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8 THE OMAHA DAILY JJBEt SUNDAY , ,1ULY 21 , 1805.
POT CALLS
/to/
Grant Bs > chool in Finance
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V
1
FIl'TH KXTIIACT.
Great Interest was manifested In this ses
sion. It waa agreed tliat Coin had not been
able to shew any reasonable grounds for be
lief tlmt- this country could keep both gold
and silver. In use nt tire sanio time at 1C to
1 , or any reason why It should adopt sliver
monometallism.
Now- they wauled to know what grounds
there wcro for expecting the co-operation
, ot other countries , and \v'iiat we should do If
they failed to co-operate.
"I would like to understand , " said the trav
eling man , "why all the Important commer
cial najtlons have quit the doub'o standard
and gene over to the single gold standard.
'This conspiracy Idea has always seemed a
little thin to me. I notice that when some
people fall to understand a movement they
usually brand It a conspiracy. While It sesms
to me that the aggregate effect must be bad ,
I suppose there must be tome \vay In which
the Interest of eacla nation la served. "
"You have diagnosed the CJse accurately. "
said the blmetalllst. "While It seems to all
cf us who believe In the use of both met
als as full legal tender redemption money
that there must be- evil results from discard
ing onu metal , yet selfish reasons have drawn
the nations that asplro to foreign trade to
the gold standard It has been their expe
rience t'nat the single gold standard Is more
stable and uniform than the double standard
with each nation tinkering independently at
the ratio.
"Notice that I say more stab e than the
ylfiubje standard under Independent ratios.
( Not more stable than the double standard
Mwou'ld bo with the international ratio , but
t-Jthafc'has not yet betn established. It Is nat-
urat thai lii'dbandonlng the double standard
* the nations s'nou'd at first Independently
adopt single standards. In fact it Is only
within recent years that the nations havt
bfen able to lay aside their Jealousies and act
together upon matters of mutual importance.
"Formerly they spent most of their time in
war , but In these days their commercial In
terests dominate their policies. Of tliose who
have dropped the double standard not one
has gone to silver. The greater the foreign
commerce ofa country the stronger seams
to be preference for the gold standard.
Nations whodo not have It find themselves
at a disadvantage In competing with those
"The double 'standard , with each nation
Rcaomlng with the ratio , has evidently passed
Us usefulness. It causes too much confusion.
It la not accurate enough for modern transsc-
tlons. The literature of monetary science is
full of the troubles that the ratio has made
for the ministries of all nations. As the na
tions have grown in wealth and business Interests -
terests , and especially as modern methods
have come Into vogue , and competition has re
duced the margins of trade , these disturb
ances have become more unbearable. Com
merce , the business of the middleman , is
naturally and properly losing Its speculative
features and the producer and consumer are
coming closer together. They are not pay
ing so much toll on exchanges as they used
tc and the middleman has now become Im
'patientof fiutuatlons which ho- formerly 'ac
cepted as a matter of course.
STABILITY IS WHAT IS DESIRED. -
"If Is this' demand for stability , and ar
effort to escape from the fluctuations of th <
bimetallic ratio which have led the com
mcrclal nations to draw together around Kng
land , which Is the clearing house of the world
on a gold basis ,
"TMs talk of conspiracy against silver I.
cheap. It Is beneath the dignity of investl
gators. It belongs to the people who thlni
the bankers' associations of this country arc
organized for pillage. I lay it down as
proposition to business men that the cm
merclal and producing Interests of overj
country inspire and control Its financial legls
latlon. What cl.is-3 of people In any countrj
arc Interested In general oppression of Its
producers ?
"A landlord mlgh.t be disposed tp opprcs
his. tenants , but he would not bo Intorestei
In the oppression of manufacturing Industries
for upon their thrift depends the value o
land. The more- prosperous the country , thi
higher his land would be valued. The lam
owner cannot be accused of plotting agatns
prosperity. Nor can the manufacturer , fo
his goads must llnd consumers. Nor can th <
merchant , for ho depends on the multitude t
buy.
buy."Every class of people In England , Oer
many and France , as well as in the Unltei
States , Is benefited by the prevalence of pros
Verity In Its country. Practically all classe
ct people In a country do well or do poorl ;
at the same time. A few speculators , win
ara an Inslgnlllcant fraction of the people
may be excepted. "
"You don't mean to say that money lender
and money borrowers do well at the sanu
time ? " said Coin , Incredulously ,
"I do affirm that as a general proposition
If Interest rates are quoted high In panlck ;
times It signifies that.many money owners ar
timidly hoarding their funds , and consequently
quently getting nothing for thorn.
