Crawfordsville Weekly Journal, Crawfordsville, Montgomery County, 11 February 1898 — Page 8

•M tea paid them In that wny, and WBtf ooutliwie to do so if the gold feadard fa to b* maintained. But the W"»'i h*a no assurance that they will W

paid except the general declara Mn ®tf policy contained In the law and Hi confidence that the President and taerbtajy trill maintain that policy Bnch a condition of law ought not to exist. It leaves the most vital ques tJon which affects business hanging in mid-air the most momentous of all is Biies depend ins on the will of one man

Scarcely less injurious to the genera good is the effect of this ambiguous sit nation of the law in its tendency to confuse the minds of the peo-ple and expose them to misleading influences When a free silver orator talks to his audience about the injustice of payin Government bonds and notes in gold when the law says In terms that silver dollars are legal tender, his hearers may not see the fallacy of the argument. They may not see that as the Government made the silver dollars it•eif, and put them out at par with gold, and has promised to keep them as good gold, It can not in honor pay Its own debt with them unless It Is ready to take them back the next minute and five gold for them. Otherwise It would fey Its own act break Its promise to preserve the parity of the two kinds of monev.

If we cotild only remove these two ambiguities from the law and dispel all doubt in the minds of men as to the reality and perpetuity of the gokl standard in the United States, our public credit would rise at once to the highest place known among nations. Our bonds would find buyers at 2^ per cent. Interest, and we could refund our bondad debt, If we do not wish to pay It, at a saving of many millions per annum.

This, however, would not be all, nor the greater part of the gain. As I have pointed out, our money, except the fold, all consists of or rests upon Government obligations. Everything hangs on the credit of the Government. Unless that be kept spotless, everything else will become tainted. As long, therefore, as the presetit ambiguous condition of the law continues, there will be a margin of doubt entering Into •very business transaction among men. Every debtor in the land Is paying a penalty for that doubt to-day in high interest. The men who sold gold to the Government in 1895 were willing to abate one-fourth of the Interest on their bonds to have that doubt removed In that particular transaction. If we could remove It altogether from every transaction there would soon follow a like saving In Interest for all of us. The amount of that saving on the aggregate of State, county, municipal, corporate and private Indebtedness In the United Btates would be a sum beyond my power to estimate. DIVISION OF ISSUE AND REDEMP­

TION.

The next important feature of the plan of the commission is in the provisions recommended with a view to greater security In the redemption of the demand notes—the greenbacks and Sherman notes. I have pointed out that, as the law now is, there is no fund for the payment of these obligations except the general balance In the treasury applicable alike to the payment of all dues. Hencc, whenever a deficit of revenue occurs or is threatened, there is instant apprehension that the Government may not be able to meet Its demand obligations for want of funds. In order to remove this evil, It Is recommended that a separation be made between the ordinary fiscal operations of the Government, which consist In the collection of public revenues and the payment of governmental expenses, and its operations In connection with the issue and redmeption of its notes which circulate as money. To this end it is proposed that a division shall be created in the Treasury Department .to be known as the Division of Issue and Redemption that the gold reserve and silver bullion and silver dollars shall be transferred to that division and that the whole business of issuing and redeeming notes shall le carried on there. The gold reserve so transferred is to be a sum equal to 25 per cent. of the greenbacks and Shcnnan notes, and 5 per cent, of the silver dollars, which would make about $.US5,000,000 and Is to constitute a common fund for the redemption of the notes and exchange for silver dollars, and be lused for no other purpose. This redemption fund is to be maintained from surplus revenue to be transferred from the general treasury to the Division of Issue and Redemption when a surplus exists. But if the fund should become

Impaired and no surplus be available in the general treasury to replenish it. the Secretary of the Treasury to have authority to sell bonds for that purjiose.

In order that there may never be any occasion to take money out of the redemption fund to pay current expenses, It is recommended that in case of a deficit of revenue the Secretary of the Treasury be authorized to issue short time obligations to vide over the deficiency until Congress can provide funds to make it good.

We are redeeming the Government notes In gold now and when the revenue falls short we have to borrow. It will add nothing to our present burden In that respect to provide a separate division In the treasury to have custody of the funds and do the business. On the contrary, it will diminish the burden by Increasing confidence in tire certainty of redemption.

