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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (July 21, 1895)
W Lifn rmr .j. Lo THE OMAHA DAILY .BEE : SUNDAY , JULY 21 , 1895. < chool in Finance FIFTH EXTRACT. Great Interest was manifested In this se - slon. U wn.i agreed that Coin had not been able to show nny reasonable grounds for be lief that- this country could keep both gold flnd silver In use nt the sanio time at 1C to 1 , or pny reason why It should adopt silver monomctalllim. No\V they wanted to know what grounds there wcra for expecting the co-operation of ether countries , and Wiiat 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 notleo that when some people fall to understand a movement they uaually brand It a consplraoy. While it semis to me that the aggrrgatc effect must bo bad , .1 suppose tlicro must be some way In which the Interest of ojtti imtion I ? served. " "You have diagnosed the case accurately , " said the hlinetnlllst.Vhllo It necms to all cf us who believe In the use of both met als ns full legal tender redemption money that there mint be evil results from discardIng - Ing ono metal , yet selfish reasons have drawn the nations that aspire to foreign trade to the gold standard It has been their expe- ilcnce ttmt 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 . .double standard under Independent ratios. Not moro stable than the double standard ' Zwould bo with the International ratio , but t-hlrat'has not yet been established. It Is nat- urol'thd ( iiiriUiaiidonlnK the double standard * the nations s'nou'd at first Independently adopt single standards. In fart It Is only within recent years that the nations havt been able to lay aside their Jealousies and act together upon matters of mutual importance. "Formerly they spent most of their tlmo In war , but In these days their commercial In terests dominate their policies. Of those who have dropped the double standard not one has gone to silver. The greater the foreign 'commorco of a country the stronger seems to be the preference for the gold standard. Nations who do not have It nnd themselves at a disadvantage In competing with thobe that use It. . "Tho double standard , with each nation scheming with the ratio , has evidently passed Its usefulness. It causes too much confusion. It Is not accurate enough for modern transsc- tlons. The literature of monetary science U full of the troubles that the ratio has made for the mlnlstrios of all nations. As the na tions have grown In wealth and business interests - torests , and especially ns 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 Us speculative features and the producer and consumer are coming closer together. They ara not payIng - Ing so much toll on exchanges as they used tc % and the middleman .has now become Im patient Tif limitations which formerly'ac cepted as a. matter of courjc1. STABILITY IS WHAT IS DESIRED.- "If Is this' demand for stability , and an effort to escape from the fluctuations of the bimetallic ratio which have led the com mercial nations to draw together around Eng land , which Is tjiu clearing house of the world , on a gold basis. "This talk ot conspiracy against sliver is cheap. It Is beneath the dignity ot Investi gators. It belongs to the people who think the bankers' associations of this country are organized for pillage. I lay It down as a proposition to business men that the csm- merclal and producing Interests of every country Inspire and control Its financial legis lation. What cl.isj of people In any country are Interested In , general oppression of Ha producers ? "A landlord : might be disposed tp oppress his tenants , but lie would not be Interested In the oppression of manufacturing Industries , for upon their thrift depends the value of land. The moro prosperous the country , the higher his land would be valued. The land owner cannot be accused of plotting against prosperity. Nor can the manufacturer , for his goods must flnd consumers. Nor can the merchant , for ho depends on the multitude to buy. buy."Every class of people In England , Ger many and France , as well as In the United States , Is benefited by the prevalence of pros perity In It * country. Practically all classes ct people In a country do well or do poorly at the same time. A few speculators , who are an Insignificant fraction of the people , may be exceptcd. " "You don't mcau to eay that money lenders and money borrowers do well at the same tlmp' " said Coin , Incredulously. "I do nQlrm that as a general proposition. If Interest rates are quoted high In panicky times It signifies that.many money owners are timidly hoarding their funds , and consequently quently getting nothing tor them. "Does anybody think that 1S93 was n picipcrous year for hanUers In the United States ? "It Is a very common error to suppose that banXors make their pest profit * In hard times , when money Is scarce. It they loaned chiefly their own money that might be so , but the profits of the banking busi ness are mainly made In loaning money that U left with them on deposit. The capi tal of the national banks of the United Stales In October , 1K92 , amounted to ns > * . - 000.000 and their deposits to JI.IJI.OOO.OOO. "Who , worth mentioning , U there la the United States that dom not desire general prosperity ? " Is U the Vaiiderbllt > Their wealth I * In railroads and their profits came from tranic. Is It the Attqr. * ? Their wealth U In real estate and they gt-t no revenue from empty homes or penniless tenant * . The wealth of the country Is In property , not In money and this1 Is especially true ot the wealth which belongs .to rich people. They have ttulr means lit railroads , real estate , factories , stocks of goods , .etc. , while farm mortgage * , bank deposits , building and loan stock , etc. , belong more largely to people of moderate means. No conspiracy ot money ngalnst properly can win in any country. U U a phantasy , " INTERNATIONAL AGREEMENT LIKELY. "You belle TO then that there la a reason able hope that an International ratio agree ment can bo reached and the mints of the world reopened to the free coinage of both motaii ? " " "I do believe It. The revolt against the double standard Is simply n revolt against the oiitgronn system of Independent ratios , which could no longer he tolerated. We have seen how unsatisfactory It was In our own experience. Although nominally a double standard country wo never could keep the coins of both metals circulating nt the same time. "Today If wo were to establish the free coinage of silver at the ratio of 32 to 1 and by rea'on of the Chinese Indemnity pay ments the ratio should fall to S\V , to I It would make a difference of CO cents on each $32 and all our silver would vanish. Modern business cannot endure such fluctuations. "Its margins are too small. In ancient times when a merchant loaded his ship and sent It on a trading voyage there was no approach to precision in trade , but the cable , and steamships and newspapers have changed nil that. "The nations are drawing together and the producers of the world ( who are aho the cctsumers ) are coming nearer to each other. They are taking up the slack and the middleman hasn't much room. Interna tional bimetallism nt an agreed ratio , each nation pledned to support It , Is feasible and a long advance over the old absence of sys tem. Koine look even beyond this to inter national coins , nut the conservative spirit Is very strong In these old countries. They hesitate 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 tp resting their commercial fabric on the action , of foreign powers. Some argue that modern methods of exchange haveso reduced the use of coin that it Is required only for balances and Is In ample supply. All of this signifies "merely that DY George E. Roberts. LABOR AND CAPITAL LEAVING THE COUNTRY TOGETHER IN 1S94 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 ot International bimetallism U 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 got 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- . elating property. There Is no statesmanship i In such patchwork. It would ba butchery of | business Interests When we do anything on this subject we must do It with such a union of hanJs that It will be settled , and with such statusiiianthlp that existing con tracts will be left substantially unchanged. "Insterd of releasing our supply of gold to augment the stocks of foreign countries , thus relieving them from any Interest In the restoration of silver , wo should seek to hold our gold , and decisively proclaim that this Is not an unsafe Held 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 gold from Lon don , Berlin and Paris to the United States would be a practical suggestlbn to those people ple of their own Interests In more primary money , while action by the United States which would remove us from the Hat of'peo- ple using gold would simply relieve them from any further concern about the matter. HOW TO KEEP OUR GOLD. "If the United States stands firmly by the Integrity ot its money and kerps Its pledges to maintain every dollar of lu curency at , par with gold It Is beyond- the power of i European people * to draw gold from us. On f the contrary , gold will come to us. because this Is the most promising field In the world for Investment , and all the armies and navies and conspiracies of the world can no more kiep money from flowing toward such an at traction than they can Keep water from flawing down hill. "We are not the people to worry about a short supply ot money. In our normal con dition we can draw money from all of them. If the blanket I * too short to cover every body It Is some other follow who will lie out In the cold. He will be around later to txllc up ( liver , and we will receive him graciously. " "V/hat nonsense Is thUT" shouted Coin , who had been quiescent for some time. \\e are a debtor nation nnd can draw gold