The Nebraskan. (Lincoln, Neb.) 1892-1899, May 12, 1894, Image 1
fAr"wjj 2- THE NEBRASKAN VOL. II. LINCOLN, NEBRASKA, SATURDAY, MAY 12, 1894. No.' 18. M BIMETALLISM. Coutliuiori fi-oui Last Ihriio, The per capita circulation of Grcnt Britain is now $10.84, and of Germany $17.50. France has a large per capita, 4,17.50. The finances of Prance, how ever, are steady and made secure ny the possession of at least $800,000,000 in gold, furnishing to its people a per cap ita circulation of $20,53 in gold coin alone. More than half of this pur chased silver lies idly in the Hank of Prance as the silver is in the United States. The reason why Prance requires a larger volume of money to do its busi ness is that the people of that country are accustomed to carry about with them and keep at home and pay out from day to day more money than the people of the United States or any other country. Hence more of their silver is in circulation and they need more money in their business. In Prance they have only about 800 banks. In the United States we have 8,800 national banks and enough other banking institutions to make the number of banks of all kinds nt lenst fi.fiOO. hence the trrcat mass of our business amounting to 05 per cent, I is carried on bv checks, bills of ex- I changc and drafts, and very little money is used. But we have in this country very nearly the amount of silver that Prance has and Prance in 1874 gave up the free coinage of silver. Since that lime India has also receded from the silver standard, so that if the United States adopts the policy of the free coin- , ntre of silver it. with Mexico, will be the I only nation in the world that allow any and every person to take their silver to the mints and have it coined. All of the civilized nations of the world, including the United States, comprising 673,000,000 of people, have stopped the free coinage of silver. Shall the United States, in view of the action of all other countries who have widely used silver, fly in the face of its own experience and that of other countries? The free coinage of silver will not in crease its price. The claim is made that if we will only allow private per sons to take their silver to the mints and have it coined into dollars and made a legal tender for the payment of debts it will lartrelv amoreciate in value. If this is done gold will at once go out of circu- lation because it will sell at a premium. If a man has 1,000 ounces of gold bul lion and another man has 16,000 ounces of standard silver, aud each 28.8 grains of gold is worth one dollar and each 412 grains of the silver owned by the other man is worth intrinsically and commercially 6C cents, the owner of the gold bullion, instead of taking his 25.8 grains of gold to the mint and having it stamped as a dollar, will go and buy 412 grains of silver of his neighbor for miv 14 trrains of irold. and have it stamped as one dollar, because the 25.8 grains of gold intrinsically is worth ' about 50 cents more than the 412 . grains of silver. The result is that the ' holder of gold bullion will never take it to the uiints at all, but will always pur- j chase silver and carry that to the mint and have it coined and stamped, be- ' cause he can obtain a dollar which will pay debts to the same extent as the 25.8 grains of gold if stamped and called a dollar. That this is true is proved by the history of the government mints. cold has been worth more than When silver silver has always gone to the mint and gold has either been exported or gone out of circulation. This was true from 1792 to 1834, when gold was worth more than silver, and during that time com paratively little gold went to the mint for coinage. From 1834 to 1873 the commercial value of silver was greater than that of gold, and the result was that silver was either melted up, export ed or hoarded, and did not go to the mint while gold was freely coined. If we have free coinage the result will surely be that gold will go out of the currency, and the only coin in circula tion will be silver. Under the Shermuu act we bought silver, paying for it with gold. This was done by issuing treasury notes for the silver bullion. The seller of the bullion took these treasury notes, pre sented them to the treasury and got gold for them. Last year there were about $49,000,000 of treasury notes issued and $17,000,000 were redeemed at the treas ury, showing that we were in fact paying gold for silver. When we put gold upon a free coitiagc basis gold dollars will no longer be paid for silver, but gold bul lion will be swapped for silver and the holder of the gold bullion will receive the difference in value between the two metals, and hence the only metal in cir culation will be silver, and the silver bullion holders will receive only silver