Greencastle Star Press, Greencastle, Putnam County, 22 August 1896 — Page 7

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iw.n’IINUED FRO I O HER PAGE, deternilce to which afiTe the optiou should be given. Under the bimetallic system gold and silver are linked together by law at a fixed ratio, ami any person or persons owning any quantity of either metal can hav” tin) same converted Into full legal tender money. If the creditor bus the rigid to choose the metal in which payment shall be made, it is reasonable to suppose that he will require the debtor to pay in the dearer metal if there is any perceptible difference between the bullion values of the metals. This new demand created for the dearer metal will make that metal dearer still, while decreased demand for the cheaper metal will make that metal cheaper still. If, on the other hand, the debtor exercises the option, it is reasonable to suppose that be will pay in the cheaper metal if one metal is perceptibly cheaper than the other; but t h ” del 11 and thus created for thecheaper metal will raise its price, while the les sened demand for the dearer metal will lower its price. In other words, when the creditor has the option, the metals are drawn apart, wherein when the debtor has the option the metals are held together aproximately at a ratio fixed by law, provided the demand created is sufficient to absorb all of both metals presented at the mint. Society is, therefore, interested in having the option exercised by the debtor. Indeed* there can be no such thing as real bimetallism unless the option is exercised by the debtor. The exercise of the option by tlie debtor compels the creditor classes, whether domestic or foreign, to exert themselves to maintain the parity between gold and silver at the legal ratio, whereas they might find a profit in driving one of the metals to a premium if they could then demand the dearer metal. The right of the debtor to choose the coin in which payment shall be made extends to obligations due from the government as well as to tlie contracts between individuals. A government obligation is simply a debt due from all the people to one of the people, and it is impossible to justify a policy which makes the interests of the one per son who holds tlie obligation superior to the rights of tlie many who must be taxed to pay for it. When, prior to M3, silver was at a premium, it was never contended that national honor required the payment of national obligations in silver, and tlie Matthews resolution adopted by congress in 1878 expressly asserted the right of the United States to redeem coin obligation in standard silver dollars as well as in gold coin. Upon this subject the Chicago platform reads: We are opposed to the policy and practice of surrendering to the holders of the obligations of the United States the option reserved by law to the government of redeeming such obligations in either silver coin or gold coin.” It is constantly assumed by some that the United States notes, commonly called greenbacks, and tlie treasury notes Issued under tlie act of 1890, are responsib'e for the recent drain upon the gold reserve, but this assumption isentirely without foundu1 tiou. Secretary Carlisle appeared before the house committee on appropriations ou Jan. 21, INO.i, and I quote from the printed report of his testimony before the committee: "Mr. Sibley—'I would like to ask you (perhaps not entirely connected with the matter) what objection there could be to I having the option of redeeming either in I silver or gold lie with the treasury instead j of the noteholder!'' ” “Secretary Carlisle—‘If that policy had lieen adopted at the beginning of resumption—and I am not saying this for the purpose of criticising the action of any of my predecessors or anybody else—but if the policy of reserving to the government at tlie beginning of resumption the option of redeeming in gold or silver all its paper presented, I believe it would have worked beneficially and there would have been no trouble growing out of it, but the secretaries of the treasury, from the beginning of resumption, have pursued a policy of redeeming in gold or silver at the option of the paper, and afterward attempted to change that policy and force silver upon a man who wanted gold, or gold upon a man who wanted silver, and especially if lie had made that attempt at such a critical period ns we have had in the last two years, my judgment is it would have been very disastrous.’ ” I don't agree with the secretary that it was wise to follow a bad precedent, but from his answer it will tie seen that the fault does not lie with the greenbacks and treasury notes, but rather with the executive officers who have seen fit to surrender a right which should have been exercised for the protection of interests of tlie people. This executive action has already been made the excuse for the issue of more than (850,000,1 In bonds, and ii is im possible to estimate the amount of bonds which may hereafter be issued if this policy is continued. We are told that any attempt on tlie part of (lie government at this time to redeem its obligations in silver would put a premium upon gold. But why should it? The bank of France exercises the right to redeem all bank paper in either gold or silver, and yet France maintains the parity between gold and silver at tbe ratio of 1514 to 1 and retains in circulation more silver per capita than we do in the United States. It may lie further answered that our opponents have suggested no feasible plan for avoiding the dangers which they fear. The retirement of the greenbacks ami treasury notes would not protect tlietrea-.-ury, because tlie same policy which now leads the secretary of tlie treasury to redeem all government paper in gold when gold is demanded will require the redemption of all silver dollars and silver certificates in gold if the greenbacks and treasury notes are withdrawn from circulation. More than this, if tlie government should retire its paper, and throw upon the banks the necessity of furnishing coin redemption, the banks would exerrise the right to furnish either gold or silver. In other words, they would exorcise tho option, just as the government ought to exercise it now. The government must either exercise the right to redeem its obligations in silver when silver is more convenient, or it must retire all the silver and silver certificates from circulation and leave nothing but gold as legal tender money. Are our opponents willing to outline a financial system which will carry out their policy to its legitimate conclusion, or will they continue to cloak their designs in ambiguous phrases? Tnere is an actual necessity for bimetallism, ns well as a theoretical defense of it. During the last 23 years legislation has been creating an additional demand for gold, nnd this law-created demand has resulted in increasing the purchasing power of each ounce of gold. The restoration of bimetallism in the United States will take away from gold just so much of its purchasing power as was added to it by the demonetization of silver by the United States. The silver dollar is now held up to the gold dollar by legal tender laws and not by redemption in gold, because tho standard silver dollars are not now redeemable in gold either In law or by adadministrative policy. ,