from nobody. Wo have been setting a little lately by borrowing It , but that only In creases the annual Interest to be 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 ) . " "You socm to have a great head for fig ures , " said the blmetalllst. "Do you know anything about geography ? " "I guess so , " said Coin , wondering what trap he 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 llrltlsh Isles , does It not ? " "Yes. " "Can you figure out how much water there U 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 bo dry , and all the water piled up around the British Isles ? " "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 flans to them , not to pay debts , but for Investment. If the coun try has great resources , that capital , In. the aggiegate , never leaves It. Individual sums may bo 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 Us discovery by Columbus. Why this si'ddcn alarm over debts and dMJends due abroad. Cannot we trust the experience of a hundred years ? There Is noth'ng new In our relations to debts abroad , except that foreigners would like to know whether or not e ure 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. Hag , creed and all other considerations save two , security and profits. If there are profits , or the prospects of profits , In sugar plantations In Hawaii , coffee ? in UrazM , railroads in South America , ranches and breweries In America , or In anything , any where , you will find the pounds of England , marks of Germany , francs of France , and dollars of the United States rolling in that direction. "Wo had no trouble about gold exports here while the roiintry was prosperous and capital was being remunerate , ] . It Is in dull times , when money earn * nothing , that It leaves a country. If we didn't owe a dollar abroad we would have gold exports at sueh a time Our ouu capital would go elsewhere - whore In search of something to do We have had an exolus 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- ment over which Coin has expended so much lurid rhetoric. " said the traveling man , "to my satisfaction. " "But , " said Coin , In a dazed manner , as though he was feeling for an idea but didn't know what he wanted , "you admit that we owe annual Interest on a largo amount of debts held abroad , payable In gold. " "Yos , " said the bimetalllst , "those pay ments are Important to the people who owe them. " "Walt til ! I get through. Now , Is our balance of trade anl our production of gold are not sufficient to meet this Interest w < must pay out our stock of gold , must we not until It Is exhausted ? " "That sounds very much like your flrs proposition , " said the blmetalllst. "Couldn' you state It a little differently. Just for va rlety ? Suppose you say-that our Interest l ! payable In gold and stiver ( for wo pay parti ] In silver at Us bullion value ) , , then supposi that our yearly production of gold and sllvei Is not sufficient to pay our balance , 'and sei It In due time we will not lose all of oui silver as well as our -gald. Try that for i change In your next book. You will m doubt have recourse In tlmo to Genera Weaver's conclusion , viz : that the only wa ; to be absolutely certain that our money wil not leave us Is to have for money something not worth carrying away. " "Your plan , " shrieked Coin , "Is to pa ; our debts by-making new ones , Your pros perlty means money coming In from abroad The hobby of your school of finance is t < keep our credit good abroad so that we cat borrow more money. I say that I don' want to see another dollar ot foreign mono ] come here ; It means that we must elthe pay Interest on It or give up some of oui property for It. We are mortgaging or sell Ing ( the two mean the came thing ) the birth right of our children. " And Coin's yex glared , his hair stood ot end , grea9drops of persplrutlcn stood on 'hli face and he lookeJ like a man with a night mare. FOREIGN CAPITAL O.FTEN HELPFUL The blmetalllst looked at him with curl oslty. Then he addressed Mr. Miller , tin leading Eagle Grove cltiirn , who had beet In coiTstant attendance. "Mr. Miller. If an Englishman should ar rive here tomorrow with $100,000 to build i plow factory 'n Eagle Grove would there bi any riotous demonstrations ? " "Well. " sail Mr. Miller , smlllne. "I don' know but you might call them such. Thi whole town would turn out to welcome him Wo would give hima banquet , present bin with a. tract of ground for his establishment exempt him from taxation for ten years one furnish him free water from the city plant , ' "Out haven't you learned from Coin tha the profit * ot this factory for all time wouK go to swell our gold exports ? " "We would let the gold exports take can of themselves and welcome the factory. " "Hut suppose , " uld the b'metillUt , thought fully , "that thl.O l llfhman should find that ho could do lifter , with his profits hero In Eagle Grove than i > y taking them back to England , and -should announceIn