"Does anybody think that 1S93 was i
pictperoua year for bankers In the Unltei
States ?
"It la a very common error to suppos
that bankers make their best profits li
hard time * . , when money Is scarce. If the ;
loaned cilefly ) their own money that mlgh
bo so , but the profits ot the banking busl
ness are mainly made In loaning mone ;
that Is left with them on depoill. The capl
tal of the national banks of the Unltei
States In October. 18D2. amounted to JJIC ,
000.000 and their deposits to tl.l t.OOO.OOC
"Who , worth mentioning ; Is there ID th
United States thst do < * j not desire genera
prosperity ? la It the VanderblltiT Thel
wealth Is In railroads and their profits com
from traffic. Is It the AHqr. * ? Their wealt
Is in rpal estate and they grt no revcnu
from empty houses or penniless tenant )
The wealth of the country la In propertj
not In money ami this ; Is especially true o
the wealth which belongs .to rich peoplt
They have their means In railroads , rei
palate , factories , stocks of goods , .etc. , whll
farm mortgages , bank deposits , building an
loan itock. etc. . belong more largely t
people of moderate means. No coniplrac
of money against property can win In an
country. It la a pluntasy. "
INTERNATIONAL AGREEMENT LIKELA
"You believe then that there la a reason
ble hope that an International ratio agree
ment can bo icachcd and the mints of the
vorld reopened to the free coinage of both
metal's ? " "
"I do believe It. The revolt against the
oublo standard Is simply n revolt against
he outgrown system ot Independent ratios ,
vhlch could no longer be tolerated. We
lave seen how unsatisfactory It was In our
wn experience. Although nominally a
lotible standard country we never could
teep the coins of both metals circulating
at the same time.
"Today If we were to establish the free
coinage of silver at the ratio of 32 to 1 and
by reason of the Chinese Indemnity pay
ments the ratio should fall to 31 % to 1 It
vould make a difference of CO cents on each
132 and all our silver would vanish. Modern
luslness cannot endure such fluctuations.
"Us margins are too small. In ancient
times when a merchant loaded his ship and
sent It on n trading voyage there was no
approach to precision In trade , but the
cable , and steamships and newspapers have
changed all that.
"The nations are drawing together and the
iroducers of the world ( who are also the
ccusumers ) are coming nearer to each
other. They are taking up the Elacl : and
he middleman hasn't much room. Interna
tional bimetallism nt an agreed ratio , each
nation pledged to support It , Is feasible and
a long advance over the old absence of sys-
.em. Some look even beyond this to Inter-
lational coins. But the conservative spirit
s very strong In these old countries. They
icsllate at anything like an experiment.
They speculate on the possibility that
changes of administration In other countries
might destroy any compact , as some recent
commercial treaties of the United States
were nullified. They talk of letting well
enough alone in preference to resting their
commercial fabric on the action , of foreign
powers. Some argue that modern methods
of exchange have : so reduced the use
of coin that ll Is required only
for balances and Is in ample
supply. All of this signifies 'merely that
DY
George E. Roberts.
who had been quiescent for ionic time. "We
are a debtor nation and can draw gold from
nobody.Vo have been getting a little
lately by borrowing It , but that only In
creases the annual'interest to bo paid ; as I
showed Mr. Lyman Gage In my school ( page
140) ) , we can't hold what gold we have got
( page 108 , up to date ) . "
"Ynu seem to have a gre.it head for fls-
tires. " said the bimetallism "Do you know
anything about geography ? "
"I guess so. " said Coin , wondering what
trap ho was getting Into now.
"Did you ever hear of the Gulf stream ?
"Yes. "
"Empties a continuous flow of water from
the Gulf of Mexico about the British Isles ,
does It not ? "
"Yes. "
"Can you figure out how much water there
Is In the Gulf of Mexico ? "
"I suppose It can be done approximately. '
"And how much the Gulf stream carries ? "
"It can be done. "
"Then you can tell , I suppo'e , how soon
the gulf will be dry. and all the water piled
up around the British laics ? "
"There Is no parallel between the flow of
gold and the flow of the Gulf stream , " said
Coin. "The gold goes where It belongs , and
where It Is called , and water can bo de
pended to seek Its level. "
"Water , " said the blmetalllst , "does not
more certainly seek Its level than does capi
tal seek profits. All new countries are debtor
countries. Capital flows to them , not to
pay debts , but for Investment. If the coun
try has great resources , that capital. In the
aggregate , never leaves It. Individual sums
may be traced back , but the amount of money
Jn the country will go on Increasing with
the use of it.
