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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Aug. 28, 1890)
THE OMAHA DAILY BEE , THrtlBSDAY , AUGUST 28 , 1890. AND GOLD. ffho Standard Money Metals of the United States. HOYSILVER WAS DEMONETIZED , , Eosewater's Exhaustive Review of the Silver Question. * ANALYSIS OF THE DECLINE IN PRICES. Universal Trade Depression Due to Indus trial Eevolution. VOLUME OF MONEY AMPLE FOR BUSINESS. IT- Iowa's Corn Crop AVorth .More Than the Xutlon's Silver Crop I'ro- certlliifjH or tliu Scuonii Day of tlio FnrincrH' ConKrcss. The second day's session of the nntlonnl farmers' congress convened nt 0 o'clock yes terday morning nt Dohiiny's oi > cn\ house , Council Bluffs , nt 0 o'clock. Tills WIIM tin hour earlier tlian the pro- tBramrned tlmo and as n result but n small mumbcrof delegates and spectators was pros- ! cut. cut.Tho The early call was made for the purpose of gaining tlmo on the programme so us to finish up tlie business of the convention on Thurs day ovcnliij , ' . It was originally intended to hold a session on Friday but this was changed on account ol the excursion to Denver. During the first hour tho' delctrates and visitors kept coming in , and at 10 o'clock this hall was very comfortably filled. When the convention was called to order prayer wai offered by Uov. N. W. Taylor , nnd nn opportunity was given for the dole- pates to present memorials for reference to thn committee on resolutions. In the ubjcnco of Hon. Milton George , editor of the Chicago Pluralist , who was billet ! to speak on the subject of the fanners' alliance , of which ho is the founder , Hon. Josinh Wheeler of Kansas presented the first paper of the morningsession. His subject was "LcRlslation for Fanners. " "Extreme * men , " ho snld , "have assumed that nil depression in farm Interest has be-on * caused by unfriendly legislation. Some of them have oOlrmcd thnt all national legisla tion for the last thirty years hns been npiinst i ' the funnoi'and in favor of the corporations. A glance nt the legislation of the period coin- ' " / plained of shows the fallacy of this allega tion. Within that time the homestead law , ? the donations of lands for agricultural col- f , leges , the establishment of experimental sta- ? f < tions , the interstate commerce law , the tax . . j on oleomargarine , have all been passed by ' ' . congress nnd nro all for the benefit of the .f ' farmer nnd the agricultural Interests. The i. . farmers' nUlanco platform demands the nbol- * Ishing of the national banks , the frco coinage - : ' of silver , the abolishing of trusts nnd option deuling nnd the cutting down of the tariff. It j Is a question whether such legislation would produce the desired remedy. * * * I urn honestly of the opinion that the only legisla I tion that can help the fanner is the protective policy , so as to diversify our In dustries , wo ought to manufacture moro at homo and import loss from abroad , and thereby incroa o our homo consumption. The history of protection shows that the farmer nnd the business men have both prospered1 under it. The hard times of low tariff under Van DUTCH'S administration Is a mutter of history. During these years of protection the prices of manufactured articles have been lurked reduced especially in farm * j machinery. In view of tuoso facts there is : " no escaping the conclusion that the protective policy Is the only Idnd of legislation that can give permanent prosperity to the farmer. " Mr. Wheeler's speech aroused tno opposi tion of the free traders ana tariff reformers nnd a number of them indulged in a wordy crossllro which was finally checked by Pres ident Kolb , who called tlmo and introduced Hon. E. Hosowater.editorof THE OMAHA BEE , who delivered an able address on "Tho Silver Question. " IION . n. nosnwATEii's Anr > mss. Mr. E. Kosowatcr belnir Introduced , ad dressed the congress as follows : Mr. President , Ladles and Gentlemen : I feel highly complimented by the honor conferred on too as the substitute for Senator John P. Jones of Nevada , to deliver an ad dress before this body on the silver question. My views uro perhaps not entirely in accord with those of the senator but they arc given from an unbiased standpoint after muturo reflection. The constitution of the United States em powers congress to coin money and declare the value thereof , and silver and gold nro deslg- vimtod as the metals from which the money of 'tho ' United States is to bo coined. Having clothed silver and cold with this Important function us the measures of value nnd medi ums of exchange the founders of our govern ment doubtless Intended thnt the equilibrium as fixed between these money metals should be maintained nnd all iluctuatlon ana dis turbance of our iinauclal system avcrtea by Judicious legislation. The problem thathns confrontcdour states men from time to tlmo has been to so regulate the national Hnances as to carry on coinage of money with duo regard to the demands of commerce , keeping In view also the interna tional money standards , which necessarily must bo taken into consideration in estab lishing the value of American coin. Within the past twelve years n material dec-lino has tnkcn place In the price of silver in the markets of the world. This decline Is partly duo to the demonetization of sliver by Germany and other European states , and largely nUo to the excessive production of silver nnd the relative decrease In the production of gold. In 1870 the totnl product of silver In the United States was $17,820,000 ; gold , t ) ,7ao,000 ; a ratio of two to one. In ISW the hilvcr product aggregated 119,921,429 ; gold , WS,177JJIG , which was otill two to one. In 1870 the production of silver had reached $3'JSftJ,024 ; gold , $12SSOor . In 1877 the silver pioductlon was J15S4,10U ( ) ; gold , $44,8SO,2' > : i. In other words , the silver pro duction was greater In that year than the gold production. In ISSO the silver produc tion wasK 2,18rt,851 : gold , $29,501,421 , or 80 per cent moro silver than gold. In 1SS8 , silver , * T 3,15'VN' ; gold , ? -ft57,702. ! ) In 1SS9. silver , W4.S03B7 , nnd gold , &i2WTGCt. This Is a striking proof of the Inexorable law of sup ply ami demand , operating upon the money metals as it does upon all other commodities. The production of gold in 1SS9 was a trillo less than In 1870 , while the production of ellvcr had risen from ? 