duo time that ho would build an oatmeal mill hero. Would you tOleratWt ? " The eyes ofJhj > Eagle Grove audience sparkled with delight and humor. It wan evident that tbU Englishman would have no prejudices to q erflomo , "And suppose. " paid the blmetalllst , con tinuing , "that ho should conclude that In stead of taking 'tlic1 Income from the two es tablishments toJlDEland , where Interest rates are very low , to loan It lu this country to younger and enterprising- men who desire to embark In ulnillnr enterprises , or to men like Governor | | ltjcld , who wanted to put up sixtcon-story bulldlngr , but had money enough for only eight stories. Would your considera tion for the blrtllrlght of your children per mit this ? "I think no obstacles would be put In the gentleman's way , " and another smllo went around the audience. "Now , " said the speaker , "this shows how simple and harmless these movements of cip'- tal are when examined In detail. The enter prise nnd bargains Of Individuals are behind them all. and they are controlled by laws that are beyond the power of syndicates or govern ment ! ' . Money has CCIIIB to this country from abroad for the same reasons-that millions ot sturdy worklnmncn have come , viz , : because It could earn mere hero than there , and the governments or sMidlcates of Europe can no more 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 the money of the world Into ono country any moro than you can par tition the Atlant'e and pump ono side dry. England leaks gold at every pore after enough Is plied up there to depress Interest rates. Coin seems to labor under the Impression that gold runs Into England , but'never out He thinks they eat it , or hoard u In their cellars. Tint is a mistake. " "I think nothing of the kind , " slid Coin. 'I know that all people like to keep their money In use. But I say that when the Lugllshman pu s his gold out again It Is for around the halt. U hnd been the established opinion , since his llrst appearance , that Coin's philosophy , llko his pants , was picked too toon. The chairman then announced that the blmctalllst would talk during a brief ses sion In reply to queries that might lie sub mitted In writing. The queries submitted and replies were as follows What cnupes gold exports , nnd why should the government furnish gold for tlmt pur pose ? Why not pay "coin" obligations In silver ? The movement ot mcncy between this and other countries has no moro mystery about U than the movement of 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 these bills to pay prefer to send gold , because they can cancel more debts abroad with $100 In our gold coin than with $100 In our silver coin. This Is not disputed by free silver advocates. Senator Harris lu a free silver 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 the market nt Us market value. Just as your bale of cotton , hogshead of tobacco or bushel of wheat goes upon the foreign maiket at Its \nluo. The commodity value of our gold coins beIng - Ing double the commodity valuu of our silver coins , of course no one would send the latter. Our government supplies gold on demand In order to keep the silver money In the country as good as gold. It has paid nearly $600.000,000 of silver out to people and given them a solemn pledge by net of congress that It will maintain all classes of Its money at parity. Silver Is the money of small transac tions , and Is largely In the hands of wage workers. The government owes It 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 latter would wunt pay for suppljlng him , and the transaction would put gold at a premium and depreciate the value of every sliver dollar In the country. The government ought not to put such a loss cmethlng thsrVvMllS Increase , It ; anil that his class , whetherifjie'yjllve In England or else where , are. getSfng'richor anil richer , and In the natural course of present policies will own the earthj > * "Just as our Ragle Grove Englishman might come In time to own the United States , even though over ? imin who did business with him prollteJ by hlnv7' ' ' Interposed the bimetallism Coin was sllcnted. , His logic hail carried him to an absurdity ! ' ' CREDITOR CCASS ALWAYS CHANGING. "I repeat , that yie best way to study these movements of money and the growth ot wealth Is by separating the totals Into the Individual Items which make them. Of course , nobpdy 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 I Idler , and the debtor class Is like wise getting richer. So long as some men. are old and others young , some conservative and otlii'rs 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 ngalnst an oil lamp studying totals until his brain Is feverish. ly the way , Mr. Coin , where doe ; Cngland get 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 blmetalllst , with mock excltemerit , "that England depends on foreigners for her food ? Why If they should refuse to sell to her this proud English people