Crawfordsville Weekly Journal, Crawfordsville, Montgomery County, 7 August 1896 — Page 7

W E S S E .^JJENT'IST, Office over Western Union'Telegraph office opposite postofflce.

J.C. McCORniCK,

DENTIST

Teeth Extracted and Filled Without Pain. Bridge Work, Gold Crowns and Plates. Has moved to No. 207yt East Main Street, formerly the Dr. McMechan Office.

DR. W. T. GOTT. —OFFICE— Corner- Main and Green Streets

In Ramsey & Somerville Block.

Office Houks—10

to

12

a. m.

2

to

4

7

p.m.

to

8

p. m.

PLENTY OF MONEY TO LOAN

On mortgage faecurity, 6 to 8 per cent, according to quality of loaU.

4. C. JENNISON, Abstracter.

O. U. PERRIN. A W E

Practices In Federal and State Courts. PATENTS A SFSVIALTY. Law Offices, Crawford Building.

Opp, Music Hall, Crawfordsville

FOR SALE

Or Trade

A No. 160-acre farm.

Will trade for a good,

clean stock of goods. Call

at once.

Cumberland & Kelly,

107-South

Green Street.

Wanted!

A good partner to assist in the manufacture of a new wnvfm wire fence, something new and very valuable, best fence ever produced for any purpose desired, for the farm it has no equal, it turns auyand all stock from tlis pig up to the horse and cattle as well, for the poultry yard it also has no equal, also makes both a very desirable fence for the resident property for either country or city, also lawus and cemeteries. To parties wanting to engage in a first, class business, oue that will always be in demand, as the Woven w.irp fence has come to take the place of all ot her fences because of its cheapness and durability, I will give to the right, -parties vi ry low prices for an interest, iu same. A rare opportunity to the man reutinga farm wishing to engage in something that fie can at the end of the year have left to reward lilm a handsome profit for his year's labor and not give it all for rent. Each machine lias a capacity of one hundred and seventy-five rods of four feet or two hundred of three feet in ten hours' time, all other heights in same proportion, use any size of wire desired In the construction of any height fence desired, use either single or cable wire for any or all paralell wires running from one of the fence to the other, made any size of mesh from one inch to seven as desired and making each change within a second of time and that too. without stopping the machine a single moment. Each machine while weaving the fence rolls tlie fence up iu a nice roll of any desired size up to 25 yards and one man is all that is necessary to operate oue machine. aud an engine carrying seven pounds of steam is sufficient to operate oue machiue. As the machine for making said fencing is my own invention I desire to locate factories elsowliere in good localities throughout the United States. To parties wanting to eugage in this business I will give tliem rare and valuable opportunities to make money by calling at. inv factory. 108 Spring street, or wi lting mo 2L2 east Pike street.

G. W. Whittington. Crawfordsville, Ind

Traders' Bureau,

At White & Reeves'Office.

RIDDLE & ARCHEY'S Trading Agency.

Glance at These Bargains.

Hotel of 18 rooms, all furnished, at Linden at a great bargain. Come quick Four room bouse in good repair two squares from court house for 81300 Easy terms. §2,000 stock groceries in Brazil, Ind Doing first class business.

Stock of books and stationery in an Illinois city of 20,000...... People will take some city property.

Small stock dry goods, and notions in this county. Will take half real estate. "A bargain."

Safety bicycle at a bargan. Six room house just off Wabash ave nue at a bargain. Small payment down balance as rent.

Several houses to exchange for small farms.

Riddle & Archey.

Office with White fc Reeves.

MONON ROUTE.

KGRTB SOUTH 2:15 a. in Night Express 1:40 a. 1:20 p. ....Fast Mail 1:20 p. S 30 p. Local Freight 8:45 a.

Big 4—Peoria Division. RABT WB8T 8:17 a. m...Daily, except Sunday... 0:07 p. 1:15 p. m...Daily, except Sunday... 8:55 a. 4:50 p. Daily 1:15 p. 1:47 a. Dally 12:37 a.

VANDALIA.

"POUTH NORTH 9:21 a. 6:17 a. 6:10 p. in 6:io p. 1:19 p. 2:30 p.

What Is meant by bimetallism?

SOLID FACTS ABOUT COM tlE.

