Coin at School in Finance
FOUUTH KXTIIACT.
At the next session the attendance had
fallen off somewhat , the curiosity-seekers ,
who were drawn at first by Coin's reputa
tion as a regular man-eater , having grown
tired. They said Coin was making no fight
nt all. The audience was a geol one , how
ever , and composed of Intelligent persons
who were Interested In the money question.
It was agreed that Coin had as com
pletely failed to sustain himself In his his
torical case as In his decline of prices. The
Judgment of the statesmen who established
our coinage was shown to be against the
theory ho was advocating , I. e. , free coinage
regardless of the commercial ratio , regardless
of the position of other countries and re-
.gardless of the disturbance of commercial
values.
Coin was on hand with a determination
to make a better showing than on the pre
vious days and many thought ho would bo
able to. They said he wouldn't run against
.ED , many Inconvenient facts In discussing the
mere theories of money and would have a
better opportunity to use his sophistry and
Imagination.
He began the discussion by announcing
that he would now proceed to prove ! that all
of the gold In the world available for money
could be put In that room.
Instead of the murmur of astonishment
which he expected , everybody looked a little
bored.
"You can have that field to yourself , " said
tbo blmetalltat. "I do not consider It perti
nent to this discussion. You might get Into
an argument with some gold standard man
over It , but I expect to see both metals used
for money , and favor both. Furthermore , all
of the commercial nations will unquestionably
Join us In the use of silver If this question
of ratio , which has wrecked the double
standard , can be permanently settled. There
wouldn't be gold standard men enough in
any country to hold a meeting If the In-
trlrslo ratio between gold and silver for the
next hundred years could bo absolutely
known. If you know how to fix the ratio
permanently you need do nothing else , and
If you cannot do that you need not talk at
all to people who understand the subject. "
Coin looked perplexed , but finally suld that
the way to resume waa to resume. The ratio
had been fixed by the Inspiration of our fore
fathers 100 years ago. We should not per
mit It to bo changed.
"You have forgotten that they changed It
themselves sixty-one years ago , " suggested
the bimetallism
Coin was embarrassed , but he did not re
ply. He gald that ho would proceed to
show that the decline of silver had been
caused by unfriendly legislation ; that If it
had the same access to mintage now as for
merly the oil ratio would hold good. He
wouH show , he aald , that not only the
United States and England , but Franco ,
Germany , Norway , Sweden , Denmark. Hol
land , Russia , Austria , Switzerland and Ilel-
glum had ceiscd the free coinage of silver ,
and , all , except England , since 1871. The
csssatlon of their demands for coinage pur
poses , he said , accounted for the decline.
The way to check the decline and restore the
price was to reopen these mints.
"I would like to ask at thU point , " raid the
nlmetalllst , "how many of these mints you
expect the United States to reopen ? "
POWER OF UNITED STATES LIMITED.
Cain stammered that of course the United
States could only reopen Its own , but that It
was our duty to do our part.
"Yes , " gald the bimetallism "It Is our duty
to do our part , but tliU Is not a task thai
can bo half done with profit. "
"I would like to ask , " gala the traveling
man , "how the relative production of goid
and silver of the world compares with what
It was In 1870. "
"I will glvo It In fine ounces , " replied the
bimetallism "so that the change In values
will not complicate the statement :
Clolcl. Silver.
ISM o.rw.osi 4j.on.sa
18S3 , 7,005,901 161,776,000
"The production of gold In 1892 had Increased -
creased somewhat , but the production of sli
ver had nearly quadrupled. "
"It looks like a pretty big job , " sail the
traveling man , doubtfully , "for the United
States * alone to try to hold silver up to the
old ratio , with all those countries dropping
IU use and the supply to much Increased.
Didn't you § ay our forefathers changed the
legal ratio once to correspond with the com
mercial ratio ? "
"Yes. "
"And In determining what the ratio should
be , did not Jefferson advise congress to Ig
nore all legal ratios and take the average
commercial values In the countries with
whom we had commerce ? "
"Yes. "
"And wasn't that what guided them to the
selection first of 15 to 1 aim afterward to 16
tel ? "
"Well. I don't see that there Is any dl-
vlne ordinance or revelation requiring us to
adhere to 1C to 1 , after the conditions which
° originally recommended that ratio have
QbangeJ , I should think It was a pretty
geol tlire to Imitate our forefathers by
changing It again. "
"I would not submit tQ foreign domina
tion. " "Id Coin. "Silver would bo worth as
wuch na. ever ( r think ) If the foreigner *
' would reopen their minis to It. Silver Is one
ot our products , and we should not submit to
their dictation. "
"I don't know about that , " said the travel
ing man. "If Europe should quit eating wheat ,
would It affect the price ? "
"Undoubtedly. "
"Would you recognize the changed price ,
or refuse to * submit to this foreign domina
tion ? "
"Tfils silver buslne s , " sal a Coin , evasively ,
"to a conspiracy to strike down our money ,
and we should not yield to It. "
"I believe that In our experience fluctua
tions between 15 and 16 to 1 were sufficient
U ( end all of one metal out of tbo country , "
laid the traveling mail.
"Yes. "
"And > now with the commercial ratio at
about 32 to 1 you want to open the mints at
tbe old' ' legal' ratio. Do you think It wise to
iMlst Jhat the. ratio Is unchanged ? "
"I am opposed to submission to tbe dic
tates ot Kngland , " tald Coin , fiercely , and
tasking his flit.
"I dent know what you mean , " said the
traveling man. "If tbo English government
has been making any demands upon our gov
ernment la this connection , U U cortaluly a
high-handed outrage. But I haven't heard
of any. "
WHAT ENGLAND HAS TO DO WITH IT.