We contend that free and unlimited coinage by the United States alone will raise the bullion value of silver to its coinage value, and thus make silver bullion worth tl 29 per ounce in gold throughout | tlie world. This proposition is in keeping with natural laws, not in defiance of them. 1 The best known law of commerce is the law of supply and demand. We recognize this law and build our argument upon it. We apply this law to money when we say that a reduction in the volume of money will raise the purchasing power of the dollar; we also apply the law of supply and demand to silver when we s ly that a new demand tor silver erected by law will raise the price of silver bullion. Gold and silver are different from other commodities, in that they are limited in quantity. Lorn, wheat, manufactured products, etc., can be produced almost without limit, provided they call lie sold at a price sufficient to stimulate production, but gold and silver are called precious metals because they are found, not produced. These metals have been the objects of anxious search as far back as history runs, yet. according to Mr. Harvey's calculation, all the gold coin of the world can be melted into a 22 foot cube and all the silver coin in the world into a tifi-foot cube. Because gold and silver are limited both in the quantity now in hand and in the annual production, it follows that legislation can fix the ratio between them. Any purchaser who stands ready to take the entire supply of any given article at a certain price can prevent that article from falling below that price. So the government can fix a price for gold and silver by creating a demand greater than the supply. International bimetallism, I believe, is that several nations, by entering into an agreement to coin at a fixed ratio all the gold and silver presented, can maintain tlie bullion value of the metals at the mint ratio. When a mint price is thus established it regulates the bullion price, because any person desiring coin may have the bullion converted into coin at that price and any person desiring bullion can secure it by melting the coin. The only question upon which international bimetallists differ is, can the United States, by the free and iiuiitiiiterl coinage of silver at tbe present legal ratio, create a demand for stiver which, taken in connection with the demand already in existence, will lie sufficient to utilize all the silver that will be presented at the mints? They agree in their defense of the bimetallic principle and they agree in unalterable opposition tot he' gold standard. International bimetallists cannot complain that free coinage gives a benefit to the mine owner, because international bimetallism gives to the owner of silver all the advantages offered by independent liijuetallisni at the same ratio, international bimetallists cannot accuse the advocates of free silver as being "bullion owners who desire to raise tlie value of their bullion,” or “debtors who desire to pay their delits in cheap dollars," or "demagogues who desire to curry favor with the people.” They inust rest their opposition upon one ground only, that the supply or silver available for coinage is too large to be utilized by the United States. In discussing this question we must consider tlie capacity of our people to use sil ver and the quantity of silver which ean come to our mints. It must be remembered that we live in a country only partially developed an I that our people far surpass any equal number of people in tbe world in their power to consume and produce. Our extensive railroad development and enormous internal commerce must also be taken into consideration. Now, how much silver can come here Not the coined silver of the world, because almost all of it is more valuable at this time in other lands than it will be at our mints under free coinage. If our mints are opened to free and unlimited coinage at the present ra'io, merchandise silver cannot come here, because the labor ap plied to it has made it worth more in