Since political events have brought the financial issue to the front I-have received a great many lotters asking information ou various points. In order to cover the subject completely aud furnish the data now called for in popular discussion, the points raised by the queries received have been arranged iu order and tlio answers have been made as plain as possible. Tlio statistics are taken frotn official reports, and their correctness may be depended upon.

The literal meaning of the word is simply the monetary use of the two precious metals, just as a bicycle means a cycle with two wheels. By some the •word is used to mean the concurrent use of gold and silver as full legal tender coins, while according to others it means the opening of the mints to the free coinage of gold and silver. In a pamphlet issued by the American Bimetallic association the statement is made that bimetallism "is not the constant contemporaneous circulation of both gold and silver, but that when the silver dollar becomes cheaper than the gold dollar the employment of gold should cease and the entire money service should be performed by silver alone." Others contend that such a Condition of affairs should bo more properly described as monometallism, because it leaves only one metal in monetary use.

PLAIN ANSWERS TO QUESTIONS PEOPLE ARE NOW ASKING IN REGARD TO THE FINANCIAL ISSUE,

What Is meant by free coinage at 16 to 1?

It means that owners of silver bullion shall be allowed to send it to the mints cf the United States, to be coined free of charge into dollars, each containing 871grains of silver, the market value of which varies with the price of silver bullion, and is now about 53 cents.

What is meant by tlie coinage ratio?

As everybody knows, gold is more valuable than silver. In order to make the silver dollar eqitill iu intrinsic value to a gold dollar, it is necessary to put enough bullion in the silver dollar to make it equal in value to tlie bullion iu the gold dollar. What is known as the coinage ratio is the number o" parts of silver fixed by law as the mint equivalent of one part of jaolii.

Statistics Taken From the Official Records Furnish Conclusive Evidence cf the Correctness of Republican Principles.

v-

What is nnMiit by 1» to 1?

It means that l(i parts of silver shall be coined as tlie equivalent of one part of gold. l)o 10 parts of silver I.'qasil OIK part of gold?

No silver is bought, and sold for less than 70 cents an ounce, which contains 480 grains, and at the ratio of 10 to 1, only a little more than three-fourths of an ounce is put into the silver dollar of tlie present standard. It takes .about 31 parts of silver to equal in value one part of gold.

But lias nut that been tlio rutin at which gold and silver lias always been coined in this country?

No the original ratio was 15 to 1. How was that ratio fixed? By taking'gold and silver pieces in circulation and finding how great a weight of silver it took to equal in value a given weight of gold.

Why was tliat ratio changed?

Because the market value varied from the mint ratio, and the effect was to drive from circulation the money metal which was undervalued by the mint ratio. The currency committee of congress, in a report Feb. 2, 1821, said of that ratio: "It is sufficient to know by unhappy experience that-its tendency is to rid us of a gold currency aud leave us nothing but silver."

When was that ratio ohauged?

By the act of June 28, 1834. At that time the market ratio was 15.73 parts of silver to one part of gold, but it was thought likely that there would be a further decline in the value of silver on account of the large output of the Mexican mines, and hence the ratio was fixed at 15.98 parts of silver to one of gold. It is this ratio which is spoken of in round numbers as 1G to 1.

AVIiat was the effect of this change of ratio?

It brought gold into circulation and Bilver dollars went out of circulation, because 16 parts of silver were worth more than one part of gold.

Why tiliould inequality in the value of the bullion contents of coins of like denomination expel the coin of greatest valuo from circulation? Does It not stand to reason that, if anything, people would prefer the more valuable coin?

People would prefer to get it, but notto give it, so the more valueablo coin ceases to pass. Hence tlie impossibility of keeping the coin of greater value in circulation alongside of a coin of lesser value, but of th°. same denomination. It is more profitable to sell the former coin for tlie value of its bullion contents than to use it for current money.

But, then, liow is it that our. silver dollars are as good as gold, though only Wortli half as much In bullion contents?

Because the mint is closed to owners of silver bullion, and all silver dollar* are coined by the government which accepts and redeems them as equivalent in value to gold dollars.

Is tliero free coinage of gold?

Yes, in $20, $10, $5 and $2.50 pieces. The coinage of gold dollar pieces was discontinued by the act.of Sept. 2G, 1890.

Why Is gold allowed to be coined free While silver Is not allowed free coinage?