"Oh , of course they haven't done that , "
said Coin , "but this depreciation oti silver Is
English policy and It Is the tools of England
who are doing It. "
"Well , " said the traveling man , "I didn't
suppose a man would ever become accused of
subserviency to England by following the ad-
vlco of Thomas Jefferson. Now , whatever
has caused the commercial decline of silver ,
It seems to bo down. I am all right for a
fight where there seems to be a tangible
Issue , but I don't like to , fight a phantom. I
want to bo practical. This Is a business
question. It Involves , as I understand It , the
financial honor and credit of this country.
What assurance can you glvo that the world
will accept our rating ? "
"I want no assurance for myself , " de
clared Coin , dramatically. "I would publish
a new declaration of Independence , and serve
notice on nil foreign powers that wo didn't
care what they thought of our money. "
"It makes siome difference what our own
people think of It , " said the bimetallism "As
Hamilton said In 1702 , 'In no country do the
authorities have less power to substitute
names for things. ' And I have no Idea that
any amount of sophistry now can lead the
people away from the safe rule that our
primary money , the money of redemption ,
shall have in Itself the value that its face
proclaims. "
"You beg the question , " said Coin. "The
term dollar la a legal ono , and applies In this
country only. It has been applied to 371V4
grains of sliver for 100 years. "
"Wo have two distinct dollars In our cur
rency , " said the bimetallism "Grant your
point that each Is legal , they are not harmoni
ous. We call them by the same name , and
, yet In every country outside of this one will
buy twice as much as the other. Wo keep
them Interchangeable here by the action of
the treasury , which stands ready to exchange
ono for the other on demand. "
"What would be the result If wo adopted
free coinage ? " asked the traveling man.
PROBABLE RESULT OF FREE COINAGE.
"I will try to describe what would hap
pen with our mints open to free coinage
of both gold and silver , at the ratio of 16
to 1. As there Is no country In the world
where sixteen ounces of silver Is rated
above half an ounce of gold , there would
bo a great profit apparent In shipping silver
to the United States and exchanging It for
gold. A thousand Mexican dollars could be
shipped to this country and exchanged for
gold at 16 to 1 , the gold then taken back
to Mexico and exchanged for 2,000 Mexican
dollars , these In turn brought to this coun
try and exchanged for gold as before , this
gold taken to Mexico and exchanged for
4,000 Mexican del "
"Gee ! " exclaimed the traveling man , "that
fellow could afford to quit after five or six
trips. "
"Whllo ho was making his trips there
would be a similar movement from all parts
of the globe. "
"They would think there was a melon
cut. wouldn't they ? " said the traveling
man.
"Nonsense ! " said Coin. "Would an >
owner of Mexican dollars part with them
at less than ho knew they were worth In
the United States ? Of course not. Every
owner of silver would advance his price
to their value .n the United States. "
"That would depend entirely upon his
confidence In the United States to take all
the silver that was offered and glvo gola
for it. It would bo Ilko confidence In the
ability of a bank to meet Its obligations.
If it can certainly do It nobody asks It to ;
If there Is any doubt about Its ability ,
everybody wants It to. Wo would be run
ning a gigantic 'bull' movement In silver.
It would bo like forcing up the price of
wheat on 'Change. The essential to success
In any movement of that kind Is to be able
to take all of the article that may bo of
fered and pay the price you want to estab
lish. If you do that you make the price ;
If you fall you go broke and have no In
fluence whatever on the price. The United
States has lately been In pretty clcse quar
ters for gold to support even Its own sliver
and paper. There would bo no confidence
that It could hold up the world's stock of
silver. "
"Suppose , " said the traveling man , "that
the prlco of silver advanced. What would
be the effect upon sliver production ? "
"It would be greatly stimulated , of course ,
by doubling IU price , and wo would have
to hold up the price ot It all. "
"What are you talking about ? " said Coin
petulantly. "The United States government
would not be obliged to redeem silver with
gold. U would slmpty coin all the silver of
fered , make It a legal tender , and give It
back to the owner. "
The blmctalltst smiled , but let the travel
ing man speak first.
The latter looked a little perplexed but"said :
"My observation Is that 'bluff' doesn't go
far in money matters. Jf the United State ]
Is going to raise the price cf silver as com
pared with gold , It must stand ready to buy
sllvtr nnd give gold for It at ttie ratio named.
Anything else Is mere wind , and Influences
nobody. "
"You have mastered the subject , " said the
bimetallism with a laugh.
"Do you think , " said the traveling man to
Coin , "that any private citizen will let his
gold go at the 1 to 16 ratlq when the govern
ment will not agree to replace U on those
terms and ho knows that he can send It
abroad nnd get 32 to 1 ? I don't think , Mr.
Bimetallism that tlio Mexican dollar specu
lation would work. I don't think a single
piece of geld could be had In this country
at less than the commercial ratioabroad. . "
"In that cas ? , " said the bimetallism "wo
would not even increase , our stock of silver
except as tlie scarcity of money , caused by
the-lotis of our gold and paper , madu Interest
rate ) higher and so Httmulatcd the Importa
tion of silver , or ns geM was sent abroad to
buy It at the commercial ratio. "
EFFECT OF FREE COINAGE ON GOLD.
"H Is" perfectly plain to m lio\v It would
work , " vald the traveling man. "I see that
the government has the jnvcr to make sil
ver a legal tender , re-girdlei * of Its Intrin
sic value , and compel tlu people to take It.