AS TO DEBTS OWED ABROAD.
"That has been the history of America
from Its discovery by Columbus. Why this
st'dden alarm over debts and dividends due
abroad. Cannot we trust the experience of
a hundred years ? There Is nothing new
In our relations to debts abroad , except that
foreigners would like to know whether or not
we are always going to keep our silver money
equal In value to our gold coin.
"There will be money In any country whore
there Is profit for money. It Is like a fluid
that runs all over the earth , regardless of
race , flag , creed and all other considerations
save two , security and profits. If there
are profits , or the prosppcts of profits , In
sugar plantations In Hawaii , coffee In Braz'l ' ,
railroads In South America , ranches and
breweries In America , or In anything , any
where , you will find the pounds o | England ,
marks of Germany , francs of France , and
dollars of the United States rolling In that
direction.
"We had no trouble about gold exports
here while the country was prosperous and
capital was being remunerated. It Is in dull
times , when money caw nothing , that It
leives a country. If we didn't owe a dollar
abroad we would have gold exports at such
a time. Our own capital would go else
where In search ot something to do. Wo
have had an cxolus of laborers , coincident
with our exodus of gold. They left in the
same steamers and for the same reason , be
cause they saw nothing here to do "
A burst of hand-clapping interrupted the
speaker. "Tint explains the gold nruve-
mont over which Coin has expended so much
lurid rhetoric , " tald the traveling man , "tc
my satisfaction. "
"But , " s.ild Coin , in a dazed manner , as
though he was feeling for an Idea but dldn'l
know what he wanted , "you admit that we
owe annual Interest on a large amount ol
debts held abroad , payable In gold. "
"Yes , " said the blmetalllst , "those pay
ments are Important 10 the people who owe
them. "
"Walt till I get through. Now , Is oui
balance of trade anl our production of goh
LABOH AND CAPITAL LEAVING TIfE COUNTRY TOGETHER IN 1894 NO EM
PLOYMENT FOR EITHER.
we are In the transition state that we might
expect to experience In passing from Inde
pendent to International ratios. The cause of
international bimetallism is unquestionably
stronger In all Europe now than ever before.
Independent action by us now instead of In
fluencing them to co-operation will positively
check them. If we drive our gold away
they will get It and the question of gold sup
ply will be solved by them for years. If
eventually they concluded to take action It
would cause another disturbance of values
here , probably enhancing silver and depre
ciating property. There is no statesmanship
in huca patchwork. It would ba butchery of
business Interests When we do anything
on this subject we must do It with such a
union of hands that It will be settled , and
with such statcsmanihlp that existing con
tracts will be left substantially unchanged.
"Instenl of leleaslng our supply of gold
to augment the stocks of foreign countries ,
thus relieving them from any Interest in
the restoration of silver , we should seek to
hold our 'gold , and decisively proclaim that
this la not an unsafe field for It. We should
dissipate the fear * of foreigners on that score
and encourage them to send their gold here
for investment. An outgo of goU from Lon
don. Berlin and Paris to the United States
would be a practical suggestion to those people
ple ot their own Interests In more primary
money , while action by the United States
which would remove us from the list of'peo-
ple using gold would simply relieve them
from any further concern about the matter.
HOW TO KEEP OUR GOLD.
"If th ? United States stands firmly by the
Integrity of Its money and keeps Its pledges
to maintain every dollar ot Hi curency at
par wltt gold It Is beyond the power ot
European people * to. draw gold from us. On
tha contrary , gold will come to us , because
thla Is the most promising field tn the world
for Investment , and all the armies and navies
and conspiracies of the world can no more
ktep money from Mowing toward tucli an at
traction than they can keep water from
flowing down hill.
"We are not the people to worry about a
abort supply of money. In our nurmal con
dition we can draw money from all of them.
It the blanket U too ihori to cover every
body It li some other fellow who will lie out
In the cold. He will be around later to Ulk
up ( liver , and we will receive him graciously. "
"V/uat nonsense Is thUT" shouted Coin.