17,000,000 to $04,000,000. Divested of. all partisanship nnd scnti- meutallsm the stern reality remains that the production of silver in the N t live years has been out of proportion with the production of gold , wblto the demand for silver has. materi ally decreased abroad. Gold has , therefore , appreciated anil silver has very materially depreciated in IU relative value to the old standards of sixteen to one. But notwith standing this disparity In the relative market .value of gold and silver our government has ( been able to maintain the silver dollar on a parity with the gold dollars in all domestic purchases and for nil commercial uses , This is ( largely duo to the heavy accumulation of gold cola In our national tmasury.and the excess of ( ourexjxirts over Importswhich sent a stream of gold from the other side of the Atlantic to ( this country by reason of the balance of trade ( being in our favor. * I was ut Washington twelve years ago when the bill was pending to remouetlzo the silver dollar. I was dally In communication with Senator Jones of Nevada , and actively Interested with him in the passage of the silver bill , of which ho was then the fore most champion , but I was convinced then that the legislation proposed was insufficient to restore silver to Its old ratio of 10 to 1. I felt convinced thnt the only way to rfestoro silver to its old position was to create ouch u demand as would ralso tbo price of the metal and keep It from roccuiug for yews to come. I urged Senator Jones then end there to draft a bill that Avould require ull national banks to substitute for the bonds on deposit in the national treasury as a basis for their circulation silver ballloa at its mar ket vnluo. At that tlmo the national banks had something llko 1350,000,000 of currency In circulation and the purchase of * .loO,0 , OJU of bullion would not only have exhausted all the visible supply of this country , but also all the surplus that could have been procured from the other slda of the Atlantic , In order to prevent a corner in silver I suggested that the banks ho allowed to with draw 10 per cent of their bonds every six months , which would have given them flvo years to substitute sliver bullion for the bonds. Such a gradual substitu tion would. In my opinion , have been practical , nnd certainly would have sent silver hack to its old ratio , but Senator Jones pronounscd the scheme altogether too radical , lie thought that congress would not listen to such n proposition and the matter was then and thcro dropped. Six or seven years later , after silver had been receding moronnd inoro every month , the silver certificate was created , which , in part nt least , is based on the snruo principle. I still believe that the substitution of the bul lion basis for the bond basis that now sup- jwrts our national bank circulation , would have been preferable to the purchase by the government of the surplus bullion or the country. It woula have given us n reliable basis for nn clastic currency nnd left the own ership of the bullion with the national banks tistcad of the government. The banks could Defense their circulation when there is n de mand for it. nnd when the supply is greater than the demand , they could surrender part of their currency and withdraw nn equa amount of bullion from the national vaults. But I have put the cart before the horse , Let us go back to 1ST ! ) , when congress struck the standard dollar from the list of American coins. The demonetization of the standard sllvei dollar by the not of 1873 has given rise to o vast amount of wild talk. Some have gpno so far as to denounce it ni the greatest crime of the century committed by coniplrators In the Interest of the foreign bondholders nnd money lenders. The truth of history contra dicts this most emphatically. In 1S70 the American silver dollar of 4l'Jj grains was worth 10.1 cents In the silver inetnl market. These silver dollars hud nearly nil gone out of circulation , being absorbed in ttio silver smith's melting pot. The only metallic dollar in circulation at that period was the little gold dollar. In order to unify our monetary system John Jay Kno.x. comptroller of the treasury recommended to congress to drop the 412L grain dollar out of our coinage list and sub stitute a subsidiary dollar coin weighing ! 5S4 grains In silver for homo circulation. This recommendation was embodied In a bill that was pending Inconaress nearly three years. The history of bi-motalllsm In the United States by Laughlln has this to say in regard to dropping the coluugo of the standard dollar. "In 1ST : } we find a simply legal recognition of that which had been the Immediate" result of the act of 1S53 , nnd which had been nn ad mitted fact in the history of our coinage dur ing the preceding twenty years. In 1S53 It had been agreed to accept the situation by which we had como to have gold for large payments , and to relegate silver to a limited service in the .subsidiary coinage. " On February ID , 1873 , the bill containing a provision discontinuing the coinage of the silver dollar became a law , but this fact did not become generally known until two years later , when silver from various causes com menced declining below the old ratio in the world's markets. The standard silver dollar is a tlme-hon orcd landmark In onr monetary and financial system , but its coinage was very limited dur ing the first fifty years of the republic. During the llrst twelve years from 17W to 1805 , the total coinage of slls-cr dollars was 8l,4wr : > 17. From 1S03 to 1835. during n pe riod of thirty years , not a single silver dollar was coined in the United States. In ISM only $1,000 wcro coined. In 1S37 and 1&5S the United States mint did not coin n single dollar. In 1S)9 ) wo only coined * 300. from 1840 to 1857 the total eoliimjo of silver dollars was $1,323.823. In 185S not a single dollar was coined. From 1S.VJ to 1S73 the total coinage of silver dollars amounted to $3SSo,198. The total coinage of standard dollars for eighty years ending with 1S73 ; vns 3,051,853. During the four years follpwlnc the demonetization of the standard dollar , namely 1871 , 1875,1870 and 1877 , the United States mints coined L'4,531,350 trade dollars , or three times as many silver dollars as wcro coined In the eighty years previous. In the year 1878 , after the silver dollar had been restored , the United States mint coined 8i7U. ! ! > 0 ( ) standard dollars an excess of mort than half a million in one year over what had been coined of the dollars of our fathers u : the cieUty years previous. In the cloven years since 1878 the Unitec States mints have coined over 350,000,1100 standard silver dollars nnd Uo.OOO.OOO trade/ dollars. In a nutshell , since 1S78 wo have been coining as many silver dollars every four months as were coined in the whole eighty years previous to the dcmonitbation of silver , nnd wo have coined forty-one times as many silver dollars during the past twelve years as were coined between 1793 and 1S7U. In 1873 the whole stock : of silver money In the country. Including fractional currcncv , was computed to bo $139,000,000. On the Oth of August , IS'JO , the silver coin of this coun try was computed ns follows by the treasury department : Silver dollars coined , 371,998- 000 , of which $50,014,000 are