r
A REPUBLICAN ON M'KINLEY.
In paying his compliments to tl
President In the House of Represent ;
tives , Mr. Johnson , a Republican fro :
Indiana , explained that it mattered n <
to him whether his views were popi
lar. lie was only concerned as 1
-whether they were right. Mr. Johnso
says that the leading Republican new ;
papers , instead of fiercely attacliin
Secretary of War Alger , should "la
their ax to the root of the evil and cei
sure the gentleman who , to reward hii
for his political services and disbursi
nients in the campaign of 1890 , appoin
ed him to his present position and ha
maintained him there ever since , no
withstanding his iucompetency an
against the righteous complaints tha
have been made against him. "
With regard to the famous Bosto
speech , Mr. Johnson thinks it the mos
disingenuous that ever fell from th
lips of an American President. "Thi
address , " he said , "divested of its verb
nge , considered apart from its plat
tudes and the ostentatious professio :
Of virtue with which it was interlader
was nothing more or less than a care
fully devised and studious misstate
ment of the issue between the chief ex
ccutive and those of his own party wh
are opposed to his wretched policy ii
the Philippines. "
Having compared the President wit ]
Mr. Pecksniff , who wa , < ? accustomed t <
roll his eyes piously to heaven and ex
claim , with great ostentation , "M :
friends , let us be moral , " and who wai
the father of two daughters , one o
whom he named Charity and the othe ;
Mercy , Mr. Johnson addressed himsel :
to the "open door. " He said :
"What else is upon the program 01
these gentlemen ? The open door in the
Philippines , making it totally impossi
ble forever to discriminate in tariff du
lies there in favor of the products o ]
the American farm and the America !
shop. What is the other sacrifice thai
is required ? That the annexation ol
Cuba , Porto Rico and the Philippines
absolutely sure to come at an early day
for they have registered it in then
vows , shall precipitate the sugar , to
bacco and hemp and other cheap pro
ducts of these islands and Hawaii upon
the American market in free and unre
stricted competition with the agricul
tural and laboring elements of our OWE
country. This policy , sir , would have
been free trade in William Jennings
Bryan. What is it in Mr. McKinley1
The elaborate and exhaustive treatise
of the Republican Johnson upon the life
and character of the great and moral
imperialist has left the Democrats but
little to say. He has done their work
for them and done it thoroughly and
well. New York News.
Alfjer Ta Stubborn.
Alger says he will not resign. It does
not follow that he will remain Secre
tary of War. Rumors of the Presi
dent's dissatisfaction with Alger are
prevalent at Washington and there is
talk of offering the portfolio to Reese
velt. It is not at all certain that Roosevelt
velt would accept Alger's position. The
Governor of New York is ambitious and
has the presidential bee buzzing loudly
in his bonnet. But Alger is making a
lot of trouble for McKiuley and will be
a great hindrance in the presidential
campaign of 1900.
Alger is a stubborn man. He cares
not how much trouble he makes for his
friends. He heeds not the protests of
the people and he will hold on to his
position until he is absolutely kicked
out.
f Concerning the rumors of his resigna
tion , Alger says : "The constantly recur
ring reports of my purpose to resign
from the portfolio of the War Depart
ment are baseless. There is not a word
of truth in such stories. I have
no intention of resigning and will not
resign. I shall serve out the remainder
of my term of four years as Secretary
of AVar. I will make the inspection trip
to Cuba , which I believe to be in the
interests of the Government. The de
tails of the journey have only been ten
tatively arranged. I may add that no
-amount of newspaper comment and
criticism in regard to the trip to Cuba
will deter me from carrying out my
plans. "
These remarks may be considered as
a notification by Alger to McKiuley
that he is not going to be shoved out of
the cabinet as was Sherman. It is a
declaration to both friend and foe that
lie is in the cabinet to stay , and that
there will be a merry war when his res
ignation is demanded. But it looks as
though Alger would have to go.
Controlling Labor's Pay.
