Crawfordsville Weekly Journal, Crawfordsville, Montgomery County, 14 August 1896 — Page 2
WEEKLY
JOURNAL.
ESTABLISHED IN 1848.(
Buccessor to The Record, tho first paper In OrawfordBViUe. 08tabilahedlnl831, and to The People's Press, ostabllshed 1844.
PRINTED EVERT FRIDAY MORNING. THE JOURNAL COMPANY-.
T. H. B. MCCAIN, President. i. A. B. QKEENE,Secretary. A. A. MoCAlN.Troasurer
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Bntered at the PostoUice at Crawfordsvllle, Indiana, aH second-classmatter.
FRIDAY, AUGUST 14. 1895.
THE CHIME OF 1ST 15.
Hon. T. ID. Ballard in his speech Tuesday in the debate with Thomas J. Vater had considerably to say about the act act of 1873 which Democrats are pleased to characterize as the "crime of 1S73. Like all speakers on that side of the question he fell into the error that it was done secretly, stealthly and without debate. The facts are that silver was demonetized by the act of 1S53 when the subsidiary coins were debased. But passing that and coming to the act in question. In the enactment of the law of 1873 the disposition of the silver dollar was a very slight part of the whole bill. The act dealt with topics which made more debate in the provision for arraying and coining gold, about which the Pacific coast legislaters had a great deal to say. Consequently, the disposition of the the silver dollar did not make very much talk, because, first, it dealt with a coin practically non-existent, and, second, one about which there was no real difference of opinion. But that the deprivation of free silver coinage or the limitation of legal tender, was done surreptitiously, is shown by the record to be a malicious slander. John J.i Knox, the Comptroller of the Curency at that time, and who framed the original bill, said in his report in 1870: "The coinage of the silver dollar piece is discontinued in the proposed bill. It is by law the dollar unit, and, assuming the value of gold to be fifteen and a half times that of silver, being about the mean ratio for the past six years, is worth in gold a premium of about 3 per cent, (its value being 103.12) and intrinsically more than 7 per cent, premium in our silver coins, its value thus being 107.42. The present laws consequently authorize a gold dollar unit and a silver dollar, unit, differing from each other in intrinsic value. The present gold dollar piece is made the dollar unit the proposed bill, and the silver dollar piece is discontinued. If, however, such a coin is authorized, it should be issued as a commercial dollar, not as a standard unifr of account, and of the exact value of the Mexican dollar, which is the favorite for circulation in China and Japan and other Oriental countries."
The original bill with amendments passed the Senate January 10, 1871, by a vote of 36 yeas to 14 nays. It was introduced in the House and a substitute reported, but it was not acted on before March 4, 1871, when the Fortyfirst Congress expired. In the Fortysecond Congress it was introduced by VP. D. Ivelley, of Pennsylvania, and referred. In January, 1672, Mr. Kelley, of the-Coinage Committee, reported it with a recommendation that it pass. By that time it had on it a provision for a silver dollar weighing 384 grains, to correspond with the weight of the halves, quarters and dimes which had been debased by the act of 1853. Mr. Kelley said the committee had gone over the bill section by sec tion, line by line, word by word.
On April 9, 1872, Mr. Hooper, of Massachusetts, opening the debate in the House, stated that the •legal theory established by the act of 17'J2 was that the silver dollar was the legal unit. He went on to 6how that it had since become an article of commerce, and stated the purpose of the section of the bill bearing on this point was "that 22.8 grains of standard gold, constituting the gold dollar should be declared the legal unit or metallic representative of the dollar of account." Further on in his remarks he outlined that the proposed silver dollar of 384 grains was to be "sub
Bidiary coin in harmony with the sil ver coin of less denomination. The silver dollar of 412J-o grains, by reason of its bullion or intrinsic value being greater than the nominal value, has long since ceased to be a coin of cir culation."
The main statement on this point was not disputed, although the allu sion to silver precipitated a very pretty fight. & Mr. Potter, Democrat of New York, in opposing the bill, said
This bill provides for the making of changes in the legal tender coin of the country, and for substituting as legal tender coin of only one metal instead of, aB heretofore, two. I think myself this would be a wise provision and that legal tender coins, except BubsnMary coins, should be of gold alonu but why should we legislate on this now, when we are not using either one of these metals as mediums'?'