in circulation and $115,834,000 nro held by the treasury ; subsidiary coin in the treasury , $ 2,307,000 : in circulation , estimated , $ S5,000,000 ; total stock of silver money in the country , $170- 205,000 ; increase of silver money since 1S73 , $340,265,000. In 1873 wo had ( y.OO in silver per capita ; in 1890 wo have M.31 per capita. There is as much misinformation la regard to our gold coinage as thcro is with regard to that of silver. In a speech delivered ooforo the Commercial club of Providence , K. I. , in I860 , ex-Senator Hill of Colorado asserted that the gold product of the world was nearly all absorbed by the arts and the demand for Jewels nnd ornamentation. His speech , re cently reprinted , contains the following : "With an annual consumption in the arts by Europe , America nnd Australia of $31,000,000 , , the absorption bv India of $20,000,000 , the total yield of all the gold mines Is swallowed up , not ono single dollar is loft for monetary uses , to repair the waste and loss of coins , to expand the volume of money in correspondence - once with the enlarged commerce and ex changes of the world. These are facts that wo cannot get away from , " says Mr. Hill. Now , what nro the facts ? According to the report of Mr. IClmball , director of the United Suites mint , the United States miut coined 1880. For the thirteen years beginning with 1873 and including 1880 , the total goH coinage of the United States mints was $507,110,013. * The coinage of gold in IBS'.t was 1,039,285 pieces , valued at $ ! ! iU3U10. ( end the total coinage of sliver for the year ISs'.i was 4070- , l 94 pieces , valued at fMnin,54D.40 ; , including minor coins , so that the total coinage for last year In round numbers was fcll.OOO.UOO. Does that look as If every dollar of gold was ab sorbed in the arts and not n dollar was left to expand the volume of money ? 13y the act of 1378 the standard silver dollar lar was rehtotvd to Its old pluco in our coin age system , and made a legal tender for all dues public and private. It was thus re habilitated to nil the functions that it over possessed. In addition to that congress de creed that not less than two million nor over four million silver dollars bo coined monthly. The average silver coinage Mnco lb 3 has been $28,000,000 jier annum , or fully one-half of the entire production of the metal in this country. The purchases of silver made by the government were at market prices , and the difference between metal vulue and face value of the silver dollar very properly accrued to the benefit of the government , which means the people. The heavy pur chases of silver by the government were , however , moro than offset by the rapid increase - crease in the production of the white metal , mid the curtailed demand from abroad , wheru gold had boon established ns the uniform inoney standard. It became obvious that nothing short of the rcmouotlzatlon of silver by Germany , France , and the Latin Ui.lonor the absorption of the entire silver product of America oy our government would bring sli ver back to 1U old cUlo of 10 to 1. The present congress lias grappled with this problem and , in iny judgmcut.hus applied the safest and most effective remedy. By the act whlcu went Into effect within the past month , the secretary of the treasurv U required to purchase 4,500,000 ounces of 'sil ver every month and coin or store the metal In bars In the treasury , issuing theroforsllver certificates thnt are made a legal tender for all dues nd exchangeable for other money in the notional treasury. This will absorb th'o entire silver product of our mined , unless the stimulus given to silver mining should in crease the production beyond all expectation. The beneficial effect of this policy has already become manifest by the very marked rlso m the price of silver bullion , and its rapid approach preach to the old standard of 11.29 per ounce. But the bulllonalres and bonanza kings de mand free and unlimited coinage of silver. There is no doubt that frco coinage would add many millions to the wealth of thcso nine owners , nnd stimulate spin-ulatloii in mluea and mining stocks , but Its expediency 1 * ox * cecdlngly doubtful nuln the leading Euro pean nations ran bo induced to Join with us In nn international agreement as to the bimetallic metallicstandard. . " ' Free coinage is the rliht of any parson to tnko the bullion to the mint and have It coined without charge. Unlimited coinage moms that any'owner of bullion may oiler thn sama at the mint in limitless quantities nnd hava the snmo coined at thu expense of the Ameri can people. Now why should coinage bo free to any body ! Why not aik the government to print , banknotes free of charge to anybody that1 will present bank note | iapr at the United I States treasury ! Even the national batiks ' have boon compelled to pay 1 per cent on their | circulation to cotnponsato'tho government for the expense incurred in printing their bills , and thnt tax has already amounted to $73OJO- 000 siuco the passage of thonntionul banlcact. | Why should not the government establish j United States mills and grind the wheat of of the American farmer Into flour frco of charge. Why should not the government have the benefit of the scknlorago on coins \ But wo nro told that sliver should bo put on n parity with gold with regard to coinage Gold coinage hns been free for n number of years , nnd why should not sliver also bo coined free I In the llrst place , very little gold is coined free of charge for anybody. Gold bars nro worth Just as much as gold coin of the same weight nnd fineness , nnd the bulk of the reserve now held in gold by the treasury is In gold bnrs. There Is noth ing to gain in having gold bars stamped into coin unless ills wanted for circulation , nnd there is nothing to gain In having silver turned into coin unless it Is wanted as a cir- culii'lng medium. Of the 371,01)0,000 of sll- ver dollars now in cxlstenco only 50,000,000 arc in active circulation ; the balance nro lying dead in the treasury. Why should the government bo put to the expense of coining moro silver dollars when they nro not wanted as a circulating medium , nnd when silver certificates serve all the purposes of money inn much moro economic nnd useful way I Why should our government , or rather the people of this country , pay any bonus to bullion owners above the face market value of the nietiill Is the bullion owner nny bet tor than the farmer , or artisan , or merchant ) But we are told you reduce silver to a com modity when you refuse to glvo It the same privilege that gold now has ns o coinage metal in unlimited quantities. This may bo true ; but gold as well as silver is u commod ity and always will remain so. The value of money depends upon the amount of precious metals It contains or can bo converted into. Paper money is % 'aluablo only because it is a promise to pay In gold or silver coin. If gold and silver wcro not com modities of intrinsic value they could perform no functions as money. If the theory of these who deny that the intrinsic value ot gold nnd silver adds anything to their vnluo as money and these who claim that the fiat of the gov ernment alone gives value to the circulating medium is correct , it Is poor economy to re tain gold or silver as money. 