John Locke said : "The lessening the
quantity of money makes an equal
quantity of it exchange for a greater
-quantity of any other thing. " Hume
said : "It is the proportion between
the circulating money and the com
modities in the market which deter
mines the price. " Ricardo said : "That
commodities rise or fall in price in pro
portion to the increase or diminution
of money , I presume to be a fact that
is incontrovertible. " Mill said : "That
nn increase of the quantiy of money
raises prices and a diminution lowers
them is the most elementary principle
in the theory of currency , and without
it we should have no key to any of the
others. " Sir Robert Giffin said : "Yiew-
( bg a long period dynamically , it is be
yond all question that commodities are
comparatively steady ( in value ) , and
only the money changes. " This is < ; uite
( enough to establish the fact that the
quantity of monej' In circulation fixes
the value of labor and its products ;
and , as I have already shown , th
Rothschilds now exercise that powe
in the United States. The Democrat !
party , in the Chicago platform , pronos
to place that power in the hands of tli
people. And they propose to do tin
by remonetizing silver , thus more tha :
doubling the amount of primary UIGIJ
ey , and by retiring Ibe bank note * an
replacing them with greenbacks.
Doubtful Credit to Gold Democrat ?
The Republicans in 189G did not de
clare for the gold standard ; they sail
that the gold standard must be maiu
tained nntll other nations would joii
with us in restoring bimetallism , am
then pledged themselves to do wha
they could to get other nations to hel ]
us to get rid of the gold standard , au <
if men voted that platform because tin
platform did not express their desire
six and a half millions of people vote <
for independent bimetallism , thirtcei
and a half millions voted for the doubli
standard and against the gold stand
ard , and a hundred and thirty-tw <
thousand voted for the only party tha
in all the history of this nation ever de
clared the gold standard to be a bless
ing ; that is political history. The golt
Democrats shall have either the credi
or discredit , the fame or infamy , ol
being the only party that in twenty
three years of experience under thi
gold standard ever declared that thai
standard was good. And if you tes !
the gold standard sentiment of this
nation by the votes received by thai
party , then , my friends , I want you tc
remember that the gold Democrats
carried just one precinct in the United
States , and lest you may give them too
much credit , I want you to know that
was a small precinct in Western Kan
sas , where they only had six voters , and
t was not unanimous there , because ,
my friends , the gold ticket received
three votes , Mr. McKinley received one
ind I received one ; that was the only
n-eciuct in the United States , and I
believe the papers said that in honor
of that distinction that one of the gold
candidates on the Presidential ticket
sent to that precinct a jug of whisky ,
and one little jug of whisky was
enough to give several drinks of whisky
to all the gold men of the precinct.
Now , you see , my friends , upon what
a foundation the Republican stands
when he tells you of the indorsement
that the gold standard received in thirf
country. It was not indorsed , and , as
I said , as soon as the election was over
Mr. McKiuley recognized the mandate
of the people by sending a commission
to Europe to ask other nations to help
us get rid of this blessing , which thej
describe the gold standard to be.-
Fi-oni AV. J. Bryan's Grand Rapid ;
speech.
\Vliy Times Arc Better.
They tell us that the times are bettor
in this country , and after they gef
through telling us that times are better
they tell us of the increase in export ?
ind by the flow of money to the Uuiteci
States. Now , Republicans , if you an ?
joing to try to prove that the rise in
prices and in prosperity based upon
such a rise is due to Republican legisla
: ion , you must not admit that it is due
: o the increase in the volume of monc\\
-whether it comes from new gold
nines or whether an increase in exporl
) f products and an increase in the im-
) ortation of gold because according tc
mr theory , no matter where the inoucn
omes from , whether it comes from
icross the ocean or whether it comes
> ut of the gold u 'nes of the Klondike
> r out of the silver mines of the United
states , an increase of money will make
imes easier and prices higher and peo-
> le more prosperous. But , my friends ,
he difference between us and Republi-
: ans is that they nralso a dear dollar
0 the laboring man and rejoice in
tigher prices to the producers of
vealth , and after taking advantage of
very accidental circumstance , and
laiming that it grows from Republi-
an legislation , content themselves with
emporary and accidental benefits , re-
ecting a-permaneut restoration of the
3vel of prices by the restoration of a
ouble standard of money throughout
he world. From AV. J. Bryan's Grand
lapids speech.
Reaching the Public Ear.
