Crawfordsville Weekly Journal, Crawfordsville, Montgomery County, 25 August 1893 — Page 2

WEEKLY JOURNAL.

PRINTED EVERY FRIDAY MORNING

THE JOURNAL CO.

T. H. B. McCAIN, President. J. A. GREBNE, Secretary. A. A. McCAIN, Treasurer.

WBEKXY-

One year In advance........ II .00 Six months 50 Three monthB 25

DAILT—

One year In advance 15.00 Six months 2.50 Three months 1.25 Per week delivered or br mail 10

Payable In advanco. Sample copies free.

•ntered at 1he Postoflice at Craw lordsvllle Indiana, as second-class matter.

FRIDAY, AUGUST 25, 1893.

TO THE PUBLIC,

W. C. Stewart has been employed by THE JOURNAL as traveling agent. He is authorized to solicit subscriptions, advertising and all kinds of job printing, and to make collections and receipt for the same. It is his intention to visit every portion of the county within the next few months and we bespeak for him a kind reception by the people.

AFTER this the subscription price of THE WEEKLY JOURNAL will be $1,000 for 1,000 years.

THE greatest shrinkage of the present year is to be found in the number of Cleveland Democrats.

WORKING men will find that the roosters they curried in their hats last November make slim picking.

MINISTER ULOUNT has returned from Hawaii, and the American flag remains hauled down in that country.

A BANK suspension still occurs now and then, but it is generally offset by a bank resumption on the same day.

CONGRESSMAN BRECKINRIDGE has a financial problem of his own to solve which will probably keep him silent on the Bilver question.

OUR horse buyers report that the market for horses has slumped with the market for everything else. These be glorious Democratic times.

PRESIDENT CLEVELAND was again hung in effigy last Saturday by some Texas Democrats. If the election were held to day Grover would probably not carry that State by 150.000 majority.

THE indications are that Congressman Brookshire will cast his vote among the anti-Administration Democrats. That being the case he will throw the Collectorship and the postoilices to the dogs. The attitude of Senator Voorhees in standing by the President will give him the pull on the plums and the pie.

THERE is just as mush money in the country now as there was

Bix

months

ago. The trouble is that it is not in circulation. It is not in circulation because of tho prevailing doubt and uncertainty. The prevailing doubt and uncertainty are concomitant with the control of the country by the Democratic party.

SPEAKER CRISP IB not in a hurry to name his committees. In fact nobody Congress iB in a hurry except the Republicans who are ready to vote on the question of repealing the Sherman law. Holman in the House and Vest in the Senate seem to be in a hurry to make the appropriation available so they can draw their salaries.

THE St. Louis Globe-Democrat IB moved to say that if the good Lord had stopped the free coinage of muttonheads some sixty odd years ago Missouri might have escaped the affliction of Buch a Senator BB Francis Marion Cockrill. Why did not the O. D. extend its compassion to Indiana, which is as sorely afflicted in the way of mutton heads in Congress as Missouri possibly can be?

THE cry that the people have locked up their money because they are afraid that "the currency of the country will lose its gold value" is simply nonsense. If the currency was likely "to lose its gold value" every last man would be trying to get clear of it instead of hoarding it in old stockings, in strong boxeB, and in safety deposit vaults. Men know the currency is good. No people ever had abetter currency.

IT begins to look aB though the Chicago platfoim was more for a show than for business. It denounces the Sherman law as a "cowardly makeshift," and although the Democracy has a good working majority in both houses of Congress the prospects for its repeal are not at all flattering. After all it has been developed that the majority of the Democrats are not so "anxious for its speedy repeal" BB they were when they met in Chicago. It is beginning to dawn on the country that it iB the Democratic party, and not the Sherman law, which is the ''cowardly makeshift."

SENATOR HOAR'S SPEECH. One of the best speeches that has been made in the Senate on the silver question was that of Senator Hoar. It is a very strong presentation of the argument that bimetalism was declared to be the policy of this country in 1890, and both political parties in 1892. He paid his respects to the demagogue in the following trenchant style:

In one respect the condition of the' United States Is peculiar. We settle our financial policy in accordance with the popular vote. The great mercantile nations of the world, in fact and co jnmonly in form, refer such things to experts. With us the finances of the country have been for a good while the football of both parties and of factions. Every demagogue in public office or seeking public office, every theorist desiring to get noteworthy by extravagance, every anonymous or reckless scribbler who cscapes contempt only by concealing his personality, every agitator who would marshal class against class, every anarchist who seeks to overthrow all social order, every brawler who would stir the passion of section against section, of labor against capital, of debtor against creditor, of the poor against the rich, prates glibly about the currency, and uses some misrepresentation or sophistry about the currency as his weapon of mischief. Yet nothing Is more certain than that a disturbance of the currency Is an advantage only to the classes who are so attucked, and brings nothing but evil and disaster to the classes to whom tho appeal is made.