the form of merchandise than it would be worth in our mints. We cannot even expect all of the annual product of silver, because India, China, Japan, Mexico and all the other silver using countries must satisfy their annual needs from the annual product; the arts will require a large amount and the gold standard countries will need a considerable quantity for subsidiary coinage. We will Ih- required to coin only that which is not needed elsewhere; but if we stand ready to t ike and utilize all of it other nations will be compelled to buy at the price which we fix. Many fear that the opening of our mints will he followed by the enormous increase in the annual production of silver. This is conjecture. Stiver has been used as money for thousands of years, ami during all of that time tbe world has never suffered from an overproduction. If for any reason the supply of gold or silver in the future ever exceeds the requirements of the arts and the needs of commerce we confidently hope that the intelligence of the people will lie sufficient to devise ami enact any legislation necessary for the protection of tlie public. It is folly to refuse to the people the money which they now need, for fear they may hereafter have more than they need. I am firmly convinced that by opening our mints to free and unlimited coinage at tlie present ratio we can create a demand for silver which will keep the price of silver bullion at #1.29 per ounce, measured by gold. Some of our opponents attribute the fall in tlie value of silver, when measured by gold, to the fact that during the last quarter of a century the world's supply of silver has increased more rapidly than the world's supply of gold. This argument is entirely answered by the fact that during the last five years the annual production of gold has increased more rapidly than the annual production of silver. Since the gold price of silver has fallen more during the last five years than it ever fell in any previous five years in the history of the world, it is evident that the fall is not due to increased production. Friers ean be lowered as effectually by decreasing t ledeniiiml for an article ns by increasing tlie supply of it, and it seems certain that Unfall in the gold price of silver is due to hostile legislation and not to natural laws. Our opponents cannot ignore the fact that gold is now going abroa 1 in spite of all legislation intended to prevent it, and no silver is being coined to take its place. Not only is gold going abroad now, but it must continue to go abroad as long as the present financial policy is adhered to, tin less we continue to borrow from across the ocean, and even then wc simply postpone the evil, because ttie amount borrowed, together with the interest upon it. must lie repaid in appreciating dollars. The American people now owe a large sum to European creditors, and falling prices have left a larger and larger margin between our net national Income and our annual interest charge. There is only one way to stop the Increasing Uow of gold from our shores, and that is to stop falling prices. The restoration of bimetallism will not only stop falling prices but will, to some extent, restore prices by reducing tlie world's demand lor gold. If it is argued that a rise in prices lessens tlie value of the dollars which we pay to our creditors, I reply that in the balancing of equities the American people have* as much a right to favor a financial system which will maintain or restore prices as foreign creditors have to insiht upon a financial system that will reduce prices, but the interests of society are far superior to tlie interests of either debtors or creditors, and the interests of society demand a financial system which will add to the , volume of tlie standard money of the j world and thus restore stability to prices. Perhaps the most persistent misrepresentation that we have to meet is the charge that we are advocating the payments of debts in 60 cent dollars. At the present time and under present

