Conservative *
service in the hottest of battles of the
war of 1812 , and father of Oassius M.
Olay , jr. , Bourbon's present foremost
statesman and parliamentarian , a man
who preferred a tranquil conscience ,
and his own political convictions to party
preferment yes , Brutus J. Olay from
18G3 65 , as a high type of representative
of the agricultural interests of his sec
tion , did well his part as congressman
from this famous district. Col. Win. E.
Simms , of Bourbon , too , as federal and
confederate statesman , honored us at
Washington and Richmond , as repre
sentative , and in later years , until his
recent death , showed himself a man
with rare capacity for affairs and busi
ness. Nor should the historian forget
the living in his eulogies on the dead.
There is Joe Blackburn , champion of
free silver , considered by some the great
est of Kentucky's "stump speakers. "
Certainly ready at repartee and sarcasm
in debate , he , as Woodford's statesman ,
was congressman from 1875 to 1885.
Succeeding genial Joseph was one bear
ing an honored name , the rival of Henry
Clay and Thos. F. Marshall in forensic
efforts , the equal of the best New
England representatives , in culture , in
statecraft and all the elements of a
varied versatility , the superior of them
all in superb , magnetic , entrancing
oratory , the gray-haired , silver-tongued
Breckinridge.
Scott county sent Major W. O. Owens ,
an imposing and able representative , in
1894 from the district , who declined the
race of 1890 , because he was not in ac
cord on the finances with his constitu
ents.
ents.And
And he whom God's finger touched
all too soon , and removed a few months
since from the scenes of his earthly suc
cesses , the gentle , genial , eloquent and
lovable Evan E. Settle , whom "Sweet
Owen" loved so well to honor , and who
carried old Ashland's banner as her re
presentative to further victories. Space
and time forbid that I prolong the story ,
and this imperfect sketch is but a dim
outline of a grand historic picture , a
picture in which , perhaps , Henry Olay ,
the whig , and John O. Breckinridge
the democrat , will ever stand as the
foremost figures , challenging and en
hancing the reverence and admiration
of mankind. In fact , these poor words
are but a faint suggestion of the annals
of a district whose representatives have
made for it a name upon the heights ol
political history as high as statesman's
skill has ever reached. Other Congress
ional districts , such as the Illinois dis
trict of Lincoln , Douglas , Hardin and
Baker , and the Maine "bailiwick" of
Fessenden , Elaine and Reed , or the
Massachusetts district of Webster , Sumner -
ner and Everett , have rivaled but not
surpassed , this Kentucky pastoral prov
inse of "thebeautifulbluegrass. " Let
the present aspirants for Oougressioua
honors from such a district ponder wel
upon the intellectual giants , their pre
decessors of other days , and indnlge in
no unseemly scramble to reach a position
of such weighty responsibilities , of such
historic glories. 0.
In the Bluegrass , May , 1900.
THE NEW CUKUENCY LAW.
Mr. Henry W. Yates , president of the
Nebraska National Bank , of Omaha , in
response to a private letter of inquiry
relative to his views upon the new cur
rency law , wrote the following able
exposition of his opinions :
Referring to my Hartington address ,
in which I express my objection to any
kind of credit money , but as you say ,
"champion the new currency law , " you
ask , "what kind are you in favor of ? "
I think this question is clearly
answered in my address. I state the
qualities which in my opinion are de
manded to constitute "real" or good
money and say "only one money now
fulfills these conditions and that is
gold. "
I champion the new currency law , for
the reason that it is conceded on all
sides that our volume of money must be
maintained , and if we must have some
kind of credit money , no better can be
devised than that provided for in the
law ' 'a money which is not only made
payable in gold on demand but has the
security of the public debt back of it to
support the promise. "
Payment of the National Debt.
"Are you in favor of paying the
national debt ? If national debt is paid ,
on what basis will you then issue
national bank notes ? "
I am not in favor of paying off the
national debt until it can be accom
plished without imposing an intolerable
hardship upon the tax-paying classes.
Most people I think would prefer an
indefinite continuation of the debt at
the low interest rate now obtained by
the government.
I believe that taxation should be kept
down to figures which will provide
sufficient revenue for the expenses of
the government and no more ; but should
there at any time be a surplus , I think
it should be devoted to the reduction oi
the debt.
If this process should result in the
gradual extinguishment of the debt , the
country in my opinion could easily
stand the contraction of the currency
thereby occasioned. It would be a
healthy contraction and no necessity
would exist for the issue of national
bank notes to take the place of those
retired.
The Balance of Trade.
' 'The balance of trade now is largely
in favor of the United States , but
already large amounts ( of gold ) have
been shipped. Why is this the cose
under the present circumstances ? "
The export of gold has arisen from
the fact that a better rate of interest
upon money loans can be obtained
abroad than in the United States.
Money as a part of capital and the
representative of its uninvested part .
naturally flows to the community which
will pay most for it.
This movement is entirely indepen
dent of and distinct from , that manifested
in the exchange of commodities , although
of course the amount required for the
payment of balances arising from the
exchanges must be affected by it.
The shipment of gold to or from the
United States is as natural a procedure
as the shipment of currency to or from
Omaha or any other town in Nebraska.
We do not feel poorer because we ship
money east to make exchange , nor
richer when we import it to meet the
current demands of our business.
The export movement only becomes
serious and alarming when it arises
from distrust and loss of confidence. In
that case , the capital is withdrawn , not
because some one else will pay more for
it , but because the owners of the capital
are not willing to continue its invest
ment on any terms in the community
from which it is taken.
Value of Gold If "Demonetized. "
"What would gold be worth if the
United States government should enact
a law not to coin any more money out
of gold and depriving it of a money re
demption ? What effect would such
action have in the United States ? "
In my opinion , gold would be worth
just as much as it was before.
Of course such a law would be a silly
and mischievous one and the country at
large would be called upon to pay the
cost of the inconvenience occasioned.
But , commerce could not be deprived
of its only standard of value. Individual
enterprise would supply in a way the
facilities heretofore supplied by the
government. Bullion and bullion cer
tificates representing bars deposited in
safety vaults and perhaps coins struck
off by private assayers would circulate
as money , and be generally accepted the
same as if issued by the government
itself. The volume of gold circulating
as money would probably be unchanged.
I appreciate your statement that my
answer is not intended for publication ,
and I thank you for the compliment
conveyed in considering my opinion of
some value , but I do not object to publi
cation. The views I express have not
been hastily formed but are the result
of many years of study and experience ,
and I am willing that they should
endure the test of criticism or else gofer
for what they may be worth in the
formation of public opinion.
Yours truly ,
HENRY W. YATES.
Omaha , Neb. , May 22 , 1900.
Mrs. Grogan "Pat's got a job in the
tube works up on the Bronx. " Mrs.
Dugan "Arrah ! Oi've aften rid av
thim bronchial tubes. " [ Judge.