Because the bullion value of gold coin is equal to its face value, while the bullion value of the silver dollar is not worth one-half of its face value.

Was not the mint always open to owners of silver bullion for the coinage of silver dollars before tlie passage of tlie •fit of i873?

"No. The coinage of silver dollars was stopped by President Jefforson in 1805, and no more silver dollars were coined until 1834, in which year a thousand were turned out at the mint. After the change of ratio iu 1S34, tlie mints were open to the coinage of silver dollars until tho passage of the act of 1873, but as the market value of the bullion contents required by law for a silver dollar was worth more than a dollar, few silver dollars were coined and those which were coined were at- a premium and disappeared from circulation.

How did the act of 1873 afl'ect silver?

It dropped the silver dollar from tho list of coins which the mint was authorized to coin. This had the effect of closing the mints to the coinage of silver bullion ou private account, as the only silver coins authorized were of limited legal tender. Minor silver coins, such as halves, quarters and dimes, have always been coined on government account from purchases of silver bullion made by the government at the market price of bullion.

Was it understood at the time that this Was tho eiVect of the bill?

The passage of the act of 1S73 did not attract much attention at tlie time, because coined money was not in circulation. At that time treasury notes and national bank notes constituted the currency. The silver dollar had never been in actual circulation to an appreciable extent, aud the oeoole took no interest tho question whether it snoulcl be kept ,on tlie list of full legal tender coins. The original bill was prepared in tho treasury department in the winter of 18(39-70, under the direction of Secretary Boutwell, and was submitted to the different mints and assay offices and to various experts on coinage. Tlie bill was revised in tlie light of the suggestions received and was transmitted to the finance committee of the senate along with detailed reports and explanations setting forth the changes made by the bill. It was plainly stated that one of tlie features of the bill was "discontinuing the coinage of silver dollars." The bill was introduced in the senate April 25, 1S70. It passed the senate Jan. 10, 1871. It was passed by the house of representatives with amendments May 27, 1872. A conference committee was appointed Jan. 27, 1S73. The bill became a law Feb. 12, 1873. Iu the course of its passage through congress it was printed 13 times and the proceedings taken with regard to it occupy 144 column: of The Congressional Record. Iu the debates the omission of the silver dollar was repeatedly referred to and the reason of it was stated. The late William D. Kelley of Pennsylvania (Pig Iron Kelley), stated this reason as follows: "It is impossible to retain tlie double standard. The values of gold and silver continually fluctuate. You cannot determine this year what will be tlie relative values of gold and silver next year. They were 15 to 1 a short time ago they are 1G to 1 now. Hence all experience has shown that you must have one standard coin, which shall be a legal tender for all others, and then you may promote your domestic convenience by having a domestic subsidiary coinage of silver, which shall circulate in all parts of the country as legal tender for a limited amount, and be redeemable at its face value by your government."—Congressional Record, 2d session, 42d congress, page 2,310.

Is it not unconstitutional to restrict the free coinage of gold and silver, gold and silver being tlie money of the constitution?

The only reference to gold and silver in the constitution of the United States is in section X. of article 1, which says that no state shall "make anything but gold and silver a legal tender in tlie payment of debts.'' Clause 4 of section VIII of article -1 provides that congress shall have power "to coin money, regulate the value thereof and of foreign coins, and fix the standard of weights and measures.'-' Tlie metals which congress maj- use for monetary purposes are not specified, but the metals used are gold, silver, nickel and copper.

What was the cft'ect of the act of 1873 on the price of silver?

The free silver advocates say that it caused the decline which has since then taken place in the price of silver, by lessening the demand for it so that its commercial value at once began to fall as compared with gold which" was artificially appreciated by becoming the sole monetary standard. On the other hand, it is asserted that the true cause of tlie decline in the price of silver is the increase in tlie production of silver at a reduced cost. The facts bearing on the case are these:

Silver has gradually declined from an average of $1,298 an ounce in 1873 to about 70 cents an ounce at the present time.

The act of 1873 did not decrease the monetary use of silver. Tlie coinage of silver dollars up to that time had been very limited, the total from the foundation of the government up to 1873 being only 8,045,838. Other silver coinage went on under the act of 1873 largely increasing the total silver coinage. The following, taken from the mint reports, shows the total amount of silver coinage for tlie years mentioned: 1872 2,5(14,488.50 1873 4,( ^4.747.15.1 187 4 0,851,770.7(1 187 5 15,:i47,80.-i.iHi 1S7IS 24,-ii i, j, it. 5(| 1877 :J8,3!i3,1/45.5'!