are not sufficient to meet this Interest w
must pay out our stock of gold , must we no
until It is exhausted ? "
"That sounds very much like your fin
proposition , " said the blmetalllst. "Couldn
you stale It a little differently , just for vi
rlety ? Suppose you say'that our Interest
payable In gold and silver ( for wo pay parti
In silver at Its bullion value ) , , then suppoi
that our yearly production of gold and sllvi
Is not sufficient to pay our balance , -and si
it in due time we will not lose all of 01
silver as well as our .gold. Try that for
change In your next book. You will r
doubt have recourse In time to Gener
Weaver's conclusion , vlzr that the only wa
to be absolutely certain that our money wl
not leave us Is to have for money somethlr
not worth carrying away. "
"Your plan , " shrieked Coin , "Is to pa
our debts by- making new ones. Your pro
perlty means money coming In from abroa
The hobby of your school of finance Is i
keep our credit good abroad so that we ca
borrow more money. I cay that I don
want to see another dollar of foreign mom
come hero ; It menus that we must elthi
pay Interest on It or give up some of 01
property for It. We are mortgaging or sel
Ing ( the two mean the tame thing ) the blrtl
right of our children. "
And Coin's eyes glared , his hair sloW c
end , greaWdrops of perspiration steed on 'h
face and he looked like a man with a nigh
marc.
FOREIGN CAPITAL O.FTEN HELPFU1
Ttia blmetalllst looked at him with cur
oslty. Then be addressed Mr. Miller , tl
leading Eagle Grove citizen , who had bee
in coiTslanl attendance.
"Mr. Miller. It an Englishman should a
rive here tomorrow with $100,000 to build
plow factory 'n Eagle Grove would there 1
any riotous demonstrations ? "
"Well. " said Mr. Miller , smiling. "I don
know but you might call them such. Tl
whole town would turn out to welcome lilr
Wo would give hima 'banquet ' , present hi
with a tract gf ground for his establUhmen
exempt him from taxation for ten years ar
furnish him free water from the city plant
"Out haven't you learned from Coin th
the profits of this factory for all time wou
go to swell our gold exports ? "
"We would let the gold exports take cai
of themselves and welcome the factory. "
"But suppose. " said the b'raetillUt , though
fully , "that thU > lllMim.in should find ( hat
ho could do lifter , with his profits hero In
Eagle Grove than by taking them back to
England , and -should announce In duo time
that ho would build an oatmeal mill here.
Would you toloratVAt ? "
The eye * ojjhj Eagle Grove audience
sparkled with delight and humor. It was
evident that ibU Ungllshmau would have no
prejudice.1) ) to ovcr/ioino ,
"And suppose. " * ald the blmetalllst , con
tinuing , "thai ho should conclude thai In
stead of taking inf Income from Iho two es
tablishments toJ nglatid , whore Interest rules
arc very low , lo loan II In this country to
younger and ontorprlslng men who desire
to embark In Rlmllnr enterprises , or to men
like. Governor ( . ll eld , who wanted to put up
Blxtcon-slory building ? , but had money encuiii
for only elghl stories. Would your considera
tion for the blrthrlglil of your children per-
mll this ?
"I think no obstacles would he put In Iho
gentleman's way , " and another smllo went
around the audience.
"Now , " said the speaker , "this shows how
simple and harmless these movements of cap'-
lal are when examined In detail. The enter-
prlsa and bargains of Individuals are behind
them all , and they are controlled by laws that
are beyond the power of syndicates or govern
ments. Money has ccmo to this country from
abroad for the same reasons-thai millions of
slurdy worklimmen have come , viz. : becausa
It could earn more hero than there , and the
governments or syndicates of Europe can no
moro draw It away from us while that condi
tion remains than they can draw back the
men who have bettered their condition here.
"You can't draw all Iho money of the world
Into one country any moro than you can par
tition the Atlant'c and pump one side dry.
England Jeaks gold at every pare after enough
Is piled up there to depress Interest rates.
Coin seems to labor under the Impression
thai gold runs Inlo England , but'never out
Ho thinks they eat It , or hoard It In their
cellars. Tim Is a mistake. "
"I think nothing of the kind , " said Coin.
"I know that all people Ilka to keep their
money In use. But I say thai when the
Englishman puts his gold otil again 11 Is for
something thaighilllIncrease , ll ; and lhat his
class , whetheriuifyjllve In England or else
where , are , B0taiig"rchef ! and richer , and In
.he nalural course of present policies will
own Ihe
"Just as our Eagle Grove Englishman might
come In time to own the United States , even
though every man who did business with him
profited by hlmi ? ' ' Interposed the blmetaltlst.
Coin was silenced. . His logic had carried
him to an absurdity !
CREDITOR CCASS ALWAYS CHANGING.
"I repeat , that the , best way to study these
movements of money and the growth of
wealth is by separating the totals Into the
Individual Items which make them. Of
course , nobody puts out money without ex
pecting an increase , but. they do not always
get It. The creditor class which Coin treats
in the aggregate , although changing con
stantly in Its Individual makeup , is no doubt
getting richer , and the debtor class > s like
wise getting richer. So long as some men-
are old and others young , some conservative
and others enterprising , some desirous of ease
and retirement , while others prefer activity ,
some satisfied with eight stories while others
want sixteen , Just so long will the latter
class borrow of the former and push ahead.
