' \ *
TUB OMAHA DAILY BliEl Fill DAY , MAY 24 , 18 S.
CARLISLE ON J10NEST MONEY1
_ _ ( Conllnuwl from Flr t Tage. )
made rcatonably secure by the establishment
of stable governments anil regular processes
were authorized for the enforcement of pe
cuniary obligation * , credit or confidence
largely took the pliers cf bullion and coin In
the commmorclal transaction * ot the people ,
and a much smaller amount ot metallic money
wa required In proportion to the whole vol
ume of bUilncat done than had been required
before. The me of credit In the form of
bank notes , clifckt , bills and oilier evidence *
uf debt hait so Increased In modem times
that In all highly organized commercial com
tnunltltci the use of coin , ec pt In malting
change , ha been almost entirely dispensed
with. The psrcentage of coin actively em
ployed In conducting btHr.Mi In this coun
try la to mnll that It Is almost Inappro laWe !
so Rinall In fact , that Hi dlnuw In our trans
actions would not bo felt It we had a sub
stitute for , or a paper representative of , the
subsidiary pltces. In Kni5lan > 1 , Franco and
some other countries u larger amount of
coin Is used , because they have no very small
notes.
Although we have the gold tandard , or
measure ot value. In this country , our actual
( stock of gold bullion an ] coin amounts to
only nbjtit one-third of our actual currency
a condition of affairs which would have been
Inconceivable o few centuries ago. AVe have
about $023,000,000 In paid , $337,052,873 In ful
legal tender silver. JS4C.CS1.000 In old UnitcO *
States notei , $119,581,471 In treasury notes
Issued In the purchase of silver bullion , $209-
719,851) In national bank nUej. and $76.1G9GC9
In subsidiary sliver coin , making In all $1-
801,707,703 , exclusive ot the minor colun , and
every dollar ut this vast volume of currency
li kept HJUJ ! In value to the standard es
tablished by law , so that every man who le-
celves a silver dollar or paptr dollar In tx-
clutiKe for his products , or In satisfaction of
a debt , gets just as good a dollar as the man
who rec ) vc gold. This la the monetary sys
tem and this Is the financial condition which
the advocates ot free coinage at the. ratio
of 1C to 1 now propose to revolutionize at once
by a-chaoge In the standard of value , to that
Its. the whole mas ? of circulation left for the
> - lisa of the people would be reduced to about
one-half the purchasing power It has now ;
or , In other words , so that It would require
nbout double the amount of currency that Is
required now to perform the same service In
the exchange of commodities. Hut the con
summation of sucli a policy would produce
results more far-reaching and disastrous than
the mere reduction of the standard of value ,
because , fir n long time at least , credit , which
constitutes by far the most Important factor
In our financial and commercial transactions ,
would be substantially destroyed by the con
fusion and uncertainty necessarily following
such a great and sudden change In our mon
etary system.
INCOMI'IlEIIKN'SinLB IDKA.
Dut it Is contended by a large number of
the advocates of free coinage perhaps n
majority of them that th ? effect of their
policy would be , not to abolish the present
standard of value and substitute the single
silver standard In Its place , but that It would
establish what they call bimetallism and a
double standard. I confess my Inability to
understand what Is really meant by a double
standard or Ineasur ? of value ; the Idea Is
Incomprehensible to my mind , because I can
not conceive how It Is possible to have two
different legal and authoritative measures of
the rame thing In use at the same tlm ° , as ,
for Instance , n pound weighing sixteen ounces
and a pound weighing eight ounces , or only
half as much , and both declared by law to be
legal pounds. I agree entirely with General
Jackson's secretary of the treasury , who
said : "Tho proposition that there cjn be but
one standard In fact Is self-evident. "
The proposition to establish and main
tain two different measures of value
to bo In use at the same time ,
and to be applied to the same things at the
same time , embodies a physical and meta
physical absurdity , and this Is so evident
that the ablnst thlnkors and writers upon the
subject have been at last forced to abandon
It. Prof. Francis A. Walker , one of the
most distinguished blmetalllsts In the United
States or In the world , In a carefully pre
pared paper recently published , says :
Hut one thing more remains to be said
In this connection , that Is , In reply to the
allegation of the monometallist writers that
the course of events In France which has
been recited did not constitute a genuine case
of bimetallism. If these writers may be per
mitted to Impose their own definition upon
us , their contention can to a considerable
extent bo made good. What they say Is ,
that Franco from 1803 to 1S73 did not enjoy
the concurrent circulation of the two metals ,
but only an alternate circulation , now of one
and now of the other , and this , they declare.
Is not bimetallism at all. Therefore , accordIng -
Ing to their view , there Is no great historical
Instance of the success of bimetallism.
If , on the other hand , we may be per
mitted for ourselves to say what we mean
ind propose by bimetallism , the criticism In
luestlon does not touch our case at all. We
latly deny that bimetallism necessarily In
volves the concurrent circulation of the two
aietals. There Is some reason to believe
that the French statesmen of 1803 really ex
pected that concurrent circulation would re-
lult , but no blmctalllst nowadays makes the
: oncurrent circulation of the two metals In
Iho same country a necessity of that sy .
tern. If It results only In establishing an
klternatlng circulation , the chief results ot
bimetallism will still be achieved , as they
were by the action of France.