He said that while men might differ as to the cause of the financial depression he hoped that all could agree on the remedy. The Republicans stand ready to hold up the hands of the President and restore that prosperity which the country enjoyed down to the 4th of last March. If any man desired to decrease the purchasing power of a dollar in order that his investment might lead to greater benefits he would be hurled from power and buried in infamy by the people. Mr. Hoar said he had always been a bimetalist, but it was the bimetalism of Washington and Jefferson which recognized gold as the finer metal necessarily the standard of value. He said that he believed with Hamilton that bimetalism is the only polioy whioh we can pursue, and believing also with him that when silver and gold separated the better metal becftme the standard. The pressure of the silver interest for unlimited and independent free coinage of that metal Mr. Hoar pronounces to be a departure from bimetalism in the direction of virtual monometalism,since under such circumstances silver would drive gold out of circulation. Everybody will agree with him that the most desirable thing is to restore the practical parity of the two metals as it existed under Republican Administration. MrHoar would begin by stopping the purchase of silver for coinage, and putting into circulation the silver already coined, so far as it is not in circulation now in the shape of silver certificates. He believes that this would be the best for the silver producing States themselves, and that it would promote an international agreement as to ratio.

MOKE CONCERNING NATIONAL BANKS. To the Editor THK JOURNAL. In a recent Issue of THE JOURNAL It was stated editorially that the national banks of Crawfordsville had issued but 422,500 each in notes for circulation, when under the law as it is now they could IBSUC $90,000 each. Why is it that these two banks do not issue the full amount they are permitted to Issue under the law? J.C. W.

WINGATK, Ind., Aug. 10, v-y.f: The national banking law provides that every association, preliminary to the commencement of banking business, shall transfer United State bonds to an amount not less than $25,000 that upon the proper examination being made into the affairs of the proposed institution, it shall be entitled to receive from the Comptroller of the Currency circulating notes equal in amount to 90 per cent, of the par value of the bonds so transferred. The law further provides that the banks shall keep a reserve of not less than 15 per cent, of its notes in circulation and its deposits, and that every association shall pay to the Treasurer of the United States in the months of January and July one-half per cent, each half year on the average amount of its notes in circulation. The reason that the two national banks in this city do not issue the full amount of circulating notes that they are permitted to issue is obvious. With the high premium that the bondB have hitherto commanded, now 112 whioh means that the banks must pay $112,000 for $100,000 worth, together with the tax of one per cent, on circulation, and five per cent, whioh the Comptroller reserves, .and 15 per cent, which must be held as a reserve by the banks, makes a large investment on which there are no returns. A bank with a capital of $100,000, after buying bonds and receiving but 90 per cent, in notes, and deducting the reserves have but about $72,000 which can be loaned. It is also to be. remembered that banks are required to pay the expenses of redemption, engraving and examination, aggregating about the same as the tax. It can readily be seen, therefore, why our banks do not issue the full amount permitted under the law. If it would pay them to do it they jump at the opportunity. Bankers are just like everybody else in whatever calling. They are not in it for their health. There are in the

United States 3,900 national banks with a capital of nearly $600,000,000, and yet instead of there being $540,000,000—90 per cent.—of national bank note circulation there is only about $193,000,000 —$350,000,000 less than the amount that could be issued under the present law. As THE JOURNAL stated last week, in speaking of the pending proposition before Congress to allow national banks to issue notes to the par value of the bonds, if in addition Congress would remove the tax on circulation something tangible would be accomplished. True it would add $18,000,000 or $20,000,000 to the note circulation, as this could be done without the banks being compelled to buy additional high priced bonds. But some inducements must be offered the banks to purchase more bonds and issue more notes. This cannot be done by an onerous tax such as they are subject to now.

CLEVELAND FORESEES A SPLIT. President Cleveland is said to be in a state of worriment over the situation in Congress. He apprehends a serious, if not a permanent Bplit in his own party on the silver question, with a resulting Democratic war against every Cleveland measure. He has written to a close friend in New York that if the Sherman repeal act is coupled with any amendment providing for free silver coinage he will veto the bill and place the responsibility "exactly where it belongs— on the shoulders of his enemies within the Democratic party, who fruitlessly sought to defeat his nomination for President and now seek to defeat his plan for legislation." He has further indicated that he might couple with such a veto the announcement that he should immediately issue $50,000,000 to $100,000 of bonds to increase the gold reserve as a safeguard against the continued coinage of silver under the Sherman act. Altogether the Democratic situation is an interesting one. Those Congressmen, like Brookshire, who desire to control the patronage and the postoffices and at the Bame time who want to vote for free coinage in order to maintain friendly relations with their constituents are between the devil and the deep blue sea.