THE SILVER CURRENCYJjg It was considered by the commission that provision ought to be made by law

for the exchange of gold for silver dollars on demand. Such an exchange, In strict sense of the word, is not a redemption. The silver dollars are not promises to pay, like tlie greenbacks. The Government has simply agreed to keep them good as gold. These are the words of the law: "It is hereby declared to'be the policy of the United States to continue the use of both gold and silver as standard money, apd to coin both gold and silver Into money of equal intrinsic and exchangeable value, such equality to be secured through international agreement, or by such safeguards of legislation as will insure the maintenance of the parity In value of the coins of the two metalB, and the equal power of every dollar at all times In the markets and in the payment of debts."

The Government cannot make a silver dollar equal In value to a gold dollar by merely saying that it shall be so. Its promise to preserve that equality means that It will do whatever may be necessary to that end. We have had such confidence In that promise that we have accepted the silver dollars as equal to gold In value upon the faith that the Government would do whatever might be necessary to keep them so. But the vote for Mr. Bryan was notice that nearly half of the people were In favor of repudiating that promise, and letting the silver dollar take care of Itself. The seven million citizens who voted the other way ought not to bo content with a mere count of the votes, nor with the Installation of a President who will keep the promise while he Is In office.

That great verulct ought to be entered of record, and pass Into judgment In tue form of law. And there Is no form of law which will give positive and practical effect to that verdict except one which will give the holder of a silver dollar the right and opportunity to exchange It for a gold dollar if he desires to do so.

The only objection which any one who believes In maintaining the value of the silver dollar at par with gold can make to this suggestion Is that it might put on the Government an added burden—that the silver dollars might be used to raid the treasury In the endless chain fashion. The plan I am discussing contains a provision Intended to guard against that danger. It is to put our sliver dollars into a form In which they will do the small, current business of the people, and so be kept in such constant and universal use that they will not come to the treasury for exchange.

We have now In circulation greenbacks, Sherman notes, bank notes and silver certificates In denominations of $5 and under, amounting, in round numbers, to $354,000,000 and about 60,000,000 silver dollars In circulation in specie making the total amount of money In use, exclusive of gold, In denominations of one, two and five dollars, $414,000,000. We have, altogether, some 452,000,000 silver dollars. Hence If we would withdraw all our paper money other than silver certificates, under $10, and transform all the silver certificates over $10 iuto smaller ones of $1, $2 and $5, we would have use for nearly all our silver dollars in the form of coins, aud certificates of $5 and under. These would be scattered over the entire country in banks, cash drawers and pockets, doing the daily work of small exchanges and payment.

It would be Impossible to get that kind of money together in large amount for presentation to the treasury. No one would have any considerable amount on hand at any one time and the banks would not let It go In large quantities. It is the business of a bank to meet the wants of its customers. It Is expected to have on hand supplies of money in the forms which they require for paying workmen, buying products and transacting business of all kinds. A man could pick up a few thousand dollars in small bills easily enough, but he would have to scour a wide extent of country to get a million. It was considered by the commission to be entirely certain that under such conditions no great volume of silver dollars will be presented for exchange while at the same time the opportunity to make the exchange will sustain the value,

however few may be presented The chief weakness of our currency system Is the lurking fear that It may tumble to a sliver basis. We have given a general pledge to the country that our silver money shall be kept as good as gold, but we have provided no .specific means for keeping It so. Let us redeem the pledge by providing the means. So shall we establish and strengthen confidence. The stronger the confidence the less will be the burden of keeping our promise.

We could go this far—enact as law the provisions I have discussed, and no more, with Incalculable advantage. Wo would then have: (1.) The express and formal pledge of the Government to maintain the gold standard in its own payment of its own debts. It wotild be nothing but words, I of course, but words of mighty meanI ing. The faith of a government Is the most sacred of earthly engagements.