WOULD HAVE MONOMETALISM.
This Is Intelligible , for we can nil under
stand how It Is impossible to have an alter
nating standard and circulation , sometimes
gold and sometimes silver , and the monetary
history of the world proves that this Is Just
what happns whenever the two metals are
freely coined In any country and made full
legal tender. Values will always be meas
ured by the kind of money In actual cir
culation , no matter what the law may de
clare , and , therefore , if ths free and un
limited coinage of silver at the ratio of 16
to 1 should drive out gold and substitute
silver and paper redeemable In silver In Us
place , we should have a single silver stand
ard and actual silver monometallism. In
stead of using both gold and silver as we
flo now In larger amounts than ever before
In our history , wo should instantly expel
the more valuable metal from the country
jnd make the other the solo basis of our
currency. We have now practical bimetal
lism the use of only one metal as money ,
rhla is neither speculation nor prophecy , but
i conclusion based on facts established by
the experience ot all nations In all ages.
The attempt to coin the two metals without
Jlrr.lt as to amount Into full legal tender
money and keep both In circulation at the
lame tlmo has ben made by nearly every
: lvllized nation In the world and has failed
In every one of them. It has failed because
In every instance It has been found 1m-
possible to establish and maintain a legal
rall ° correspordlng at all times with the
Intrinsic or commercial ratio between the
: wo inotals contained in the coins , and be
cause whenever either ot the metals was
ander-valued relatively to the other In the
: olnoge laws It was expelled from the coun
try. England persisted in the attempt for
nearly 500 years and , notwithstanding the
mactmcnt of most severe penal statutes
igalnst the exportation ot coins or bullion ,
ivas at last forced to abandon the effort and
adopt the single standard. France , in her
efforts to keep the coins ot the two metals
In circulation at the same time , changed the
ratio between them more than ICO times In
a single century , and dually. In 187G , finding
that gold wns leaving I.er and that In ten
years her net Imports ot silver had amounted
to $250,000,000 , stopped the coinage of legal
Render silver , and for nineteen years the
attempt has ben abandoned in that country.
Many other nations In Europa and other
parts of the world have subjected their people
to great loss and expense by their adherence
to monetary systems based upon the theory
that a double standard could bo maintained ,
but In no case have they succeeded In keeping
coins of the two metals In use at the eame
time , except for very short periods. Our
own country Is not without experience upon
tills subject , and the results here were just
the same as they have been everywhere
else. Ity the act ot 17S2 , which was our first
coinage law , the legal ratio between gold
and stiver was llxed at 15 to 1 , when In
tact the true commercial ratio was or soon
became about lf > to 1 , and the result ot thli
very small over-valuation of sllrer In the
coinage was that gold went out of circulation
and we had practically silver monometallism
until after the passage ot the act ot 1S3I ,
For the purpose of restoring gold to the
circulation , congress In 1831 changed the
ratio from 15 to 1 to 16 to 1 , and as this was
an over-valuation of gold In the coinage ,
stiver left the country , and from that time
until 1S78 we had practically gold monometal
lismwhenever we bad any metallic baslt
* t all for our currency.
It Is not at all certain that Irae coinage
would ultimately make uny connlderabl * ad
dition to our circulation , It Is absolutely cer
tain that Itoulil give us a depreciated and
fluctuating currency , and the question ls ,
whether the producers of cotton , wheat , corn , j
btef , pork , oil , lard , cheese , and other ex
portable articles will bo benefited or Injured
by such a result. U Is an axiom In trade
that the prices of exportable products i
nru fixed In the foreign market |
where the surplus Is sold , and arr > fixed In . i
the currency of that country wccordlng to ltn .
ncn.lnal vuluo there. If sold In England ,
for Illustration , the price * are fixed and j
paid In pounds , Khllllngs and pence , and not
In dollars and cent * , and , consequently , It
nmkcM no difference to the foreign purchaser
what kind ot currency the producer hni
at home. The character or value of the cur I
rency In use In the producing country does
not aflect the price of the article abroad
tn any extent whatever , for the purchaser
tlieio trades In his own market iind uses his
own currency In measuring valuee The es
tablishment of a silver standard here could
not possibly Increase the price of cotton
orhtat or any other American product
In Liverpool , London , Paris or ncrlln , what
ever effect It might huve upon the nominal
price In this country. If our monetary
system were so changed that It would require I
2 to purchase here the same quantity of com- I
nodlties that $1 will purchase now. It
ivould not affect the value or purchasing
ewer of the Kngllxh pound sterling , the
'rench franr , or German mark In the least ,
ho only effect would bo that the exchange
ould be doubled , and the pound sterling
nstead of being worth J4.80 In our currency ,
s It is now , would be worth $9.72 , and when
ur people wanted to make n remittance to
iay n debt abroad they would have to pay
.vice . as much In our money for the same
umber of pounds as they pay now , whllo
IP foreigner who wanted to make a remit-
ance to pay a debt hero would pay only half
s much In his money for the same number
f dollars as he pays now. Dut the exchange
i-oiild ! * In a constant change of fluctuation ,
ust as It has been between Oreat IJrltaln
nd India on account of the changes In the
irlces of silver from day to day ; and the
\merlcan producer would bo compelled to
ay for the risk taken on account of the
.uctuatlons by receiving a less price for his
: otton , wheat , beef and other nrffclcs. The
'armers and planters do not export their own
iroducts , but they sell them at home to some-
rady else who sends them abroad , and If
.ho exchange Is steady and the money In
, vhlch he Is to pay for the products has a
Ixed value relatively to the money in use In
he country where he expects to sell them the
urchascr hero can afford to pay for the
Ighest price that would leave him a
easonable margin of profit in view of the
ondltlons existing in the market abroad. In
ither words , he has to Incur but one risk
ho possible fall In the prlco ot the products
broad ; but if the currency here Is depre
ciated and fluctuating. If our money has no
Ixed and certain value relatively to the
: ioney In use abroad where he expects to sell
he products there Is an additional risk to be
ncurred which will have great Influence in
ietermlnlng the price he can afford to pay
ho producer. In addition to the risk of a
'all in the prlco ot the products abroad he
nust Incur the risk of a rlso in the prlco of
; llver between the time of his purchase and
ho time when he receives the
proceeds of his sale , for If silver
rises In the meantime he may not get back
as many dollars as he paid out. The pro
ducer must pay for both of these risks by
receiving a smaller price for his com
modities , and hence his prices will never
increase In proportion to the actual deprecia
tion ot the money In which they are paid.
