Crawfordsville Review, Crawfordsville, Montgomery County, 17 September 1898 — Page 7

TWO METAL CURRENCY.

Its Effect Is to Steady the Volume of Money.

PELVEKTS LOWERING OF FRIOES.

Ttic lT««" of a Single Mrtal Currency ProduccH tlx! Opposite Kosult—ShriuUage of the Money Volume IJepreH»«n Commodity Value*, Lessens Production and

Cuts Down tlie Wnccs Paid For l.abor.

In the act of ISliO providing for an inereaso iu the purchase of silver bullion by the government it was declared to be "the established policy of the United States to maintain the two metals, gold and silver, on a parity with each other upon the present legal ratio or such ratio as may be provided by law." The fact that the method adopted by this act to maintain the parity of these metals with each other was not successful does not render this declaration nugatory or in the slightest degree weaken its force. It is still the established policy of tho United States to maintain their parity with each other upon a legal ratio. The value of gold and silver is dependent upon and is governed by their use for monetary purposes, and to maintain their parity or equality of their value upon a legal ratio the law must provide for their equal use as money upon that ratio without discriminating against either metal. In othor words, tho law must place both metals and provide for their unrestricted coinage upon the ratio it prescribes and equally endow the coins struck from them with the money function.

We have learned from experience that their parity cannot be maintained by purchasing a portion of one of them as merchandise for monetary use and continuing the other iu the conditions of a money metal. While the coin struck from the metal so purchased will IK1 on a parity wit'i the coins struck from the other metal, for the reason that they are equally endowed with the money function, there will be a growing disparity between tho coin and bullion value of the metal so treated. We know that for a period of 70 years—to wit, from 1803 to 1873, during which there were greater changes in the relative production of the metals than during any like period in the history—the two metals, gold and silver, were practically on a parity with each other, and that during the whole of that time loj-o ounces of silver would exchange for an ounce of gold in all the markets of the world, and this because the mints of France were open to the unrestricted coinage of both metals upon that ratio, and the coins struck from them were unlimited legal tender—that is, they wore equally endowed with the money function.

For many centuries prior to 1878 both jnotals were in the world's money stock, and their separation from each other was so gradual as not to practically interfere with their joint use as money metals.

Tho way the bimetallic principles bring the metals together and maintain their parity with each other can easily be understood. It is made plain by the following familiar illustration of .Tevons: "When two receptacles for fluids are separated from each other, the height to which the fluids will rise in each depends upon the quantity poured into it. But. when there is a connecting pipe between them the fluid -will rise to the same level in both, whichever receives the supply." And this, says Jevons, exactly illustrates the movement of the metals in western Europe under the bimetallic law of France of 1803, which provided for the unrestricted coinage of both metals and gave to the coin struck from each the office of unlimited legal tender. Their legal tender function, allowing the coins struck from one of the metals to freely take the place of the coins struck from the other metal, for monetary purposes, was the connecting pipe, and as the flnid discharged from the common outflow was a single fluid, though in the inflow the color of one of them may have been white and that of the other yellow, so where the standard is bimetallic thexesulting money is a single bimetallic money, and its relation to commodities as expressive of value as is a single standard, though it is called a bimetallic or double standard because two metals are seleoted for full monetary use.

The effect of the use of the two metals ift the currency is to steady the vol--time of money and consequently prices of commodities and prevent that great -depression of prices caused by a shrinkage of the volume of primary money and credits resting upon it which in«vitably takes place when only one metal is used. William H. Crawford, secretary of the treasury under President Monroe, said in his report, Feb. *20, 1830: "Like fluids, the precious metals, as long as they are employed as the great measure of value, constantly tend to preserve a common level. Every deviation from it will be promptly corrected without the intervention of law.'' Their equilibratory action in the currency will tend to an equipoise of thei? valne. If in the aot of Feb. 12, 18-7^, instead of stealthily dropping out the silver dollar and putting the gold dollar in its plaoe, we had ohanged our ratio to the French ratio, which was then the prevailing ratio of Europe, by adding eight-tenths of a grain to the weight of the gold coin or taking 13£ grains from the weight of a silver coin,