laws a silver dollar when melted loses i nearly half its value; but that will not be true when we again establish a mint price 1 for silver and le ave no surplus silver upon the mark’d t i drag d nvn the priee of bill- I bon. 1 nder bimetallism sdver bullion will j lie worth as nmeli us silver coin, just as ! gold bullion iif*now worth as much as gold coin, nnd we believe that a silver dollar will be worth as much as a gold dollar. j The charge of repudiation conies with | poor grace from those who are -eekiug to ! add to the weight of existing <1 -bts by leg * islation which makes money deniar, atid 1 who conceal their designs against the gen ! eral welfare under the pretense that they 1 are upholding public credit and nation »1

honor.

In answer to the charge that gold will go 1 abroad, it must he remembered that no gold can leave t his country until tlie owner of the geld receives something in return for it which lie would rather have. In other words, when gold leaves t he country those who formerly owned it will m lienefitted Then- is no process by whtco we can be compelled to part with our gold against our will, nor is there any process by which silver can be forced upon its without oar consent. Exchanges are matters uf agreement, and if silver comes to this country under free coinage it will lie at tlie invii 1tion of someone in this country who will give Nomet hing in exchange for it. ^ Those who deny the ability of the United States to maintain a parity between gold and silver at the present; legal ratio, without foreign aid, point to Mexico and as sert that the opening of our mints will reduce us to a silver has ; s and raise gold to u premium. It is no reflection upon our sister republic tp remind our people that the United States is uittcb greater tliati Mexico in area, in population and in commercial strength. It is absurd t > assert that the L njted States is not able to do anything which Mexico has failed to accomplish. The one tiling necessary in order to maintain the parity is to furnish a demand great enough to utilize all the silver which will conn* to the mints. That Mexico has failed to do this is no proof that the United States would also fail. It is also argued that since a number of the nations have demonetized silver, notliiiig can be done until all of those nations restore bimetallism. This is also illogical It is immaterial how many or how few nations have open mints, provided there are sufficient open mints to furnish a monetary, demand for all the gold and silver available for coinage. In reply to the argument that improved machinery lias lie—cued the cost of producing silver, it is sufficient to say that the same is true of the production of gold, and yet, notwithstanding that, gold has r sen in value Asa matter of fact, tin c >st of production does not determine tlie value of the precious metals, except as it may afiect the supply. If, for instance, tlie cost of producing gold should be reduced 90 per cent without any increase in the output, the purchasing power of an ounce of gold would not fail S i long as there is a monetary demand sufficient to take at n tlxt’d mint price all the gold and silver produced, the cost of production need not be considered. It is often objected that the prices of gold and silver cannot be fixed in relation to each other bemuse of the variat o 1 in the relative production of themeta!- This argument als ■ overlooks the fact that if the demand for both metals at a fixed price is greater than the supply of both, relative production becomes imiua terial. In every part of the present century the annual production of silver was worth, at the coinage ratio about three times ns much as the annual production of gold, whereas, so-m after 1849, the annual production of gold be came worth about three times as much at the coinage ratio as the annual production of silver; an 1 yet, owing to the maintenance of the bimetallic standard, tliese enormous changes in relative production had but a slight tffe.’t upon tlie relativevalues of the metals. If it is asserted by our opponents that the free coinage of silver is intended only for the benefit of the mine uwneis, it must be remembered that free coinage cannot restore to the mine owners any more than demonetisation took away; and it must also lie remembered that the loss which the demonetization of silver has brought to tlie mine owners is Insignificant compared to the loss which this policy has brought to t he rest of tlie people. The restoration of silver will bring to the people generally many times as much advantage as the mine owners can obtain from It. While it is not the purpose of free coinage to especially aid any particular class, yet those who believe that tlie restoration of silver is needed by the whole people sliouId not lie deterred liecause an incidental lietietit will come to the mine owner. The erection of forts, the deepening of harbors, the improvements of rivers, the erection of public buildings —all tliese confer incidental benefits upon individuals and comm unities, and yet these incidental lieiietits do not deter us from making appropriations for these purposes whenever such appropriations are necessary for the public good. Tlie argument that a silver dollar is heavier than a gold dollar, and that therefore silver is less convenient to carry in large quantities, is completely answered by the silver certificate, which is as easily carried as the gold certificates or 111 other kind of paper money. T ere are m m ■ who. while admitting tlu benefits of bimetallism, object to coinage at the present ratio. If any undeceived by this objection, they ought to remember that there are no bimetallists who are earnestly endeavoring to secure it at any other ratio than 10 to 1. \Ve are opposed to any change in tin* ratio for two reasons: (1) because a change would pro duce great injustice, and (2) because a change in the ratio is not necessary. A change would produce injustice because, if effected in t'*e manner usually suggested, it would result in an enormous contraction in the volume of standard money. If. for instance, it was decided by inter national agreement to raise the ratio' throughout the world to 32 to 1, the change might be effected in any one of three ways: The silver dollar could be doubled in size so that the new silver dollar would weigh 32 times as much as the present gold dollar: or the present geld dollar could lie reduced one-half in weight, so that the present silver dollar would weigh 32 times ns much as the now gold dollar; or the change could be made by increasing the size of tin* silver dollar and decreasing tlie size of the gold dollar until the new silver dollar would weigh 32 times as much as the now gold dollar Tl. se who have advised a change in the ratio have usually sugitrsicd that the silver doF lar la- doubled. If this change were made it would necessitate tin* recoinage of 4,iiim.o»-,om of silver into 32,noi,l»W,Oio. There would Is- an immediate loss of 33,(JUU,(iun,(juii, either to individuals or to the government. But this would Ih- tlie least of the injury.

