tt
Che Conservative.
plain metallic receptacle , will bo ready
for delivery.
Fee for incineration , including the
use of the chapel , and metallic recep
tacle for the ashes
,
The Cost. . . . _ ,
is $25.00. Other ex
penses are mentioned , hero for the in
formation of distant patrons.
Hearse , from residence , depot , or
steamboat landing , $7.00.
Undertaker's wagon , same service
$3.00.
Carriages each $3.00.
Undertaker's fee $3.00.
Amount to cover ( in currency , bank
draft , or certified check ) must be paid
in advance.
M ° *
MAGNANIMOUS. ,8
contly magnani
mous was the recent declination of the
senatorship by the distinguished soldier
and orator of Lincoln who ran for the
presidency in 1896. THE CONSERVATIVE
congratulates that valiant warrior and
staunch statesman upon having made a
real self denying declination of the
appointment by Governor Poynter for
"Bryan's sake. " Others made sacrifices
for Bryan's enko , in voting for his plat
forms and nominees , but not one was so
generous as this declination by Bryan
for "Bryan's sake. "
And in fcll °
, .
of the Poynter
every dog hath his day it came to pass
that a vacancy occurred in one of the
senatorial chairs belonging to the state
of Nebraska. And thereupon the appe
tite for filling that empty chair became
a raving fever. Bight and left the
infection spread. It burned fiercely in
the veins and vitals of Goliah Allen. It
seethed and smoked in the various con
volutions , making up the corporeal
organism of the "Little David" of Hall
county sometimes called the petty
giant and it was molten lava in the
heart and brain of the suave Hitchcock.
But there was no sling , either of
whisky , brandy or any other material
strong enough to knock out Goliah
Allen. And there was no newspaper
capable of recording his defeat. There
fore , after live wire experiences between
Lincoln and Austin , Texas , Goliah
Allen , whom slings affect not and who
loveth sobriety and the sweet songs of
piety and faith , was appointed United
States senator from Nebraska on Decem
ber 18th thirteenth 1890 , by the
Poynter aforenamed. It is pleasant for
brothers to dwell together in unity.
There is , in Nebraska , but one democrat
eligible to office , and for "his sake" the
other former democrats are crucified on
a cross of candidature and the thorns of
defeat are -pressed down upon their
brows forever.
KMKUGENCY CUKHKNOY.
The comptroller of the currency in
his recent report to congress , repeats his
recommendation of last year for the
authorization of the issue of a limited
amount of national bank notes , under
conditions which he thinks will make of
them an emergency or temporary money
supply to meet the necessities of extra
ordinary money situations.
Not Novel.
The idea of a temporary or emergency
currency is not novel. It is now pro
vided for iu Germany and perhaps other
countries , but I do not recall the fact , if
it exists , that any previous comptroller
has so strenuously urged its im
portance.
Necessity for It.
That something of the kind is needed
in our financial fabric , I think must be
apparent to any one giving the subject
any close and careful attention.
Wo have in the United States an im
mense volume of credit securities and
obligations which , if their amount could
be indicated in dollars , would reach a
sum of almost incredible proportions.
Against these we have , it in true , a
very largo volume of currency com
posed of government notes , bank notes
and gold and silver coin but this
volume of currency , largo as it is , com
pared with that of credit obligations ,
carries a very small ratio.
For this reason , it is with us , but a
short step from a condition of plethora
to a condition of stringency , bordering
at times upon panic.
Repeatedly within the past few years ,
and notably only a few weeks ago , have
these changed conditions suddenly been
manifested at our financial centers.
Causes of Dinturlmuoo.
These disturbances have been pro
duced at periods when least expected ,
and more frequently than the almost
regular intervals of financial crises like
1857-1873-18953.
These last are occasioned by perhaps
unavoidable causes , marking as they do ,
the uppermost limits of inflated prices ,
following an era of speculation and
credit expansion. Within certain bounds
trade operations havq constantly boon
expanded and contracted , and the re
vulsion from expansion cannot easily
occur without its attending financial
spasm of distrust and uncertainty.
The changes to which I refer have not
been of this character. They have
occurred at periods when trade condi
tions seemed to prohibit the possibility
of a panic. For instance the failure
of Baring Bros , in England the special
message of President Cleveland upon
the Venezuelan question each caused
its financial' stringency , but no panic.
The ouo indicated the disappearance of
a large amount of capital the other the
probable employment of a large amount.
The effect produced upon the money
market was the same in either case ; a
readjustment of credit conditions would
inevitably follow.
The last occurrence of this character
was the beginning of war between Great
Britain and her South African depen
dencies. These circumstances by thus
affecting our money market , go to show
that the world of finance is a small
world , if wo judge of its size by
the extent of the effects produced , by
transactions occurring in remote parts
of it.
Not Normal.
It cannot bo claimed that these in
fluences upon our money market are
normal conditions. On the contrary
they are extraordinary and cannot be
anticipated , and in view of our boasted
financial strength it is humiliating to be
obliged to acknowledge that our finan
cial system is provided with no defense
against them.
Devices mill/ril.
Necessity being the mother of inven
tion , the crude , clumsy and unlawful
method of clearing-house certificates
has frequently been adopted by the
banks as a last resort , and government
aid has been demanded and utilized
whenever it could be obtained.
General Monetary Theories.
Our first inquiry should bo directed
toward the general or theoretical con
ception of the causes operating upon the
money function which evolve the situ
ations noted.
Efleut of Money Supply Upon 1'rlccH.
It is the strenuous contention of the
great political economists and especially
Ricardo and J. S. Mill , that the quan
tity of money in circulation governs the
prices of commodities.
We now know that this is an erroneous
theory. The quantity of the money
supply does not affect , except very re
motely , the prices of commodities ; but
it does affect the prices of securities in
other words , it affects the interest rate.
Money an a Medium of Exchange.
A certain amount of money is required
at all times as a medium of exchange
and under normal conditions every
nation is provided with an ample supply
for this purpose. The demand for
money in the exercise of this function
should not be confused with its demand
as an aid to production ; or its use as a
storage of value.
The quantity required for the ex
changes is unquestionably increased by
any unusual activity in trade ; and I
think the gouoral confidence iu the
utility of checks and bank clearances
for meeting this increased demand is
misplaced. These are great con
veniences , but their volume must neces
sarily , I think , carry a fixed ratio to the
> > * !