Doubtless it is a very grave infrac-
ion of military discipline for soldiera
r officers to ventilate their military
rievauces in the newspapers instead
f submitting them to their superior ?
nd seeking redress in the regular and
ppoiuted way. There is something tc
e said , however , on the other side of
iic question. AA'hen the channels ot
ommunicatiou from rank to rank are
loscd , or when complaints presented
1 due form to the proper authorities
jad to no action of any sort , the ag-
rieved soldier or officer turns to quar-
M-S where he can secure immediate
ml often effective consideration. He
news that this is insubordination , and
iat he risks punishment more or loss
jvore , but the original wrong is usinl-
righted. New York Times.
The Taxpnyer Pays the "Freight.
AA'e "needed' ' the Hawaiian islands
> "protect" the Nicaragua canal. AA"e
iced" the Nicaragua canal to give us
nick access to our Hawaiian posses-
oiis. AVe "need" the Philippines to
ialce the Hawaiian islands available
us as a half-way station. AAre "need"
cable to connect us with our Ha-
aihin and Philippine possessions. AAre
iced" an army and navy to take care
' . these distant possessions of ours.
prre Haute Gazette.
A LAKE PILOT'S LEG.
Ho\r It Folvetl the Mystery of il
Wreck of the "Susan 15. Peck"/1-
"We are never amazed when vesse
go aground and are wrecked on Lai
Erie during the gales that are comrne
on that treacherous water , for we e :
poet such things then , " .said a lake ski
per , "but when one is grounded on
clear day and wrecked on a course j
clear as the day and in the hands of
pilot that knows the ground like a boc
we naturally wonder a little and waite
to know the whys and wherefore
Such was the case of the propell <
Susan E. Peck that went aground net
Bar Point and was lost with a $2o,0t
cargo.
"The captain of the Susan E. ha
sailed successfully hundreds of time
between Point Pelee and Bar Point an
in all kinds of weather , and this tin ]
he had a wheelman who was know
from one end of the lake to the other a
one of the most expert navigators i
the lake business. He had been lyiu
up a long time for the very good re.r
son that owing to an accident to ou
of his legs that leg had to be ampi
tated to save his life. The lost men
ber was replaced by an artificial Ie
and then the pilot was ready to tak
his post at the wheel again. His fir
service after his misfortune was Hi' '
trip of the Susan E. Peck , and he ra ;
her aground.
"The puzzle to everybody was ho\
it was possible for the propeller , ban
died by a man of such skill and expc
rience , ou a straight course only fort ;
miles long and with every sailing con
dition favorable , to leave her course
The pilot was the most puzzled an <
astonished person of all. He soon go
another vessel , and this one he ran ii
such an erratic manner that he wai
compelled to give her up and his use
fulness as a pilot was gone. He ant
others went to investigating to see ii
they could discover what was wronj
with his seamanship. After a while
Lhoy discovered what they believed was
the trouble. In the pilot's artificial les
n. great deal of steel had been used it
the joints and other places. Sitting
close to the binnacle , as he did while
steering , this steel deranged the com-
[ lass so that it threw the wheelman
way off his reckoning and led to the
wrong piloting that had wrecked the
Susan E. Peck and endangered the oth-
jr vessel that the wheelman navigated
subsequently. This was what they ar-
; ued , and to demonstrate the correct-
less of the theory the pilot took charge
) f a vessel without wearing his false
eg. Everything -worked to a charm.
The mystery of the Susan E. Peck was
solved and the pilot was restored to his
) ld place in the confidence of Luke Erie
.kippers and vessel owners. " Cleve-
aiid Plain Dealer.
LAW AS INTERPRETED.
A woman who undertook to get on a
nixed train at a distance from the de-
> ot while the train was being made up ,
vithout any invitation to get on it at
hat place , is held , in Jones vs. New
iork Central & II. R. R. Co. ( N. Y. ) ,
1 L. R. A. 490 , to have no right of
ction for injuries sustained by the
udden jolting of the car as she was
; etting on.
The rule that a drawee bank is bound
o know the signature of its depositor
3 applied in First National Bank of
Jelmont vs. First National Bank of
Jamesville ( O. ) , 41 L. R. A. 584 , with
he effect of denying the right of a
ank which has paid a forged check to
btain repayment from the party to
rhom it paid the money.