France and the Latin union states would'not have olosed their mints against silver, and this silver question would never have arisen. The accession of this country to these bimetallic states in the ooinage of both metals upon the same ratio would have prevented their rapture, and silver and gold would have oontinued side by side upon a parity with each other upon that ratio in the

world's money Btock as they had been since 1803. M. Cernnschi, iu expressing to our

opinion upon this subject ("Nomisma," page CS), said that if Franco and the Latin union should then open their mints to tlu' free coinage of silver at the ratio of 151, to 1 and the United States would do tho same it would uu- I donbtedly insure absolute parity be- I tween tho metals at that relation. It is true, lie added, that "the United States I should resume specie payments," which was done Jan. 1, 1879, and that France should not, bo left alono to absorb the silver thaler of Germany, which would not be the case with the United States as her effective'ally.

Ernest Seyd, to whom the Hon. Samuel Hooper, a member of congress, submitted for his consideration the bill which became a law Feb. 12, 1873, in his letter to Mr. Hooper (Coinage Laws 279-91, page 285), said: "I think that the United States with both her gold and silver mines is in theominently favorable position of upholding tho full use of both gold and silver, and that the double valuation, as it existed before, would be a great benefit to the country. America then should hesitate to enter upon this course"— that of a single gold valuation—"without a full previous investigation on the immensely important, considerations appertaining thereto." Mr. Seyd further said (page 28(S): "Men like yourself, on framing a coinage bill, undertake a gigantic responsibility, which strongly affects not only a whole nation's welfare and happiness, but also that of the world at large. Pray do not despise this language. The deep study of all the principles and interests connected with the organization of social life warrants it."

This subject was not brought to the attention of either house while the bill was pending, but that which wrought this mighty revolution in our monetary system was adroitly concealed in a bill containing 07 sections modifying our mint laws and became a law without exciting observation. Mr. Seyd in this letter recommended our coining a silver dollar of the weight of 400 grains of standard silver, which would have conformed our ratio to that of France, and this probably would have been done if attention had been given to the subject and it had been properly investigated. To carry out the above recited policy of maintaining the parity of the two metals with each other upon the present legal ratio or such ratio as may be provided by buv we should open our mints to the unrestricted coinage of both metals upon the present legal ratio of 1 to lii, and if upon a fair trial their disparity shall bo so great as to cause any practical difficulty we should slightly change the weight of the coins struck from one of the metals, which could probably be done with-

Dut seriously interfering with the coins already struck. The expense and incon venience attending this process would be a mere trifle as compared with the evils we must suffer from the depressing weight of a permanent gold stand ard.

In 1896 M. Cernuschi said (Chicago Record for Sept. 5, lS9(i): "The free coinage of silver at 16 to 1 re-established by the United States without the concurrence of Europe would be a step in the direction of international bimetallism, for under the regime of the new standard the productive power of the United States would receive so enormous an impulse and this development would have such a disastrous effect upon the economic and financial interests of England and other European nations now governed by the gold standard that it may be confidently predicted in advance that the course of events would force the adoption of international bimetallism's the only true solution, even upoii those who today deny the possibility and efficacy of it." It is said that the recent wide separation of the two metals precludes the possibility of our considering so narrow a ratio as 1 to 16.

What has caused this separation of the metals? It certainly cannot be attributed to any change that has taken place in their relative production. At the beginning of the present century their relative production was a little more than 3 of silver to 1 of gold. At the middle of the century it was nearly equal, and in the fifties their relative production was nearly 4 of gold to 1 of silver. But these changes did not produce any practical effect upon their relative valuation. They were linked together by tho operation of the bimetallic principle, and they rose together from 1809 to 1849 as the inflow of silver diminished, and afterward they fell together as the inflow of gold increased. An increase or decrease in the output of either metal simply had the effeot of increasing or decreasing the volume of money without disturbing in any practical degree their relative value. Since 1873, the period of their separation, the production of silver has very slightly if at all exceeded that of gold. Their separation from each other commenced in 1873, when silver was excluded from the money stock and reduced to the situation of merchandise—when it was transferred from the scale of the balance occupied by money to the scale occupied by property, and as a necessary consequence gold, the sole occupant of the money scale, has risen in value, and silver, with other property, has fallen.