'Iho coin of the country mignt all bo of copper or iron and all of the same size ; the stamp of the government could indicate whether the coin was 1 penny or SoO. Or better still , wo need have no mo- tnliij currency nnd use paper altogether. But If gold and silver are commodities ns I con tend , the plea for frco and unlimited coinage falls to the ground. Gold bars nnd silver bncks duly stamped with their weight and fineness placed on deposit in the national treasury as a basis for silver or gold certill- cales would servo all the purposes for which gold and silver are held in the treasury , and only when the commercial demands for gold and silver coinage became Imperative and the fund of coin is running low in the treasury the coinage of thcso metals in quantities lim ited to the wants of trade would bo justifia ble. Nothing could bo moro acceptable to the business community than certificates issued by the government for cold or silver bullion. They possess all the advan tages of the gold and silver coin and paper currency. They represent the full Intrinsic value of money called for with the advantage of the easy handling of paper cur rency. In them the reliability and the conven ience of paper money nro united. Thier Issue can never unduly Inllato the currency so long as the bullion remains on deposit. Thler re demption on demand is assured and they can never depreciate. But it will bo said that the moro wo in crease the volume of onr currency the greater will bo the value of nil other property , nnd the moro readily will the debtor class bo able to discharge its obligations. This is also a fallacy. If It were true that the Increase in values in property equals in ratio the increase in the volume of money in circulation , then nosacrlflco on the part of this government could bo too great to increase the stock of its money. Let mo illustrate. The stock of money nt present in this country including bullion nnd coin in the national treasury aggregates two billions , or thereabouts. Our property in round sum , including all the money is about sixty billions. If by increasing our stock of money 00 per cent wo could add GO per cent to the grand total valuation of nil our property , what a splendid speculation it would l > o for the government to Issue ono billion In bonds , oven If It had to pay 12 per cent interest , sell tbo bonds abroad at a discount and add twcatr-nino billions to the nggcgato value of all our property. Carried a little further : Why not issue two billions of bonds , double our stock of money and add fifty-eight bill ions to the aggregate valuation of all our property ! And who says that the volume of money hi this country is not sufficient now to carry on its business. Has any chamber of commerce or board of trade so declared ? Has nny largo body of merchants or manufactur ers who carry on business with money peti tioned congress for nn Increase In the stock of money J Is it not a fact that 95 per cent of all the business demo in the clearing houses nnd fully three-fourths of all the business done by merchnnts and manufacturers is by checks or drafts ! But Franco has $52 per capita and America only $22.00. Just so. America has 11,000 banks , nnd everybody does his business through the banks. Franco has less than ono hundred and nfty banks , nnd nearly all the transactions are done with ready inoney. How alwut England I With the same popu lation as Franca England does three times the business of Franco nnd carries on her commercial affairs without friction and with half tbo per capita of currency. This is because the English transact their business the same as the Americans do , while the people - plo of Franco still adhere to the primitive way of carrying on their purchases and ex changes with money. The unprecedented disturbance and depres sion of trade , commerce nnd Industry which llrst manifested itself in o marked degree in 1873 and has prevailed with fluctuations of in tensity up to tho-present time , has been inter preted by many as the natural result of the dlsusoof sll ver as n money metal by the lead ing nations of Europe. Some of tno most prominent public men In America , notaoly members 'of congress from silver-producing states , have taken this vlow of the phenom enal and universal decline In prices. It can hardly be said that these parties nro disinter ested , or in other words that their conclu sions have not been biased by their anxiety to unduly stimulate the silver Industry and by the heavy profits which thu silver kings and bonanza ininiug millionaires expect to reap from a i-estoration of unlimited silver coinage. These who have taken thn pains to look be neath the surface and study the problem In all Its bearings ascribe the decline of prices to multifarious causes. If a comet hud ap peared in the sky in 1873 and remained in sight within our planetary system for the past seventeen years , there would doubtless have been nny number of scientific fakes who would ascribe to the presence and proximity of the comet all the cyclones , the drouths , hailstorms , floods and epidemic dis eases thnt have occurred during that period. And there would have been millions of pooiiio credulous enough to bellevo In the terrible cffofls of the comet upon our system , nnd nobody could dissuade thorn from that belief. It is so with the financial fakirs , who charge every disaster that has befallen the financial and commercial world within the past sev enteen years to the divergence between sil ver and gold and the disuse of nllver us a money metal. This decline In prices has been universal , affecting nations that had been involued in war , ai well as these which have ma.ntained peace , these which have n stable currency based on gold , and thosa whlcti have an unstable currency based on promises which have not been kept ; these who live under a system of frco exchange of commodities and these whoso exchanges nro restricted by protective duties. The decline In prices has affected allko England , Ger many , Australia , South Africa , the Hast In- dloi and California. The poverty in Aus- tralla was reported ns moro extreme In l > s ! > 5 than , at nny former period in the history of the colonies. And Australia had M2 of money per capita. Docs it stand to reason that the restriction la the coin- ago of sllvfcr nlotifl wai responsible for thh universal dnitsslont Is not the true cause to bo sought in the great