A contract for a rebate on purchases ,
n condition that the purchaser deals
xclusively with the seller for a ccr-
lin time , is held , in Dcmiehy & Co.
s. McNulta ( C. C. App. , 7th C. ) 41
i. R. A. G09 , to be unenforceable with-
ut proof of the performance of the
audition , even if that was invalid as
Hiding to a monopoly , since that was
ie sole consideration , and if that fail-
; 1 the contract failed.
The payee of a check which is stolen
om him and put in circulation by
> rgery is held , in Shepard & M. L. Co.
3. Eldridge ( Mass. ) , 41 L. R. A. G17 , to
estopped from collecting it if with
uowledge of the facts he misled the
rawer to his prejudice and thereby
laced him in a worse position than he
ould otherwise have been in with
sfereuce to the assertion or protection
: his rights.
" \Vorkinjj Hours Abroad.
A Turkish working-clay lasts from
mrise to sunset , with certain iuter-
ils for refreshment and rest. In Sera -
a the principle of individual couveni-
ices rules every case. Eleven hours'
ork is the average day's lvbor in Bel-
urn ; but brewers' men work from ten
seventeen hours ; bricklayers , six-
en ; cabinetmakers of Brussels and
bent often work seventeen hours a
ly with one-half hour for noon ; and in
iniug districts women are often kept
truck loading and similar heavy la-
> r for fourteen hours. The normal
orkday throughout Saxony is thirteen
mrs. In Baden the medium duration
day labor is from ten to twelve
mrs , but in some cases it often ex-
eds this , sometimes rising to seven-
en hours in some trades. In many
idea factories Sunday work is the
Ie.
Shu Dislikes Formalities.
\ good story is told of the Princess
ind of A\rales. After a long season of
tending the inauguration of wings of
spitais , homes , exhibitions , bazars ,
\ , she is reported to have said to her
[ her and mother : "What a blessing it
ist have been to have been born a
incess in the days when they had
tiling to open and shut , " a sentiment
th which the Prince and Princess of
lies no doubt in their inmost hearts
reed.
roola Invest first and investigate
or ,
A young tailor named Berry , late
succeeded to bis father's business , OIK
sentinbis account to Charles Matthew
somewhat ahead of time. "Whereupc
Matthews , with virtuous rage , V.TOI
him the following note : ' 'You must I
a goose Berry , to send me your bill-
Berry , before it is due Berry. Yov
father , the elder Berry , would ha\
had more sense. You may look blueBerry -
Berry , but I don't care a straw Berr :
for you and your bill Berry. "
Dean Pigou once unwittingly ma ;
ried a man to his deceased wife's sis
ter , which is against the English lav
The verger , whose business it was t
settle the matter about the bans , wa
at once cross-examined. "Oh , ye ;
vicar , " said he ; "I kuowed right wel
I knowed parties. " "But why did 3-0
not tell me ? I should have forbidde
them. " "Well , vicar , it was just thi
"way , you see : One of the parties wa
84 and t'other SO. I says to myself
'Lord , it can't last long ; let 'cm wed
and bother the laws. ' "
A party of visitors to the coimtr ;
were very much interested last sum
iner by the remarks of some New Yorl
children , sent out by the fresh-air fuu <
for a week or two in the country. Thcr <
were quite a number of them playinj
about a pretty farm-house one day
when some passers-by stopped and be
gan to talk to them. "Did you ever se <
any chickens before ? " asked one lady
as a flock of fowls came strutting dowi
the lawn. "Oh , yes , " said one of th <
eldest , wisely , with a knowing shake
of his head , "we've always seen 'em-
lots only generally it Avas after thej
were peeled. "
While Lowther Yates was master oi
Catharine Hall , at Cambridge , he was
cordially disliked by one of the tutors
known as "Cardinal Thorp. " The lattei
was lecturing one day on the law ol
extreme necessity , which justified a
man in disregarding the life of ancihei
in order to insure his own safety. He
said : "Suppose Lowther Yates and I
were struggling in the water for a
plank which would not hold two , and
that he got possession of it. I should
be justified in knocking him off ; " and
then he added with great vehemence :
'D n him and I Avould do it , too ,
without the slightest hesitation ! "
The wife of a prominent citizen of
Washington , while visiting the White
EEouse recently , happened to mention
: hat she had received a basket of
nushrooms from an unknown source , ,
ind , fearing that they might not be
genuine , had taken them to the market
vhere she usually bought her vegeta-
) les and had them carefully looked
> ver before they were cooked. "AYhat
vere you afraid of ? " inquired Mrs.
