The Nebraskan. (Lincoln, Neb.) 1892-1899, May 12, 1894, Image 2

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1 1 IJLw
ii E2( 13 fxif iVl i
No. 18.
i t
Conttmiod from Last Imuo.
The per capita circulation of Great
Britain Ib now $10.84, and of Germany
(17.50. France has a large per capita,
$17,50. The finances of France, how
ever, arc steady and made secure by the
possession of at least $800,000,000 in
gold, furnishing to Its people a per cap
ita circulation of 20.52 in gold coin
alone. More than half of this pur
chased silver lies idly in the Dank of
France as the silver is in the United
States. The reason why France requires
a larger volume of money to do Us 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 France they have
only about 800 banks. In the United
States we have 8,800 national banks and
enough other bunking institutions to
make the number of banks of all kinds
at least 5,500, hence the great mass of
our business amounting to 95 per cent,
is carried on by checks, bills of ex
change and drafts, and very little money
is used. But we have in this country
very nearly the amount of silver that
France has and France in 1874 gave up
the free coinage of silver. Since that
time India has also receded from the
silver standard, so that if the United
States adopts the policy of the free coin
age of silver it, with Mexico, will be the
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
havc'it coined into dollars and made a
legal tender for the payment of debts it
will largely appreciate 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 10,000 ounces
of standard silver, and each 28.8 grains
of gold is worth one dollar and each
412)4 grains of the silver owned by the
other man is worth intrinsically and
commercially 60 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
412j grains of silver of his neighbor
for say 14 grains of gold, 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 mints at all, but will always pur
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. When
gold has been worth more than silver,
silver has always gone to the mint and
gold Las 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 1884 to 1878 the
commercial value of silver was greater
than that of gold, and the result was I
that silver was either melted up, export-
ed or hoarded, and did not go to the :
mint while gold was freely coined. If j
we have free coinage the result will I
surely be that gold will go out of the
currency, and the only coin in circula
tion will be silver.
Under the Sherman act we bought
silver, poying 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
$47,000,000 were redeemed at the treas
ury, allowing that we were in fact paying
gold for sl'"er, When we put gold upon
a free coinage 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 being redeemable in
gold, slKcr 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 time 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 puhd gold out of rwtilntio'
While everyone the wide world over will
be more than willing to coin and put in
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 ratio of the
world's silver, which was for the year
1892 of the coinage value of $180,000,000,
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 of the mints of the
United Spates, 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 $49,000,000- 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
valuable to be hazarded by such heroic
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
has been running about $33,000,000 per
year, but from recent estimates of Hon.
E. O. Leech, ex-director of the mint,
and Hon. Dennis Sheedy, president
Globe Smelting Works of Denver, I be-
I 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
l next three or four years to the output of
$50,000,000, equal to that following the
I discovery 01 gom in eaiuornia.
1 cannot agree with the champions of
free coinage that the United States has
abandoned Bimetallism, as long as 11
maintains in circulation at a parity with
gold some 600 billions of silver, and as
long as it keeps in circulation a greater
amount of silver than gold. The bimet
allist lauds France to the skies as the
world's great exponent of bimetallism.
Yet we are only doing what France did.
France stopped the free coinage of silver
in 1878, but retained in circulation $800,
000,000 of silver and $800,000,000 of
gold. We have about $575,000,000 of
gold 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
Freshmau. "Say, Jack, what is the
subject for your next essay?"
Sophomore. "The annoyances of a
Fresh. "Why you never lived in one
I in your life. Vou don't know anything
about it."
Soph. "O, yes I do. I used to stand
beside one of the rear row tenors in the
1 Glee club."
The Senior clans finished the course in
Corporation 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 f,thc
slate, ud has gained quite a reputation
becausevof his work on the new supple
ment to Chancy's Digest.
It seems to be settled that the Seniors
will not be able to iret awav to attend to
the practice that is awaiting them until
after the close of
exercises of the
he course as laid
Academic College
down will be c
d May 20, the
students think tha1
:y can't auoru to
wait a couple of
in order to co
through the formalijjrj
hich seems to be
such an important matter to some of our
academic friends,
Earlier in the year Judge Maxwell
presented a volume of his "Justice
Practice" to the Senior class, and 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 Ahlberg should have
the book.
There are a great number of clubs in
the University at present; the Camera
club, the Dramatic club, th Poly Coi
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
all enthusiastic over their specialties.
The party given by the Freshmen and
Sophomores at Templs 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 games 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.
Fm W
Did you notice what a feeling of peace,
of blessed quiet and contentment, comes
over you while reading in the Library
now-a-days? And don't you remember
that It was just the other way when the
cold, chilly blasts 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 and bye, that dreadful, horrid,
hideous noise, os of a brigade of naughty
children down in the basement pounding
the steam pipes with tack hammers,
would'tome all at once into your con
sciousness. You made up your mind
not to listen to it, and went resolutely 011
with your reading. But there seemed
to be a hitch some where. Every half
minute came that awful k-r-r-rang! and
you couldn't help bnt 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 on-.ujh didn't cuinc
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 got mad 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
in a sea of unspoken maledictions you
left the room with its eternal k-r-r-a-n-g!
far behind you and flunked next day in
consequence. And now, when you sit
and divide your attention between your
book andgthc 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
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.
Couuell is to have a student's tribunal
in general character like the one at Amherst-
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
That the work of a drill is to bore.
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
largf plants, and ore 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
and the last is a naval constructor, work
ing on important government contracts.
Investigation of college clusses recently
graduated at Pennsylvania shows that
men out of college four years were
earning on an average $1,540 a year,
while the graduates of three years' and
two years' standing were earning re
spectively $1,020 and $920. The3e 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 State University attends
chapel, varying from 69 to 80.
Kansas Athletic Association owns a
park and amphitheatre valued at $2,000
and has $500 in the treasury.
The University Courier ( says:
"Nebraska is still shy about entering her
athletic team against us at Kansas City
May 80th.
In Mr. Coxey's army
Some men arc bound to shirk;
The chances are that many will
Desert and go to work.
The editors of the University of Michi
gan "Daily" arc elected by the subscrib
ers. The Union boys Debating' Club is
jubilant hornnco of th fnf that the
" Minnesota philosopher," Ignatius
Donnelley, will attend their debate with
Cotner 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.
A Sopomore came down the walk
And this remark he made,
As he saw the campus benches
A standing in the shade:
"For comfort and for luxury
These seats cannot be beat,
So I'll always get my lessons out
Upon a campus seat."
Quoth the French professor,
Looking from his window to the ground,
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."
Quoih 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."
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 bitter 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 theBe cute hats appear,
And then we'll come back home and live
In peace forever here.
The manager carried the money,
y Williams carried the "flunk,"
Willey carried the baby
And Cooley carried the trunk.