CENTRAL NATIONAL BANK Q-H-EIEJsrC^STLZE, IFTX). , o i it tax-.-Tortwi R. L. O'Hair, Pres; M. F. Me Hu fie, Vice Fret; AI. £>. firiilyes, Casfi.j J. L. Handel, Asst. Cash.; E. B. Evans, IT. ll.'Alice, F. A Arnold. S. A. Hays, (pi inton Broad street.

shrinkage of one-half in the silver money of id would mean a shrink age "i onefourth in the total volume of metallic money.

tlie wc

This contraction, by increasing the value of the dollar, would virtually increase the debt of the world billions of dollars anil decrease still more the value of the property of the world as measured by dollars. Besides this immediate result, such a change in the ratio would permanently decrease the annual addition to the world’s supply of money, because the annual silver product when coined into dollars twice as large would make only half as many dollars. The neople of the United States would be injured by a change in the ratio, not because they produce silver, but because they own pronerty and owe debts, and they cannot afford to thus decrease the value of their property or

increase the burden of their debts.

In 187$ Mr. Carlisle said; “Mankind will be fortunate indeed if the annual production of gold and silver coin shall keep pace with the annual increase of population and industry.” I repeat this assertion. All the gold and silver annually available for coinage,when converted into coin at the present ratio, will not, in my Judgment, more than supply our monetary

needs.

In supporting the act of 1890, known as the Sherman act, .Sir. Sherman, on June 5 of that year, said: Under the law of February, 1878, the purchase of $2,000,000 worth of silver bullion a month has by coinage produced annually an average of nearly $3,000,000 per month for a pe-

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rioil of 12 years, but thisamount, in view of tlie retirement of the bank notes, will not increase our currency in proportion to our increasing population. If our present currency is estimated at $1,4«KI,000,UU) and our population is increasing at the ratio of 3 per cent ner annum it would require $4.'.\tX)0,<HX) increase in circulation each year to keep pace with the increase of population, but, as the increase of population is accbmpanied by a still greater ratio of increase of wealth and business it was thought that an immediate increase of circulation might be obtained by larger purchases of silver bullion, to an amount sufficient to make good tho retirement of hank notes and keep j pace with the growth of population. Assuming 1

* additional currency is

oasis, that amount is provid-

by the issue of treasu

Cltfzeffi oTXew York, I have traveled from the center of the continent to the seaboard that J might in the very beginning of the campaign bring you greeting from the people of the. west mid south and assure you that their de-i fire is not to destroy but to build up. They in-j rite you to accept the principles of a living:

vite you to accept

faith rather than listen to those who preach the gospel of despair and advise endurance of !

th“ ills you have.

The advocates of free coinage believe that in striving to secure the immediate restoration of bimetallism they are laboring in your behalf n- well as in ir own behalf. A few of your >ple may prosper under present conditio

i the permanent welfare of Ne

.»rs

that $54,OOU,"tX| a year of additional currency is

l by tlie issue or treasury i

In exchange for bullion at the market prh

permanent welfare of upon th*- producers of wealth. This great city

jr.s,

w York rests

needed upon thi d f ‘

i for in lids bill 1

If the Tnited States then needed more than $4:.\ono,nno annually to keep pace with population ami business, it now, with a larger population, needs a 'till greater annual addition; and the United States is only one nation among

many

built upon the commerce of the nation unh inust suffer if that commerce is impaired. >u cannot >,.11 unless tin* people have money ith which t<* buy, and they cannot obtain the

You cannot

which _ money with wnich to buy unless they are able

o sell the r prod *

Production of

Our opponents make no adequate pre vision for increasing monetary needs of the

world.