To Illustrate my meaning , when silver Is
worth CO cents per ounce , the bullion con-
alned In a silver dollar Is worth 4G.4 cents ,
but If the price of silver should advance to
C2 cents per ounce , the value of the bullion
contained In a silver dollar would be 48 cents
an Increase of nearly 4 % per cent. Now ,
the prlco of cotton or wheat will not rise In
proportion to the depreciation of tl o dollar
n which It Is to bo paid ; that Is , the pur
chaser for export will not pay for It at the
rate of 48 cents for each dollar when silver
Is worth CO cents an ounce , because he knows
hat silver may rise to 61 or C2 cents per
ounce before he can sell the product abroad
and get his money for It , and he knows that
f this happens the gold he receives abroad
cannot be exchanged for as many silver dollars
lars as he paid the producer here. He will
not take all this risk upon himself , but will
compel the producer to bear It by receiving
a less price for his cotton or wheat ; and
this argument applies with equal force to all
other articles. It Is Impossible to estimate
accurately the amount of IOK > which this
would Inflict upon the American producers of
pxportabla products , but It would undoubt
edly b very great , as the .value ot our ex
ports of domestic merchandise la nearly
$870.000,000 per annum , and a small per
centage upon this largo sum would very
materially effect the incomes of our pro
ducers.
CAUSES OF FALLING PRICES.
It Is argued that the existing standard of
value ought to bo abandoned because since
1873 prices of commodities have fallen , and
will continue to fall. If the standard Is main
tained , so that It has been , and will con-
tlnuo to be , more and more difficult each
succeeding year to pay debts ; that this fall
In the prices of all commodities Is attribu
table to the appreciation of gold , and that
the appreciation In the valueof gold has
been caused by the alleged demonetization of
silver In Germany In 1871 and 1873 , the
omission of the standard silver dollar from
the coinage of the United States In 1873 ,
and the suspension of the coinage of silver
by France In 1876. It Is true that the prices
of many things have fallen since 1873 , but
It Is true also that the prices of many things
bad fallen long before that date. The as
sertion that the fall In prices since 1873 is
duo to the appreciation ot gold alone Is
based upon the assumption that the rela
tions between supply and demand have not
changed , that there has been no diminution
of the cost of production and distribution ,
that the facilities for effecting financial ex
changes have not been improved , and , in
brief , that the world has made no progress
In the conduct of Its industrial and com
mercial operations for more than twenty
years. This assumption Is so inconslsteni
with well known economic and hlstorlca
facts that it seems scarcely worth while to
give It serious consideration. Reductions in
the prices of commodities are generally due
to so many different causes that It Is scarcely
over possible to ascertain the extent of their
separate Influences. I presume , however
that even the mcst ardent advocate of free
coinage would bo willing to admit that the.