Feb. 28, 1878, an act was passed "to authorize the coinage of the standard silver dollar and to restore its legal tender character." Under that act there were coined 378,166.793 silver dollars.

Under tlie act of Feb. 10, 1887, forthe recoining of the trade dollars, there was an additional coinage of 5,078,472 silver dollars. H! As silver still continued to fall in price, the passage of the act of July 14, 1890, was procured. It required the government to purchase 4,500,000 ounces of silver a month, which it was estimated would take care of the entire production of American mines. Under this law the government bought and withdrew from the market more silver bullion

than our mints could liavo handled, if f.hny had done nothing but coin silver dollars, so that it provided a more extensive absorption of silver than would have been possible with froo coinage. Senator Jones of Nevada predicted that the law would advance silver to par with gold. A speculative movement in which congressmen arc said to liavo participated did carry the price of silver from $1.07 up to $1.10 an ounce before government purchase began. The price of silver under the operation of the law of 1S90 was as follows, the quotations being taken from the mint reports:

PU1C1S PER OUNCE.

1800

September October November .... December .... 1SU1 January February

March. April Way June July August. September October November December

January February

May KT

l.(W

Juno *8 1.05 July HI August

i.ns

si

K1

September Ni October 85

sis

November 85 117 December 81

1 SIKi

OS

.Tnnunrv 81 IJfcKeljnmry 81 Ml Mun-li

KS

08 April

N1

07

Miiy

-St

05 June

81

Ou

July August.

ISO:.'

74

03

September

T!

Oil

October

7

Altogether the government purchased 108,674,683 ounces of silver at a cost of $155,931,002. From this bullion there were coined 40,041,044 silver dollars. The total coinage of silver dollars since 1873 has thereforo been as follows: Under tho act of 1878.. 378,100,703 Under tlie act of 1800 4(1,(114,044 Kecoineil from trade dollars f,U78,172

42o,2S0,:i00

In addition, the silver bullion stored in the treasury is represented by silver treasury notes to the amount of 155,931,002. Total silver dollars and silver notes, 579,220,311. Total coinage of silver dollars from 1792 to 1873, 8,045,838. Increase in legal tender monetary use of silver since 1S73, $571,174,473.

Such facts, it is contended, show that the decline in the value of silver cannot be attributed to any decreased monetary use of it by this country. It is argued that the figures of silver production are enough to account for the decline. According to the mint reports, tho production of the world for tlio period of 1871-75 averaged aunually 63,317,014 ounces of silver and 5,591,014 ounces of gold for the period 1876-80, 78,775,602 ounces of silver aud 5,543,110 ounces of gold for the period 1881-85, 92,003,944 ounces of silver and 4,794,755 ounces of gold. Yearly production since then has been as follows: Years Ox. .Silver.. Oz. Gold. 188(1 i«,ai7,:.1K) 5,1:15.070 188 7 011,131,580 5,110,8(11 188 8 1(18,827.01(0 5.330,775 1880 131,213,1111 5,073,700 ]80« 120,005,0035,740.300 180 1 137,170.010 0,32(1,191 180 2 153,151,763 7,103,180 180 3 ](15,10"i.87fl 7,0'19,242 1S04. 100.001.005 8.7C5.830 xne ract mat tnree rimes as inucn silver is produced when silver bullion sells for less than 70 cents an ounce than there was produced when silver bullion was worth $1.29 announce, is regarded as conclusive proof that the fallin the price of silver lias been due to a decline in actnal value.

Is there not less money in the country now, per capita, than there was iu 1873?