The partisan enlargement of Mr Potter on this theme brought Mr. Kel ley to the front in a somewhat irri
tated mood. He pointed out that every coin of ours that is not gold is subsidiary. Our silver half dollar and every other coin that is not gold is subsidiary." He proceeded to ch a rue Mr. Potter with opposing this bill in the interest of bullion brokers of New orlt, who were using the assay and stamp of the mint as an economical certificate of the weight and quality of their bullion to be exported. But in doing so Mr. Kelley raised a hornet's Debt. Messrs. Potter, Wood and other Democrats came back with counter charges, and after a warm fight the bill went over. The significance of the deba'e for present purposes is that it opened with a clear and unmistakable declaration. and without dissent, of the pur pose of discontinuing free coinage and nlimited legal tender of the silver dollar as a coin, entirely discontinued then in practical use.
The bill, having passed the House, went back to the Senate and was there debated at length. Near the close of the debate, Mr. Casserly, of Califcrnia, declared "the half dollar and quarter dollar are the money of the people,and they are the leading coins of our entire silver coinage." A little further on, with regard to the Pacific coas-t desire to get the mint charge, or seigniorage, on gold coinage abolished, he spoke of the English need of silver for India and Cliina, and said:
We have more silver than we want. Nevada appears to be getting ready to deluge the world with silver. I see that her silver product last year was probably over 520,000,000. Now, sir, I bmit that there would not be a more profitable operation for the gold bullion of Australia, coin it in San Francisco, and diffuse that much more specie through all the arteries of business, getting ready for the resumption of specie payments, and to give them in return thiB silver which we do not want.
William M. Stewart, of Nevada, also participated in the debate. He said: Sir, the laboring man and the producer is entitled to have his product and his labor measured by the same standard of the world that measures your National debt. There have been many battles fought against gold, but gold has won every time. Gold has 'never been compromised. Gold has made the world respect it at all times.
These are the facts with regard to demonetization. The silver coin which at any time prior to 1873 constituted any negotiable part of our coinage was demonetized in 1853, and it was demonetized in order to keep fractional silver in this country. All the assertion about a conspiracy to wipe out one half the standard money of the country are shown in the light of these facts to be deliberate and mendacious demogoguery.
The Indianapolis Sentinel a few weeks before it flopped over to the free silverites had a complete refutation of the Ernest Seyd myth to which Mr. Ballard alluded and laid particular stress on the untruthful charge that this distinguished English economist was in this country at that time with his pockets full of gold to buy up Congress to secure the passage of the bill, the Sentinel showed that Mr. Seyd was a money expert, and that the bill was mailed to him by Mr. Knox for his opinion. Mr. Seyd was a bimetallist and returned the bill accompanied by a written opinion in which he advised against dropping the silver dollar from the coinage. The Sentinel further said that Mr. S-^yd was not in this country at that time and had not been since 185(5.
DESTROYING OUR MARKETS. After enacting legislation that has thus demoralized, decimated and destroyed the foreign market for American wheat it is not at all surprising that those who declared the repeal of the McKinley law and reciprocity the great thing needed by the American irmer now turn their face from the wreckage they have wrought and profess that it is money instead of markets that are wanted.
For a considerable period of years the United States has purchased from Central and South America an aveaage of 30 per cent, of their exports and sold them 15 per cent, of their imports. As an illustration of this balance of trade against this country the United States in 1805 purchased from those countries products to the value of S210 082,802 and of those, under the present tariff, 92 per cent were admitted free of duty. This country sold the Spanish American countries the same year products to the value of 8143,101,000 and without a single exception every item was taxed by those countries from 5 to 100 per cent. This balance of trade against this country of 8103,000000 was paid by this country in cash
It was to recover and hold this trade so that it would be equalized and the balance against us to be wiped out that reciprocity, for one reason, was incorporated in the McKinley bill and in the single year of 1893, with recip rocity in force with only a portion of those countries, the balance of trade against this country was reduced over 20 per cent.
THE name of Joseph B, Cheadle is conspicuously absent from the masthead of the Review. It keeps standing the National, State, Senatorial and County tickets, but the Congressiona ticket is blank.
A MISLEADING STATEMENT. The 10 to 1 advocates are kept busy making misstatements as to the declarations of the St. Louis platform, and constantly assert that those who favor the maintenance of the existing gold standard are in favor of driving silver out of our currency, and that nothing but gold will be lawful money. No'Ving could be farther from the truth. Everything that is in the currency to-day—gold, silver and paper— will continue to have its present lawful character as money. Not a dollar will be lost of any form of currency.The entire volume of currency consists of in round numbers, gold 8012,000,000, silver §(510,000,000, paper 8475,000,00f. Kvery dollar is full legal tender for all debts, public and private, unless otherwise stipulated in a contract, and, except for the redemption of the gold certificates of the government. It will be well for all the people thoroughly to realize this fact—that, if we continue to maintain the existing standard, we continue to keep in our country every dollar's worth of money now in it—gold, silver and paper—and that we also continue to keep every dollur of the gold, silver and paper at a valuation of 100 cents'to the dollar.