It binds all the people alike—as well those who dissent as those who concur. We have had the gold standard in this country for sixty years, as matter of fact, aud by express law since 1S73. A mo\ enient lias been on foot for several years to introduce the sliver standard by free coinage of that, metal. It has been voted down but the question Is still open, and v.iil remain open until we close it by a further declaration of law. What is the use of an election If it settles nothing? The way to make It setUe something is to embody the result of it in law. (2). The separation of the iMisines.s of

Issuing and redeeming notes from that of collecting revenue and paying expenses, with provision for the maintenance of each branch of the business Independently of the other. This would demonstrate by acts the sincerity of the words. It would "mean business." It would Inspire confidence. We would not be so easily alarmed as we are now. A deficit In the revenue would involve no danger of panic. (3). The Government would keep its promise in regard to the silver dollars In a way that we would all understand. There was a great deal of confusion on this subject at the opening of the campaign of lSOG. Comparatively few persons understood the situation. The silver dollar seemed to pass current on its merits as a coin. To one who looked at It in that way it was not easy to see what harm would come from more of tJhem. Half the work of the campaign was in explaining why the silver dollar was current at par with a real value of oaLy 50 cents. And then the explanation was only half satisfactory, because we had nothing to show but a general promise of the Government without meatus provided by which It could be performed. It will clear up the subject and help the people to a better under-1 standing of the whole situation to sup-! plement that vague sort of guaranty with some gold In the cash drawer ready for exchange for silver dollars. A boy can understand that.

These provisions, with nothing more, would make no change In the quantity

or kind of our money. We would con- I

tiuue to have just what we have now, and with no Increased cost to the Government. But its quality would ba enormously improved. RETIREMENT OP GOVERNMENT

NOTES.

The members of the Monetary Oom-

best monetary scheme they could think of—one applicable, of course, to the conditions of life and business In. the United States, and to be capable of adoption by a gradual process which would produce no inconvenience in the

tlons, to be as perfect as It was within their power to bring forth. The discharge of that duty necessarily brought up the question whether or no a paper currency Issue by the Government, like our greenbacks and Sherman notes, is the best form of paper money. It was the judgment of the commission that it is not and the plan recommended by it provides for the retirement of these notes by a gradual process extending over a period of ten years or more. Is that a wise recommendation?

The Republican party has been the friend of the greenback. At first we had to defend it against the attacks of those who opposed its issue, and denounced it when issued as worthless rags. Then its adversaries shifted their ground and proposed to make fiat money of It by issuing it in unlimited quantities with no provision for its redemption. We stood by It as an honest note, honestly issued and to be honestly paid. We won that tight when John Sherman opened the treasury doors on Jan. 1, 1879, and said: "I am ready here is gold for your greenbacks."

Later It was proposed to dishonor the old note by paying it off in 50-cent silver dollars, and again we came to its rescue and saved its good name. It is not strange that Republicans should be attached to the greenback.

But the question is not one of sentiment. It is cold business. Are government notes the best form of paper currency—best for us, best for the gov-1 ernment, and for all Interests concerned? If the greenback has spent its day of usefulness we shall honor it and ourselves most by paying it off in good gold and retiring it from service. In that spirit let us take up this subject.

WHAT IS GOOD MONEY? There is a disagreeable flavor of pedantry in the discussion of abstract and theoretical questions in an address like this. But I am here to discuss the money question and all that I shall say will be as tinkling brass unless I make clear to your minds my conception of the nature and functions of money.,

For our present purpose I know of no better description of money than that It is a labor-saving tool.

Human industry consists chiefly in the production and interchange of commodifies. Among civilized men the business of interchange is scarcely less important than the business of production. Money is the tool by which interchange is effected. Men could get along without money in the same lame and ineffectual way In which they could get along without harvesting machinery, wagons, locomotives, or other tools of industry. A farmer could pull his wheat with his hands, thresh It with a pole, carry It to town on a horse and parcel it out among those with whom he deals—a bagful to the doctor, another to the blacksmith, and so on. But by selling it for money and

time and labor. To be a good tool of business money must be capable of two uses. It must be a true measure of value and it must be a convenient medium of exchange.

It Is impossible to exchange things or deal In them without some way of measuring them. A pile of wheat Is an unknown quantity until we measure it in bushels or pounds. That tells us how

WM

mission were called upon by the terms have come by our money as we have of their appointment to formulate the come by our clothes—by selection, in-

operatioa but, subject to these limita- ^urnJnKfor a moment to measuring tools of other sorts.

using the money to pay his debts and by one of them, and another by another make h|s^ purchases he saves much the running of trains would be hazardous and uncertain. If the company had no more sense than to set up a double

much there Is of It. But la order to buy or sell wa must apply another measure to It we must have a measure of Ha value.