No, there is much more. Tlie following figures are taken from the reports of the treasury department:

MONEY IN CIRCULATION JULY 1,1874. State bank notes S 1,370,384 Fractional currency 3S,t»7(l,U()5 United States notes 348,404,145 National bank notes 338,002,475

8720,881,8ii«

Add specie in circulation on the I'aciiio coast.... S 0(10.0(10

'1 $751,881,800

MONEY IN CIRCULATION JUNE 1,1800. Amount in circulation ,, June 1. i.-OO. O old com S 455,870,430 btandard silver dollars 52.717,417 Subsidiary silver 01.350,027 Gold certificates 42.001,000 Silver certilk-ates 33if,:-il3,n$0 Treasury notes, act July 14, ISO.)... 0S,0SO,5O0 United Stales notes 225,502,755 Currency certificates, act June 8, 1872 33,430,003 National bank notes.... 215,285,550

Total S 1,521,584,283

The population in JS73 is estimated at 41,677,000 circulation per capita, $18,04 population in 1896, estimated at 71,263,000 circulation per capita, $21.35.

Will not liee coinage jiuiku money plentiful?

No, the immediate effect will be to contract the currency by expelling over $600,000,000 in gold from circulation. The mints of the United States have a coinage capacity of about 40,000,000 silver dollars a year. It would take 15 years to coin enough silver dollars to take the place of the gold coinage that would be driven out of circulation.

If the government by law, declares a given quantity of metal or anything else a dollar, doesn't that make it a dollar?

It makes it a dollar in denomination but not in value. Value is not- the name of a thing, but the worth of a thing. The government might declare that copper cents should pass as dollars, but that would simply mean a change of name. Tlie new dollar would be worth no more than the old cent. In the constitution the power of congress "to coin money" is coupled with a clause enabling congress to "fix the standard of weights and measures" congress lias a power to pass a law making a standard quart of what is now a pint, but would that make the new quart measure hold any more than tlie old pint measure?

Why have tlie prices of all farm produets declined since 1873, in accordance with the di-cline of silver?

Where the price of farm products has decliired, the tacts as regards production are quite sufficient to account for it. In 1875 there were 26,381,512 acres of wheat cultivated in this country in 1891 there were 39,916,897, an increase of 50 per cent. The yield in 1875 was 292,136.000 bushels, a heavy increase over preceding years. In 1891 the yield was 611,780,000. Even last year, with a greatly reduced acreage and a partial crop failure, the yield was 467,100,000 bushels. The cultivated area of corn in the United States iu 1871 was 34,091,137 acres in 1891 it was 70,204.515 increase, 124 per cent. The yield of corn last year was more than double that of any year prior to 1875. Both the acreage and the average annual yield of oats have doubled since 1871. Our cotton crop in 1894 yas 50 per cent greater than in any year prior to 1887.

Under such circumstances a decline in grain and cotton values was inevitable. That decline has not, however, corresponded to the decline in silver, but has varied strictly according to the conditions of supply and demand.

On March 8, 1893, a subcommittee of the senate committee on finance, representing both political parties and both sides of the currency question, made a report on the course of prices and wages in this country for a period of 52 years. The investigation was most thoroughly

maae ana mo services ot the most expert statisticians were employed, and the report was unanimous as to tho statements of fact. Tables prepared by Labor Commissioner Wright, contained in the report, give tho following as the average price of spring wheat in Chicago and the average price of silver for the years named:

Year. 1800 187 3 187

4

Mnrcli 87

Si .in

April Si

1.0s

Prieo .' wheat,

1800 01 1801 1 00

Price silver.

.. So Oil

SI 35ki 1 29 4-5 1 27 4-5 1 21U, 1 1^3 120 1 15M 1 121.4 1 141.J 1 i:«t 1 t-'lj-i 1 11 1 11 100 00U «t »4 04 03« 104t| os'u 87*5

... 1 12 ... 1 00

1875....... 1870 1877 1878....

.... 1115 .... 102 .... 130

187 9 1 07 Uj 18S0 1 00 1881 1 18 18S2 1 15U 188:1 1 11IW 1884 80 W 188.-. 821,3 1880 77 1887 8(1 188 8 130 1880 02

1812 81 In 1877 wheat was higher than in 1873, although -tho silver had declined 15 cents an ounce. During tlio period when the coinage of silver dollars was altogether discontinued, the average price of wheat ranged at a dollar and upward. The great decline began in 1878, when tlio government began to coin silver dollars at the rate of 2,000,000 a month. Wheat in I860, -when silver was $1.3534,

w:ls

slightly lower than

wheat in 1S89, when silver was- 93 and wheat in 1888 was $Ni6. with silver at 94, aud only 80ki cents in 1884 with silver at $1.11. '\Vheat rose in 1879, 1884, 1885. 1887, 1888. and iu 1891, notwithstanding silver fell.