HOW TO GET SILVER OUT. Thomas H. Sherman, late Consul at Liverpool, had a conversation with a New York paper the other day cn the silver question. He met and talked with many leading men in the business world during his residence in the great English port and heard many suggestions on the subject. He said that anxiety, if not excitement, runs as high there as here as to the action of Congress. Said he: '•One of the suggested remedies seems worth mention as affording perhaps temporary h6lp at the present moment. England U3es no bank

Botes

less than £5 (about $25), and the

result is a constant reserve

of

gold In the pock­

ets and tills of the nation. Metal must be used as circulating currency in lieu of small notes, and setting two and a half sovereigns (12.50) as the per capita for the United Kingdom shows that a permanent pocket and cash drawer reserve of £100,000,000 in gold coin is, as a rule, tloating in the United Kingdom. In the United States let no smaller bank note than $i0 be printed no gold piece issued smaller than S20. The result is obvious At first there would be general complaints of bulk and inconvenience, but it would be only inconvenience. The dainty Parisian lady gets accustomed to using a pocketful of 'cart wheel' silver live-franc pieces, and so would tho bulk of the people In America. What would this mean, but that if sixty millions of people average $10 of silver each for circulation and this would include as in England, the bills of the banks as well as the large shopkeepers and traders. You would thereby obtain a circulation of $600,000,000 of silver, instead of letting it lie in the cellars of the Treasury, and being subject to wear and tear it naturally would, from time to time necessitate recoinage.

Mr. Sherman was one of the most capable and zealous representatives in the consular service, and what he says is worthy of thoughtful consideration. Everybody knows thut the great drawback to the silver is to get it out of the treasury vaults and into circulation among the people. Even such silver bugs as Stewart, Teller, Wolcott, Bland, Vest and the whole tribe of the extreme champions of free coinage, when they walk up to the treasury counter to get their warrants cashed for salary, absolutely refuse to accept silver dollars. If there was some way to compel congressmen to accept their $416 a month in silver it would soon find its way into the pockets of the people. There can be no logical objection to Mr. Sherman's suggestion except the inconvenience of carrying the silver, but the benefit to the entire nation must be paramount to the Blight personal discomfort of individuals, especially Congressmen, and particularly the extremists named.

I have had nasal catarrh for ten years so bad that there were great sores in my'nose, and one place was eaten through. I got Ely's Cream Balm. Two bottles did the work. My nose and-head are well, I feel like another man.—C. S. McMillen, Sibley, Jackson Co., Mo.

Chicago Accommodations. Twenty room, private house, short distance from the World's Fair. Board and room $8.00 per week. Correspondence Bolicited. Parties of ten $1 per day. ,» A. C. HALL, 8-164wd&w 2220 Wabash Ave.

THE POLICY IS ANNOUNCED THE SCHEDULES WILL FOLLOW. In commenting upon the tariff legislation that is promised to come with the present Congress, the Sentinel says:

The Democratic party lias announced its policy, but not its schedules. Let us have the schedules as quickly as possible, and let them be in harmony with the announced policy.

From the condition of the

country

and its great industries it is not necessary for any paper to say to the people that "the Democratic party has announced its policy" and that it is now in control and will soon "announce its schedules." We had fourteen years of revenue tariff just preceding 1857, and President Buchanan called the attention of Congress to its effects in his message to the first session of the 36th Congress in these words:

We flud our manufactures suspended, our public works retarded, our private enterprises of different kinds abandoned, land thousands of useful laborers thrown out of employment and reduced to want.

In President Cleveland's late meBsage is to be found a passage very similar to the above. One describes the condition of the country after a revenue tariff, the other describes it on the eve of another revenue tariff—or in other words, when the country is led to expect that the Democratic party will carry out its announcement. Both are the same in effect. Free traders may now claim that the present panic coming just before free trade could not be caused by the same thing that caused the panic of 1657—beoause we had the one after fourteen years of free trade and the., other after many years of high tariffs.

Suoh a condition no doubt needs a word of explanation. As surely as a burnt child dreads the fire, so should a nation dread a return of a panic or a plague that it once experienced. The prevalence of the cholera a year ago, remembered now, causes those who wish to avoid it to take precautions against its return. We do not wait for its approach and attempt to assign a cause afterwards. We have had it in our country, and remember the cause and the effect as well, and hence prepare to avoid its bad results when it is seen approaching.