for silver. In other words he will be paid in his own coin, And as it is a de based coin it will fall to its natural level. As long as the coinage of silver is lim ited, with the credit of the government behind it, the silver bcitig redeemable in gold, silver will for a short time circulate on a parity with gold, but when the coinage is unlimited and the stock of gold is beginning to lessen, the lime will not be far distant when gold will come to a premium and the silver dollar will not be redeemed in gold. Then the two metals will not circulate together, but also suffer under the disadvantage of having pushed gold out of circulation. While everyone the wide world over will be more than willing to coin and put m circulation silver dollars, no one will be willing to coin gold and put it in circula- tion because it will be too valuable. Gold will therefore be hoarded and kept out of circulation until the per capita of money in circulation will be only a little more than one-half what it is today. Our distinguished congressman, Mr. Bryan, seems to be for the free coinage of silver at the present world's silver, which was ratio of the for the year 1892 of the coinage value of $18(5,000,000, less the amount used in mechanical and industrial arts. Mr. Thurston seems to be in favor of the free coinage of the world's silver at the ratio of about 20 to 1, while Senator Paddock is in favor of coining the product ol the mints of the United States, the coined value of which for the year 1892 was about $80,000,000. As all these projects call for the coinage of more silver than was purchased last year under the Sherman act, amounting to about $19,000,000; none of them should commend themselves to the good sense of the American people. These distinguished gentlemen say to the pa tient sick unto death from over-doses of silver, swallow the whole bottle and get ' well. Is not the life of the patient too vaiuauie 10 dc nazarueu oy sucu neruic remedy? One of the objections made against a repeal of the Sherman act and the resort to the gold standard is that the annual supply of gold is insufficient to provide a volume of money equal to the wants of trade. The gold output in this country as running about $33,000,000 per I year, but from recent estimates of Hon. E. O. Leech, ex-director of the mint, ' ! Hon. Dennis Sheedy, president . Globe Smelting Works of Denver, I be- believe that the gold output for the next year will be about $40,000,000. As the silver industry lags the gold industry will revive, and will push up within the next three or four years to the output of $50,000,000, equal to that following the discovery of gold in California. I cannot agree with the champions of fre" coinage that the United States has abandoned bimetallism, as long as it maintains in circulation at a parity with gold some COO billions of silver, and as I long as it keeps in circulation a greater amount of silver than gold. The bimet- allist lauds France to the skies as the ivorld's great exponent of bimetallism. Yet we are only doing what Prance did. France stopped the free coinage of silver in 1873, but retained in circulation $800,- 000,000 of silver and $800,000,000 of gold. We have about $575,000,000 of cold and about $000,000,000 of silver. If France is to be pointed to as an example of what bimetallism has accomplished, then the United States should not be charged with deserting the principle of bimetallism. Freshman. "Say, Jack, what is the subject for your next essay?" Sophomore. "The annoyances of a Hat." Presh. "Why you never lived in one in your life. You don't know anything about it." Soph, "O, yes I do. I used to stand beside one of the rear row tenors in the Glee club." LAW NOTES. The Senior class finished the course in Corporation Law this week. Mr. Mun ger thought the class qualified to pass without a written examination. A law banquet, to take place some time about commencement, is in con templation by the Laws. It is designed to have quite a notable gathering of lawyers present. Judge Reese thinks that there is no use in being idle during the time from the close of lectures according to sched ule and commencement, and it is prob able that another week will be added to the course just to keep us busy. Randolph McNitt, at one time a stud ent in the Law school, called upon old friends April 25. Mr. McNitt is one of the successful young lawyers of the state, and has gained quite a reputation because of his work on the new supple ment to Chancy's Digest. It seems to be settled that the Seniors will not be uble to get away to attend to the practice that is awaiting them until after the close of the exercises of the Academic College. As the course as laid down will be completed May 20, the students think that they can't afford to