In other words, prices have been and are persistently falling. The disuse of silver as a money metal is the sole cause of its separation from gold, and the only possible way of restoring it to a parity with gold is to replace it in the money soale of the balance by endowing it with the money function equally with gold. This oertainly will have the effect of arresting the fall of prices and causing them to gradually move in the opposite direction, thereby energizing all our industzies and giving ample em ployment to labor. Certainly we ought not to forego these advantages in order that we may try to pay our debts, public, municipal and private, in money of the highest value or purchasing power,

espe-iially when we are under no legal or moral obligation to do so. Wo must ever remember that money of the bigh-

monetary commission lieb. b, 1877, his est value or purchasing power means

t,he lowest range of prices, a continual It'sscuing of production aud a cutting down of wages paid for labor.

To pay our debts in money of the highest valne or purchasing power is a sentiment that may be applauded in a great city at a sumptuous feast of its beneficiaries, and it can find no entertainment in tho homes of its victims, the toiling masses. M. Cernuschi, the great expounder of bimetallism, and who in 1S90 called himself the father of international bimetallism, was, I think, the author of the phrase, bimetallic money, or bimetallic standard. He said ("Nomisma," page 65), "The standard is bimetallic when by law gold and silver are legal tenders in full at a fixed ratio and both coined for all comers without limitation." In February, 1877, he said to our monetary commission ("Nomisma," page 51): "If you issue bonds payable in gold dollars, you cannot be bimetallic. Whenever you arrive at that conclusion, you make a distinction between gold dollars and silver dollars. If you contract obligations in gold dollars, you declare that the gold dollar is bettor than the silver, and in that case silver will never be restored to the same rank with gold."

To make our money bimetallic the law must place the two metals upon the same plane as money metals and treat them exactly alike for monetary purposes. Our secretary of the treasury, who is trying to commit the whole country "more thoroughly to the gold standard," to give to his policy a bimetallic coloring, says our money is bimetallic when the law provides for the unrestricted coinage of one of the metals, gold, for full monetary use, and the restricted coinage of the other metal, silver, as token money. In this view all gold standard countries are bimetallic, for they all use silver as token money. Upon this point the attention of the people should be constantly fixed, and the gold monometallists must not be allowed, by masquerading in the assumed garment of bimetallism, to overthrow our established policy to maintain the parity of the metals with each other upon a legal ratio—1\ policy which the people of the country inhaled with almost the first breath of their national life and maintained for a period of over 80 years.

It is now definitely Settled that we cannot have international bimetallism, because a few dealers in money, occupying an area not exceeding half an acre in the city of London, will not allow it. In view of this fact, we must adopt independent action, as unanimously recommended by the European delegates to the international monetary conference which convened in Paris, 1878. Money is not an end, but a means to an end. It is not the possession, but the employment of money in- "jrnductive industries that benefit mankind. If upon opening our mints to tho unrestricted coinage of both metals upon our present legal ratio of' 1 to 16 silver should predominate iu our currency for awhile, our monetary system would be bimetallic, as it was from the formation of the government until 1873, and that it would g've as great an impulse to our industries as if gold should predominate and as predicted by M. Cernuschi, it would undoubtedly compel similar action by European nations. Our only alternative is to definitely and finally abandon the established policy of maintaining a parity of the metals upon a legal ratio by making permanent the gold standard ar.d prolonging indefinitely tho evils inaugurated by that fatal measure and which no reformation of our banking system can in the slightest degree counteract. What the people want is not an opportunity to borrow money, which, by increasing in purchasing power, will absorb the property they already have, but an opportunity to buy money with their labor and the product of their industries.

HENRY G. MILLER.

Center Point, Kerr County, Tex.

SILVER IN JAPAN.