It might even decree that hereafter half dollars -
lars shall be a legal tender for dollars. That
would , as you have explained , enablebankk
to pay off their depo Uors , Insuraucj compa
nies to pay their losses , and employers to nay
their help on tlioio terms. But Hie govern
ment cannot compel me to pay out a { 20 gold
plcco that I have In my pocket , and you may
put It down that I never will do It until th
rovornmtnt agrees to stand behind me and
guarantee * to replace It for mo II I want It
DY
George E. Roberts.
again. I will club with come other fellows
and send It to Mexico , whereIt would be
worth two for one. "
"But the government cannot ntford to re
deem silver In gold , " explained Coin. 'Ml
might lose all of the gold It has In twenty-
four hours , and It would liave no way of
Retting more but by selling bonds , and that
will not do. Besides that would be making
silver dependent upon gold , whereas It Is Its
full cquel. It Is an Insult to sliver to ask Its
redemption In gold. "
"Well. " said tbe traveling man , with symp
toms of that tired feeling , "If you think
you can convert the world by faith with
out works , yon nre mistaken , The" holders
of geM will keep It , and Instead of gold
and silver In circulation we wl 1 have silver
only. "
"You don't appreciate the size of the coun
try , " said Coin. "You are not a patriotic
American. Any nation that Is big enough
to take all of the sliver In the world and
give back merchandise and products In pay
ment for it will at once establish the parity
between It and gold. " ( Coin , page 135. )
"This government , " said the blmetalllst ,
"has no merchandise or products to exchange ,
and whatever the government may resolve ,
Its citizens will not exchange their property
for sliver at any other than the commercial
price. Though our people may bo a little
confused sometimes on rational policies , they
are quite thrifty In their private bargains.
They will never go out to Ihe four corners of
the eartli and , pay more than the market
price for all of the silver they can find , not
knowing what they can do with It after they
have It. "
"I think not , " said the traveling man , sig
nificantly. \
"Well , suppose wo go to a silver basis , "
said Coin. "See how many more dollars
our wheat would bring If , Instead of giving a
bushel of wheat for the present standard of
gold , the standard was cut down one-half.
See how much more our exports would bring
us , and India and South America could no
longer undersell us. "
"Any Increase In the price ot the wheat
consumed by ourselves would be paid by no
body but ourselves. I suppose you will admit
that ? " said the blmetalllst.
"Well , yes , " said Coin , rather reluctantly.
"The bread-eaters are the masses. It
would come largely out of the wage-workers.
Unless their employers Immediately raised
their wages they would be worse off than at
present. If their employers raised . their
wages the prices of their products would also
bo raised , and the farmer would lost all that
he gained on his wheat. If the producer on
the farm did not get the best of the pro
ducer In the factory , or Tlce versa , , they
would both be where they started from , un
less the middleman In the shuffle gathered a
slice of the advance , which ho certainly
would. The middleman nnd speculator sel
dom get left In a shutlle. "
"Now , ns to getting more for exports :
When a shipload of wheat from New York
lies beside one from Buenos Ayres In Liver
pool , Havre , or Hamburg , what figure do you
suppose the coinage laws of North and South
America cut In the price ? No more than
our system of weights and measures. We
unit. On this Ifie security and steady valuer
of property essentially depend. '
"We have not measured , valuci In silver
for sixty yetra , and to go to a silver basis
would change tha prlco of every piece of
property and thoja'aluo of every contract
In the United -States , and work great Injustice -
justice to manyNpWpio.
SOLELY A QUESTION OK JUSTICE.
"Tho sense of right and wrong should
preclude any 'Hard from being Influenced
by his own Individual relations to the
change , whether ho would profit or lose.
Wo want whatp\i \ Juil and equitable.
"Tho plea to debtors that It would help
them Is not only' ftlslioncst , but deceptive.
It would prov aa disappointing as the
various nets ott tatp legislatures , by which
much capital lias been driven out ot some
of our states , and In consequence of which
many debtors In these states have been
unable to renew their ItMiis. Coin advises -
vises his followers that 'all notes , mort
gages and contracts payable In dollars nru
payable In whatever Is the dollar of account
when payment Is tendered , and If the gold
dollar Is reduced In size the new dollar
would bo legal payment of debts contracted
befoto that tlmo calling for dollars. '
"That Is to say that If last year you
borrowed J100 and received It In our pres
ent gold dollars or their equivalent ( which
Is nny of our present money ) and congress
should now cut. down the amount of gold
In a dollar one-half , you would thus avoid
paying the other half of the debt.
"That may be a powerful Incentive to some
people to join Coin's standard , but I doubt If
my friend hero ( nodding to the traveling man )
Is one of them. "
"I am not one of them , " said the traveling
man , decisively , "and tjioro Is not the slight
est danger that the people of the United
States will ever enact such a monstrous law.
It would bo a disgrace to free government.
It would be n blow to our credit from which
this generation would not recover. H would
bo a stain upon our record that our posterity
could not wipe out. It would be a calamitous
blow to Integrity and morals In the world.