tfcKinley. "I was afraid we might be
loisoned and die. " "I thought you were
i Presbyterian , " retorted the Presi-
lent's wife , "and that Presbyterians
icver die until their time comes. "
Frederick the Great made generous
resents to all musicians except fiute-
Jayers. He played the flute remark-
.bly well himself. A famous flutist
nee asked permission to play to the
: iug , hoping that Frederick would
how his appreciation of his skill by
erne valuable gift. Frederick listened
ttentively while he played a difficult
iece. "You play very well , " he said ,
and I will give you a proof of my sat-
sfaction. " So saying he left the room ,
'he musician waited , guessing at the
robable nature of the "proof. " Pres-
ntly the king returned with his own
ute and played the same piece. Then
e bade his visitor "Good-day , " saying :
E have had the pleasure of hearing
ou , and it was only fair that you
lould hear me. "
When Halevy wrote "The Queen's
[ usketeers" he took infinite pains to
reid repeating himself. One day , as
a left the theater after rehearsal , he
eard somebody whistling the air of
ie song which he had written for Cap-
Lin Roland in his new piece. Thinking
lat he had been composing from mem-
: y , he went up to the whistler , a work-
an , and asked him -what he was
histling. "My friend , you are sur
mised , " said the man , "and no wonder ,
o you know that there is not another
an in the streets of Paris who could
histle you that tune ? " "Why ? " "Be-
Luse it's a song that nobody knows
it. " "Indeed ? " "Certainly , because it
in the new piece that they are re-
jarsing at the Opera Comique. "
1-a-a-ah ! " said Halevy , with a deep
gh of relief ; "but how on earth is it
iat you know it ? " "Well , because I
as putting up a partition yesterday
the opera house I am a joiner by
ade , you know while the song was
jingsung. " "The deuce ! " said Halevy ;
: did not think it could be learned so
, sily. Look here , my friend , there is a
uis for you , and do not whistle it any
ore. " "Why ? " "Because I am the au-
or of it. " "Oh , " said the musical car-
inter ; and as he went away he mut-
red to himself : "He is a queer fish.
rhy don't he give me the -twenty
ancs to keep on Avhistling it ? "
VENDETTA IN CORSICA.
icieut , Bloody Custom of the Coun
try Has Greatly Diminished.
Persons who derive their ideas of
irsica as it is to-day from Prosper
erimee's novel , "Colomba , " will be
omed to some disappointment Mau
ra and cusoms have changed a great
al In the island since the date , short-
after the battle of Waterloo , when
e gallant British officer and his
ughter visited Colombia in her ances-
Q castle at Pietranera. The ven-
tta , which is the theme of that thril-
g story has greatly diminished. Dur
ing the carnival we fancied that T
had come upon a real instance of th
picturesque barbarism. One worknu
killed another in a cafe , and then ,
the expressive Corsican phrase , "toe
to the maquis , " or brushwood , whi <
covers a large portion of the Islan
and has , from time immemorial , bet
the refuge of outlaws and bandit
This legend subsisted for some day
and excited a new interest in life :
Corsica , and quite a large demand f <
copies of "Colomba. " But a convers
tion which I had with the judge d'i ;
struction who had investigated tl
case proved -that it was , after all , as 1
expressed it , a crime vulgaire , and no
as we had hoped , a crime corse.
We. afterward liad th'e satisfactio
of'seeing the malefactor led in chair
between two mounted policemen o
his way into Ajaccio , whereas the trj
ditional bandit would have been fe
and supplied with powder and shot b
the country people , who would hav
rather gone to the stake than betray e
his hiding place to the authorities
Here and there vendetta may still lii
ger in the island , but it has now bt
come a means of attracting the toui
1st , who is invited to buy bloodthirst
looking knives and daggers , beariu
such choice inscriptions as : Veudett
Corsa ; morte al uemico ( "death to th
enemy" ) ; or , even still more grewsonu
Ya diritto al curore del neraico ( "G
straight to the heart of the enemy" ,
These choice weapons form , togethe
with gourds engraved with portraits o
Napoleon , or the negro's head , whicl
is the Corsican crest , the stable indus
try of Ajaccio. Westminster Review
A MISFIT ASSIGNMENT.