The more wealth there is , the more debts
there may be and will be , for man knows no
point at which he may sit down and be satis-
fled. Coin has been sitting up at night with
his head against an oil lamp studying totals
until his brain is feverish. By the way ,
Mr. Coin , where doesi England gH her
bread ? "
"She buys It. "
"Of whom ? "
"Wherever in the world she can get It
cheapest. "
"You don't mean to tell me , " exclaimed
the blmetallist , with mock excitement , "thai
England depends on foreigners for her food ?
Why If they should refuse to sell to her
this proud English people would ba starved off
the face of the earth. What a field of con
spiracy is this1 And what a 'popular' con
spiracy It would be ! Seriously I would rather
be deprived of money than food. "
"I guess she Is In no danger. " said Coin ,
sullenly.
"I think she Is In no. danger , " said the
blmetalllst. " "And I think that this same
law which provides food for her will give
us our proportionate share of the world's
money. Whatever necessity there may be for
enlarging the world's stock of primary money
will be felt In all countries as much as
here. I am an advocate ot such enlarge
ment. Even granting that modern meth
ods of business have greatly simplified the
transfer of money , I believe that it would
ba heller to broaden the base of primary
money under the representative money that
Is In use. My faith that all commercial peoples
ples will finally view It in tills light Is b'ased
on a belief In the merits of the proposition.
I cannot doubt thai Iheso Inlelllgent and
civilized peoples will do whal Is for their
Interests as soon as they are satisfied lhat
they can do It safely. Knowing that we
can not alone maintain a ratio , and thai they
musl suffer equally with us In any consequences
quences of a failure to restore silver , I
would serve positive notice on the foreign
powers that we are ready to co-operate with
them In establishing ; bimetallism on a perma-
nenl basis , but ] [ ha { until they are ready to
act with us weshjill use our share of the
world's gold. , '
"I would noLylpy to foreign counlrles the
advantages of sp-vjsuperlor money In the
world's commarju-Itl I' 's ' absurd for the
United State ? -voluntarily relinquish the
best lo Its competitors , because of anticipated
evils -which. If iNy are ever realized , will
be equally felt by .them. "
"Tomorrow"i'Baldi tha chairman , "we will
hold the last teuton of the Eagle Grove
School of Finances ! It will be given up to
phases of the money question which may be
suggested by the landPence , You are In
vited to question tile speakers upon any of
the point * thatnjhaTe not btcn covered by
'r ' the discussion.
' " FACTS Tfct ) ' MUCH FOR COIN.
, n Cola did notAappear at the last session.
Is He called on tlie chairman. Judge Dirdsell ,
at the close of the fourth session and said
that he did not , think he could do any
good by staying and he was losing valuable
time , as there was a strike pending In Oh'o
I-
- and drouth threatened In Texas. " .At these
' , places , " he said , "the crime of 1873 will be
appreciated. With such fields open I cannot
afford to waste my time here. If you have
r-
a drouth , or hoc cholera , or chlntx bugs or
anything to make a man sorry that be went
Into debt , send for me. "
"My young friend , " said the chairman ,
"thai Is Ihe most sagacious remark you
have made since you came here. Your doc
trines are not adapted to a country where
nlneteen-twertleths of the wealth has been
created since 1873 and that with every
body starling on borrowed capital. Young
man , you are weak on facts. "
Id So Coin stowed himself and his blackboard
Into a corner of a railway seat that night
and departed for mor& calamitous scenes.
When bis departure was announced at Ihe
next session a ripple of merriment passed
around the hall. It Imd been the estahllxhpcl
opinion , ( ilnco his first appearance , thai
Coin's philosophy , like his pants , was picked
too coon ,
The chairman then announced that Die
blmctalllst would talk during a brief ses
sion In reply to queries that might bo sub
mitted In writing. The queries submitted
nml replies were as follows ;
What cnupcs gold exports , nml why should
the government furnish gold for that pur
pose ? Why not pay "coin" obligations In
silver ?
The movement of mcney between this and
other counlrics has no nioro mystery about It
than the movement ot money between the
different sections of our country. It goes
to pay for goods , borrowed money , the In
terest on borrowed money , or for any use
that money has at home. The parties who
have Iheso bills lo pay prefer to send gold ,
because they can cancel more debts abroad
with $100 In our gold caln than with $100 In
our silver coin. This Is nol disputed by free
sliver advocates , Senator Harris in a free
sjlvcr speech the other day said :
When money passes beyond the limits
of Its own country It Is not money , but Im
mediately becomes n commodity , which goes
upon tht > market nl its market value , just
ns your bale of cotton , hogshead of tenneco
or bushel of wheat goes upon the foreign
maikct ut its value.