Hard Times Have Caused That Nation to Add Silver to Its Specie Reserve. The partial resumption of silver coinage by the United States, pursuant to the act of congress passed at the breaking out of the late war, has already had a cheering effect upon the money circulation question all over the rest of the earth, says the New York News. It is, of course, but a limited effect, but it is recognized as a first step in a right direction, and as such is likely to be followed. It is not so much tho amount and number of our silver dollars that is to be considered, but it is the example which our government, a debtor in the money markets of the world, is setting to the other debtor nations. Our libera tion from the financial thraldom which the creditor nation, Great Britain, imposes upon all her debtors and servitors would he emulated by others, until financial independence be accomplished by the restoration of the white metal, or by the abandonment of the pernicious policy of national indebtedness.

Since President Grant was deceived into signing the act of congress of 1873 by which silver was demonetized in this country, urgent but secret means have been used by British influence to bring about the baniehmeEnt of silver and the recognition of the gold standard of money among civilized nations, and many have followed our lamentable leadership. The recent inflation of its currency by the government of Japan, by adding silver to its specie reserve, is an indication of progress. in this direction. This act has been induced by the prevalence of "hard times" in Japan.

The English influences in Japan are using against silver the same preposterous argument by which they prooured fraudulently their victory in our presidential election of 1896. They assert that an increased amount of circulating currency will produce adversity I Too much money, they assert, will make a community poor

THE LISTENER.

lie Kov. E. R. Fullerton, who has been appointed United States consul at Nagasaki, Japan, is a Methodist missionary.

General W. F. Draper, our embassador to Italy, it is said, wanted to resign and enter the army at the beginning of tho war.

Tho Duke of Atholl and Ixrd lircadalbane are among the very few heads of old Snitch families who still adhere rigidly to the kilt..

General Spiridion Karaiskakis, who died recently in Athens, was the son of the well known Greek revolutionist, tho half gypsy palikar, Karaiskakis.

Samuel Edgar Francis, a waiter in a Boston hotel, lias by his own unaided efforts mastered nine languages, aud that without ever having been abroad.

Dr. William L. Rodman of Louisville has been appointed to tho chair of surgery in the Medico-Chirurgioal college, one of tho leading medical institutions of Philadelphia.

Mason A. Oreen of the Rutland Herald has been chosen to write the biography of Edward Bellamy. He was Bellamy's associate in editing Tho New Nation and his Intimate friend for many years.

Dr. E. Benjamin Andrews, the new superintendent of Chioago's public schools, slipped quietly Into that city the othor day, and, going to his office, announced, "My name is Andrews," and callod fori his mail.

Proctor Knott, ex-governor and ex-con-gressinan, is living quietly in Kentucky, where ho is a professor of law in Custer college. Ho might have had several important oil ices during the Clevoland administration, but he refused them alL

Captatn 'IX C. Woodrow of the navy has the flag floated by the Yirginitis on her ill fated trip to Santiago in 1873. It: was taken from tho vessol by tho captain himself Dec. 26, 1S73, just beforo the ship sank while being brought back to tho United States

Sergeant F. T. Olcawara, ono of the heroes of tho late war between China and Japan, has arrived iu Denver, where he will remain somo timo. Ho was wounded twice in ono of tho battles near l'ort Arthur, and for conspicuous bravery on that occasion he was pensioned by his government.

Governor Desha of Kentucky more than a half century a^o had a wild son who was convicted of murder iu that state. The governor promptly pardoned his son, and he disappeared. That son is now tho most eloquent preacher in the Hawaiian Islands. He knows the language perfectly, and his greatest sermons aro preached in it.

President Paul Kruger, the thrifty ruler of a largo slice of South Africa, is an eco nomical old gentleman, in spite of his position and his salary. Onc.e when a dentist was about to charge him something over 60 cents for extracting a tooth the old man whipped a jackknife out of his pocket and performed the dental operation himself.

FRANKLIN'S MORAL CODE.

Benjamin Franklin formulated this moral code, which ho kept as a guide to all his acts:

Tomperance—Eat not to fullness drink not to elevation. Silence—Speak not but what may benefit others or yourself avoid trifling conversations.

Order—Let all your things have thoir places let each part of your business have its time.

Resolution—Resolve to perform what you ought perform without fail what you resolve.

Frugality—ilako no expense, but do good to others as yourself—that is, waste nothing.