As a measure of length must have length and a measure of weight must have weight, soa measure of value must have value. Value is a very different thing from length, or weight, which are purely physical qualities. We could agree on sTny length we pleased and call it a foot, and measure all lengths by that standard. But value depends on need, desire, supply, de-

cumsUmces. There is a world of learning on this subject which we need not enter. It is enough to say that the value of a thing rests on the extent and intensity of human desire to possess it, and tihe difficulty of obtaining it. That which all men want very much and Is very hard to get is very valuable. That

erty as a measure of value, and many suoh have been used. Grain, tobacco, living animals, the skins of deed ones, and many other commodities have sea-ved as money at one time and place and another In the world's history. A great step was taken when gold and silver became the standard money of

the world. It took men centuries to

reach Chat point. Centuries later the next great .step was taken in the introduction of paper money, which lu mod-

ern

The simplest unit of measurement Is that of length. It requires a standard to begin with, which may be an actual length arbitrarily chosen, and fixed or defined In some way that will make it certain. We may call that a yard, and suppose that such unit Is defined by law and exemplified in standard yard measures deposited In public offices where they are accessible to all the people for the purpose of comparison. From this standard the people develop as many different kinds and forms of length-measuring tools as they need to use. The carpenter wante a steel square at his bench and a folding rule to carry in his pocket. The merchant wants a yard stick. The surveyor wants along chain. The draughtsman wants a delicate rule graduated to six-ty-fourths of an inch while the manufacturer of watches and optical Instruments wants tools that will measure to a thousandth of an Inch. All these tools rest for their authority and value upon oue standard. If they depart from that they have no value at all. As leng as they adhere to that tliey can be multiplied in form to any extent which the convenience of men may require. And in this multiplication the Invention of man comes into play, the object being to produce tools which will do all kinds of human work with the utmost excellence and the least labor.

When we come to value-measuring tools we have very much the same conditions. We must first have a standard, and just as the standard of all lengthmeasuring tools must have length so the standard of all value-measuring tools must have value. But value is a much more indefinite thing than length. It is not a mere physical property of matter. It rests in the estimation of mankind. The standard of value must therefore be some form of property which is highly estimated by men, and which they will always be ready to accept in exchange for any property which they have to dispose of.

Many centuries ago mankind settled down by a general concurrence of choice upon gold and silver as forms of property suitable to express their conception of value. As between these two the world was comparatively indifferent until within fifty years past. But within those fifty years the world lias made more progress in all things that relate to manufacture, trade aud commerce, than during centuries preceding. These changes have created a necessity for a more exact, unchangeable and widely accepted standard of value than can be furnished by two things interchangeably used. Let me illustrate this by reference to the greatest of these modern developments.

Every railroad man understands the use of the standard clock in the superintendent's office. As a time-keeper it may not be perfect. It inay gain or lose a second or two in a month. But if it be a good clock, and the employes all set their watches by it daily it will serve the functions of a standard. But suppose the company should set up two clocks actuated independently of each other and each subject to some irregularities of its own, and make each ciock a standard for all employes equally with the other. It would be impracticable to operate a railroad in that way. If the trainmen treated them alike and one engineer set his watch

standard of time of that sort the trainmen would be compelled to remedy the blunder of the company as well as tliey could by agreeing among themselves that they would always set their watches by one of the clocks in disregard of the other, or else net them by the one which was faster or the one

mand, and a multitude of complex cir- ver would run together a constant relation of value we could have what we call a double standard. But it would be, in effect, a single standard. And as they will not run together, the effect of setting them up as equal standards of

which men generally care little about two clocks which would not run to and is easy to get has little value. gether. The world must either accept It-is possible to use any form of prop-

been multiplied in its

forms and uses until only a small fraction of the business of mankind is dono by means of coin. And so, not as a thing made to order, or devised for the occasion, but as a part of the evolution of the race, that vast department of its life constituting its mechanism of exchange has come into existence. We

vention, trial, experience. I have spoken of money as the tool of business. The comparison is a helpful one to me, and I would like to make It so to you. Money is a value-measuring and property-exchanging tool. I can Illustrate my meaning in these expres-

their watches pretty nearly together, and run their trains with comparative safety.

It is exactly so in money affairs, it two clocks could be made that would run together exactly they would be in effect one clock. And while tliey would furnish what yon might call a double time standard, it would be in reality a single time standard. If gold and *sll-

orve

business and reject the must, upon some common principle of action, take that which is lower or higher for the time being.