The commodity value of our gold coins be
ing double the commodity value of our silver
coins , of course no one would send Ihe latter.
Our government supplies gold on denund
In order to keep the silver money In Ihe
country as good as gold. It has paid nearly
$600,000,000 of silver out to people and given
them a solemn pledge by ncl of congress lhat
It will maintain all classes of Its money al
parity. Silver Is the money of small transac-
llons , and Is largely In the hands of wage
workers. The government owes II to these
people to keep It equal In value to gold.
If a man wanted gold to pay , a foreign
debt , and the government should refuse to
supply him , ho would be compelled to get It
of private parties. The latler would want pay
for suppljlng him , and Ihe transaction would
put gold at a premium and depreciate the
value of every sliver dollar In the country.
The government ought not lo put such a loss
upon Its citizens who have accepted the coin
of Its minis In goal faith. It should , at any
sacrifice , keep every dollar of its money as
good as every other dollar.
WAR MONEY AND PEACE MONEY.
How docH it happen that we went thiough
the greatest war of modern times without
the gold bnsls , and now In time ot pence
some iiooplo think we cannot ( jet along
without it ? I am an old veteran Who was
paid with greenbacks for lighting for this
country. If gold falls us In time of war and
threatens us in time of peace why not have
done with H altogether ?
It Is true that we carried through an enor
mous war off from the gold basis , but no
body will dispute that II cost enormously more
by thai reason. Clly , county and even state
governments are sometimes forced by Ihcir
lack of ready cash lo allow Ihelr warrants to
go about the streets at a discount. They
stand It and If it Is done because of large ex
penditures upon public works It may even
appear that the community Is exceptionally
prosperous at the time , bul II Is a coudlllon
lhat every commurfity escapes from as early
as possible. . It Is expensive and wasteful , at
all llmea and If you Imagine Ihese warrants
clrculallng among Iho people as money you
will appreciate how much more importanl 11
would be for Ihem to have a definite value.
Especially would that be true as lo working
people , who always get the worst of Buch
fluctuations.
That we carried the war through without
gold , or thai we can carry on business wllh-
out It , Is no more reason why we should dose
so than the fact of having a good team Is a
reason for choosing a bad road.
Would It nol bo better to have money
enough in the country to do business on a
cash basis Instead of with the enormous
amount of credit now uspd ? It Is certainly
a greal burden upon the country to have
such an enormous amounl of debt.
You cannot do away with debt by Increas
ing the supply of money. If the quanlily of
money In Uie counliy was quadrupled a young
man Just starling oul for himself would go
In debt for a farm or for a business , Jusl as
he does now , and the debt would be Just as
big and Just as hard to pay. If Ihe theory
that debts are evidence of a lack ot cur
rency were good the rich people should all bo
out ot debt. The rich do not need to be
In debt. Governor Altgeld does nol need lo
be In debl ; he chooses lo be. So It Is wllh
the bulk of the Indebledness of Ihe country.
The debtors have borrowed with the expecta
tion of making profits , and while this In
ducement Is offered men will conllnuo lo go
in debl whether we have $25 per capita or
$100 per capita. In fact , an Increase of
currency greatly stimulates speculation , and
speculation creates Indebtedness.
PER QAl'ITA CIRCULATION.
How does the amount of money In the
[ 'nlted States compare with the per capita
circulation In other countries ?
The circulation In other Important coun
tries , per capita , Is as follows :
T'nlteil Kingdom $ " 0 4
l ranoe - 51
Germany ' jij jf
IlelUum M 7f
Uinaai , < , <
Metlcn 50
Australia 26 IK
Hu.ssla gj
Austlla-llunpiry v 95 ;
The currency in the Unlled Stales amounls
to about $2G per capita , one treasury report
last year showing it slightly above that figure
But the banking facilities of the United State ;
are greater and the use of checks Is more
common In this country than in any other.
IH It a fact that one-half of the lega
tender money of the world/ hag been
stricken down since 1873 ?
There Is more legal tender silver money
In use In the world now than In 1873 , The
countries which formerly used sliver stll
retain Ihelr silver coins , and they are yel a
legal lender. Rul they are kepi upon the
gold basis.
How do wages compare In the countries
on a silver basla with wages In countrle ;
on u gold basis ?