In the second place, a change in tlie ratio is not necessary. Hostile legislation has decreased the demand for silver and lowered its price when measured by gold, while this same ho-^ile legislation, by increasing the demand for gold, has raised the value of gold when meiisured by other forms of property. We are told that the restoration of bimetallism would be a hardship upon those who have entered into contracts p iyaole in gold coin, hut this is a mistake. It will be eash*r to obtain the gold with which to meet a gold contract when most of tlie people can use silver than it is now, when everyone is drying to secure

now, when everyone is t*i

The Chicago platform expressly declares in favor of such legislation as mav be

necessary

to prevent, for the future, the demonetization . - . — _ of any kind of legal tender money by privat. einbifii.auc nt the mi—hm of our nation among contract. Such contracts arc objected o* on * * ' * 1 "

the ground that they are against public policy. No one questions the right of legislatures to fix the rate of interest which can he collected

by law. There is f

iioney wnn wmci

to sell the r products tit remunerative prices. Uri-du tion ot wealth goes before the exchange of wealth; those who create must secur< a profit before they have anything to share with others. You cannot afford to join the mom y changers in supporting a financial policy which, by destroying the purchasing power of th«* products of t jil. must in the end

discourage tin* creation of wealth.

I ask, I expect, your co-operation. It is true that a few of your financiers would fashion a new figure, a figure representing Columbia, her hands bound fast with fetters of gold and her face turned toward the east, appealing for assi-i ..nee to those who live beyond the sea--but this figure c an never express your idea of thU nation. You would rather turn for inspiration to the heroic statue which guards the « ntrunce to your city, a at ue as patriotic in conc ept ii n a.s it is colossal in proportions, it was the gracious gift of a sister republic and stands upon a pedestal 1 which was built bv the American people. That flgun—Liberty Enlightening the World—is emblematic of the mission of our nation among

far more reason for prevent -

ing private individuals from setting aside the legal tender law. The money which is by law made .. legal tender must, in the course of ordinary business, be accepted bv W of out of 1 every 100 persons. Why should tlie looth man be permitted to exempt himself from the general rule? Special contracts have a tenclencv ?n increase the demand fora particular kin.1 of money and thus force it to a premium. Have not the neople a right to say that a comparatively few individuals shall not be permitted to derange the financial system of the nation in order to collect a premium in case they succeed in forcing one kind of money to a pre-

mi ufn?

There is another agreement to which I ask your attention. Some of the more zealous opponents of free coinage point to the fact that 13 months must elapse between the election and tlie first regular session of congress, and assert that during that time, in case people declare themselves in favor of free coinage, all loans will be withdrawn and all mortgages foreclosed. If these are merely prophecies indulged in by tlio.se who have forgotten the provisions of thceonstitution.it will be sufficient to remind them that the president is empowered to convene congress in extraordinary .■'**>- sion whenever the public good requires such action. If in November the people by their ballots declare themselves in favor of the immediate restoration of bimetallism the system can he inaugurated within a few months. If. however, the assertion that loans will }>e withdrawn and mortgag e f r rln^.d Is mad< to prevent such p ditical a< tion as the people may believe to be nece?sary for the preset* ttio i of their rights, then a new ami vital issue is raised. Whenever it is necessary for tlie people at a who.e to obtain cons mt from tlie owner* of money and changers of money before they can legislate upon financial questions, we shad have passed from a democracy to a plutocracy. But that time has not yet ar-

•t !:<•

tlie

by right divine will

not, in this generation, subscribe to a doctrine

that money is omnipotent.