Invention and use of labor-saving machinery
the extension of our railroad systems , the
Improvement ot our water-ways and the
great reductions In the rates for carrying
freight , the employment of steamships , the
use ot the telegraph on land and under the
sea. the application of electricity in the pro
ductlon of light , heat , and power , the utlllza
lion of by-products which were formerly
wasted , the introduction of more economlca
methods In the processes of production , the
ronderfnl advance made by our laborers li
skill and efficiency , the greatly reduced
rates ot Interest paid for theuse
of capital , and many other things
which It would require much time to enumcr
ate and explain , have affected prices In some
measure , at least , and yet they ignore al
these great Influences In their argument upoi
the subject ! and attribute , the lower prices o
commodities to ft single alleged and inade
quatr cause the appreciation of gold. I pre
sume , also , that our free coinage friends wll
admit that If the change In prices has been
caused entirely by the appreciation of gold
the reduction would have affected all things
alike , because It cannot be denied that , In
the absence of other Influences , gold mus
bear the same relation to the price of one
article that It bears to the prlco of another
Hut we do not find tl-at the prices of a ]
things have bseii reduced In the same pro
portion , nor do we find that the prices of al
things have In fact been reduced. It wouU
require far more time than could be de
voted to the subject upon such an occasion
as this to discuss the subject of prices In al
Its details , nor Is It necessary to > do so fo
the purpose of this argument , because a verj
few illustrations will serve to show th
weakness ot the contention that the declln
Is duo alone to the appreciation In gold
Ths conclusion Is Inevitable that various In
fluences have operated to produce thes
changes In prices , some affecting one grout
of articles and gome another , and doubtles
some affecting all , but to no one Influenc
can the whole result be attributed. Cotter
and \\beat are the commodities most frc
qnently referred to by those who conten
that the fall In prices Is due to the apprecla
lion of gold , but there Is nothing whateve
lu the methods of producing those articles
or In transporting or selling them , or It
th character of the money received fo
them , which would make the appreciation o
gold affect their prices more than It woul
affect the prices of other commodities pro
duced by our people. In addition to tb
various causes which have more or less at
fected Iho prices ot all articles , , the prices
ot these two products have been seriously
affected by the enormous Increase In their
production since the year 1872 , which was
tin- last crop year preceding the legislation
In regard to sliver. The production of cotton
In this country In 1872-3 was 2,974,351 bales ,
containing an overage ot 439 pounds net
weight , while the production In 1893-4 wan
7rl9St7 bales , containing an average of 474
pounds net weight , or an Increase of nearly
200 per cent In this country alone , besides
the great Increase that has taken place In
competing countries ; and In 1894-5 the pro
duction hcra was much larger , being nearly
10.000,000 bales. According to the statistics
of the Agricultural department , the produc
tion of wheat In this country In 1872 was
249,997,100 bushels , and In 1894 , 4G0.2C7.41C
bushel' , or nearly twice as much , and there
has nlsu been an enormous Increase of pro
duction In competing countries. Ilut , gentle
men , notwithstanding the great Increase In
lite production ot cotton and wheat , hero and
In other countries , and the consequent decline
In their prices , a given quantity of either
cf them will now purchase In our own mar
kets and In the markets abroad a larger
chare of many other useful commodities
than U would have purchased In 1872 or 1873 ,
so that , In fact , as compared with many
other things , the values of cotton and wheat
have appreciated.
WAGES HAVD NOT FALLEN.
The one thing which has been less affected
by the changes In the relation between supply
nd demind , by Improvements In the melh-
ds of production and distribution , and by
10 othar Influences which produce fluetiia-
ons In prices of commodities generally , Is
abur , and It Is by far the most Im-
ortant single source of Income possessed
y cur people , n much larger amount being
xpcnded every year In tlio payment of
ages than for any other one purpose. The
est of labor In the manufacturing1 and me-
hanlcal Industries alone during the census
ear 1889 was $2,283,210,529 , which w.is
sarly two and one-half times the value of
11 the wheat and cotton produced In this
ountry ; and If we add to this the amounts
aid for farm labor , for clerical service and
ther work In mercantile establishments , for
omestlc service and for work on railways
f all kinds , or water craft , on streets and
HUT Improvements In the cities , and In the
nany other occupations which give employ-
nent to our people , we would have a sum
Imost , If not quite , equal to the value of all
ur agricultural prolucts. It U evident , therj-
orc , that If the alleged appreciation of gold
lone has caused a reduction of prices , the
vapes of labor , the greatest commodity In the
narket , should have fallen since 1873 ; but
xactly the reverse Is true.
The argument that the foductlon of prices
s due to appreciation ot gold Is neces-
ailly based upon the further assumptions
hat the legislation in regard to silver has
reduced a scarcity of redemption or metall'c
money In the world , and that prices are fixed
nd regulated by the amount of such money
n circulation , or available for circulation
S'either ot these assumptions Is justified by
ho facts. The most exhaustive efforts have
ieen made from time to time by the Treisury
department , through the director of the mint ,
jy careful examinations of the monetary
tatlstlca of other countries , by correspondence
vlth our diplomatic and con ular rcpre cnta-
ives abroad and \\lth foreign financial uu-
horltles , and cth r.Uso to atcirt In thezctual
amount of gold and silver used as money In
he world , and the result shows that there Is
now more gold and silver In the aggregate ,
and itnore of each one of them , In use as full
egal tender money than there ever was at any
other time In the history of the world. The
; old In use as money amounts to $3,965,900-
100 , the full legal tender silver amounts to
> 3,435,800,000 , and the limited legal tender
silver amounts to $019,900,000.The policy of
maintaining , or rather attempting to main
tain , the so-called double standard never suc
ceeded In keeping so large an amount of full
egal tender silver In circulation In the world
as there Is at this time , and one of the prin
cipal reasons for this Is that the effect of the
wllcy was to drlvo first the coins of one
metal and then the coins of the other Into the
coffers of the hoarders or Into the melting
iots , because they were undervalued In the
coinage laws and would not remain In use as
: noney.
Ono of the most effective arguments made
> y the advocates of tree coinage , In some parts
of the country at least. Is that the people are
n debt , and that it is the duty of the govern-
nent to relieve them by such legislation as
l cnablo them to procure cheap money for
the purpose of discharging their obligations ,
and In support of this argument the most
exaggerated statements are made as to thn
depressed and suffering condition of our farm-
) rs , wage earners and other producing classes.