Occasionally a community suffers a great
shock by the fall of some man whom It has
been accustomed to look to as an example
for the young. Of this nature , but Incompara
bly greater than tbe shock that could be
caused by disappointment In nny man , would
bo the blow realized by the civilized world If
this great republic should stoop from Its
leadership In civilization , after n career of
unexampled prosperity , and , upon the specious
excuses of Itinerant visionaries , repudiate Its
debts. They never will do It If they compre
hend Its enormity. The American people are
honest and they are Jealous of their honor. "
"Oh , pshaw ! " said Coin , "tho equity Is on
the other side of the case. Since tbo crime
of 1873 money has been advancing as com
pared with other property until 50 cents Is
worth as much as $1 was then. U Is neces
sary to do this to restore equity. "
"I never knew an act so dishonest or mean
that some excuse had not been prepared to
cover It , " said tbe traveling man. "Tho fel
lows who rob trains have a way of laying the
responsibility somewhere else. The first step
In all Immorality Is to soothe the conscience
to silence by some plausible tbecry. The pub
lic which looks on with a disinterested eye Is
never deceived , and you can depend upon It
there will be no two opinions In the civilized
world about the act , which you propose. The
effect upon tbe character of our own people
would bo deplorable. The sense of discrimi
nation between rl ljUnd wrong la easily lost
when you begin to alter the rights of others
by your own arbitrary power. If you do It
once there will bo people to favor doing It
again. They will find arguments as plausible
as yours and have your precedent to help
them.
"Furthermore , " ho continued , warming up ,
"how many contiacts are there in this coun-
IMPROVED CONDITION OF THE LABORER.
might aa well practice the fiction of getting
more for our wheat by reducing the bushel
to fifty pounds. Each seller gets his pay In
English , French or German gold , and con
verts It Into exchange on his own country ,
and the more the laller fluctuates the greater
must be his margin to protect him from loss.
In January , 18C5 , our paper currency fluctu
ated from 134 to 160 In gold. The dealer
who bought from the farmer In paper and
sold to the foreigner In gold had to have a
margin to cover these fluctuations. That Is
a terribly costly way for a nation to do busi
ness , and no country can compete under such
conditions with rivals who are free from
them. "
COUNTRIES ON A SILVER BASIS.
"But. " said Coin , "nations can prosper on
a * silver basis. Mexico Is prosperous. We
prospered during the war on a paper basis. "
"It Is true , " said the bimetallism "that
business will adapt Itself In time to any con
ditions , and If a country has great resources
to be developed It can stand great losses for
a time. But the day of t-attlement , which
came In the panic of 1873 , must always come.
Mexico has always been on a silver basis.
She has not changed to It , and It would prob
ably b ? unwlso for her to change to gold.
The decline in sliver has come gradually to
her and her values have adapted thcmsalyes
to it , but If Coin ever gets silver advanced
again to tbe 16 to 1 ratio , look out for a
commercial cyclone In Mexico. Tbe value of
all property In that republic will shrink one-
half. I commend this prospect to bis be
nevolent consideration , In view of his touchIng -
Ing appeal to help In the 'emancipation of
the western hemisphere. ' And It he takes
the United Statev down to the Mexican level ,
and raises It again , business In this country
for tbe next twenty-flvo years will be a
gambling game.
"To do business tor tho.ordinary profits
the producer and middleman must bavo
some basis upon which calculations for the
future may be based. Boats can ply on the
Niagara river above the falls and also
below the falls , but to move all the busi
ness of a country back and forth from one
basis of values to the other Is about as dis
astrous as it would be to run boats up and
down the falls.
"Coin has one theory that by steering
straight oror the falls the water below will
rise tip at least half way to meet us , and
another that there Is just as gcod boating
below as above. Neither theory Is adapted
to practical affairs. No statesman who baa
a cense of the vast responsibility en him
for the earnings , the property , the solvency
and tbe happiness of the millions who in
their dally avocations make little allow
ance for the Interference ot tbe government ,
will punuq uucli a recklets courio. The In
terests affected are tco vast , the damage
appalling and Irreparable.
"In the language of Alexander Hamilton ,
'there It scarcely any point In the ecanom >
of national affairs of greater moment then
the uniform preservation of tia money
,
try now made prior to 1873 ? An Insignifi
cant proportion. You propose a sweeping act
to correct an alleged Injustice In these few
cases. Thousands of men have borrowed
money since then and used It profitably and
you would relieve them of paying one-half
of their just debts. In the thrifty viIage ! .of
New England thousands of working people
hold western farm , v mortgages. Scores of
loan and trust companies have been making
these loans and selling the mortgages. The
latter represent on one side" the savings
of labor for old nge ; .on the other side the
capital with which' men of small means
opened farms. These states have prospered.
Except as some have 'suffered1' from drouth ,
these farmers have . ! generally prospered.
Their farms , which , they couliK not have Im
proved but forthcjc 'loans , have Increased
In value. Is It Justjthat these mortgages
should be scaled dowft qne-half ? The sav
ings banks of this ( ountrv hold nearly
$2.000.000,000 , belonging tb-4,830,598 dtp i. ItorJ ,
an average ot J16D.5 to each. Compara
tively little of ItwavOeposlted prior to 1873.
Is It just to 5Jftr''hesp ' < deposits one-half ?