indus trial revolution that lias boon In progress all the world over within1 'tho ' past quarter of n century I Take , for Instance , the tr.ido do- prcjslon In Germany. The war indemnity which had been exacted of Trance In 1S71 made Germany flush1 with money. Ueady capital becaino so abundant that bsnkln In stitutions ulino3t bogged for opportunities to iihico their loans , nud interest ratci fell as low as Ipjfccat. AsalugltlmUo remit the whole country projectol nnd nng.ijed In nil manner of now Industrial and financial en terprises. In 1'russh alone 1537 new Jolr.t stock companies wer6 founded during the year 1S72 , with nn aggregate capital of 431- 000,000. The sudden growth of industries , the temptations of cities and towns which assumed a rapid and un healthy growth , Induced hundreds of thousands of men nnd women to desert their farms and seek employment In trades. He- notion nnd disaster ciimo with great sudden ness. In the fall of 1373 great fortunes rapidly melted away , Industry became paralyzed and the whole of Germany passed at once from a condition of great prosiwrlty to a dentil of financial nnd industrial depres sion never before equalled. In the United States the crash of 1873 was preceded by several years of high prices , largo profits , largo importations , a railway mania , ex panded credit , over-trndlng , over-building and high living. The fuiluro of Joy Cooke & Co. precipitated the crisis. "Within twenty , four hours after the collapse of the Northern Pacific balloon nineteen banking houses hntl fulled , and a succession of bankruptcies fol lowed which , within three years , aggregate , ! 775,000,000whilo the railroad bonds In default on January 1,13"t ) , were represented as ng- cremating $7s9lt < i7C5o. In Urcat llritnln the depression and decline in prices did not sot lu until 1S75 , nud they were largely duo to the commercial sympathy tint prevails between England , Germany nud the United States. There is a very general agreement thnt in England nnd on the continent of Europe the years 1S70 , 1SS5 and 1S50 were the worst that have boon fxixjrienced in the period com mencing with 1873. A subject of such tran scendent importance and affecting so inti mately the material interests of nations nnd Individuals naturally attracted great and continually Increasing attention throughout tbo whole civilized world. Investigation un dertaken by committees of congress nnd by royal British commissions nscrlbo the general industrial depression : First , to changes in the distribution of wealth ; second , a natural ten dency to diminution In the rule of profit con sequent on the progressive accumulation of 'capital ; third , industrial over-production nnd impairment of agricultural Indus try consequent on bad seasons nnd the com petition of the products of other soil which can bo cultivated under moro favorable con ditions. The loss in British fanning lands Is computed nt over $300,000,000. In Franco the principal causes assigned are excessive spec ulation prior to 1S7U , followed by bad crops , the great falling oft In the production of wine through the destruction of the vineyards , which is estimated at over $2,000,000,000. n sum nearly double the amount of the war in demnity of 1871 , nnd a general overproduction tion of manufactured products. The concensus ot opinion among the ablest writers and thinkers is , however , that the chief cause of the depression within the past quarter of a century must bo traced to the marvelous changes that have taken place through the introduction of machinery and the appliances of steam , electricity nnd natural gas to the production of articles In every branch of industry , the consequent displacement of vast- numbers of workmen , mill last but not least , , to the cheapening of transportation and Increased lucilitios nf- forded for tuo conveyance of products from ono country to the other. The remotest parts of the earth have been brought near to , each other by the steamship and the railway. and countries separated by great ocoaus and thousands of miles apart'tiro now comoeting actively lu the marts of the world. Let us take a glauco at some of our own products. It la to be noted that in very few brunches of productions have greater im provements been maao and adopted in recent years than the growing of wheat. On many largo ranches lu California steam plows nro used uud ou others gang plows which turn six furrows and are drawn by from eight to fourteen mules. Not infrequently plows are run in straight lines a distance of from six to eight milesA patent machine for sowing seed is employed by means of which It is claimed that ono man and a team can BOW ono hundred acres of grain in a any. Under such conditions wheat can ba raised in California nt u. cost of 70 cents per hundred or 42 cents per bushel. In 1831 the two Dakotas with 150,000 square miles did not produce n single bushel of wheat for oxiwrt. In 1SSO Da kota exported 80,704,000 , bushels , or nearly as much as the annual expbrt from India since ISoO , which hns been primarily responsible for the decline in wheat in recent years for the world's uverago price of wheat. In 1837 Dakota's crop was G-,500,000 bushels , or ono seventh of the total wheat product of the United States ; in 1883 Dakota crops went down to U7,000,000 bushels , but th'is was owing to a shortage In the crop. Australia and Now Zealand are becomlog sharp competitors In the wfieat market , hav ing changed their sheep ranches to wheat lands. Previous to 1873 India exported little or no wheat to Europe , owiiif ? to the high cost of freight and export-duties ; in 1831 the freight from Calcutta to.London was CO shill ings per ton ; In 18S8 freight had declined to 80 shillings per ton or 37Jf cents per 100 pounds. That brought India into active com petition with the American wheat in London. Laws of supply and demand naturally are the prime regulators of prices. From 230- , OJO.OOO bushels of wheat raised in the United States in 1373 the crop of wheat steadily ad vanced until it was 512,000,000 bushels in 1S3J and 477.000,000 bushels in 1SS . In 1S41 > the United Statea produced 4J bushels of wheat per inhabitant ; in 1839 , 51-20 bushels ; in 1809 , % bushels ; in 1S79 , 01-10 bush els , and the same In 1SSI. In thirty-four years from 1S4'J ' tolSS5tho iu- crease of population was 141 per cent , the in crease of wheat production 410 per cent. That explains why the price of wheat has been gradually receding. Thcro is no doubt , how ever , that with an advance in the price of silver tbo competition of the India wheat market will gradually grow less and a ma- terinl advance in prices will bo realized by our farmers , for the reason thnt silver Is the money medium of India nnd the British dealers In grain wcro able to buy silver in the American market at a discount and dls- pose of it at an advance