It does in fact do both. In its large, international transactions it uses gold as the measure of value, no matter what may be the law or the custom

one

I am not intending this as an argument for the gold standard. I assume that we have that and are intending to keep it, In law as well as practice. The point I make now is, that the first requisite of a good money system is a settled and determinate standard. Our present standard is gold, and Its unit Is a lump of pure gold weighing 23.22 grains troy, or 25.S grains 900 parts fine. The law calls that a dollar.

Gold could be used as money and was so used for ages without coinring, being estimated by weight. The object of coining it is simply to certify by authority of the government the weight and fineness of each piece, and so make it a better labor-saving tool. When we see a ten-dollar gold coin we know at once that it contains 25S grains of standard gold, and we are saved all the labor of weighing it or testing its purity.

Just as men have found it necessary to their highest convenience to multiply their length-measuring tools in a great variety of forms they have found it necessary to multiply their exchange making tools. We have silver' coins, nickel coins, copper coins, bank bills, bank checks, certificates of deposit, bills of exchange, drafts, letters of credit, postoffice orders, express company orders, telegraphic orders and promissory notes. Each of these, like each' tool in a carpenter's chest, has some particular use to which it is better adapted than any other form of money. A cent for a paper, a nickel for a car fare, a dime for a shave, bills for your pocket, checks for general business transactions, drafts for remittances, letters of credit for travelers and promissory notes for time payments or exchanges. Of such is the tool chest of trade. We do not in ordinary .speech call all these tools money. But they are all instruments of exchange, an'tf they all serve the uses of money. It is one of the incidents of advancing civilization to use these quasi forms of money more and more, because they save labor. Repeated observations made througth the banks have shown that In the United States more than 95

whlch was slower. By thus either dis- No more than this is necessary. Goldi regarding one of the standards entirely, I money is convenient and good as an or acting upon a common principle of every-day tool for use In amounts not! choice between them, they could keep too large. But Its great and necessary! function is as the standard of value

value is to compel mankind to do exact- there is not enough gold in the world ly what the engineers would do if they to do its business with, and hence we, wore compelled to take their time from must add silver as a co-standard with gold. They say that there must bej enough standard money in the world!

standard in the transaction of its reject the other, or It

nation or the other in its domes-

tic affairs. In dealings between individual citizens of a country having a double standard the actual standard is the metal which is the cheaper for the time being. This Is lu accordance with Gresham's law (which was mentioned occasionally in 1S9G) that the poorer money drives out the better.

It is easy to see why tihe world hns chosen gold as its universal measure of value. The first forms of moutycows, skins, shells, etc., were Inconvenient. It was a great step in advance to substitute metals, including, as was done at first, iron, copper, bra-sg, and bronze. It was another step forward to narrow the list to silver and gold and it was but another step of the same kind to come at last to gold. In all this the world has been simply hunting the best value-measurlng'tooL

per

cent, of the business done at bank counters Is done by means of checks drafts, and other credit instruments, leaving less than 5 per cent

done

in

coin and bills put together. As all length-measuring tools must be true to some fixed standard of length, so all tools of trade must be true to their standard. That is, if gold be the standard, they must each be worth the sum expressed on its face in gold money. Here, a'gain, is to be noted a difference between length and value. You can teat your steel square by direct comparison with the standard but you can not tell whether or no a $5 bill is worth as much as a $5 gold coin by laying them on the table and looking at them. The only test of value is voluntary exchange. If your neighbor will freely give you his coin for your bill, that is evidence, so far as it goes, that fchey are equal in value. If every* man can make that exchange readily, universally and without limit that is complete evidence of the equality of value. So far as value is concerned, all such money Is good money. But no money that will not bear that test is good.

This test of good money makes it necessary that there shall be a considerable quantity of gold coin in the country. We have one standard yard measure in every county in Indiana, provided by the State. And that suffices every necessity of comparison in order to test the thousand and one lengthmeasuring tools which are In use. But we could not get along with auy such number of gold coins. There must be enough of them to make It possible to apply the test of exchange as frequently as may be necessary to demonstrate the value of all other forms of monev.

and quality. In a system sieurely bot-j tomed ou that foundation, other forma! of money can be multiplied to what-) ever extent the convenience of society! may require. The one supreme and in-i dispensable condition is, that those, other tonus shall be convertible intoj the standard by exchange on demand.i This requisite is like sweetness inr sugar, virtue in woman, or honor In man. Without It, all is bad with it, all else can be added.