The life Insuri jer companies owe their
policy-holders i3ur3600.000,000 paid-up In-
surancc. Is It t tp authorize them to pay
It off at CO cen oifthe dollar ? The build-
Ing and lean as : lattens hold $3:6,852,882 , bi-
longing largely a wage-workers. Is It just
to reduce this LaftfS one-half ? Is It Just
that the wage Jprtrers should , by act of
congress , be coi lleH to accept a dollar con-
talnlng but hall , | ip value that they now re
ceive ? Is It ju& > ) iffliat the old soldier's pen
sion shall be retlm-cd one-half ? These are
some of the provisions concealed In your
grand oninlbui ac of Infamy. When the
American people see , ill that It Includes they
will make short work of It. "
"I believe youf' said the bimetallism "and
your IndlgnatlofcWWi Just and high minded
that It seems almost like "sn Insult to the
American peopltiaOo add a. suggestion that In
this , as In allicoa&J , honesty Is tbe best
policy. But perfbdp ; Hve shoulJ present that
view of It ns well. What this country
needs now Is peactt-a respite from agitation
that threatens values. We have hat ! two
yean of hard times , Every one , whether he
believed In the ta ft or not , was glad when
tariff agitation cedsauV This | g no time for
proposing changes , avowedly to alter values
Speculators may like such conditions but
the averagn business man Is not a gambler
He wants stability. He knows there are con
tingencies enough , at best , to disturb bis
calculations. It U death to enterprise to
have such vast and far-reaching disturbances
threatened. It means continued stagnation
Idle men , poor trade , want and ruin. '
"Even the class , which I hope is small
who go Into this movement to get rid of tbelr
own debts eajlly will ba disappointed. You
can't get rid of a Jl.OOO debt for T 00 unless
you have tha $500. A largs ehare of tha In
debtedness of 'tha country U not paid off
when dua , b'H ' r-nnwf J. refunded , or paid In
Initallmen's. Peopl cjunt on this practice.
But what condlt 11 wouM th country ba In
if In addition to Us pr jit : business distress
J . - . . . - . . . f . . . . * , _ . . . , „ .
It should be called upon to pay all Indebted
ness as fast as It wan due ? "
"Don't threaten the American people , "
shouted Coin.
"Nobody Is IhreatenlnR the American
people , " said the bimetallism
"But It Is foolish to do on act ot far-
reaching Importance without considering
the natural results. What will the American
people do with each other ? ( There are
millions of people concerned , nnd each will
do In his own business n [ In Irs what will
servo his private Interest. Each debtoi
will have the prlvlleso of making payment
In Mr. Coin's scaled dollars , but each cred
itor will have the privilege of refusing
to extend the loan , and taking the usual
steps for collection. This Is nn threat. U
Is abatement of what the conditions would
be. Viewing both sides of the case , wcro
conditions more favorable to the develop
ment ot shysters on ono sldo and Shylocks
on the other ever created ?
"That Is BO , " said the traveling man.
"Tbo plain , honest people , who want to
pay every dollar they owe , and do not want
to collect n cent more than Is their due ,
would bo at a great disadvantage In.such
confusion as that. "
HONEST MEN WANT HONEST MONEY.
"Plain , honest people , who don't want to
either skin their neighbors or * bo robbed
themselves , would bo In despair , " said the
bimetallism "and If they happened to live
In another country they would probably
got their money out of hero as soon as
possible. There are millions of foreign cap
ital here , nnd our Interest rotes have been
much lower than they would bo without It.
The country has developed much moro rapIdly -
Idly than would have been possible without
It nnd under higher Interest rates. Wo
want this capital to stay hero and more of
It to come. The resources of this country
arc scarcely scratched over. There are
great Industrial works which would go
through If Interest rates were low enough.
The farmers could use capital to drain and
Improve their lands , nd so In every de
partment of Industry production can be
increased by Its use. Great benefits have
come from the reduction of interest In these
western states from 10 per cent In 1873 to
7 per cent now. It does not pay to destroy
confidence In this country as a place for
Investment. "
"Load the foreigner and his money Into
a cannon and shoot them homo , " said Coin.
"They are a burden to us. They are blood
suckers. They keep us poor. The Interest
cats us up. One dollar at C per cent com
pound Interest for 100 years amounts to "
"Enough ! " crletl the traveling man.
"Enough of that ! I have learned something
about the development of this western coun
try slnco I have been out here. I know now
that most of these loans bavo been made for
Investment , for the development of tbo coun
try , and the borrowers have made profit on
them. I haven't forgotten the question put
here tbe other night : Why did Governor Alt-
geld build a sixteen-story building and put a
mortgage on It Instead of one but one-half as
large that ho couM have owned clear ? ' And
ho did It since ho began to bowl about other
people's debts. Of course , anyone would
rather own n given piece of property without
a mortgage on it than the same property
with a mortgage on It , but Altgeld Is an ex
ample of thousands who see mere profit In
property with a mortgage than less property
without one. Every man runs Ills private af
fairs to suit himself. As likely as not. If
we did shoot all ot this foreign money home ,
Altgeld would be sneaking some of It In again
to build moro sixteen-story buildings. For my
part , \ say , let It come. Altgeld Is the best
judge of what he can do with It. Encourage
It to come. Give- every reasonable assurance
that It will 1)o repaid value for value , and so
much may come that the governor can get
bis next loan at a lower rate of Interest. I
say that our credit Is precious and that any
blow to It Is a calamity. "
"I think , " said the bimetallism "that I
might safely turn Coin over to you. And I
think you have expressed what will bo the
commpn judgment of honest and Intelli
gent American citizens when they investigate
fully his specious theories. "
"Tomorrow we will consider the only fea
sible method by which both gold and silver
can bo retained In concurrent use In any
country with free coinage for both. "
( Concluding Extract Next Week. )
ODD USES FOR PAPER.
llorjcslioe * and Cnflliit Manufncturo'l front
Woo'l 1'n'p.
We have had the golden age and the Iron
age and various other ages , but tbo present
will probably bo known as the wooJen or
paper ago. Paper dress material masquerad
ing as silk , says tbo New York World , Is the
latest Invention In tbo paper line , and threat
ens to drive the silkworm out of business.
Spruce saw dust , cotton or Jute waste and
alcohol are put Into the machine and come out
at tbe other end shining , delicately colored ,
rustling silks , suitable for tbe most fastidious
lady's gown. Of course , this paper silk
doesn't wear so well as the real fabric , but
think how much cheaper It will be !