Industry—Lose no time, bo always em ployed in something useful, but avoid all unnecessary actions.

Sincerity—Use no hurtful deceit think Innocently aud justly, and If you speak speak accordingly

Justice—Wrong no one by doing injurie or omitting t'.o benefits that are your duty.

Moderation—Avoid extremes forbear resenting injuries. Cleanliness—Suffer noTinclennVincss in body, clothes or habitation.

Tranquillity— lie not disturbed about trifles or at accidents common or unavoidable.

Humility—Imitate Jesus Christ.

BABY SUf

DEOC

ITIONS.

The baby who cv.ts hi/, trcth hr.rd will be succcssful in every Wiiy If a little child is extremtly fond of chcese, ho will lie rich whim «V.l

A child born in Atif?i:.-t will hr.vo many presents and give tlv. :.!1 iw:iy A baby born wit'i tw :i iv eyes will be successful iu all its under:altinr's.

If when it baby's h:in(l is t:.ken It. clutches closely. lb'. ch:! 1 will be a firm friend and a gem uis 1( et-

In Switzerland u:i appi" tree is set out for a boy end :i va tree foj it un when born, and as the trui llou.'tsisos so will the child.

If a child would bo Ircl-.y. it. trust rut Its teeth on the ini,"!:er s, Gold at any r.tto sl.oukl be u.^.:l bite upon

miHMItiMMWHIWHMIttHliniUl'WIlttNIIHHMlmM

AVege table Preparation for As similating theToodandRegulating theStomachs and Bowels of

Infanis Childken

Promotes Digestion,Cheer fulness aftdBfestXontafns neither Opium,Morphine nor Mineral, MOTliAHCOTIC.

ring

,jr it to

If you haven child sloop with to the west, it will bo ec.t !e bald south, it will have a ht-avy but it will ho weak in body

i'.s head tin. ,f hair

IRONICAL IFS.

tn life, learn

If yon would Succeed know what you ettu'e do II paying one's debts few men aro strictly vir:

is virt ue, vcr?

tor to pay tn.

If volunteers were ca: bill, war would neser he ileelarod If a man is his own we. st eii

ho ha

r.\\

a natural born fool to tal.o care of If marriage is a mist.iUe, it is at least ono a man doesn't make every day

If a man rices in tho world at the end o. a rope, he is sure of an early downfall. If people didn't have to work, thej would have more ti me to get tired of doing nothing

If yoti oarvo your name on the hearts of your friends, it will be more lasting than tf carved on a marble slab.—Chicago News

POPULAR SCIENCE.

Between the ticjjjs of a watoh a ray of light oould move eight times around the globe.

Sulphate of quinine has pome very curious properties, one of them being Its power to impress an image of Itself on a sheet of sensitive paper in the dark.

Without baeteria there is no decomposition or putrefaotion. They reduoe organio matter to dust and are carried about with it, consequently we are living in an atmosphere of decomposition.

7)r£AMlJ±liZMIidHE£t

Purraian Seed" jCxLfenn* jRochllsSmU*

fOfmSeed

riarsn

A perfect Remedy for Constipation, Sour Stomach,Diarrhoea, Worms .Convulsions,Feverishness and LOSS OF SLEEP.

Tac Simile Signature of

:Vv

NEW YOEK. At months olll., .. 35

1

"IS

EXACT CQPK(JF\yBAPFEB.

Wait for the big street fair. Mat Doherty lias returned to Joplin, M°.

The city schools opened Monday with a good attendance. George W. Grash, of Lafayette, spent Sunday in the city.

Mrs. James Birch is setiously ill at her home in Highland. Miss Kate Lucas, of Frankfort, is visiting friends in the city.

J. B. Wodesitt is the new physical director at the Y. M. C. A. Helen M. Gouger will deliver a olitcal address at Wingate to-night.

J. J. In ley served as one of the judges at the State fair this week. Mrs. Dove McBroom has returned from a tour of the northern lakes.

Most ot the stock exhibited at our fair last week was at the State fair this week.

Mies Maud Cohoon has gone to Leb anon to accept a position in the public schools.

Mrs. B. W. Engle visited her daugh ter, Mrs. W W. Washturn, at New Richmond this week.