This argument concedes that under the pro
posed system of free coinage at the ratio of
1C to 1 all the various kinds of currency In
use by the people. Including the silver dollar
tself , would be 'worth less than It Is now , for ,
of course , if this Is not to be the result money
would bo no cheaper than It Is
low. To assert that the people are
n debt Is simply to say that they
lave traded with each other on credit , that
mo part of our fellow citizens , relying upon
he Integrity and financial standing of their
lelghbors and acquaintances , have lent them
noney on time and sold property to them
without demanding Immediate payment In
cash , and that in this way they have enabled
nany people to carry on a useful business
and live in comfortable homes who otherwise
could " not have done so. If It Is a crime to
"end money to a man who wants to borrow
t , or sell property on credit to a man who
ivants to purchase It , and has no ready
money to pay for it , let the perpe-
ralors be properly punished , but let us
not Involve the whole country In confusion
and disaster and Immolate the Innocent and
ullty alike In order to punish the real of-
terders. If our people are In debt they owe
each other , and , consequently , about as many
would be actually Injured as would bo ap
parently benefited by scaling the obligations
down to a silver standard. The Indebtedness
of the farmers , mechanics and other laboring
classes of our people , although largo In the
aggregate , la quite small In comparison with
the whole Indebtedness of the great railroad
and manufacturing corporations , the national
and state banks , savings Institutions , trust
companies , insurance companies , building as
sociations and other organizations engaged In
financial and commercial enterprises. These
various organizations are Indebted to the
people to the extent of many billions of
dollars , and , whllo it Is true that many of
the people are also Indebted to them , their
debts and creditors are not the same persons ,
and , therefore , the debts cannot be set off
against eaclt other and extinguished In that
way.
way.At
At the conclusion of Secretary Carlisle's ad
dress there was another noisy demonstration ,
followed by cries for Congressman Joslah Pat-
tCHon of Memphis. The congressman ac
knowledged the compliment , congratulating
the audience on the opportunity they had en
joyed to hear the able address ot the secre
tary of the treasury , and thanking the dis
tinguished guest for the favor ho had con
ferred upon the gathering.
On motion of Congressman Patterson the
convention then adjourned until 8 o'clock this
evening.
When the convention reconvened at 8 p.
in. Judge II. M. Rose , chairman of the reso
lutions committee , presented the following re
port , which was unanimously adopted without
debate :
The people of the southern states who be
lieve the maintenance of n sound and xtnhle
currency to be essential to the prosperity
of the whole country and the welfare of
the people In all the vocations of life do ,
through their representatives In convention
assembled at Memphis on May 23 , ISM ,
make the following declaration of their
matured convictions :
DKCLAUATION OF PRINCIPLES.
1. Relieving a uniform and certain stand-
nrd of value necessary to the agricultural ,
commercial and industrial development and
pi asperity of our common country , we
favor the maintenance of all our money ,
whether gold , sliver or paper , on a parity , to
the end that each dollar , whatever may be
Its composition , shall have equal imrchns.
Ing and debt-paylnB power with every other
dollar.
Z. Profiting by the exi > rlpnpo of Wa h-
InRton , Jefferson and Hamilton and the
teachings of the great students of monetary
science from the time when John Locke
wrote to the discussion of the present dary ,
we accept the trutb of the principle now
universally recoirntztd and applied In tbc
commercial world , thai the bimetallic stand.
ard cannot be maintained where the ratlc
llxed by law for the free coinage of gold
ana Mlver does not correspond with tin
market ratio of the two metals ; and thai
wherever and whenever the legal or colnag <
ratio varies from the market or commercla
ratio to any appreciable extent , the dollar
whether of gold or silver , which thereby bs
comes more valuable as bullion than at
money , will KO to a premium and retln
from circulation. We saw this prlnclph
applied In our national experience when
under the act of 1792 , which fixed the coin
age ratio at 15 to 1 , gold retired from ctr
culatlon because of a slight decline In thi
price of silver In the open market , whereb ]
.he bullion In a geM Collar becnme worth
a few cents moral tluin the bullion In a
silver dollar and was therefore sold ns a
commodity , because' ' ItMSvas worth more ns
bullion than ns irtiimvl and ngnln. under
'he act of 1831 , which llxed the ratio at 16
o 1 , when the sllvet * cAIn retired for a like
reason. We nre , thrreforc , opposed to the
"ree , unlimited and livlep nJent coinage of
silver nt the ratio of'Hi ' to 1 , when the mar
ket or the commerclrnitlo ) | Is more than
10 to 1 , nnd the difference between the bill-
.Ion value of n golll 'nnd ' n silver dollar is
about CO cents , on tlu : ground that such
action , Instead of restoring the bimetallic
standard , would inevitably result In silver
nonomctalllsm. , ,
ARE NO IJIMKTAIVLIC COUNTRIES.