IT is a.singular fact that the Democratic party fought the McKinley law principally upon the ground that the effect of that measure was the raising of prices, and yet it is making a fight this year for a currency policy which it declares to be right and necessary because it promises the same kind of a result. The fact is frankly admitted by the advocates of the free and unlimited coinage of silver that such would be the inevitable effect. Indeed that is one of their main arguments in its favor. They say that an increase of currency means higher prices, and that higher prices mean more business, more employmept and better times in every respect. The objection that they so strenuously urged against the McKinley law, and the one that was most effective in winning a victory for them against, it, they now put forward as the chief merit of their proposition to substitute an inferior for a superior kind of money. They have ceased to talk about cheapening anything but the currency, and are loudly proclaiming that the price of everything that the people buy must be increased before we can expect to have prosperity.
THE JOURNAL has been asked to explain that clause of the constitution which says that Congress shall have power "to coin money, regulate the value thereof, and fix the standards of weights and measures." By "regulating the value" of our own money is simply meant to determine what weight of gold, or silver, or both, should go into the unit, whatever it might be, and the other coins. The long discussions in the first Congress over the establishment of our coinage show that the fathers understood fully that the value of coin depends entirely upon the market value of gold or silver in it. Regulating the value of foreign coin means simply to say what a foreign coin shall be valued at in American money. This is fixed by the Secretary of the Treasury and he fixes the value at the value of the gold or silver in the coin under consideration. As to fixing the standards of ^veights and measures the clause explains itself.
CANDIDATE BRYAN'S speeches delivered on the way between Lincoln and New York are not only mushy, but some of them are absolutely silly. At Chicago he cribbed a remark made by Hilly Mason prior to the St. Louis convention, that "Nobody was for Mc Ivinley except the people," and changed it so as to say "Nobody is for us except the people."
Six silver mine owners have written the editor of the Rocliy Mountain News that they did not subscribe any money to pay W. J. Bryan for his silver speeches. The letters are written in reply to inquiries made by Tom Patterson. As there are more than six mine owners the trick that Thomes is playing iB too apparent.
KINGSLKY'S OHAfEL.
Elmer Shaver is visiting relatives at this place. Homer Elmore and Hannibal Finch were at the Shades, Sunday.
Lock Vannice and Dutch Hall are at the Sheridan fair this week. Harry Ward and sisters were guests of Fred Martin and sister, Sunday.
Miss Mollie Jones, »of Shannondale is staying with Mrs. Alice Elmore. Several from here attended old set tiers' meeting at Thorntown, Tuesday
Jack Martin and Homer Elmore con template attending Wabash College this winter.
There will be an ice cream supper at the Kingsley's Chapel church to-mor row night, Aug. 15, for the benefit of the church.
SHADY NOOK.
Corn is badly damaged here. Mr. Moore is reported no better. James Chesterson and wife, of Darl ington, visited friends here last week.
Harve Bratton has rented a farm near Smartsburg now occupied by John Carroll.
Arthur Miller has been staying at home the past few days on account of a sore foot.
FOB wedding invitations see THJS JOURNAL CO.. PUIXTEBA
United Kingdom. Franco. Germany. Belgium. Italy. Switzerland. Greeoe. Spain. Fortngnl. Koumuntn. Sorvla. Austria-Hungary.
111
.GrOIiD JS £JbC
MONEY OF REDEMPTION
THE TRUE MEANING OF THE NEW PHRASE CLEARLY DEFINED.
An Argument rs.isert on Solid Facts In Opposition to t.lio Specious Theories Advocated by Champions of J'reu Coinage ot Silver.
[By John B. Connor, of The Indiana Farmer.] Most persons understand tho importance of having a coin equally pood in every commercial country in the world, as balances in trade between nations have to be paid with it. To make our other forms of money obligations good outside of our own country, we recognize the necessity for a sound basis held alike by other nations. This fortifies us in trade relations, though in good prosperous times we have smaller need for this money held good by all nations alike. But if we did not have it as a basis at other times, trade raids would be made
011
Tables That Sliow Plainly Which Metal Constitutes tho "Money of Civilization" Throughout the World. The sub joined tables give the standards of value in the currency of tl leading nations of the world:
GOLD.
us by people of other na
tions which would wreck our industries. To illustrate: We have to use our war Bhips only once in a great while, but we have to keep warships, and the fact that we keep them is a warning to all comers that we are ready. We put millions into coast defenses, but we seldom have to use onr coast guns, as the world knows they are there. The standing army is likewise a precaution for tho common defense, but is little used. And so the knowledge of the commercial world that we have a basis of trade good the world over, is a defense of our commerce and industry, and yet in prosperous times we have to use but little of this world-standard money.