would be starved off the face of the earth. What a Held of con spiracy is this ! And what n '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 bimetallism" "And I think that this same Uw 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 ot primary money will be felt In all countries as much as here. I am an advocate of such enlarge ment. Even granting that modern meth ods of business have greatly simplified the transfer of money , I believe that It would 1)8 better 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 based on a belief In the merits ot the proposition. I cannot doubt that these Intelligent and civilized peoples will do what Is for their Interests as soon as they are satisfied that they can do it safely. Knowing that we can not alone maintain a ratio , and that they must suffer equally with us In any consequences quences ot a failure to restore silver , I would servo positive notice on the foreign powers that wo are ready to co-operate with them In establishing ; bimetallism on a perma nent basis , but ajiat until they are ready to act with qs yve shjiU use our share of the world's gold. . - , " "I would noUjlpl l to foreign countries the advantages of superlor money In the world's commarjfq-ji It Is absurd for the United States \o \ voluntarily relinquish the best to Its competitors , because of anticipated evils -which , if ttojy are ever realized , will be equally felt < by .them , " "Tomorrow"v8aldj the chairman , "we will hold the last wsulon of the Eagle Grove School of Financed It will be given up to phases of the nionty question which may be suggested by the laudfbnce. Yon are In vited to question life speakers upon any ot the point * thaVhate not been covered by the discussion. ' _ " PACTS TJbb , MUCH FOR COIN. Coin did notlWpear at the last session. He called on the chairman. Judge Dlrdsell , at the close ot the fourth session and said that be did not think ha could do uny good by staying and he was losing valuable time , as there was a strike pending In Oh'o and drouth threatened In Texas. "At these placet , " he said , "the crime pt 1873 will be appreciated. With such fields open I cannot afford to waste my time here. If you hare a drouth , or hog cholera , or chintz bugs or anything to make a man sorry that he went Into debt , send for me. " "My young friend , " said the chairman , "that Is the moat sagacious remark you have made since you came here. Your doc trines are not adapted to a country where nlneteen-twertleths of the wealth ha * been created since 1873 and that with every body starting ; on borrowed capital. Young man , you are weak on ( acts. " So Coin stowed himself and hi * blackboard Into a corner of a railway seat that night and departed for more calamitous scene * . When hi * departure was announced at iha next session a ripple ot merriment passed upon Its citizens who have accepted the coin of Its mints In geol faith. It should , at any sacrifice , keep every dollar of Us money as good as every other dollar. WAR MONEY AND PEACE MONEY. How does it happen that we went through the greatest war of modern limes without the gold basis , ami now In time of pence some ] > ooplo think we cunnot jji-t along without It ? 1 am nn old veteran who was paid with greenbacks for fighting for this country. If gold falls us In time of war and threatens us in time of peace why not have done with U altogether ? It Is true tliat wo carried through an enor mous war oft from the gold basis , but no body will dispute that It cost enormously more by that reason. City , county and even state governments are sometimes forced by their lack of ready cash to allow their warrants to go about the streets at a discount. They stand It and if It Is done because of large ex- pendltures upon public works It may even appear that the community Is exceptionally prosperous at the time , but It Is a condition that every community escapes from as early as possible. . It Is expensive and wasteful , af all times and If you Imagine these warrants circulating among the people as money you will appreciate how much more Important it would be for them to have a definite value Especially would that be true as to working people , who always get the worst of such fluctuations. That we carried the war through without gold , or that WP can carry on business with out It , is no more reason why wo should dose so than the fact of having a good team Is a reason for choosing a bad road. Would It not bo better to have money enough In the country to do business on a CJah basis Instead of with the enormous amount of credit now used ? It Is certainly n great burden upon the country to have such an enormous amount of debt. You cannot do away with debt by Increas ing the supply of money. If the quantity of money In the countiy was quadrupled n young man Just starting out for himself would go In debt for a farm or for a business. Just as he does now , and the debt would be Just as big and Just as hard to pay. If the theory that debts are evidence of a lack of cur rency w ere good the rich people should all bo out of debt , The rich do not need to be In debt. Governor Altgeld does not need to be In debt ; he chooses to be. So It Is with the bulk of the Indebtedness of the country. The debtors have borrowed with the expecta tion of making profits , and while this Inducement - ducoment Is offered men will continue to go in debt whether we have ? 