In exchanging it for the India wheat. The same will also apply to cotton. Mr. Leroy Deaulleu , the eminent French economist , states that as the result of his re search that the cause in the decline of grain bos been unmistakably duo to an Increase In cheapening of products , and believes that oven in Europe the supply of food lu recent years has increased faster than population. The world's market has conformed steadily to the supplv of the world. If these wno take n despondent view of the great Industrial depression and marked do- elluo In prices would ponder anil reflect they would discover a silver lining behind the dark cloud. The general decline in prices all the world over haa placed the wage-worker within the reach of articles and commodities that formerly were luxuries only within the reach of the wealthy. While prices have gene down 5W per cent , wages have only gene down from 5 to 10 per cent since 1873 , anil the laborer can save moro on present wape ? than ho did during tha inflation period after the war , and his money will go further than it over did before. The savings banks In all nur largo cities attest the fact that the wage 'worker has not fared bauly by the drop in prices , and the laborer Is vitally concerned In keeping tbo purchasing price of thu-dollar as largo us it is now , unless ho can secure an advance of wages to correspond. Th'o cheapeniugof food , clothing , furniture , fuel nnd rents have en abled the men of small means to live comfort ably , and their savings go a great deal further than they ever did U'foiu The decline in prices enables men of moderate means to carry on business with smaller capital. While the farmer has boon seriously affected by the decline in food product prices , he also has had the benefit of cacapzr sugar , cheaper coffee , cheaper clothing , cheaper furniture and the cheapening of all commodities ho haste to buy. The fall of 30 par cent In the price of all commodities the world over has also enabled the commercial ! and industrial world to do business with one-third loss currency. In tict , the rapid exchanges that now take plara by rail , ax- 1 press and the tclozraph in the mercantile I world have materially lessened the demand I for ready money. Twenty years ago it took , n small fortune- stock a first-class dry goods | t-torv ; now , with mllco ut I cents n y.ird and I idl mvrchandlso ut ono-fourth of the war nricos , thu dry goods merchant is in n posi tion to make u splendid display on n vary moderate amount of capital ; nnd so with all other classes of businws. As a natural consequence - sequence , a much smaller volume of money is now needed for the tracsactioa of than whr n prices were high. Abundance of the circulating medium dee * not always rep resent prosperity. The Argentina republic , With two millions of.peonlo , had sis millions of metallic money und 379 million * of green backs In 1S30 , or 81SO.70 per capita ; but at the end of nlno year * her greonluolss are al most worthless and the country U in a state of general bankruptcy. Great stress has been laid by eminent pub lic nipu iipm the bearing which the precious metals have upon the wealth production of this country , nnd the Impression prevails very generally that gold and silver exceed in value any single product of thu United States. This , however , Is erroneous. The production of gold and silver In the United States M compute ! by the director of the mint varies from 45,030,000 to $ ! XOiKl,003 ) per annum. Of this amount f-lo.OOO.OM rep resent gold nnd S-AOOJ.OOO silver. In 1S33 our sliver product was computed at $ .V1.13)- 7-17 nud the gold product nt 5211,937,702. In 1S39 the product of silver had risen to $ .HS03- 037 nnd gold was $ JJ.,527,001. This ex ceeds by ten millions the product of precious inetals within nny single year since IsTO. The baser metals nro , however , moro valuable If not more useful. The Iron product of this country for 1SSS la computed nt § 107,000,000 , nnd the product of our coal mlucs during the same year at over $ . ' 00,000,000. In lbS3 Pennsylvania alone mined anthracite coal valued at $10,000,000 , or ncnrlv three tunes the value of all the gold mined in the United States during the same period , nnd almost ns much as all our pold and silver product In the same year. Hut the products of the mines will not compare lu value to the principal staples of the farm and plantation. The value of the cotton crop of the United Statei ranges all the way from two hundred nnd fifty to four hundred mil lions of dollars pur annum , while the annual output of all the gold nnd silver mines in the whole world Is only computed to bo $210.000.000. The wheat crop of the United States will range from threa to four hundred millions of dollars a year , or double the valuation of the entire gold and sil ver product of the world. And the corn crop of America has been In excess of ? 500,000OOJ per nunura for the past ten years. The corn crop of the state of Iowa ulono was estimated nt 330,000,000 bushels In IbSOwhich nt ' . ' 0 cents a bushel would yield Mti,0'JO.OOO. ' This means that the corn product of the state of Iowa , when prices range the lowest , is of greater value than the largest crop of silver this country has over produced. Last year's corn crop of Nebraska at 15 cents n bushel was ivorth moro than all the gold and silver mined in Colorado In 1889. If silver were not ono of the inoney metals its Import ance as ono of the leading American products , would bo comparatively secondary. It is oulv when It becomes a measure of values , and Is employed as a part of our currency , eras as a basis for our currency , that silver as sumes a magnitude out of proportion to the aggregate value of Its product. Its relative shrinkage in value ns compared with gold , nnd the effect of this decline upon prices of other commodities , has been unduly magni fied , nnd the advantage which the debtor class would dcrlvo from its unlimited and free coinage has been grossly exaggerated. About tlirca weeks ago Senator Don Cam eron made a statement on the floor of the United States senate that the passage of the silver bill had already raised the prices of farming lands In America 20 per cent. I nsk any former in this house where any farming lands have advanced 5 per cent or 2 per cent. There nro so many fictions about this frco coinage of silver and its advantages to the farmer and workingmun that It would bo ut terly Impossible for anv man to rcfuto them In a speech of two or three hours' length. I concede from the start that wo want to main tain a bimetallic system of money and that wo should maintain the old standard of six teen to one , but I do not bcllcvo that it is es sential to coin any moro silver dollars to bring about that result. I do not see that it is necessary to coin any moro dollars than wo need. If silver Is not wanted