The manufacturers remember the revenue tariff preceding 1857, and they remember the panic of that time. Not only that one time do they remember results caused by tinkering with the tariff, but they heed them all. They remember that they could not pay living wages and compete with the goods that were made abroad by cheaper labor. In consequence of this condition, described above by the President, wages Btopped and manufacturers found their shops over supplied with goods that had to be sold at a loss, because cheaper goods were wedging themselves in ahead. Applying that lesson to the condition of to-day, we can see the prime eauss of the closing of many of our great factories and the consequent stopping of daily wages of thousands of men. The fores:ght of manufacturers warns them that if the policy of the Democracy is fulfilled and free trade established in this country, they would be found with factories full of goods of all kinds made by high priced lalor, and would be compelled to sell it in competition with similar articles made at a cheaper cost. It does not take a very far seeing man to see just such a condition of things if the "announced" policy is carried out, and schedules made on the basis that all protection is "unconstitutional." Then we will have pure and simple the long promised era of "good old Democratic cheap times" once more, and nothing to buy things with, be they ever so cheap.

OF the forty-nine chairmanships of committees the South gets thirty and the North nineteen. The most important chairmanships, such as elections, ways and means, appropriations, judiciary, coinage, weights and measures, foreign affairs, interstate and foreign commerce, rivers and harbors, postoffices and postroads, all go to the South Even a Georgia man is the chairman of the committee of pensions. At the last session of Congress the North had the ways and means and the appropriations, Messrs. Springer and Holman, but even these were turned down for Southern men. While there will be no tears shed over the latter's deposition, it yet shows the tendency of the party in power. Verily, the South is in the saddle.

THE position of Senator Voorhees in voting with the ^lepublicans on the Finance committee in favor of reporting the bill for the unconditional repeal of the Sherman act created the most intense indignation among the free silver Democratic members of the committee. Senators Vest, Harris and other Democrats denounce him as a renegade for patronage, and a pariah. The Democratic situation is amusing to say the least. Were it not for the patronage Mr. Cleveland to-day would be a President without a party.

ZOA-PHOEA,

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Address. GEO. W. FULLER, Crawfordsville. Ind.

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The Consumptive and Feeble

and all who

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For driving out scrofulous and all other taints of the blood, fortilying the constitution against lung- scrofula or consumption, for strengthening the digestive oreans and invigorating the entire system by sending streams of pure blood through ali the veins —there is nothing equal to Dr. Pierce's Golden Medical Discovery. It is the only guaranteed blood, liver and lung remedy sold

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and a hale and

A. S. CLEMENTS

Crawfordsville, Ind., agent

Home Insurance Co

Of NEW YORK.

Cash Capital, S3,000,000! Cash Assets, $6,000.000!

Insures Farm Property against Fire and Lightning, cyclones or wind storms, on cash, single note or instalment plan. Most liberal blanketed policy issued. Farm property a specialty address as above and I will call and see .you.

Office—204 East Main street, with Krause & Crist, Florists.

J. J. DARTER,

REAL ESTATE & LOAN AGENT

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$100,000 TO LOANI

7 per cent. Annual interest

Without Commission.

NO HUMBUG.

Cumberland & Miller

118 West Main St.

ABSTRACTS OF TITLE Hster,

aving secured the services of Win. Web late of the firm of Johnson & Webster, abstractors of title, I am prepared to furnish on short notice, full and complete abstracts of title to all lands in Montgomery county, Indiana, at reasonable prices. Deeds and mortgages carefully executed. Call at the Hocorder's office. oct5y 1 THQS. T. MtJNHALL. Kecorder.

MONEY to LOAN.

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Write to oi call on

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C. N. WILLIAMS & CO.,

Crawfordsville, Indiana.

G. W. PAUL. M. W. BHDNER.

PAUL & BRUNER,

Attorneys-at-Law,

Office over Mahorney's Store, Crawfordsville, Ind. All business entrusted to their care will receive prompt attention,

THEO. McMECHAN, DENTIST,

CRAWFORDSVILLE, INDIANA. Tenders his service to the public. Motto good work and moderate nrices."

Money to Loan.

Bouses and Lots for Sale also Dwellings to Rent.

Abstracts of Title and Deeds and Mortgages Carefnlly Prepared.

ALBERT C. JENNIS0N

Loan and Insurance agent, abstractor and Conveyancer.

122 East Main St., Crawfordsville

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ABSTRACTORS*, LOAN AND

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O. U. PERRIN. Lawyer and Patent Attorney.

Joel Block,

Washington St., Crawfordsville, Ind.

FIRST MORTGAGE

LOAN,

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Interest payable Annually

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Fisher Block, Room 8,1 Crawfordsville, Inc'j

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