W6 have, as shown by tho official statement of the secretary of the treasury in round numbers $600,000,000 of gold in this country as the basis of gold certificates, and grccnback paper obligations to the amount of $425,245,016. Under the pledge of a law of congress to keep our currency all at a parity with gold, the government keeps a gold reserve of $100,000,000 as a redemption basis for the ^46,681,016 of greenbacks. That is a little over three dollars to one. Turning to our more domestic currency, we find from the treasury statement that we have coined silver which is a full legal tendoi', to the amount of &i0!S,334,173. Based upon this redemption money are the silver certificates, and other currency obligations amounting »to 8602,407,504. As this paper is payable
silver ar: "money
of finai redemption," it would appear that the bumen of "final redemption is both fairly distributed and
111
Netherlands. Canada. Norway. Sweden. Denmark. Turkey. -Australia. Egypt. Cuba. JJnyti. Bulgaria. United States.
SILVER,
Japan. In a China. Straits Settlements.
Mexico. lCussia. Central American States. South American States. There are eight nations using silver and 24 using gold. Can the United States sustain her position and credit as a great nation by adopting a financial policy which would place her at a constant disadvantage with 23 of the most powerful and influential nations on the globe? Do her people desire that she shall drop to the lovel of Mexico and the Central 'American states? And again, if silver is the "money of civilization," as the free coinage orators delight to tell us, why is it that 24 of the most enlightened and progressive nations use gold? "Which of these two groups represents the higher civilization, the better business or tho bettor labor conditions? No man of intelligence needs to have these questions answered for him.
as well as the interest
hu-ge
abundance. Now keeping these things in mind, consider some of the favorite expressions of our free coinage of silver friends, viz: That gold has appreciated in value because it lias been made the only "money of redemption." Anoth form of expressing the same idea with them is, that gold has appreciated in value because it is "the only money of final redemption." These are new applications of plain enough words. Let us get right at the meaning of the word "redemption," and in this way find what it means. The standard dictionaries give these definitions: "The liberation of an estate from a mortgage: and again, "Making payment." So, when a mortgage is paid oif, that is final redemption of the promise to pay it. "Making payment" of any other obligation, such as taxes, store bills notes given in the purchase of horses, or cattle, or harvesters, plows or anything else, is "final redemption" of the obligations. The money used in the payment of the mortsrauje notes, and all of the other obligations to pay was "money of redemption," or if you please, "money of final redemption" so far as the payment of those obligations were concerned. Has anyone refused to receive silver, or greenbacks, or
tional bank notes, or treasury notes, or silver certificates in payment of any of these domestic obligations? No, none have refused silver, for silver dollars are a legal tender for any amount and at a parity with gold, and so are greenbacks and all other forms of oar money are at a parity with gold and there is no motive for refusing any of them as "money of final redemption" in all these transactions. AH such debts are finallv redeemed, paid off, and the pay ers do not have to use a dollar of gold nor pay an additional cent when using our other forms of money. And it is all "final." The debts will never rise UD to tilasue the debtor atrain while he lives, nor stand against his estate when he is dead.
No,w. our domestic trade amounts to $30,000,000,000 annually, and any and all forms of our money are received as "money of final redemption" for every dollar of the 30,000,000,000. All of this great volume of obligations stays paid whether silver or paper was used in payment, and not a cent more is required to pay it all because silver and paper instead of gold is used in payment.
But the smaller volume of the obligations of the people of this country, those made mvableto ueoole of other nations
011
111
the bonds of
the govern men held abroad, have to bo paid in gold. But all these are insignificant in amount when compared with the $30,000,000,000 of home or domestic trade transaction, in which not a dollar of gold is required, as has been shown. Indeed, when our exports exceed all of our imports in amount sufficient to pay all of these personal and government obligations abroad, theu not a dollar of gold has to be used, for
such years our "money
of final redemption" in foreign transactions is our wheat, and pork, and lard, and beef and the other things exported, because life is more desirable than gold—the latter cannot be eaten, but the other things can. To illustrate this take the year 1879, or any other when our exports greatly exceeded our imports. In 1ST!) our toreign trade was very large, and yet our exports exceeded our imports by $264,661,666. And so we needed
110
gold as "money of final re
demption" that year even in our foreign trade. It is a good thing, however, to keep some gold
011
hand, as occasion
ally (for instance in the last three or four years) it is needed. And so it is seen that wo have "money of final redemption," all equal in value with gold, to do neiirly all the business of the country with, and therefore that the "burden of final payment" is not all unloaded "on gold, and for these very plain reasons there has been nothing to cause the "appreciation of »old," and in fact it has not appreciated value. On the contrary, the world's statistics of gold production show that the world's standard coin for the-settle-ment of international bills and balances has kept pace both with the world's population and international trade,when the increased facilities for trade areconBidered. If the people suffer themselves to be misled by these cunning phrases and misapplication of words so far as to drive the country Jto silver monometallism by the free coinage road which Mexico traveled, then we shall see the "appreciation of gold," for it will go to a premium as it did in Mexico. The free coinage silver people arev*lemanding the only possible thing that can "appreciate gold." And not half the worst result will be that of being compelled Btill ,to pay balances of trade abroad in gold, though we have to go iuto the market and buy it.