The condition of wage earners In all o
the silver basis countries U far below the
standards of living In the countries on a goh
basis. Modern civilization can scarcely be
said to have penetrated such a counlry a :
Mexico , where labor Is satisfied with GO cent :
per day In a money which has only one-hal
the purchasing value ot gold , II Is absurd U
advise Ibe United Slates to go Into tha
class.
THE POLICY FOR LAHOR.
Do you think that wage workeia ought H
bo cmlrclv satisfied with Ihelr comlillonr
No one should be satisfied , In the sense o
not striving for something more. It ghouh
be the constant effort ot every man to bettei
his condition , for thai striving makes out
progress. The agitation of these times a :
compared with the monotony of labor Ir
former periods is a good ilgn. 1 'Ke lead
fn will seek to direct their activity along
the line of peaceful , earnest , continuous ft
forts to build up social order and Identlf )
the wage-worker with the development o
the age. and not by putting him Into war
fare against order and progress. The pro
ducers are Interested in that stability whlct
Invites capital , and under which capital al
ways works a ( the lowest compensation
They are lutereited In the certain vilua o
money , and Injured more than the middle-
mmTumrrrnt
men , transporters , commission dealers , trad
ers and bankers who live on exchanges.
The producer loses by every clement of
speculation that enters Into these exchanges ,
and the worst of nil ouch elements Is un
certainty concerning tlis value ot the money
used ,
Whal nlxnit the wages of telegraph oper-
nlors ami coal minors as compared with
former years , nml the other wngo reduc
tions specified by Coin ?
The wages of telegraph operators have
been unavoidably affrctod by the entrance of
women Into thai occupation. The same In-
fluenca has been felt In other departmenls
of the Industrial orld. The ease with which
n knowledge of lelcgrapliy Is acquired Is also
agiilnut the maintenance of wages at a high
standard.
Coal miners have suffered more than any
other class from a ruinous compstltlon In
Ihelr business. The comllllons of the busi
ness are peculiar , In that the cost of pro
ducing coal varies so much with different
mines. . What are reasonable wages per ton
In one mine arc starvation wages In an
other , and ycl the coal from the latter may
bo moro above ground than Ihe coal from
the former. If there were a d mand sulllclent
to run all the mines this difference would
not be felt , but when prices are cut these
expensive mines arc forced out of the mar
ket unless their men work for less than
worklngmen oughl to recelxo. II Is a matter
beyond any manipulation of the currency lo
cure.
The other wage reductions specified are
apparently cuts mada during the present
depression , and signify nothing as 1o general
tendencies as measured by pel lods of five or
ten years. The low rates per day are doubt
less obtained by Including In the average
corslderablo time when , on account of slack
business , Ihe men were laid off. Such ob
servations taken In n lime of acknowledged
depression are no force lo prove the theory
offered.
Hard times are admitted , but ll Is con
tended that Mr. Coin and his school of agita
tors made them hard and or * keeping them
hard , by their show of strength In favor of
radical financial changes. If he and they
are vigorously repudiated by the people ,
business will quickly resume Its former ac
tivity , and those laboring men will regain
thi-lr former wages.
"In conclusion , " said the blmetalllst ,
"Nothing can so retard the recovery for
which all people In our country are anx
iously praying as doubtful currency legisla
tion. There Is nothing new In Ihe world
on the subject. All of the Ideas presented
by Coin , and most of his rhetoric , have
been used before , and condemned. The en
tire financial world not merely distrusts
lies ? theories , but emphatically denounces
hem. Their adoption would , therefore , be
leath to the spirit of enterprise lhal we
need. It la not enough tint theorists shall
approve a plan for business revival. It Is
necessary that It shall appear safe to the
nen who have capital. To attempt to revive
nislness without their confidence and co
operation Is foolish. The question with us
s whether , at this time , when Ihere Is sucli
urgent ne d that confidence shall be re
stored , that employment shall be opened to
our wagt-earnerii , that properly ahstl not
bo forced to sacrifice , that loans may ba
renewed , In brief , that business may ba re
stored to n settled basis , wo shall begin ft
period , which must Inevitably last for ycnr ,
of experiments with our money. "
( The Hud. )
.tni : ux TIIK
Kt. I-ouM Itopnbllo.
All Iho world's n rend ,
Ami nil Ibo men ami women merely riders.
They hnvo their tandems , and llielr n.ifetlcii.
Ami ono man In his time rides many > \ay ,
As suits his seven ages.
At llrst the Infnnt ,
Crowing with elee In his net on papa's btko.