for actual cir culation , why not leave It in the shape of sil ver bricks ! A Voice Why have a metallic basis at all ! Mr. Rosewater A metallic basis is neces sary. If wo were Isolated and could build a wall around the United States wo might have nny kind of money. Bat when you como to make exchanges with other countries you ueed something moro than paper money. A gentleman propounded the question to mo a while ago : "How uld I know that the per capita tit the present time is 22.001" Now , of course , 1 have nor examined the con tents of the United States treasury personally. I have to take the reports of the treasurer as correct The report of the treasurer of the United States shows thnt wo have in circulation on October 1 , 1839 , $1,403,018,000 , and on March 1 , 1390 , we had $1,428,104,301. \Vo uro constantly issulngsllvcr certificates every month. The average of the surrender of the national bank bonds has been exceeded by new silver certificates issued by the treasury. Now , on August P , another statement was made , which shows the aggregate circulation to bo $1,450,000,000 , that is to say , the money actually In circulation. And the gold nnd silver held in the treasury , counting the cer tificates as money nnd counting the gold bars ns If they were coined into inoney and the money that is out , would glvo us $2,000- 000,000. Circulation per capita Circulation per capltiUun- iiary 1 tiary 1 S5 . . . 117.01 IST'J $17.02 ssu li.l',3 I&l 21.iJ ( i8 1X.27 IfSl W.S7 ! S < 15.M 18SO M.S4 S i ' 'S.li'J18SO 31.18 liM ) . AncustO K.'M The argument has been strongly urged that > y reason of the rapid retirement of national janknotc'j ' , n severe contraction of our cur rency has been effected , which is paralyzing our Industries , crippling our commerce , and depressing the price of all kinds of property. The facts , however , no not sustain this argu ment. Sluco March 1,1S73 , thcro has boon no con traction , but on the contrary , n very largo ev- mnslcm of our currency , ns will appear from .ho following statement taken from the books of the treasury : In circulation In circulation .March 1 , 1BTJ. Mnrcli 1 , Ib'JO. ioldcoln , ? : C,53yiiy ! jaT3.J07.VUJ Stnmltr : < l llvur dollars M.WO.iWJ ibnltllnrr Mirer. 53.S7S.S3a M.MU.M iilil coruscate * ini.wi.soi Silver certificates 1'nlteil StatoB nntoi. . . 037,017,151 National Uunk nulos. . . 187,113 i-il'l Total . I tUi.7lU.tW7 Net Incrc.iio. . . f . fU2J,310.4'.i | The following table gives us the wonderful Increase In wealth that the United States has experienced since 1350. The asicssod value of taxed property and our actual wealth nt different decades has been : Yean. value. w Actual mil til. l jj , . t ,237,013,113 tl3nW.733 1-JMtUKUIU5 81.2UUIO.K7ll 1870 1 l,31J,7S'.iWJ : yjUtW,618fi07 1SMI 1 (1.HK.WJ.51.1 ( HSU .Now 1 want also to cull attention to another fallacy , and that Is with regard to the cheap ness of money pro rata with its volume. It ha ? been generally asserted nnd is largely believed , that when money is abundant , that is , when there Is a very largo volume of money , money is cheap , when times are dull nnd everything is depressed , then the volume of inoney is small , and money U dear , that is , interest is high. This is , however , Incorrect , notwithstanding that some eminent people hold contrary opinions. The Uritibh his torian , Allison , said that the contraction of the currency , which attended the resumption of specie payment by the bank of England in IbJl , caused as much loss to money capitalists by lowering the rate of lutcrest as to pro ducers by lowering the price of commodities. Senator Hill of Colorado , ono of the chuni- plons of free coinage , said in ono of the arti cles written for the North American Uovlew. "A glut of loanable capital and low rates of Interest nro the Inevitable und llnal accom paniments of n shrinking volurno of money and a consequent decline in market values , rendering investments , in property unprofit able and hazardous. " Now what docs that mean 1 It moans that when investments in any kind of undertaking nro .unprotitublo a largo amount of capital Is on hand ready to bo loaned out at a low rate , rContinued rm Sixth W hen Baby war itck , wa gave her Cmtorla , When she van a Child , ( lie cried for CaitorU. When the iH-cama MUs , the clung to CiutorU , VTlien ihu had Cldldr nthe cave UuiiuCastorta , Sunburn , WELL CURS Piles , Chafings , Cuts , Eruptions , Boils , Sore Eyes , Burns , Sore Feet , Wounds , Mosquito Bites , Bruises , Stingsoflnsects , Catarrh , Inflammations Soreness , FAC-SIMIUE OF , DOTTLE WITH Lameness. Hemorrhages , DUFF Y/IUPPER. / . AVOID IMITATIONS. ACCEPT NO SUBSTITUTE , POND'S EXTRACT CO. , 76 Fifth Avenue , Now York. rrv + * c + * MOST APPETIZING-EASILY DIGESTED. * The VAN HOUTF.KS process renders their cocoa easy of | digestion and develops in the highest degree its delicious * aroma , It is nn excellent flesh-former , y7w cent , greater \ than the best of other cocoas. > "BEST & GOES FARTHEST. " | W VAX IIOUTEX'S COCOA ( "oneo tried. nln r ii il" ) UHiorfydial. pure , nolnblo f Oocon , liiTfttlcil , miiilc nuil imlcntca In ] Ci > lliiiiil , nnil U to. lny Iicllvr nnil V raiiiu iilulila than liny of the nutm-i-uiii liitutlim . In fnet , It l > con r > lljr nilmlt2 ted Hi I orcr Europe [ nJ a comparative lest nlll oniilr | m > volht ] noaArrCocoarqiuililhU 9 Inventor' * In solubility , acrocabto taite onJ nutrlUto qanllllas. "Larcost > ale ID tlm 6 worlJ. " Aikfor\'ANltoutix'SJiiDTiinNooTlir.R. : ; u < DRINK ROOT HIRES'BEER. . Ths Purest and Host Drink In thfl "World. Appotlzlzln , Delicious , Sparltllng nnU the Best 131oocl Purifier and Tonic. A 1'ackugo [ liquid ] 25c , mokes. > gallon * . EVERY BOTTLE Guaranteed. No Trouble. Easily Mado. Try It Ask your DniRRlst or Grocer for H nnd take no other. Sco that yon get HIllKS' . THE ONLY GENUINE. Mndoby 0. E. HIRES. Plillndeluhla. I'cnn. Browneil SEMINARY for YOUNG LADIES. Corner of lOtli and Wortblnglon Sis. , OMAHA , - NEB. BISHO1' WOIITIIINOTON , VISITOR. TnElJE\\nO EHT DOUGHTY , S.T.I.KKCTOn. THE 27TH YEAR BEGINS WEDNESDAY , SEPTEMBER 17TH , 1890. For catalogue and partleu are afrplytotbe Hector. UNTVBRStTY OS1 NOTB3 DAME The llinety-third Session Will Open on TUESDAY. SEPTEMBER 0. rci.i. cot7ii is : IK Classics , Law , Science , Mathematics , Mechan ical and Civil Enslneurlns. Music and a Thoroush Commercial Course. al mlvnntnKCJ nro i > Core < l to students of the Law Department nnrt of tlio Department of Me- cluntcnl Kiiitlnoerlnz. St. K'lwnrds ' llnll , for Don under 13 youri , IH unique In the completeness of Us equipments. Catalogues , glvlni ; ( ull particular * , will bo tent frco on application to REV. T. E. WALSH. 