Indiana State Sentinel, Volume 31, Number 50, Indianapolis, Marion County, 13 January 1886 — Page 2

THE INDIANA BTATE SENTINEL WEDNESDAY JANUARY t3. 1886.

BECK'S SILVER SPEECH.

An Exhaustive Discussion of Ono of tno Vital Question of lis Perioi Tli Great Speech of Senator Beck, of Kentacky, on the Silver Question, Deliv ered Recently In the United State Senate. We publish this morning a noteworthy speech by Senator Beck, of Kentucky, delivered before the United States Senate just before the Christmas recess. It has attracted wide-spread attention because of the general interest displayed by the members of all parties on the silver question. The country is looking with intense interest to the action of Congress in regard to this matter. - The Senate proceeded to the consideration of the following resolution, submitted by Mr. Beck on the ISth inst.: Whereas the laws of the United States require that all duties on imported goods shall be paid in coin; and Whereas it is provided by Section 3,694 of the Revised Statutes that "The Coin paid for duties on imported goods shall be set apart as a special fund, and shall be applied as follows: First, to the payment in coin of the interest on the bonds and notes of the United States: second, to the purchase or payment of 1 per cent, of the entire debt of the United States, to be made within each 2 cal year, whicn is to be set apart as a sintinr fund, and the interest of which ana.1 in like manner be applied to the purchase or payment ot the public debt, as the Secretary ci the Treasury bhail. from time to time, direct: third, the residue to be paid, in to the Treasury:" Kesolved, That the Committee on Finance be instructed to inquire whether the lawsaboe stated now are. or h;ive heretofore, been obeyed: and ii they have not, to report by bill, or otherwise, such measures as will secure their enforcement. ilr. Beck Mr. President, no man will deny that the laws passed by Consrresa are as imperative on the highest executive otlicial aa on the humblest citizen, whether they approve them or not. I venture to assert that no man will contend that the laws recited in the preamble to the foregoing resotion either are now or have for many years past been obeyed. All sorts of excuses may be and have teen offered for their violation, still the fact remains that the laws of the and have been disregarded by our executive officers, and the legislative power has been subordinated to the will of men whose duty it is to submit to them and to execute them as they exist. They have no right to decide whether a law is good or bad, politic or impolitic: so long as it is law they must be compelled to render implicit obedience to it. They have officially informed Congress for yeaÄ past that they neither require coin to be paid for dnt.f" on imported goods, nor do they eet apart the coin or its equivalent so received as a 9ecial fund to pay the interest on our public debt, or to procure bonds for the sinking fund. On the contrary, they admit that as the existing laws do not coincide with their views of what is politic, they disregard them. I deny their right to do so, because I believe many of the evils the country is now afilicted with grow out of the disregard of the plainest provisions of law by our Treasury officials. I have no faith in the remedies which are now and have for past years been proposed for the evils they allege to exist. That the country is not as prosperous 03 it ought to be I admit, but I insist . that the remedy is not to be found in striking down our silver coinage or the currency ba.sed upon it, but rather in requiring our public creditors to take it as the law and the contracts they required us to make demand. I do not propose to find fault with much that is recommended by our executive officers; indeed, upon all questions, except that of coinage and the payment of our public debt, I heartilv indorse what they advise. No Secretary of the Treasury has ever, in my J in rc card to our present system of tariff taxation than the present Secretary, and I assume that he has but elaborated the views of the President. 'o more intelligent and t-tatesnianlike message, taken as a whole, has ever emanated from the Executive Mansion since I have taken parf in public affairs; but I dijazree with the President and his officials as to tbe management of our currency and our coinage, and 1 propose, respectfully but plainly, to state the reaon why. and to point out the remedy I recommend as a substitute for changes proposed in the message and official report?. I telitve that it can be demonstrated that gold v.r.d silver coin, and tbe paper representatives of loth, stand on an absolute equality Lefore'tLe law. and that three-iourths of our trts! t troubles grow out of tbe refusal of our i tticials to pay out the money received at our ci.?om bou-es to our public creditors, in the n ;.r nr and for the purposes prescribed by the laws of the United States. Therefore I have recited the' law, which are plainand simple, ia tbe preamble; and in the resolution Lave jinked the Committee on Finance to tell tiie Senate w'.iKher they hare been executed cr not, ar.i if not, to report measures which, will p urc their enforcement. I ;mit that even when this i d-ne other com- j I nations must be broken up before we can i.'. come a prosperous commercial people; but fl. ail measures for tarirt'andtax reform must ue originated at the other end of the Capitol, I am content to ajvait the action taken there, being coijüdent that the Executive is in full sympathy with all proper ell'orts in that regard. Tbrre can be no dispute as to the fact that Uitic must be something wrone in the management of public affairs when thi ports of of grtat nations like " Germany, France, Austria and other countries are arbitrarily ciosf d against our cattle, hogs and other -1 products, without, as the President tells in his message, "present prospect of rea-.-.nab!? change." It is not a healthy condition of things when wheat, hogs, and other farm products, debarred from foreign markets in retaliation because of our protective tariff, sell at home for prices which will barely pay the cost of production. As to them certainly protection does not protect. The jrreat American agricultural industries, which give employment to more than half of the workers for wages, whose welfare is held up (properly so) as the highest aim of legislation, and whose products constitute at lea?t K per cent, of our exports, receive no real consideration here, aBd are not even ranked -non? the industries of the country over '.den Congress is asked or expected to throw .j..jrotectingarm. These great interests are the unorganized, -tNequipped, and therefore neglected militia, whose strength can not be brought to bear with half the efficiency of a single regiment of thoroughly armed veterans, fighting for special interests. This is illustrated here and now by the zeal every-here displayed by the combinations of bankers and bondholders and their able and well-paid press to maintain their bond3 at a premium of 21 per . cent, or rather to increase that premium to "SO or 40 per cent, at the expense of the already impoverished masses of Ux-payers. It seems as though it was thought to be the duty of Congress to see to it that the rich should be made richer by making the poor poorer. "Why should we be in hot haste W strike down our silver currency for fear of a fall in our outstanding bonds below 21 per cent, premium? Have the representatives of the people any interest in maintaining, far les in increasing, the premium on bonds bearing! 4 per cent, interest beyond 21 per cent, when we must soon become the purchasers of them at any premium, or else contract our currency at ruinous rates by locking up In the Tn aury all our surplus revenue, as reduo . tion of taxation seems to be impossible, by the passage of laws which will still farther depreciate the prices of farm products, now so low that producers can not raise them and pay wages to their laborers on which they can live? When fat hogs Bell at ZXA cent a pound and ether things in proportion, when all the world is combining to exclude our agricultural products from their markets in retaliation agtast our protective fystem, which.