In conclusion, permit me to say a word in regard to international bimetallism. We are not opposed to an internati«»ual agreement looking to the restoration of bimetallism throughout the world. Tlie advocates of free coinage have on all occasions shown their willingness to cooperate with other nations In the reinstatement of silver, hut they are not willing to await the pleasure of other governments when immediate relief is needed by the people of the United States; and they further believe that independent action offers better assurance of International bimetallism than servile dependence upoi tid. For more then 20 yean e have invited the assistance of Europ

which derives its powers from the consent of the governed, secures toali the People freedom of conscience, freedom of thougnt and freedom, of speech—guarantee- equal rights to all and promises special privileges to none the United States, -houId lie an example in all that is good and the leading spirit in every movement

h ha< for its object tl

whic

human race.

the up

y mo diftihi

g of the

io a piuioerae>. mu inai ume nas not yet rived. Threats and intimidation will be of avail. Tin* people who, in 177*1, rejected doctrine that kings ruled by right divine ^

nations, hut all progress in the direction of international bimetallism has been blocked by tlie opposition of those who derive a pecuniary benefit from th** appreciation of gold. How long must we wait for bimetallism to Ih* brought to us by those who profit by monometallism. If the double standard will bring benefits to our people, who will deny them the rigid to enjoy those benefits? If our opponents would admit the rigid, the ability and tlie duty of our people to act for themselves on all public questions, without assistance and regardless of the wishes of other nations, and then propose tin* remedial legislation which thev considered sufficient, we could meet them in th** field of honorable debate; but when they assert that this nation is helpless to protect the rights of its own citizens we challenge them to submit the issue to the Deo ole whose patriotism lias never been Appealed to in vain. We shall not offenu other nations when we declare the right of the American people to vern themselves, and without let or hln-

l>el«*gates to Indianapolis. New Haven, Conn., Aug. 13.—Fif-j teen hundred persons attended the gold; standard Democratic state convention! last night and selected delegates to thej Indianapolis convention. | The 13-year-old son of George Shaw of Boone county fatally shot himself while fooling with an old gun. tireat sales prove the great merit of Hood’a Sarsaparilla, ^nd great merit enables it to accomplish wonderful cures. Respect is better secured by exacting than soliciiing it.—Oreville. A little daughter of Mr. Lewis Dayton, an old and much respected citizen of Ramitz, Fa., occasionally has trouble with her stomach which gives her considerable distress. In speaking of it Mr. Dayton said: “As soon ns she has an attack we give her a dose of Chamberlain's Colic, Cholera and Diarrbcea Remedy, and it has never failed to relieve her promptly. We all use it in our family with the same good results.” For sale by all druggists. aug Floyd Township. “Ye correspondent" was serenaded on last Thursday night. Come again Mr. Prather and wife, of Fillmore. visited at Gregg Buis' on Friday and Saturday Graham, Summers & Miller are in the neighborhood of Keno with their thresher Mrs. Julia Owens is very siek Lloyd E. Summers and A. B. Pickett went to North Salem on Saturday Charles Buis and wife, of Marion township, Sundayed at G. G. Buis' A large crowd attended services at Zion ou Sunday Emma and May Wiseheart, of Groveland, took dinner with their sister, Mrs. Alien, of White Bridge, on Sunday J.T. Pinkerton did business at Greencastle on Saturday Miss Clara I). Woodrum will visit near Tuscola, Ills., in tlie near future. xx

Kie

aranci* from without, decide upon overv question presented for their consideration. In taking this position, we simply maintain the dignity nf 70,000,1)00 citizens who are second to none in their eanacity for selfgov* rnment. The gold standard lias compelled the American people to pay an ever increasing tribute to th** creditor nations of the world—a tribute which noone dares to defend. I assert that national honor requires the United States to do justic e to all its citizens. For a uenple like

ours, blessed with natural resources of surpaesrichnessto proclaim themselves imno‘ to frame a financial system suited to their *

potent • own

gunge to describe. We cannot en for oar foreign policy s »» long a ourselves unable to frame our c

needs, is humiliating beyond the power of lan-

We cannot enforce respect

as We confess own financial

policy.

Honest diff *rences of opinion have always existed, ami ever will exist, as to tlie legislation best calculated to promote the public weal; but when it is seriously asserted that this nation must bow to the dictation of other nations and accept the policies which they insist upon, the right of self-government Is assailed, and until that question Is settled all other questions a re-duaisniHl’ laL — . -

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