0. S. 0. , President , N'OTItE 11AMB. IXD st. MARY'S ACADEMY : ; ONE HII.E WEST FROM KOTHE DAME UNIVERSITY. ) TueTOtb Ac.iJomlc term will open Monday , Sept. Stb SCHOOL OF ART AND DESIGN. Conservatory of Music. The Ac.irtcnilo Course Is thorough In the Prepara tory , tii'nlor nncl Clnnslcal ( irr.dc ! . Mtislo Depart ment , on the plan of tlio host Conservatories of Uur- oru. Is unrtor charita of n complete corp of toncliern , b'tnillo oioilelpil on thu grout Art Schools of Knrope. Drawln nml rnlnllng from Hfo nnd thu nntlquo. I'lionosr.ip'U ' nnd Tj'po-wrHlME tin Kilt. Dulltttnti equipped with lira 050.1)10. ) A uparnto department for children under 19. Apply for cntnlouno to SluTHlKSUl'riuoil.ST.MAUY'SAC'Alin.MV.NoTUS ' . O..BT osKi-iiCouNTV , INDIANA. Eslibllshea I860. A licliool for tfco liltrhcr education of WOMKl. An tmumillr 1n corps or rrofe oni for 1S90-J1. Litera ture. Art oud MuelcbT fptcltlliU. location Col. timblaMo.ln afOncrup ! rk Juit north otcllj limits. Voreit trrea abound , blu trr , an almmltnca of ipaci far out-door onrclso. Hand.ioma buildings. IIo l tone , of ehoelrxrrllmt. A Christian home with all Uio freedom * n < l till the unfa iruimli ot a well onlaroa dome. Write for r tnloun. Addresi. W. A. OLDI1 AM , 1'roUcnt , UOLUMli IA , MO. MONTI CELLO. New BulldlnEs , Now Furniture , New Pianos New Efiuipmoiits , Beautiful Situation. Opens Sept. V . Full nnrt iiporlor Faculty. IVspart- rnonts for Knjllih , Latin , ( iroolc , Orrniun. French , hclunco , Miulc , Art , etc. blend for Information to MU3 U. N. 11ASKKM * Principal , ILLINOIS. INSTITUTE OP OUR LADY OF THE SACRED HEART. WASHINGTON HEIGHTS , ILL. Thlt Institute , slttintoil In ono of tlio most buuutlful suburbs of Chicago , offers to Young Ladles , every aUvantuo for obtaining1 n thorough and useful education. Stiullutiwill bo resumed Hopt , ll , 1H1X ) . For particulars ad- tlrvsd Superioress. oruttnVnrlDcsrCblcnrr ( > ) . SchO'Jl lor Glrli and Young IduUra. Vor catilorue adorc O. TJIAYKlt , Wa. D. , Moron 1'arlc. 111. , or n tl&dl jon btrcci , Cnlcazo , 111. AMERIGANCQNSERVATORY.GHIGAGO . , UISU IULL , ttAtllHI AIK. A JUkbO.l bT. Allbranclinof Nu lo , l > r uiitlc Arll > ulurte. Teiclitri1 1 raining grbool. lTrumrpaB cd advantages nt moderatt CO t. CuUUom milled JlfO. i , t. lUTTtallEUT. UlratUr. MILWAUKEE MIIECE For Yotuiir Women. For catalogue add O. It K1N08LKV. I'll. U. fres't. _ © CONSERVATORY . . ,1 o OFMUSIC All dontrtuifiiU of Unatra ) Invtructlon , llcxlern IAH * ' * uu ) Arli , ta K. ! ' ILLINOIS MILITARY ACADEMY.l"m.tttk' , Clrculnrof HENRY J. 8TKVEN8 , A. 11 , I'rln. Media , I'A. MlllUrr Academy. I > OT * . $400.Media . Uroole llnll , tlrl > . Circular * fiea -ONE WEEK , Begining Sunday , August 29. W. T. CAETOFS OPERA CO , IN THE POLL OWING KEI'ETOIItEl Sunday nml Wcclnptdny , "Tlio Qticon'aliuoo llmdl : < i'ri'hlef : " Monday , Wednesday nnd Friday , "Tho Jtrlsutids ; " Tuesday anil Satur- < lny inntlnt'O. "Niinon : " Thursday , "Krinlnlo ; " Saturday , "ThoMlknilo" or "Dorothy. " As the engagement Is for 0110 entire week Only Regular Prices Tor Scats VmiboChnrsod , ) ime WILL LA.WI.nU. MANAGER. CORNER 11TH AND FARNAM STREETS. Grand Reopening Saturday , August 23d , THE WORLD IN WAX leltiR a llfp-llko reproduction of the orownod heads o [ Knroiiu In their rotivs of stnto. KEMMLBB ELEOrROOUTED , Afnitliftilportraynlof hU death. TWO S T AG IS S I-1O W S Do Alrltm Xan-i5Io , tlio Knmous Maglelnn. Joorjio Edwards , the fiuumis Uoinodlnn. 1..K- lu All IClRhl. and otlior slurs will nppcar. OfOI.RASON'S UOO OlltPUS. O/-J Z\J r\YENTV CANINE AHriHTS. One IDimo Admits to AJ1. OPEN TO THE WORLD. ( MBA CITY RACES , IN CONNECTION WITH THE Douglas County Fair. OMAHA , NEB , , September 2nd to 4th , 1890. Tuesday , September Und. Trottlnc I'otils of 18SS , mlle heats , best 2 In a r ftMO Trotting 2:59 : class , mlle lieats , Lost U In ! > . : ioa liuunlii ) ; Imllodubh 100 Wednesday , September itrtl , Trotting Ko.ils of 18S7 , rnllo heats , best 3 In 5 , $ T > 0 Trottlns 2T : : ! > cluss , mlle hunlH , boat 'A In 5. . 'M TiottliiK'I'J : ' ' t'lass , mlle lieuls , boat U In 5. 400 Itunnlnj ; mile anil repeat 100 Tlnn-Mlay , Be ] > toiii1 > urHli. . Trotting 1'oiils of IStG , mlle lieuts , best 3 ln ! > * l"iO Trotting 2J8 : class , miloliouts. busts Inn. : r > o UiiiinliiK ' . inlloiiwl ropout 100 I'uolng JJjSclas-i , inllu hunts , liosta In5. . . 93 Entries close August 1)0. ) All pulses four moneys , 51) ) , 2. > , 15 it ml 10 nor cent. Kntraneo ft'o 10 per cunt of puri > o. KutinltiK riieoi to bo govoniL'tl ly tlio American r.'ioliiR rules , on- trlfstliurcln tociosu ut 0o'clock fin tlio evenIng - Ing preceding the race , unless otliurwho un- uutuii'cd. Daniel II. Wheeler , President. Omnlia. Neb , D.T. Mount , guiiorlntcmloiit , Omuliu , Nob. Jolm ISnmrior , bocrotury , 1UU Kuriiiinistreet , Omnliu , lu-b. ERRORS OF YOUTH. SUFFERERS FROM /Venous / Debility. Youthful IndUrrctloui , Loit MaiihooJ. Be Your Own Physician I ny men , from the rffrcti of yontliful mprutlence , bfcT0 brought vbout * l U ) of . rrv&k nusi that hu rvdaotl tbe jjper * I yi- ' torn o tnaed to Induoe Lmot rrery < ottifr dlfeajo. and tbo nut CHUM of tbo : trouUa cire lj evur Utlnif impix-tod , thi re dortoiM for evfrythdif but tli * rUm one , NutwlthUnilinr ( tltc many raluabla lenierlUjthat rnstllcalwlunru lifk [ < rcxlur d f rtliv n-liet ottii ) cla s ot patienlj. nnno of the oiJluary niodeicf tnitit ut tlfwt curfl. I > tirtnff ourexteiulTcollfcvand hfw j.il I iiractlcn v lit. ? * oii riravil _ unj dlcoTyr * < 4 new MiJ ronrifutratrd rent- < rtJei. llicaeronip&iijln prvKrlj'tluu tiof- ! /criid lu a rerlnln nnd prcdy rure M Lur.tlrejlJof C BCI Juour prncil * * tt hcn rfiU > ri l to p rftcl lumltairlie uio after : - -"ierr nu 3lc3ffilnl. ! I'trfit'tl/purola- ' fiitimuntbouMJUitttpreiAratloaof ; . coca , 1 J drachm. J-rut > cl ln,18 driuhin. . Jlclonln Molca , llldrichnx. Kxt. kpt odr& , 3 Kruplti. Ul7ctrlno.n. . Mix. , Vako 00 plU . Tak 1 pill ftt 8 p. rt , and n- i other on poliitrio bed. In aorao CAM * ! It wltt , atbw3tln)0.rn klnrwionufntpr ( . [ Tblfl ruaiKlr 1' t4apt J to * Tf ry condition of And especially ia UIOM CAJH-I revultlntc from Inipruufncfl. The rvcui rrtl row on of ; tliii restorative &ro truly ttonlthunr , 4ij its aw continue * ! for n iliort tliot * clianvct tbe Unsruld. < lebtIlUUsdijprr ] Mi ooadltioa U > oovof i noroU llf * uifl Yljpr. Ai wo iracoiiitaotlr tn rr t-lpt of l ttri of Iniulry ielatl to thU i mwjy * * e * ovld 07 tothci whowouUprttftrtoohtMnUof ! ut , by rrmlttlu ? (1 afc'cuulr M M ] jwick * : ont lnicir < W rlli ( earcfully com * , , - . . . . * & , L > nt Ity itturn ttiall from : ; our print * ltorntnryor * < ) wlUfarntih A -MirkA od , which will curu iQO t CUISE , fur & - . Addxcu or ciU ou Hev/ England Medical Institute , 8-S Trcmont Ilonr. Uocton , Mam. J' ' C inf1irUlUl.t > 7 K. H AfiOOimiCII , Lawyer. 1131 Dearborn HU ( JlilcuK" , SO J'oim1 wui'COhsfiil pruclca. Advlcu 1'iooi no publicity. Special fuQllltle * . u umiiy a