Thru the truant school boy , \\ltli his toot
bat ; ,
And whining morning fuco , Iljlng llko blrj
Most wKllngly p.ixt school.
And then the lover.
Wasting hid wind , In sighs , while his poof
mlsticss
Is forced to woik the tandem.
Then a scorcher ,
rind In KtratiKo guib , and broathlng fas *
and linicl ,
Proud of his wheel , not iifrald of hills ,
Spoking the bubble reputation ,
K'on nt a break-nock siteoil.
Ami then the Inwvor ,
In fiilr round belly , which he's trying to
His cyi-s lislnro , nnd board on olid with fear ,
I'Ull of wlso MIWS to keep his courage up ,
And so he wobbles past.
The sixth ngo scorns
To shift Into the loan and slippered panta
loon ,
A sturdy pair of legs his knU-korbockers
grace ; '
His joutliful hose , well saved , a world ton
tight
For his developed shank.
Then robust old ngo
Kfcls with n glorious climb up to the sklos ,
And there nt last he rests.
Last scene of all ,
That ends this strange ex-pntfiil history ,
Is like a wheelman's sleep , and mere
oblivion
Sans fear , s > ans pain , sans care , sans every
thing.
Cyclnnlu I pllnilii. |
Chicago Post : "I understand Jim Is dead , "
said the Chlcagoan to the man from Kan
sas. .
"Yes ; he hadn't been In the state morc'n
a month or two when he was carried away , "
replied Ihe Kansan.
" 11 musl have been very sudden , then , "
suggested the Chlcagoan.
"Sudden's no name for It , " returned tha
Kansati. "Hut we gave him a llrsl-elass
funeral and a tombstone with the regulation
Inscription for such cases carved on It la big
letters. "
"What Is the Inscription ? "
"Why , It Just read. 'H was a funmi *
shaped cloud. ' "
The Land of Plenty The Land of Promise
Sure Crops Big Profits
No Drouths No Hot Winds
No Cold Winters No Fierce Blizzards
sltiiUol : In Uic most fertile * and rich vegetable an JJl'mlt growing re
gion of the world. The place where one-half the energy nml pel-sieve-
ri-nee neeessnry In this western country to make a tmre living , will
In that glorious climate make you a good living , a home and money
In the bank. Here Is a soil that will raise anything almost that
grows and no such thing is known as a failure. You are not limited
in the demand for what you raise by any local nmrketa. On the con
trary you have- the markets >
all you can raise and paying the highest prices for It. There Is no
end to the season or crops. You can have a crop to market every
month in the twelve if you wish to do so. You are the architect of
your own fortune In this garden spot of the world. Now is the
time to go south. It has been estimated that more people can bo ac
commodated comfortably In the south and lay the foundation for
prosperity than now live In the United States.
20 TO 40 ACRES
In that marvelous region with Its perfect cilmato and rich neil If
properly worked will make you more money ami make It faster and
easier than the best ICO acre farm iii the west Garden products
are an Immense yield and bring big prices all the year round ,
Strawberries , apricots , plums , peaches , pears , early apples , figs , or
anges all small fruits are an early and very profitable crop.
Timber of the hlgfhcst quality Is abundant. FIJKL Is abundant and
costs you nothing. Cattle run out all the year. They are easily
. raised and fattened. Grazing Is good all the year. Native grasses
arc luxurious and nutritious.
CLIMATE
Is the finest in the known world. The summers are even In temper
ature and rendered delightful by land and sea breexes. The nights
are always cool. The winters are mild and short In duration. There
are no extremes of heat or cold In this favored region. The mean
temperature Is 4U to GO degrees. The average rainfall Is 50 Inches.
There is an abundance of rain for all crops.
offers to the Intelligent mnn the finest opportunity for bettering his
condition that was ever offered. The health of this region Is excelled
by no section of this country. The soil found here can rarely be
equalled and never excelled for all good tiualltles , Karly and nuro
crops bring you big prices. The best railroad facilities In tliu conn-
try bring the entire country to you as a market. One-hulf the work
you now do to get along will render you a successful 11101107 maker
on any of this Orchard Home lands. Work Intelligently and success Is
assured. This Is your opportunity. The people are friendly ; schools
elllclent ; newspapers progressive ; churches liberal. The enterprising
man who wants to better the condition ofhlwself and his family ,
should Investigate this matter and ho will be convinced. Carefully
selected fruit growing and garden lands in tracts of 10 to IS ) acres
wo now offer on liberal terms and reasonable prices. Correspondence
solicited.
GEO , W , AMES , General Agent ,
1617 Farnam St. , Omaha , Nebraska.