3. At this time tKere' Is no country In the
world which maintains .the bimetallic stand
ard , nnd neither Is there any country where
' .he free coinage of sllMer obtains which Is
jiot on n silver basis. ICach country , on ac
count of Its Inability to mlupt Independently
any bimetallic standard , must elect for
Itself which It prefers , the frold or the silver
standard. We therefore fnvor. In the ab
sence of International co-operntlon , the re
tention nnd maintenance cf the existing gold
standard because n chance fiom the Kold
o the sliver standard would have the effect
o repudiate nil public nnd private obllpa-
: lens to tile extent of the difference be-
, wcen the bullion values of the gold and
sliver dollar : because whenever such n
chance should bo seriously threatened It
would cause nn Immediate attempt nt col-
'ectlon and liquidation of nit debts In nntlul-
.intlon ot the result It would produce ; because -
cause such transition from the gold to the
silver basis would destroy public nnd pri
vate confidence nml would Involve the coun
try In such a panli1 , confuilon and distress
that the products of agriculture nml Hu
rt-ages of labor would be unremuncratlve ,
[ he business nnd commerce would become
unprofitable and our people engaged In In-
lustrlnl occupations would be thrown out
of employment ; because there Is not n pro
gressive , nn enlightened country In the
world which lias not elected gold ns the
preferable stallJurd ; because go.d stnmbuxl
countries retain silver lu their circulation on
n parity with gold , whereas there Is no
silver standard country which does or can
utilize gold as money ; because there Is not a
silver country on the globe where the
wnges of labor aru sufficient to sustain the
working classes In comfort nml Iiuli iend-
tnce , and llnnlly , because the high destiny
of the United States demands for the use
of the American people that money which
experience has taught mankind tu bo the
best suited for the promotion of commerce ,
the development of manufactures , the en
couragement of labor and the advancement
of civilization.
READY TO JOIN OTHER COUNTRIES.
4. We would rejoice over the adoption of
real bimetallism , but In view of the con
tinued fluctuations in the price of silver In
the open market we realize that It Is Impos
sible for the United States. Independently ,
to adopt a bimetallic standard. , nnd we
deem it unwise nnd hazardous to the best
interests of its people for this country to
attempt Its establishment. We fnvor the
policy of this country standing In
the attitude of readiness nt all
times to co-operate with powers In any
policy they may Inaugurate looking to the
adoption of true bimetallism , but In the
meantime , and until successful co-operation
Is assured , to maintain Inviolate its exist
ing standard of value.
5. We favor the retention as part of our
money of the silver now coined , nnd , In
order to give a wider field for the use of
silver , we favor the funding of nil money
other than silver and silver certificates below -
low the denomination of $10 Into higher
denominations , so ns to make our entire
circulation below the denomination of $10
either silver or silver certificates , and to
tills end the secretary of the treasury
should be authorized by law to coin from
time to time , ns the people may require
them , silver dollars , until the demand of
commerce for money' below the denomina
tion of $10 Is at ail , times satMled.
0. We realize our national banking system
was adopted duiing'lt tune of war and that
it is not adapted to existing conditions. We
therefore favor such legislation as will se
cure to the people n nystein of banking mr-
rounded by such safeguards as will at all
times furnish tbeniAa safe , elastic and suffi
cient currency for the transaction of their
business.
7. We cannot too "highly commend the un-
llapKlng courage and sturdy patriotism of
President Cleveland Jn his efforts to pro
tect the national honor and to maintain tbc
public credit duilng'a period of great finan
cial distress , nnd under sucli conditions
which threatened danger to both , and we
congratulate him and-the entire country on
the evidences of returning prosperity.
The reading of the resolutions was frequently
Interrupted by applause.
Resolutions endorsing the work of the re
form committee on sound currency of New
York , and urging , the organization in the
.southern . states of sound money clubs to carry
on the campaign begun" at this convention
were also adopted. '
In response to numerous calls , Congress
man Patterson made a speech on the work of
the convention. At the conclusion of Colonel
Patterson's remarks a resolution was adopted
authorizing the appointment of a committee
of one delegate from each state represented
to superintend the. distribution of proper
sound money literature. The convention then
adjourned slno die.
I'lionvcTioy of riti'.cwuii METAI.H
Gold Output the Lnrijont of Any Year Slnco
1878.
WASHINGTON , May 23. The director of
the mint in o statement made public esti
mates the production of gold by the mines of
the United States approximately during the
calendar year of 1894 to have been 1,910,800
fine ounces of the coining value of $39,500-
000 , an Increase over 1893 of $3,600,000 , which
is the largest amount produced In any year
slnco 1878. The production of silver for the
mines ot the- United States Is estimated to
have approximated In 1891 , 49,500,000 ounces
of the coining valus of $ C4,000.000 , showing a
decrease as compared with 1893 of 10,000-
000 ounces. In the production of gold Cali
fornia leads with an output of $13.570,000 ;
.Colorado . is second with $9.491.000 ; Montana
tblrd , with $3,651,000 , and South Dakota , $3.-
299,000. Colorado heads the list In silver by
an output of 23,281.400 fine ounces of the coin
ing value of $30,101,200 ; Montani sjcond , with
a production of 12,820,000 fine ounces , fol
lowed by Utah with a production ot 5,892,000
fine ounces , and Idaho with 3,248,500. At the
average price ) of silver for the calendar year
1894 , $0,5C5 , the commercial value of the sil
ver product of Ihe silver mines of the United
'
States Is $31.432,500.
Foreign Alnll bnrvlcu Will Nut fie Curtailed.
WASHINGTON , May 23. Second Assistant
Postmaster General Ncllaon says that there Is
no truth In a story which has been published
that there will bo only ono Irlp a week with
foreign malls after the 1st of October.
GATHERING OF GREAT SHIPS
Parade at Kiel Will Bo the Largest Naval
Pageant of Modern Times.
