.- ; !
of uncoined gold and silver in ouru : -
ige , by selecting fifteen parts of sll.er
b3' weight , as the then eomnv.-i-ial
squiA-alent to one part of gold. In Jj-
3r Avords , they attempted to make : ind
lid make for that particular tinn sh.
exchangeable : A-alue of one dollar -iust
is : good" as the other. John A. C.M-I- .
Views of Our Fathers.
Upon the subject of IIOAV we should
reat the tAvo metals in our cum noy
is Avell for us to consult the fonirlt'rs
f our republic , conspicuous among-
vhom were Hamilton -and Jeffn ; ,
vhosc vieA\-.s hoAVOA-er
\ , discordant upon
ther subjects , -wore at one on thisv
lamilton , in his famous report niasV in
702 , for establishing the United S.-jros
nint , said : "It is most advisable KM trt
Lttach the unit exclush-oly to < trier
netal , for this cannot be done effctu -
illy without destroying the ofiice : : iid
haracter of one of them as money and
educing it to the situation of inerc-haii-
lise.
"To annul the use of either of th&
uctals as money is to abridge the
uantity of the circulating medium and
liable to all the objections whfch
rise from a comparison of the benefits
a full Avith the evils of
a scanty < -ir-
ulation.
Jefferson wrote to Hamilton in the
it.me month , saying : "I return yon yuiir
lint report , Avhich I have read ivfrii a
reat deal of satisfaction. I concur with
ou in thinking that the unit uuis' '
tand upon both metals. "
Though the Queen could recall any-
abject from abroad , she cannot compel
subject to leave Great Britain. This
isability does not cease to operate eAren ,
time of war , and , though at such a
me the Queen could call upon every
ble man to take up arms , she could
force a single civilian to leave the ]
'
untry , even to carry on a
ar.