Enthusiastic paper manufacturers say the
new woman and the now man will dine off
paper dishes. It Is not Improbable that the
bat of the future will bo an Indestructible
paper affair , Impervious to fire or water.
Over In Paris any enterprising milliner will
bo able to show you stylish bonnets and hats
made entirely of paper , frame , trimming , or
naments and all. Parasols of paper do not
seem to bavo been thought of yet , but satchels
and trunks of paper are common enough.
The paper trunk , despite Its frail sound ,
is the despair of the baggage smasher. It re-
fusea to smash.
So do paper car wheels. They have baen
In use for years on some of the most Impor
tant railroads In this country. It must not
be supposed that the wheels are made en
tirely of paper. This material only forms
the Interior shell. Having been subjected to
terrific pressure , -t Is moulded and firmly
bolted to the outer rim , which Is of steel.
Greater durability and lightness are claimed
for these wheels , but don't let the Idea of
lightness lead you to get under one. If you
do you may possibly have use for one of the
paper coffins which are be'ng ' turned out at
wholesale by a firm at Westflold , Mass.
The railroad train of the future Is likely
not only to have paper wheels , but to rur
on paper rails. These are made entirely
of paper and are formed In moulds under
great pressure. They have been used to sonn
extent In Russia and Germany and are said
to be free from many of the defects of the
ordinary steel rail.
Paper horseshoes are another European In
vention. Among the advantages claimed for
them is that they maintain a rough surface ,
enabling tbe horse to get a smooth grip on
the smooth pavements. German paper-
makers have put on the market a substance
called "papier sculptor. " which Is used in
stead of clay for modeling. It Is simply
paper pulp kept soft enough to be worked.
Papier mache ceilings and wall decorations
are very fashionable. They may look like
Uatber or brocade or a thousand and one
handsome embossed effects , but they are
wood pulp just tbo same.
The house furnishing departments In tbe
big shops furnish Interesting evidence of the
extent to which paper enters Into ordinary
life. Paper palls and tubs are appreciated
by the suburban dweller who hasn't "set"
tubs. They nro much lighter and easier to
keep clean on well as cheaper than tbe old
style. Water coolers are made of paper.
So Is the much abused cuspidor.
Peach baskets , berry baskets and butter
boxes are made of paper and almost every
thing under tbe sun salt , which used to
come In pretty blua and wblto bags , oat
meal , crackers. Ice cream , candy , shoes , cor
sets , dresses Is sent home In a paper box.
In Japan they say some folks live In paper
houses and | n this country paper boats are In
use. Nor must tbe necessary sswer plpo be
forgotten. Paper pipes for carrying water ,
steam or electricity are not uncommon. As
conduits for electricity they are considered
safe , even though the wire ba not Insulated.
THIS innmxo . > K.
I.adpii' | Home Journal.
Away , where stretcher that hazy line.
Where the town and country meet.
That line where the city's confines He ,
Ami becln the meadows no sweet.
It seems to mo that a mystic spell
Pos.'psses my heart and brain.
When I rrosa the bound'ry and enter awhile
To walk In Nature's domain.
I feel , as I catch the first sweet breath
Of clovor-Hcentcd air ,
Thiit n higher power my whole BOU | claims ,
And I pause for a moment there.
And wonder If waiting at heaven's Kate.
With ull life's battles comj > U > te ,
I shall not feel as I do when I stand
Wliero th town and the country meet.
The new fteadquartera of the Machinist ! '
International association will be In tbe Mo-
non building , Chicago. The organization Is
now formally affiliated with the American
Federation of Labor.
HARDSHIP OF BORDER WARS
An Incident of tbo Crook Expedition
Against tlio Sioux in ' 70.
PERSONAL EXPERIENCE OF GUY V , HENRY
I'nlu mill I'rlvntlnna of n Wounded Office
Hundred * of Mlli-n from Clvlllr.illon
Torture * of Tlircn WiiDks * Truvul
to Homo iiml n Doctor.
The events which culminated In the Indian
campaign of 187C , writes General Ouy V.
Henry In Harper's Weekly , nnd subsequent
battles of the Uoschud and Ulg Horn , the
latter better known as Custcr's masacrc ,
are familiar matters of history , so that 1
shall conflno mytelf to my personal expert *
cnco at the former action. My purpose In
doing so Is to show to our people what Is
so little known of the hardships nnd suffer
ings undergone by our officers and soldiers
In Indian campaigning of all warfare , the
most dangerous , the most trying and the
most thankless ; the flrtt , because your too
Is behind cover ; the second , becnuso you
nro often -on reduced rations , exposed to
Intense cold , fifes often being forbidden ;
If wounded , there Is no transportation or
possible care ; If left on the field wounded
torture of the worst Kind awaits you , or. ll
burled , your body Is exhumed for desecra
tion ; thirdly , the sense of duty performei
In defense of the weak settler Is your only
reward. While In what was called the
"Valley of the Shadow of Death. " In that
little depression In which thntj terrible
conflict took place when death's grip was
upon every man's throat , while mountei
and with others repelling the savage on
slaught of the horde of Sioux , who thought
wo were at their mercy. I felt n sharp sting
as of being slapped In the face , and n blindIng -
Ing rush of blood to my head and eyes ,
A rifio bullet had struck me In the face ,
under my left eye , passing through the
upper part of my mouth , under the nose
and out below the right eye. I retained
my saddle for a moment , then dismounted
and lay on the ground. The Sioux , In thclt
desperate charge , actually passed over me
and had It not been for Washaklo , chief ol
the Shoshones , fighting over my body , my
scalp would have been' lifted. Ono of my
sergeants put a handkerchief about my
face , and with his assistance I mounted
my horse , anil with both eyes closed , my
face badly swollen and black , presenting , 1
have been told , a most horrible appearance
I was led to the surgeon , who put his haml
In the upper part of my month to see how
much had been shot away , nnd who then
told mo to llo down. All this period the
fight was still going on , and I had to be
moved three different times , nnd upon one
place from which I had just been removed
the Sioux made a rush , and scalping some
of our Indian allies , near whom I had lain.