ENGLAND WILL LFAD IN TONNAGE
"
R
Mottling In Line to Kqimt tbo I'oorlc *
Alliino.ipolla lu 1'olnt uf Speed
ItnllHit Ilonti Mount the
llcuilrnt Cltins.
WASHINGTON , May 23. The naval dem
onstration at Kiel , on the occasion ot the
opening of the Baltic canal , according to the
present program , promises to eclipse anything
of a like nature ever witnessed In Kurope.
table prepared by the naval Intelligence
olllce shows that In addition to the numerous
fleet of Germany there will participate In
the naval prade no less than forty-live war
ships from foreign countries , representing
every typo from the stately battle ship to
the little gunboit and torpedo cruiser. As
might be expected , Great lirllulu easily takes
the lead In tonnage , although Italy will send
one more ship , the Urldnli licet numbering
eight ships , while the Italians mavo nine.
The British vessels have a total tonnage
of 09,310 , as against 53,331 for the Italian
ships. The Ilrltlsh have also the largest
vessels , sending four monster battle ships ,
each of 14,450 tons , nearly 400 tons larger
than our own fine battle ships ot the "Italian"
class. They are armed with thirteen nnd one-
half Inch guns. Hut two ot the Italian Hblps
exceed this battery , the Laurla and Usrla
carrying the largest guns afloat , of a calibre
of seventeen Inches.
The British fleet will consist of the follow
ing ships : Battleships , Iloyal Sovereign ,
Empress of India , Hepulse and Resolution ;
protected cruisers , Blenheim and LJcllona , and
the torpedo vessels Speedy and Halcyon.
The Italian licet , next In strength , Includes
the four battle ships Sardegna , He Umberto ,
Hugglero dl Laurla and Andrea Dorla ; the
protected cruisers Stromboll and Htrurla , and
the torpedo vescls Aretusa and Partenope , and
the royal yacht Sovla.
OUTSPEKDS THEM ALL.
Next to Italy nnd third in the list In ton
nage comes the United States with tv.o arm r.d
cruiser New York and the cruisers Minne
apolis , Columbia and Marblchead , aggregating
25,039 tons. If Great Britain and Italy can
boast of the largest and most powerful ships ,
the United States can easily claim the
championship In point of bpeed , for no
foreign ship comes near the peerless Mlnne-
applls with her record ot 23.073 knots , even
the fleetest torpedo vessels at the show , the
Italian Aretusa , scoring but 20.7 knots at
her best.
Russia stands No. 4 In the list of tonnage
with throe ships , the battleship Imperator
Alexander II. , the coast defense ship Gro-
zlastlchi and the armored cruiser Iturllc , a
total tonnage of 20.S96.
Of the great European naval powers
France makes the worst showing with only
1S.79S tons , made up ot the battleship Hochc ,
the protected cruiser Surcof and the twin
screw armored cruiser Dupuy do Loin ? , cele
brated for the great number of unsuccessful
trips the made In the effort to make speed ,
and now only rated at twenty knots.
Spain prees > s France closely with three
ships , the battleship 1'clayo , the armored
cruiser Infanta Maria Teresa and the pro
tected cruiser Marquis de Uncenada , having a
total tonnage of 17,822. Austria has five ships
with a tonnage of 13.S90 , Including the ar
mored cruiser Kalserln and Konlgen Maria
Theresa , the protected cruisers Kaiser Franz
Josef and Kalserln Elizabeth and ; the tor
pedo vessel Trabant , the smallest In the
parade , being of 530 tons. Sweden sends
three ships , the coast defense vessels Thule
and Got and the gunboat Edda. Norway
sends two ships of 1,693 tons In all , the Vlk <
Ing and the Slechner. Roumanla is close be
hind with two ships of 1.G53 tons , the cruiser
Ellzabet and the training vessel Mlroca. Den
mark will have protected cruisers In line ,
the Helta and the Gclsar , total tonnage 2,600 ,
and Portugal and Turkey will have only one
ship each , the former being the armored
cruiser Vasco da Gama of 2,422 tons and the
latter the cruiser Heybotnouma of 1,960 tons.
HAS NOT FULT TIIB UUL'JIUSSION.
Argonttiiii Itnpulilto I'lourishlnc In Splto of
till ) Ilurcl Time * Kveryuliero.
WASHINGTON , May 23. Fears of trouble
between Chill nnd the Argentine Republic
over the boundary line appear to be overcome
by the annual message of the president of
Argentina , which has just been received here.
It was sent to the congress which met May 2
and speaks of the satisfactory progress of
negotiations with Chill. The president also
refers to the settlement of the trouble with
Brazil over the missions territory through
the arbitration of President Cleveland and
says that the arrangement promises to bring
nbout a renewal of the strong alliance
formerly existing with Brazil.
President Urlbarl reports that In the midst
of the world's depression Argentina's revenues
largely Increased last year. The total value
of exports was $102.000,000 , or 19,000,000 in
excess of the imports , showing that the
balance of trade remains on the side of the
Argentine.
blr Julian C'lriiruil Up Many Folnti.