Although not a necessary part of the discussion of the topic in hand, yet I am temutcd to suggest that tho way to keep up the large balances of international trade in our favor is to so adjust our duties on imports as to manufacture at home from the raw materials the Almighty has planted here, to the extent of our needs, and not import them. This would both reduce the need of "money of final redemption" in international trade, and make us more independent and prosperous.
IK
Cincinnati, Dayton, Toledo,
11a
HESITATE NO LONGER.
Modesty in women is natural. It is one of women's chief charms. No one cares for one who really lacks this essential to womanliness.
Women have suffered fearfully bocause of over-sensitive-ness in this direction. They couldn't aay to the physician what they ought to say to someone.
107
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Send D&me and address for booklet, "Mrs, Pop* kins' Thanksgiving," bj ft noted humorous writer.
MKBRELL.SOULE CO* tijracusc, K. Y*
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FOR SALE
Or Trade
A No. 1 160-acre farm."
Will trade for a good,
clean stock of goods. Call
at once.
Cumberland & Kelly,
South Green Street.
Traders' Bureau.
1
At White & Reeves'Office.
RIDDLE & ARCHEY'S
Trading Agency.
CHance at These Bargains.
liestaurant now running, doing si first class business. Would take a small amount of real estate in trade. 30 acres six miles east of town, houBe of four rooms, barn and a bearing' orchard. Would trade for a house and lot worth 8500 to $800.
A cottage of six rooms on west Wabash avenue, veranda, cellar, cistern, barn, plenty of fruit and almost, new. Priceless than $2000
An outside giocery doing a good business to exchange for residence in the cast part of, town.
House and lot on west Mar« ct Btreet, seven rooms, cellar, cistern, bath room, large barn, and plenty of shade. Price $1,500. Would trade for good farm near town and pay difference.
House and lot well located, rooms, cellar gas, barn, and has been bulit less than ayear. $1.50 cash, balance as rent.
Small loans on short time, from $5 to $25 for a day, week or month.
Riddle & Archey.
Office with White Reeves.
Administrator's Sale.
Notice is hereby given that the undersigned Administrator of the estate of Steboens Quick, deceased, will offer for sale at the late residence of the deceased in Wayne township, Montgomery county. Indiana, 9 miles northwest of Crawfordsvllle. VA miles north of Wesley Station, commencing at 9 o'clock promptly, 011
TUESDAY, SEPT. 1, 1896..
The following property to-wlt: 18 head of Horses and (Jolts, one-fourlli interest Cleveland Bay Stallion, one-fourth interest Jack, 57 head of Cows and Calves, some thoroughbred Shorthorns and Grades. 1 pedigreed Hull, 86 head of high grade Sheep, 100 head of lions, some very line Brood Sows, 100 ions of Hay. timothy and clover, in mow, 2,500 bushels of old Corn In the crib, 700 bushels of old Wheat, In granary, 100 bushels of Oats in Granary, 10U bushels of Bye In granary, 70 acres of Corn In the field, Farming Implements, consisting of 2 Self Binders, 2 Mowers, all kinds of Farming Implements and Utensils, 1 Surrey, 3 Koad Wagons, all kinds of Harness, llpht and heavy, new Feed Grinder, and one-niird interest Keystone Corn Thresher. Household and Kitchen Furniture and other articles too tedious to mention.
TERMS:—A credit of twelve months on all sums over S5.00, without interest if paid at maturity. If not paid at maturity, said note to draw 8 per cent, interest from date. (5.00 and under, cash in hand. 'l'hls will be the largest sale ever held in Montgomery county.
GEORGE W. PETEO, Administrator.
COL. A. W. PERKINS, Auctioneer. A. S. CLEMENTS, Clerk.