His 35nsiMe-Iooin Uoors Were o
Much Too Lamite : ! Capacity.
A well-known chief engineer of tin
navy who doesn't have to take any dus
from General Shatter in the matter o :
avoirdupois tipping the scales , as IK
does , at -trifle more than 300 poumls-
was recently ordered to take charge o ;
the mechanical department of one oi
the smaller gunboats on the Pacific sta
tion. The engineer didn't particular
ly like the assignment , but it didn' ;
worry him to the point of suicide. H (
simply sat down and made a sketch ol
the exceedingly narrow doors that lent
into the engine-rooms of the gunboai
to which he was ordered , marking the
dimensions of the doors in figures on
the sketch. Below his drawing of one
> f the engine-room doors this jolly chief
engineer made a neat sketch of him
self , full figare , not exaggerating his
Falstaffian paunch a trifle. He at
tached his own dimensions in feet and
inches , circumferentially , to this
sketch of himself. Then he put the
sketches in an envelope and "respect
fully submitted" them to the bureau
) f navigation. It was a sort of docu-
nen't that occasionally makes a hit.
Che inference to be drawn from the
ikotehes was so obvious the impossi-
> llity 0f the chief engineer's passage
lirough the engine-room doors of the
; hip to which he was ordered was so
ippareut that the assignment was re-
ailed , and the laconic chief engineer is
iable to get a fiagsliip when the next
latch of steam engineering assign
ments is made. Washington Post.
Common Quotations.
How many persons can unhesitating-
y name the source of the most familiar
notations ? Many a man goes through
ife without reading a single play of
nakspeare , probably no English-
peaking man goes through life with-
ut quoting him. If he sneers at "a
romau's reason , " he quotes Shak-
peare ; if he refers to "a trick worth
tvo of that , " he quotes Shakspenre
gain. Goldsmith's "She Stoops to
onquer" is not a popular work ; but
ne line of it "Ask me no questions ,
nd I Avill tell you no lies" is known
ad used by everybody. Who reads
ampbell nowadays ? Yet who , at
> me time or other , has not quoted his
ne , "Coming events cast their shacl-
5vs before ? " References to "stolen
mnder" are common enough in jour-
alism , though it may be doubted
lietlier journalists arc familiar with
ie works of John Dennis , the. origiua-
KT of the phrase. And we are all ac-
istorned to speak of "teaching the
sung idea how to shoot , " though less
ilpably in this instance we have
jver read a line of Thompson's "Sea
ms. "
"When Cnoate Was Ruffled.
An unpublished story about Mr.
lioate tells of the only time his seren-
ST was ever ruffled while cross-ques-
: > ning a witness. It was during a fi-
ous will case , and Felix McClusky ,
irmerly doorkeeper of the house of
presentatives , was the witness.
"Now , Mr. McClusky , " insinuatively
iked Mr. Choate , "isn't it true that
> u are the modern Munchausen ? "
"You're the second blackguard that
is asked me that in a week , " roared
cClusky. "An' " The roar of
ughter , in which Surrogate Rollins
mself joined , drowned the remainder
Mr. McClusky's retort , and it was
lly five minutes before business went
i again. Pittsburg Dispatch.
Divorces Cheap anrl Plenty.
[ n four hours recently a Paris court
anted 294 divorces , a little over a di-
trce a minute. All the parties received
ate assistance in their cases , so that
eir divorce cost them uothin.
Bis Tree.
rhe largest tree in the Eastern hein-
ihere , if not in the world , is a chest-
it standing at the foot of Mount Aet-
. . The circumference of the main
ink at sixty feet from the ground is
2 feet.
Dccasionally a young man wakes up
; sh as a daisy and his freshness con-
tues all day.
Nearly every married woman thinks
.ot of other women envy her.
iVords often shake our convictions ,
, t seldom overthrow them.
Variations of i-atic.