Cotton varied before the war from cents in April, 18-13, to 8 cents in 1848, 7% cents iu 1819, 12 cents 111 1850, 9)£ cents iu 1852, 31 cents in 1853 and 1854, 10cents in 1855 and 1856, 13£ cents in 1857, and 12 cents in 1859 and I860, at a period when the cotton seed was a waste product aud after the full reestablishment of southern industry, varied from 11 cents iu 1879,11% cents in 1880, 12 cents in 1881, 11 y, cents in 1882 and 1883,-10% cents in 1884, 10£ cents in 1885, 9% cents in 1886, lOj^ cents in 1887 and

_18S8,

10}4 cents in 1889, 11

cents in 1890, aud 8V conts in 1S91—an average substantially the same in tho 12 years before the war and the 12 years beginning with 1879, when the cotton seed was utilized so as to yield a large return, and thus practically reduce tho cost of production. In 1891 and 1892 the price wont down to 8% cents and 7% cents, almost exactly what it was in 1848 and 1849, aud in 1894 and 1895 went abnormally low under the influence of enormous crops but in the past year it has risen 25 per cent over the price of 1895.

An important factor in the decline of prices at terminal markets since 1873 has been the reduction in transportation charges. In 1875 the freight charge 011 a bushel of wheat sent by lake and canal from Chicago to Now York was about 11% cents in 1894 it was less than 4-, cents. If sent by rail the charge in 1875 was 24 cents in 1S94 it was about 13 cents. This reduction of charges would produce a corresponding reduction in New York quotations, but would not lesson the price at primary markets. The report of tlie Iowa State Agricultural society for 18)3 gives the following prices of products at Des Moines in December, 1873: Wheat, .85 rye, .40 barley, .70 corn, .22 oats,.23 hay,$5.00. With the exception of wheat all these products have iu late years brought higher prices at Des Moines than iu 1873.

The report of the statistician of the agricultural department for 1894, gives the following table of average prices on the farm or iu the market nearest the farm:

Year "Wheat Cora 1880 f.lUC) $0.:i03 1881 1.1!) .(«." 1882 88 ,-185 mi 01 .425 1881 (113 ."58 18S5

18S9 tif.13 180U

Oats

So. :o

.4115

.Si375 .328

•W. .378 .285 .20* .305 .278 230 .425 .315 .318 .205 .325

.77 .1)28

188(1 tP S .«tl5 1887 .118 .4 15 1RSS

fcTi

a

1801

.5:i5

84

.4115

18!W '1-5 .ao5 •180:1 W8 T,5 1804 40 .458

The average price of corn (wlucii is the most important farm crop) was cents between 1879 and 1889, and 42^ cents between 1889 and 1894.

The average price of oats in'the first period was 31 cents, and iu the second period 33 cents. The valuo of the oat crop was abopt the same as that of tlie wheat crop.

While corn and oats went up silver kept going down. The reports made by the senate committee show that while manufactured products have fallen in price an average of 25 per cent—some articles, like steel, wire nails, steel rails, and kerosene, 80 per cent—the great mass of small products of the farm, cultivated mainly by hand labor, beef, pork, aud many other articles, have risen 25 per cent since 1860. The products of the farm have more value now in exchange for clothing, tools and household supplies, than in 1873, or at any previous time.

As regards the wage worker, the movement of prices has been enormously beneficial to him: The senate committee's tables show that while the average prices of 223 leading articles declined 8 per cent from 1860 to 1892, average wages have increased 60 per cent since then. Since 1873 average prices have declined 30 per cent, and average wages have increased 12 per cent.

Why have we had hard times ever since 1873?

It is not true that we have had hard times ever since 1S73. Groat prosperity followed the resumption of specie payments and continued until the silver agitation changed the prospect. Since then there has been increasing agitation and distrust, culminating in the panic of 1893, since when we have had hard times.

How can the agitation lor free silver make hard times?