wait a couple of weeks in order to go through the fornialiiy which seems to be such an important ntatterto some of our I academic friends. Earlier in the year Judge Maxwell presented a volume of his "Justice Practice" to the Senior class, nd since the Libraiy already has a copy, it was thought advisable to bestow this volume on some member of the class individu ally. At a meeting of the class it was decided that Grant Ahlbcrg should have the book. There are a great number of clubs in the University at present; the Camera club, the Dramatic club, the Poly Con club, the Microscope club are all organ izations with which every one is ac quainted. Three new clubs have been organized lately. The English club was organized a short time ago under the direction of the English department and is composed of those especially in terested in work of that kind. Professor Adams is president, and Miss Mary Ed wards secretary. Meeting are held every three weeks at the homes of the mem bers. Reviews, stories and poems are written and read by members of the club, and the writer is given the benefit of criticism. The members at present are Messrs. R. C. Bentley, Norman Shreve, N. C. Abbott, L. C. Oberlies, O. R. Bowman, G. F. Fisher, Misses Flora Bullock, Anna Prey, Anna Broady, Katherine Melick, Amy Bruner, Louise Pound, Mary Edwards, and Profs. Adams, Bates and Belden. Another club was organized at the beginning of the semister for the detailed study of the works of Browning. It is called the Sherman Browning club. Meetings are held every two weeks at the homes of its members. The work under discussion at present is "The Ring and the Book." Miss Lulu Green, Messrs. I. M. Bentley and Ernest Gerrard are the executive committee. The club promises a sur prise for the students before long. The Medical club is composed of about twenty students who are registered for the Medical course offered, or who are intending to make the study of medicine a specialty. This club meets in the Zoological laboratory every two weeks, and reviews are given of the current literature on subjects that are of inter est to the club. The organization of such clubs must be of great encourage ment to instructors, as the members are ull enthusiastic over their specialties. The party given by the Freshmen and Sophomores at Temple Hall Friday evening proved to be one of the most successful of social events. The com mittee under whose management it was given deserve great credit. Dancing, cards and gttnes of various description afforded the entertainment. By this means an attendance of all the classes of students was secured. Noticeable among the guests were several profes sors. The Senior and Junior classes were well represented. Mr. Carpenter proved a great success as a floor man ager, and aided to make the evening one of greatest enjoyment. Did you notice what a feeling of peace, of blessed quiet aud contentment, comes over you while reading in the Library now-a-days? And don't you remember that it wub just the other way when the cold, chilly I lasts of December necessi tated the use of the heating apparatus? Who doesn't remember the morning for we've been there when he entered the Library with the determination that he was going to do some very careful reading on his history, or "polycou," or English literature, or what not? And then, bye aud bye, that dreadful, horrid, hideous noise, as of a brigade of naughty children down in the basement pounding the steam pipes with tack hammers, would come all at once into your con sciousness. You made up your mind not to listen to it, and went resolutely on with your reading. But there seemed to be a hitch some' where. Every half minute came that awful k-i-i-rang! aud you couldn't help but listen to it. All your resolving not to was in vain. And worse and more of it, you commenced to listen for it. If the smash didn't come on scheduled time you got all broken up waiting for it, and when finally it came you gave a sigh of relief and went to work painfully waiting for the next one! In a few minutes you gotmad furiously mad; you wanted to go down .stairs and slaughter the man who was pounding the pipes: you wanted to go and com plain to the Chanc," but you did neither. After an half hour or so of ex quisite torture you threw your book on the table, and with your mind swimming m a sea ot unspoken maledictions you left the room with its eternal k-r-r-a-ng! far behind you and flunked next day in consequence. And now, when you sit and divide your attention between your book andJUie giggles of the group of Senior girls in the other end of the room, you almost love those giggles in contrasting them with that awful pound ing in the pipes which broke down your nervous system during the long and cruel winter. There is one student