20 per capita or $100 per capita. In fact , an Increase ol currency greatly stimulates speculation , and speculation creates Indebtedness. I'ER QAI'ITA CIRCULATION. How does the amount of money In the United States compare with the per capita circulation In other countries ? The circulation In other Important coun tries , per capita , Is as follows : Pnltiil KlnKiIom jo 4 Trance 3fi S' ' ' " ' " nermnny . . . is 31 ll.'lKlum a ; 71 Cnnadi jo 2 Mexico 50 Aiibtrnllu js oi Hussla " j i' AuHtila-Ilungary i 95 ; 7he currency In the United States amounts to about $2C per capita , one treasury repon last year showing It slightly above that figure nut the banking facilities of the United States are greater and the use of checks Is more common In this country than in any other Is it a fact that one-half of the legal tender money of the world. has been stricken down since 1873 ? There is more legal tender sliver money In use In the world now than In 1873. The countries which formerly used silver stll retain their silver coins , and they are yet a legal tender. Hut they are kept upon the gold basis. How ilo wages compare In the countries on a sliver basis with wages In countries on u gold basis ? The condition of wage earners In all o ! the sliver basis countries la far below the standards of living In the countries on a gold basis. Modern civilization can scarcely be said to have penetrated such a country as Mexico , where labor Is satisfied with CO cents per day In a money which has only one-hall the purchasing value of gold. It Is absurd to advise the United States to go Into thai class. THE POLICY FOR LAHOII. Do you think that wage workers ought ft bo cmlrclv satisfied with their condition r No one should be satisfied , In the sense ol not striving for something more. It ihouk be the constant effort of every man to better his condition , for that striving make * our progress. The agitation of these times as compared with the monotony of labor In former periods Is a good sign. Wise leaders - , ers will seek to direct their activity along the line of peaceful , earnest , continuous ef forts to build up social order and Identify the wage-worker with the development ol the age. and not by putting him Into war fare against order and progress. The pro ducers are Interested in ihat stability which Invite * capital , and under which capital al ways works a ( the lowest compensation. They are Interested la the certain valua ol money , and Injured more than the middle men , transporters , commission dealers , trad ers and bankers who lire on exchanges. The producer loses by every clement of speculation that enters Into these exchanges , and the worst of all such elements Is tin- certainty concerning tin value of the money used. used.What What about the wngci of telegraph oper ators iiml coal minors ns compared \\lth former years , nnd the olhcr wage reduc tions specified by Coin ? The wages of telegraph operators have been unavoidably affected by the entrance of women Into that occupation. The same In- fluenca has been felt In other departments ot the Industrial orld. The case with which a knowledge of telegraphy Is acquired Is also against the maintenance of wages at a high standard. Coal miners have suffered more than any other class from a ruinous competition In their business. The conditions of the busi ness are peculiar. In that the cost of pro ducing coil varies so much with different mines. . What are reasonable wages per ton In one mine are starvation wages In an other , and yet the coal from the latter may bo more above ground than the coal from the former. If theio were a d miml sunicletit to run all the mines this difference would not be felt , but when prices are cut these expensive mines are forced out of the mar ket unless their men work for less than worklngmen ought to reecho. It Is a matter beyond any manipulation of the currency to cure. The other wage reductions specified are apparently cuts mads during the present depression , and signify nothing asto general tendencies as measured by periods of five or ten years. The low rates per day are doubt less obtained by including In tin average considerable time when , on account of slack business , the men were laid off. Such ob servations taken In a time of acknowledged depression are no force to prove the theory altered. Hard times are admitted , but It Is con tended that Mr. Coin and his school of agita tors made them hard and nrs 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 icgain th lr former wages. "In conclusion , " said the blmetalllst , "Nothing can so retaid 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 flnnncHl world not merely distrusts lies ? theoiles , but emphatically denounces them. Their adrptlon would , therefore , bo death to the spirit of enterprise that we need. It is- 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 mslness without their confidence and co operation Is foolish. The question with us s whether , at this time , when theie Is suCTi urgent ne'd that confidence shall be re stored , that employment shall be opened to our wage-earner * , that property shall not be forced to sacrifice , that loans may bo renewed , In brief , that business may bo re stored to a settled basis1 , wo shall begin a period , which must Inevitably last for years , of experiments with our money. " ( The End. ) ttn.tiisi'K.iiti : ox TIIK St. All the world's n road , Anil nil the men ami women merely riders. They have their tandems mid their safeties , And one man In his time rides many ways. As suits his seven ages. At first the Infant , Crowing with glee In his net on papa's bike. Then the trimnt school boy , with his tool IMJT , And shining morning face , lljlMR llko bin ) Most willingly past school. And then the lover. Wasting his wind , In sighs , while his poor mlstirss Is forced to work the tandem. Then n scorcher. flail In strange garb , nnd breathing fast and liiud. Proud of his wheel , not afraid of hills , Keeking the bubble reputation , K'en at n break-neck speed. Ami then HIP lawyer , In fair round belly , which he's trying to reduce , Ills eyes astnre , nnd beard on chit with fear , Full of wise saws to keep his courage up , And so ho wobbles past. The sixth ago scorns To shift Into the lean nnd slippered panta loon , A sturdy pair of legs his Knickerbockers grace : ' Ills youthful hose , well saved , n world tog tight For Ills developed shank , Then robust old age Knls with n glorious climb up to the skies , And there nt last ho rests. Last scene of all , That ends this strange eventful history , Is like a wheelman's sloop , nnd mere oblivion Sans fear , sans p.iln , sans care , sans every thing. ( 'yrlnnlit I jllitili < . Chicago Post : "I understand Jim Is dead , " said the Chlcagoan to the man from Kan sas. . "Yes ; ho hadn't been In the state more'n a month or two when he was carried away , " replied the Kansan. "It must h.no been very sudden , then , " suggested the Chlcagoan. "Sudden's no name for It , " returned the Kantian. "Hut we gave him a first-class funeral nnd a tombstone with the regulation Inscription for fciicli cases carved on It In big letters. " "What Is the Inscription ? " "Why , It just read. 'It was a funni * 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 situated In tlic most fort He ? and rich vpRpluble nndjl'rult growing re- Klou of the world. The pluto whore one-half the energy mid nersove- rcnce necessary In this western country to innkc a Tin re living , will In that glorious climate make you n good living , a home and money In the bank. Hero 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 markets. Ou the con trary you have the markets r of the World Buying 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 la 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 cllmato and rich soil if properly worked will make you more money and make It faster and easier than the best 100 acre farm in the west Garden products are tin 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 prolltable crop. Timber of the hlgfhest quality Is abundant. FITHL Is abumlantand costs you nothing. Cattle run out all the year. They arc 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 bree7.es. The nights are always cool. The winters are mild and short In duration. There are no extremes of heat or eold in this favored region. The mean temperature Is J-1 to CO degrees. The average rainfall Is 50 Inched. There Is an abundance of rain for all crops. offers to the intelligent irtnn the finest opportunity for bettering hl condition that was ever offered. The health of this region Is excelled by no section of this country. The soil found hero can rarely bo equalled and never excelled for all good qualities. Karly and faure crops bring you big prices. The best railroad facilities In the coun try bring the entire country to you as a market. One-half the work you now do to get along will render you u Bucccssful money maker on any of this Orchard Homo lands. Work Intelligently and success Is assured. This Is your opportunity. The people arc friendly ; schools etliclent ; newspapers progressive ; churches liberal. The enterprising man who wants to better the condition of hlwself and hH family , should Investigate this matter and ho will be convinced. Carefully selected fruit growing and garden lands In tracts of 10 to 20 acres we now offer on liberal terms and reasonable prices. Correspondence solicited. GEO , W. AMES , General Agent , 1617 Farnam St. , Omaha , Nebraska.