It is quite true that the ratio at
trhich gold and silver coins have circu
lated has varied at different periods of
the world's history ; but such variations-
have usually been slow , and wave oc
curred at periods widely separated-
Max Mueller has shown that for ce'ii
turies , and extending back beyond ,
written history , the ratio at which gold ,
and silver was used as money in Egypt , ,
in Babylon and in India , was from KH4.
to 14 . . There was never any such dis
turbance in the value of the two metnln-
In ancient or modern times as has
taken place in recent years , for the rea
son that no such disturbing cause ever
operated before as the legal debarment
of one of them from monetary use ami
a corresponding extension of the use or
the other. Such cause would at any
time necessarily produce great disturb
ance in their relative value.
The relative value of the metals at alL
times must be deterniineel bj * the sum
of the demands upon each , as compar
ed with the supply of each. But the-
chief source of demand is for money ,
and , consequently , the chief source off
value for both golel anel silver has been
for money. It is impossible that tha-
value of either should be the same with
the demand limited to the arts as It
woulel be with demand for money add
ed to the demand for the arts ; and , as
there never was a time since gold and
silver came into use as money when
the demand for money was not the
dominant demand , it follows that thor ,
never was a lime when there was a
" " of !
"commercial ratio" independently
the money ratio. As the value of eacb
metal at all times depends upon thy
demand for it for all uses , acting upon
a given supply , the ratio of one to the
other depends necessarily upon the rol :
ative demand for each. Whether ona
or both metals shall be admitted to use
is money is a matter of law , and hence
the demand for them for money is :
demand created by law , whether statu
tory or derived from custom.
If , then , both metals can by law be
endowed alike with the money func
tion , so that either could be substituted
for the other in all money transactions ,
the coining ratio at once becomes the
commercial ratio. It is the money ratio
tie , under conditions of free coinage ,
that makes the commercial ratio and
not the commercial ratio that deter
mines the money ratio ; hence , there is
ao insurmountable difficult y in the way
) f having a money standard of two
netals , leaving the supply to depend on
: he same general law that would
govern the supply of one , if one alone
vere used. Indeed , the experience of
iges in the use of both metals as staml-
ird money ought to be enough to settle
hat question as a practicable one. Tlio
[ uestion , then , of the desirability of : i
standard composed of two metals lie-
omes largely one of money supply.
Currency of Banks.
All forms of currency to the extent
hat they receive free acceptance and
; eneral circulation by the people of : i
lation are factors in determining price
ivels in such country. But the issues
f banks and bank credits , so far as
hey do money work and thereby tiMii-
orarily advance or uphold prices , uro
ernicious influences in the busiiu-ss
rorld. They constitute an unfailing
ource of panics , and are the origin of
reat disturbances in the commercial
orld , always resulting in wrecking
ie fortunes of those engaged in legiti-
late industrial pursuits , and enriching ;
ie classes that deal exclusively iu.
loney and money futures , such as
lortgages and bonds.
In the domain of commerce the cou-
olling factor is price levels. Money
I ways seeks the market where prices
; e lowest. Commodities with equal
irtainty seek the market where prices
e highest. The instinct of gain com-
jls this movement with a regularity as
aerring as the magnetic needle points
i the pole of the earth.
The precious metals distribute them-
Ives among the nations and people
' the earth , automatically , through
ie movements of commodities to such
arkets as will afford the venders the-
rgest return. Under the operation of
is law each nation is said to receive
3 distributive share of the gold and
Iver of the world. Each nation's
are can only be just sufficient to price
3 products at a point that does not
Imit of similar products from other
itions being brought Into its markets
id sold at a profit , because when this
n be done such nation will be com-
lled to yield up its gold and silver un-
prices are reduced to a point that
ill no longer yield a profit to outsld-
s. AATiile prices remain at this point
e nation can retain its gold and sil *
r , having only its distributive share ,
lerefore , it will be seen that any form
currency receiving free acceptance-
id general circulation and operating-
advance prices that is not a legal-
ider , the free acceptance anel general
dilation of which depend upon con-
rtibility upon demand into legal ten-
r money , is a delusion and a snare ,
ich currency aids in making a level
prices , but it is absolutely powerless
sustain the price-level after it is
ide.
Che beautiful doorway to Rouen ca-
Bdral , forming part of perhaps the
> st picturesque facade in existence ,
in so bad a state of repair that the/
inicipai council has been forced to-
part from its principle not to assist
ilesiastical restorations and has-
ted $20,000 toward the work , pro-
led it is undertaken at once and coi >
ued without intermission. v ,