for whom an eager search is being instituted and when he is found he will be crowned with a laurel wreath and awarded a medal of genuine American tin. We refer to the one who is NOT going to enter the "local" as a contestant for a place on the Kansas-Nebraska debate. Says Betsy Prig to Sary Gamp: "I don't believe there is no sich a person." The Botanical Seminar are arranging for a great celebration of the birthday of Sinuras next month. The scientific peo ple will look forward to this event with pleasure, as anything managed by this organization is sure to be a success. EXCHANGE. Connell is to have a student's tribunal in general character like the one at Am-herst- The cadet just released from the grind of the day, In body quite weary and sore, Is a proof of the fact which we all will admit That the work of a drill is to bore. "Brurionian." DOES A COLLEGE EDUCATION PAY? Some statistics recently gathered at the University of Pennsylvania have a bearing on the frequent question, "Does a college education pay?" Not long ago a census was taken of the first twenty-five graduates of the School of Mechanical and Electrical Engineering. It is found that eight are consulting en gineers, with their own offices; seven are superintendents and assistants in large plants, and one has charge of all repair work and special designing in the largest locomotive works in the country. Three manage concerns which they own entirely or in part, two are superintend ents of gas improvement companies, three have responsible railroad positions aud the last is a naval constructor, work ing on important government contracts. Investigation of college classes recently graduated at Pennsylvania shows that men out of college four years were earning on an average $1,640 a year, while the graduates of three years' and two years' standing were earning re spectively $1,020 and $920. These fig ures are affected by the fact that many of the men took three years of profes sional study after their college course.- The Pennsylvania!!. Wisconsin won the Wisconsin-Minnesota debate which took place at W. U. on April 20th. One out of every twelve students at the Missouri Stale University attends chapel, varying from (19 to 80. Kansas Athletic Association owns a park mid amphitheatre valued at $2,000 and has $500 in the treasury. The University Courier (Kans.) says: "Nebraska is still shy about entering her athletic team against us at Kansas City May 80th. In Mr. Coxcy's army Some men are bound to shirk; The chances are that many will Desert and go to work. The editors of the University of Michi gan "Daily" are elected by the subscrib ers. ' The Union boys Debating Club is jubilant because of the fact that the " Minnesota philosopher," Ignatius Donnelley, will attend their debate with Cotncr on the A. P. A. question, May 11. The boys are working hard and prom ise to put up a debate that will give even that distinguished opponent of A, P. Apeism some valuable pointers. ON THE CAMPUS BENCHES. A Sopomore came down the walk And this remark he made, As he saw the campus benches A standing in the shade: "For comfort nnd for luxury These scats cannot be beat, So I'll always get my lessons out Upon a campus seat" Quoth the French professor, Looking from his windQW.tSLthc-grouiid,- Where he saw his missing students On the benches all around: "I must hold an outdoor meeting Of the Freshman class in French, For I see my students skip the class To sit upon a bench." Quoth the little preplet As he walked the college campus through, And he saw the youths and maidens On the benches two by two: "There is nothing in this wide world That would make my young brain whirl, As to sit upon a campus bench Beside a pretty girl." HOW THE BOYS WILL THEIR HATS. GET I want a little flag of red; I want some railroad fare; I want to go to Washington And join Coxey there. I want to see the congressmen, And the dictator too; I want to tell them what I think They right away should do. I want a law right quickly passed And carried through with whirls That grants the right of us to wear Hats like Freshman girls. While Kelly's down at Council Bluffs, And Coxey marches on And Lewelling of Kansas Has placed his brains on pawn. While haughty road officials Refuse to furnish cars, And discontented laborers Threaten bloody wars. While capitalists and laborers Their 'itter quarrels renew, And congress and old Grover Are in an awful stew. Let's take the Freshman beauties And settle these combats; Let's barricade the capital With nobby Freshman hats. I know we'll get just what we want When these cute hats appear, Aud then we'll come back home and live In peace forever here. ON THE TRIP. The manager carried the money, Williams carried the "flunk," Willey carried the baby And Cooley carried the trunk.