It was a sweltering hot day , nnd no shade
to bo found except the shadow cast by my
horse , kept In the necessary position by my
faithful orderly , my thirst was Intense ,
swallowing Impossible , nnd the Hies buzzed
fiercely about my bloody fnco. How the con
flict would end , nnd how the wounded could
bo cared for , with no transportation , no
medical supplies , and hundreds of miles
away from homo or treatment , were some
of my thoughts on that long and wearisome
day. Toward evening the llrlng erased , the
Indians as a bcdy had disappeared , and the
troops had gone into camp In the valley
of the Itoscbud.
I was carried In n blanket by four men
from the ridge to the valley. Twice on the
way stops hud to bo made owing to nausea
from swallowing too much blood. In camp ,
with one blanket under me , I was placed on
the ground with other -wounded , and as the
nights In that latitude are cold , for shelter a
piece of canvas was placed over us. During
the Ions hours of that , most weary night
preparations could bo , hoard for the burial of
our dead , among whom we might be num
bered by morning , all being placed In one
trench ; after filling In , fire's were built on
top and horses ridden over , so that the
Indians might not discover the place ot
burial and open the grave to obtain scalp * .
It was also generally supposed that the
Indians would on the morrow renew the nt-
tnclc , so that the surroundings th'tt night
were not the most cheerful. A defeat of our
men the next day would lead to the wo.iiidel
falling Into the nunds ot the Indians , with
subsequent torture nnd to pre\ei.t the rojal-
biltty of my being taken nllve I rc'cined my
revolver. I was unable to tall ; , h ith jaws
being fractured , nnd was quit" blind. I
heard many In oassing me r.'nmrX that I
must bo dead. In ' .lie iiorniig. the Indians
not appearing , arrangements ro made to
fall back to our camp on S.nse creek at
which wo hafl left our wigons , tents nnd
supplies , some eighty miles .listor.t ! > y tno
route to be traveled , over a trail In nery
rough country.
To carry the wounded poles were CMt , be
tween which canvas was f.nt3nad so as la
form a bed. These litters w < re tli"n sus
pended between two mules driven tandem , a
polo on each side of both mules front nnd
rear like shafts. After traveling a few
miles , In crossing n boggy place , the polei
being too short the rear mule In his strug
gles struck me over my face with his Jaw
and shortly afterward I was thrown out ,
fortunately In a marsh or on soft ground.
To prevent the pojslhlllty of my being struck
again my head was placed In rear of the
tall of the front mule , saving mo In this
respect , but rendering kicking possible an
art In which a mule excels , but fortunately
on this occasion did not practice. The com
mand traveled quite rapidly and to keep up ,
for fear of attack from the Indians , who had
been watching us from the- heights , a trot
had to bs taken nnd death seemed preferable
to the pain caused by the jolting. The
nights were bitter cold , Ice forming , but the
the low temperature served to stop bleeding
nnd the fresh air was of great service In
aiding nature to hold her own iand to assist *
In recovery. The Indians fired Into our
camp at night , but did not molest ns on our
march , which was due to the fact , as we
learned afterward , that they were watching
Ouster and his command , whose massacre .
was consummated by tlfcse same Indians one
week after our fight. Crossing 'the ' Tongus
river the mules had to swim fur a short
distance and I came near being washed out
by the rapid stream , but our camp nt Goose
creek was reached at last and seemed a sort
of home with a mattress to lie on and a tent
overhead , though no nic.llcnl treatment was
possible. The wounded had to be sent on
with n strong escort as we were liable to
attack by Indians a distance of some 200
miles over a hot , dusty road a long ten diys'
trip. My only food on this Journey was
broth made from such small birds as could
bo shot , fed by a spoon. I was kept up by
occasional tsaspoonfuh of bron-Jy a-d at nigh *
was able to obtain sleep only by the aid of
chloral. We arrived opposite Fort Fetter-
man , on the North Platte river Just as the
cable broke which held the ferry boat and
we had to go Into camp In sight ot houses ,
beds , comforts and medical treatment. The
disappointment to ns all after our weary
march cannot be understood.
A few hours later , at great rl k. on officer
crossed In a skiff , and I was told that If I
were willing to take my chances of being
capsUcd ( and that to me , In my bllml condi
tion , meant drowning ) , they would take mo
over to the fort. So , held In the anna of thli
otllcer , and piddled by two soldiers , I anil
others of the wounded In successive journeys
safely reached Fctterman , railed at tint time ,
owing to IU desolation and remoteness , "the
jumplng-off place , " but to us It was a para
dise ; a house , a bed , cle.in clothes , bathing
and dressing of wounds , beef lei
and proper feed , teamed to be all that
could be desired. I had now some 300 hun
dred miles before I could reach tny family
and proper station ; so , after resting a wrelc , I
was placed In an ambulance , nnd traveling
gomo 100 miles over a very rough road ,
reached Medicine Bow , a nation on Die
Union Pacific railroad , 200 miles frcm my
poit. Fort Itussell. I thought 1 hud rear-had
civilization , but the Fourth of July orgies
tint night , yelling ef drunken men , anvil and
gnn firing the ball from ono pausing through
the top of my tent made mo feel as If
Indiana were to bo preferred. On the mor
row I wai placed on the cars. Arriving at
Sherman , the highest point , owing to the
rarefied ilr and the cumulative action of ( ho
chloral which I had been Inking. I went Into
a faint , and only came out of It on reaching
a lower level. Arriving at Fort Iluisell ,
nearly three weeka after being wounded , I
wai placed under mcJIcal treatment , my
wounds daltjr probed nml dressed , and In two
months , having gained RUfllclnnt strength and
the ti3 > > of ono eye , I went to California ,
whoro. In that balmy climate , with plentr of
red wlno , which makes blood , I became myself -
self again , and returned to duty at Fort
Laramlo In less than a year In time for tin
Crazy Horse , Ute river and olhcr Indian cam
paigns.