WASHINGTON , May23. . Sir Julian
Pauncefote , the Brtlsh ambasssador , called at
the State department and communicated to
Acting Secretary Uhl important advices Just
received by telegraph as to Bering sea , U
embrace ! a full list of all Canadian sealing
vessels which have cleared for Boring sea ,
together with their equipment and all neces
sary Information to permit the American
authorities to act intelligently. Sir Julian
also took occasion to clear up some misap
prehension as to the British naval vessels
which will patrol the Bering sea. The con
ference with Sir Julian was very satisfactory
and put n more favorable aspect on the Bering
sea question.
Makes hard water soft
Pear/line. Every woman knows just
what that means to her. V/ftshing in hard
water is so ditYicult. amJ the rcsulto so poor !
Pcarline reduces the labor , whether you
use soft water or hard. But use Pearl-
inc , nnd it's just as easy to wash
with hard water as with soft water
and the results arc just as good.
Pearline saves more things
than your labor , though. We'll tell you of these savings
from time to time. Keep your eye on Pearline "ads. "
Toddlers and some unscrupulous croccrs will tell you " lliis Is M cowl ns"
or "tho same as Pearline. " IT'S FALSK Pcartine U nc\cr peddled ,
nnd if your etoccr sendi you snmcthing in place of 1'c.iillnc. bo
honest tmJit tot * . 414 JAMBS PYLK. New Yotk.
COOCOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOPOOOBg
o
*
§
U
O
o
o
e
There's lols of snap nnd vim in this limits' ROOT- g
JIIJKK. There's lots of pleasure mul good health in
it , too. A dclicioits drink , a temperance drink , n
home-made drink , n drink that delights the old and O
young. 15c sure nud get , hc genuine o
o
o
o
e
o
* >
A 15 efnt package m&tei S jttloni SoU fTfrywber * . Q
The Chas. E. Hires Company , Philadelphia , Pa , g
aOOOOOQODOOOOOODOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
FRANK B. STOCKTON
is the man whose stories you
want to read when life looks
dreary. His quaint humor
would make a prospective
suicide smile , Stockton has
never written anything more
delightfully characteristic , more quietly , deliciously funny
than
"THE BISHOP'S GHOST. "
*
which will appear in
THE BEE
Saturday , May 25.
Read it if you want to appre
ciate to the lull the possibili-
tics of this master of Amer
ican humor.
DUFFY'S
PURE MALT WHISKEY.
All Druggist ] .
It is prepared with the utmost care and skill from the choicest leaf grown ;
possessing a flavor and substance that makes it dear to the heart of every
tobacco chewer. It is made by the oldest tobacco manufacturers in
America , and the largest in the world , and cannot be excelled. Try it.
You'll agree with the many thousand discriminatingchewers who use it exclusively - (
sively , and pronounce it niucli the best ItJ'Q 3LaOZlll. tZCl.'JE .
Goonial ! Comfort--
If you want
a chair with
some smack of
nge In Its de
sign look at
tills engrav
ing. In Uits
18th century
frame work
yiii may taste
the exact coin-
r o r t which'
your f o r e-
fnthera en
joyed a hun
dred ycara
ago.
ago.And
And PO It Is
not to be de
spised. Kvery
one who has
not In his house one of these old-fashioned
high back Colonials lias something well
worth KavinK bis pennies to purchase.
At first night a wooden seat IB Inimical
to luxury.
But the handicraftsman of 1800 understood
how to hollow out a "dug" neat and shape
It to the exact bearings of the body.
It is surprising how much more comfort
able such a 8bape chair in than the moro
yielding , but more tiring , upholstered seat ,
We have over 100 patterns of these Colonial
nial chairs. The frames are ornamental ,
with marquetry on the seat , arms , legs and
braces , while the back Is inlaid with tor
toise Hlicll nnd mother of pearl.
The designs are exact copies of famous
originals.
Chas. Shiverick & Co *
Furnllurc , Upholstery and Draperies ,
NOTICI3 OF IlECEIVKIl'S SAI.,13.
Notice la hereby given that pursuant to
an order of ihu district court of Douglas
county , Nebraska , entered on the 9th day
of Muy , IVJj , In a suit pending In ald
court , wherein William A. Wallace is plain
tiff and Wallace nnd company. Incorpor
ated , la defendant , I will on Monday , the
27th day of May , 1W5 , nt Z o'clock p. in.
at Raid day at thu place of business of salcl
Wallace und company. Incorporated , at
number 411 South Tenth utreet.ln Omaha. Ne-
bruslui , xcll at public auction to Ihe high
est bidder for cash all of the iiKaeta of Bald
Wallace and company , Incorporated.
Bald assets consist In part uf ualoon ban ,
back bars , mirror frames , b"er coolera , etc. ,
all being manufactured by the raid Wallacti
nnd company , incorporated , a ojmpleto out
fit of Improved wood woiklng machinery ,
together with fchaftliic and bfltlng and two
Detroit electric motor * of llfu-en horse
power each , the olllce furniture and fixtures
and a lot of raw material and partially
manufactured stock.
Said property may be Inspected nt any
time during business hours IIIH ! the undersigned -
signed Is authorized to sell all or partH of
said property at private sale at any tlma
prior to the date fixed for public Bale.
Said sale will be conducled according to
thu Instructions of the court embodied In
the Bald order which will be found In the
otllcc of the clerk of the district court or u
copy of the same may be ln pi'ctcd on the
above premizes ut any time during bmlnesj
hours.
JOHN JENKINS.
M-1M71 m anfl Receiver.