The will of Mary A. Campbell has been admitted to probate and John FCampbell has been appointed executor.

Capt. Fred Alexander, late of Company M, has returned to the city and will resume his profession, paper hanging.

Wabash college opened its doors to students Tuesday. The prospects for an increased attendance this year are splendid.

During me scramble for tickets at Music Hall, Friday night, William Toney, a teamster, had his pocketB picked of $6.

Mrs. Allice Hinman haB returned to her home in Spokane, Wash., after an expended visit with her parents, Mr. and Mrs. P. H. Bums.

A suit in the Putnam circuit court this week against the Ben Hur organization was attended by several officers of the order from this city.

Two train loads of Wisconsin soldiers passed through over the Mooon Sunday evening, en route from Knoxville to their home in the northwest.

(Jharles E. Davis and Howard Dickerson were in Michigan City last week, testifying in the case of the policeman who killed Harry Wilson there last spring.

P. L. Long, the republican nominee for treasurer of Fountain eounty, died last week. The county central com mittee meets to-day to select his successor.

Rev. JohD Deere occupied the pulpit at the First Baptist church last Sunday morning. Mr. Deere left Monday for Chicago where he will enter Chicago University.

Secretary Hulet is winding up the business of the fair association as rapidly as possible. While he is unable to state the exact amount yet he says there will be a snug little surplus^ for the stockholders.

Miss Nora M^ehan has again been engaged as a Bead milliner at the Golden Rule. Miss Meehan has just returned from a trip through the large millinery houses of New York and Chicago where she h«8 been acquainting erself with the fall styles.

T:

CASTORIA

For Infants and Children,

The Kind You Have Always Bought

THC CCNTAUfl COMPANY, NEW YORK CITY.

Monon will bold a street fair October 4, 5, G, and 7. Several from hire attended the Covington fair this week.

Mr. and Mrs. Palmer Graham, o£ Terre Haute, visited friends in the city this week.

Congressman Landis 13 convalescing from a slight attack of malarial fever at his home at Delphi.

Captain Alexander, who was dropped from the command of Company M, arrived home here last week.

Marion Smail, the liniment man, has" been in town for some days past. He now resides in Indianapolis.

The Clinton county fair only paid 35 cents on the dollar on premiums. It waB thought 50 could be paid.

The State fair had many visitors from this county, this week, although the attendance was not so large as last year.

Wilber Cooley was starter for. the races at the State fair, and is considered one of the best men for the position in the West.

The township schools ope& on Monday for the full term, and the demand for school books has been quite lively this week.

Wallace Graves escaped from jail at Rockville Sunday hiding himself in the weeds in the outskirts of town, where he was found by a deputy.

Four employes on the Vandalia were discharged at Terre Haute on Thursday for disobeying the rules of the company as to loitering about saloous.

The fall term of Wabash college began this week. While many new names are enrolled there is said to be no perceptible increase in the number of students over former years.

It is strange that in a little one-horse city like ours, some of the members of the city council employ all their time looking after its affairs and loafing around the city building.

License to retail liquor

waB

granted

to twelve different establishments in the county at the last session ot the commissioners' court. No remonstrance was filed against any of the applicants,

George Lowell, general superintendent of the Monon lines, claims that, as a whole, the engines of the Monon are in better condition for service than are those of any other road entering Chicago.

Abraham Stingley, one of the oldest citizens of Tippecanoe county, died at his home in Lauramine township last Friday, in the ninety-second year of hiB age. He came to Tippecanoe county in 1830, and had resided there ever since. The deceased was a relative of the StingleyB residing in Madison-township.

The victories of Hood's S&rsaparilla over all Forms of disease Conclusively prove "r' That it is an unequalled Blood purifier, it conquers The demon, Scrofula, Releavee the itching and burning of salt rheum, cures running sores, ulcers* boils, pimples, and every other form of humor or disease originating in impure blood. The cures of Hood'd Sarsapa rilla are cures—absolute, permanent, perfect cures. They are based upon its great power to purify and1 enrich the blood.

Wall

paper at cost, at the 99 cent

store.