The above personal experience I have given
at the risk , perhaps , of what may bo con-
sldoreil Meir-tlorinc.ltlon ; ; but this has been
far from my purpose , my object being to show
what many officers and soldiers have been
called upon to endure In Indian campaigns In
tlmo of peace , unknown to the people , for
which no credit Is given by the country or
reward by the government. Our little army
does Its duty In thts dlfllctilt and unappreci
ated service , and of It may bo sal < l :
The oslontntlcnm virtues which still pre > < s
For notice and for iimlte ; tlio brilliant deeils
Which live but In tlio oyi-s of observation
These have their meetl ut once ; but there's
joy ,
To the fond votnrles of fame unknown ,
To hear the still , small voice of conscience
uppiik
\\bl8porliiR plaudits to the silent soul.
-I ll.\l.l \ , < tl > OF I.OfK.
\VrlllMi for Tli < > Hoc.
A mother died. Her llfn had been
Free from nny tulnt of sin ,
Anil from the enrth her soul took flight
Into the realms of endleas light.
On earth she left nn only son ,
A wandering , erring , sinful one.
And ilnlly from the heavenly wall
She saw him lower , deeper full.
At last , ono day , from sin and shame ,
His soul along the pntliwiiy ciitnn
That from the enrth to heaven lends.
The mother with the angel pleads.
"Oh , lot mo go to meet my son , "
Tlio nnu'el points , ami In the dun
of hell'8 black smoke slip soot him grope
In endless torment without hope.
She turns away from all the joy ,
Through heaven rings her cry , " .My boyl *
She begs the angel , cnily. Into ,
"Oh , let mo from this hateful gate. "
Within the flame1 * she hears his sighs ,
Hears her darling's angulshnl cries ;
She gniHps the gates wrests the bar.
And rushes headlong like n star
That shoots athwart the azure sky
Oa some ilnrk night she seems to llv
Her feet scarce touch the JagKOil rook
She heeds not Itnme nor devil's mock.
Hut on she flies , until she kneels
And on her breast the head she feels
Of him to whom she'll given birth
In pain and Buffering on the earth.
She sees abovn her , shining tall.
The gleaming towers of heaven's wall ;
She beam the glad triumphant ring
Of undless HOURS tlio angels sing.
Around her leap the flames on high , '
i et torn lier ll | > s escajH-s no cry.
The ft vll's troupe amazed around ,
And Yuere , uinhlst the direful sound ,
They hear the mother softly say ,
"I could not stity another day
From you. my boy I know tills well.
There la no heaven with vou In hell. "
WILLIAM UI3KO
Things You Ought to Take.
One or two of our matchless
Scotch cheviot suits to or
der , $20 to $30.
One to three pair of our $4'
$5 , $6 and $8 trousers.
One tweed , topcoat , $ i8tt $25 ,
to order.
Riding trousers , corduroy ,
Windsor cord , $5 to $ ro.
7ull dress suit to order , $30 to
$60 ,
Tennis and boating outfits.
Ashing and hunting attire , all
at very moderate prices ,
made to measure.
You will be fashionably and
suitably dressed if we make
them.
Garments made in one day if
required , or expressed to any
part of the United States.
anioles mailed.
Inrmurits cxprcxsod.
207 S , I5TH STREET.
oun woiuc MADIm THIS CITY nr
THU UliST JOUIt TAILORS.
CHICAGO. ST. Louis.
ST. PAUL.
liOSION. DENVER.
DESMOINES. PITTSOURO.
VVAsnmaTON. NEW YORK. INDIANAPOLIS.
KANSAS Cur. SANTKANCISCO. MlNNEAI-OLIS.
llARTIOfiD. PORTLAND. CRC. LOSANGELLS ,
I
DOCTOR
Searies&Searles
ALISTj.
All forms of Blood nul
Sltiu UUuasos. Honw , Spoil.
j'liupU'R , Hi-rufulit , Tuiiiuri.
Toiler , Kc/.onn ; and Hloul
Pnlbori thoroughly clojii ijJ
from tlio Hystuni ,
LADIt.3 Klvon ciiniful
uncl Hpucliil attontlnn for nil
ilictr many pocnllur all *
, imonA.TAnRH. Thro a *
fv'lfl.nnsn , I.tvcr. U/ipoptU
AATroublcs cured by special
; Wcour o of treatment.
\ XPAIUIPM ( VITALITY WHAK ) m.vls
WCAlV IVIUM
Jjff t00 olOHd RppllCU-
lion to tu lne or tudjr. * v r mental
nTif CBXUAb EXX-'ESaEd In roUMI. .
train ' or -
if'Sr from Vb. . t. ct y hfUl folll. . .11
yltld retdUr to our D W treatment ( or toil of
Dr.Suirlis S9irlH,14I'i , ' .