Because contracts are made payable in dollars, aud the free silver agitation makes it uncertain whether a dollar means 23.22 grains of gold or 37lj^ grains of silver. That much gold is equal in value to nearly twico that much silver, so that the chance of receiving a BUver dollar for a gold dollar means a risk of possible loss of nearly 50 per cent on loans or investments. Hence money is hard to get, enterprise is stagnant and business goes on simply from hand to mouth, as the saying is. Meanwhile money piles up in financial centers to be loaned on call at interest rates as low as 2 per cent, while offers of 8 and 10 per cent interest on investments fail to obtain money where it is needed most. The resulting distress is most keenly felt in the south and west, for those sections are most in need of

money for the movement of tho crops and the support of their industries. Would tli» HiituM'** of frco silver caaso ft punlc?

That depends upon whether tho people will try to got what belongs to them while dollars are as good as gold or will be willing to wait until the standard of value is the silver dollar. Tho panio of 1893 was caused by fear of free silver, but it was stayed by the repeal of tho silver purchase law and by repeated issues of bonds since. The process by which panic conies war, thus doscribed in a speech by Secretary Hoke Smith of the interior department: "If a nr-'sidenfc ami congress were elected in November committed to tho free and unlimited coinage of 371^ grains of silver into dollars, nearly six months would pass before they could bo inaugurated, and six months more before the proposed legislation could bocome law. During that time creditors would seek to protect, themselves against being paid in dollars worth only about 13 grains of gold, and they would endeavor to make collections before tho unlimited coinage or depreciated dollar began. Tho debtors would not be allowed to romain dobtors until they could got the advantage of paying off what thoy owed at 50 cents 011 the dollar they would bo forced to immediate settlements. Sheriffs aud constables would call upon them without delay. Depositors iu banks would withdraw their money. The largd merchants, forced to settle their foreign indebtedness, would insist upon immediate payment of debts duo from smaller mer-. chants. Tho smaller merchants, iu turn, would be compelled to force collections from their customers. Tho great volume of business conducted upon credits would cease. Manufacturing enterprises could not afford to continuebusiness or mako contracts uutil tho value of the new dollar could bo settled by the determination of just what 371^ grains of silver would prove to bo worth.

Manufactories would close. Business houses would fail. Banks would bo raided. The unemployed would be numbered by millions. Tlie farmers would find few purchasers for their products. Want and famine would porvado tho land. At the end of a fow years, when, business settled down to tho now mean-1 ing of a dollar, the fluctuations in tho commercial price of silver would still keep our dollars of uncertain value and hinder domestic trade."

THE ELECTORAL VOTE*

Of the States as Cast in 1892 is printed on a card convenient for the pocket and may be obtained for the asking at this office.

THE JOURNAL CO.,, Printers.

MONEY ff'O LOAN WI'S payments to -ui borrower. Intern 11 ie vwy lnv«»j*t F.HJu-i run! ustato if Uwrn. ukl Merurlu (»oiid notcc' ca.H.hi*d, All fiMjiUDHs r«1. "u 11

OPTiC"1 v'-r

Mat Klirx' lie .lewder.

ilieora

cau now be devoted to other uses. Its former delightful smelling and? delicious tasting contents are dnpli-I catcd in quality and flavor in None Such Miuce Meat, pure, wholeisotnc, cleanly made preparation for: I mince pies, fruit cake and fruit puddings.

NONE SUCH

MINCE MEAT

I saves the housewife long hours jof wearisome work aud gives the family all the mince pie they can desire at little cost. A package makes two large pies. 10c. at all groce.rs.

Take 110 substitute. On tliorcct-Ipl of vour name nnd nfldreM nnl t'.ic name of tbh papvr, w* will mall y«.u pom free -Mm. I'opkhii' K/TbauJusivlne," a book bv faiuout humorous writer. illEllRELL-SOVLE CO.,

Syrucusr, N. V. Ufmu

RJPA5* TABQLES Are jus* an oia, nifl remedy to this oew

0

Doctors have always given this prescription—in water We nave tnem in this shape simply for their handiness-

KIPAKS TAJBOLE8 are Ilka

an

Engineer goia over

his

blK

and

powerful machinery giving

a

little necessary lubricating to tbe needful parti: B-I-P-ATS'S TABULES do thll for YOU.

Constipation, Dizziness, Nausea, Dyspepsia and Alal-Nutritlon all yield to

Ripans

Tabulcs.

At 1rag Stores or Bent by Mail for to Cent*. UiPAJib CinuucAi. Co., 10 Bpruco St. New York