Right here. I may note in passing. Is one of the mischievous errors of our free silver friends. .They argue tha.t

to buy all its property, or at least to! buy all that is for sale from time to! time, else the scarcity of standard mon-: ey will produce a fall in prices which] is a great mistake. In its ordinary and' current use money Is an exViian.ge-mak-lug tool, not a value-measuring tool.] When an Indianapolis merchant askaj me $2 for a hat he means $2 in gold, or its equivalent. When I pay him for' one by a $2 bill all lie cares to know is! that the bill is as good as gold. it: mat-!' ters not to him how much or how iittlsf: gold there is in the country. so there is] enough to make sure of the redemp-j tion of that bill.

If the paper money of the country bej issued and secured in such way that) its redemption in gold is so certain that] no doubt of it lies in any one's inind.j the business of the country goes on just! as though all the ruon-ey in ihe country) were gokl. That is the fundamental! te«t of good paper money- that every! one shall accept it as the equivalent of! gold—not blindly and merely becauso other people take it. but upon an Intel-!' Mgcnt understanding of the manner of! its issue and t'he nature of its security.! Suppose some one should bring in1o i.he. United States $100,000,000 in gold «ndjv scatter it throughout the country in ex-]v! change for paper money, and then loekj! up or burn up the paper. What differ-!' ence would it make in our business or' prices? Not. a bit. We would have the same quantity of numcy as. before. Wei :, would simply use gold money nextjj month lu place of the paper money we' used kist month, to the extent of the change. Or suppose

m*

!?1IIO.OUU.( IIO

of

gold were taken out of t:he country and paper money equally good put. in its place. It would make no dil'f'T nee in our prices, trade or lui-incss.

There are abundant proofs of the truth of these views in the practice of nations. We have in this country, speaking in round numbers, $9 per cap-/ itn of gold, $9 of silver and $0 of paper. In Great Britain the proportions are $15 of gold, $."! of silver and $,'5 of paper. English people carry gold in their pockets and transact their daily business with it. Wo do not. to any large extent.. But thai mere differonce in the proportion of gold used makes no difference in any condition of business or prices. The money of both countiles rests alike on (he gold standard. If you have to pay a debt in gold In London you can buy a draft at an Indianapolis bank to do it with—a draft that will be paid in gold in London and the Indianapolis banker will not' care whether you pay for your draft in gold or in paper. Our paper is just as good as English gold as long as we keep It at par with gold here. In France the amount of gold per capita Is $20, silver $12 and paper The situation of that country as respects its standard Is very much the same as that of our own. Tliey have a large stock of legal tender silver, but Its coinage has been suspended, and that which they have on hand is held at par with gold by the credit of the government and the maintenance of free exchange between two metals. Yon can buy a draft payable in gold in Paris with American paper as well as with gold. These differences in the relative proportions of gold, silver and paper used in these three countries make no difference whatever among them in respect to business and prices. There are differences in prices, but no greater than are distinctly traceable to other causes.

This subject opens up an i'nler.-siing bit of history which it is

well

to re­

member. Our old friends.: tho fiat green backers, denied the necessity of any metallic standard. Their standard was a word not. a thing—just the word "dollar." That word printed on a piece of paper under the "government stamp." was to be the measure of value. The "middle-of-the-road" Populists adhere to that view now. The leading plank in their last party manifesto is a demand for the issue by the government of $50 per capita of "absolute money that is, paper money based, as it is stated, on "all the wealth and resources of the iwition," but without any provision for applying any of those resources to the payment of it. What these gentlemen think they are thinking about in the use of such language is more than I can fathom. But the paper money which they propose is to be absolute, not representative, money, and be legal tender for all debts, public and private.

The free silverists go to the other extreme. The chief dogma of their creed is, that in order to maintain prices there must lie an immense supply of "redemption money"—that is, metallic money, as distinguished from paper money, in circulation—enough to buyout everything at once, if required. Anil as the Almighty has missed It in His calculations so far as to create more people than gold, the only way out Is to add the silver to the gold as redemption money. It was a curious thing to see these extremes, having nothing in eomtno.v. sxeapt that they are both