prohibit our farmers from buying what they must have with the proceeds of what they must sell, unless they pay 46 per cent on the average more than they are offered them for, in order to enrich a few organized combinations of manufacturers, who seek no markets abroad and refuse to sell their products in competition with so-called paupers with whom the farmers must compete, our condition is not satisfactory. But I agree that the Senate can not inaugurate measures to relieve the country from oppressions of that character; therefor? I propose to seek relief in the treatment of our circulation, not by destroying it, but by extending its usefulness. The extended crusade against silver is only another evidence of the audacity of the organizations of wealth; they have always secured all they demanded, however unjust their demands; they have succeeded in alarming the President and the Secretary of the Treasury as they have done several preceding administrations; they threaten to use the iower which our laws give them over our currency, of withdrawal from circulation among the people, and, if need be, from the country the gold.they control, and thus derange, even if ruin follows, the business of the people. Every concession increases their audacity and adds to their power. A stand must be made somewhere by the representatives of the tax-payers, or an absolute surrender of all the monetary interests of the country f into their hands must follow. A mere reference to the past legislation of Congress on this subject proves what I say. When it was first asserted, in 15G3, by the bondholders, aa the time approached when the United States could lawfully pay off the 5-2" 6 per cent bonds, and when the outstanding public debt exceeded $2,bOO,ooo,ooo. that the honor of the country demanded that tne principal as well as the interest on tiie bends should be paid in. gold or silver coin, a cry of indignation was raised all over the land against such a demand by all Iv r.est, disinterested men. " ihey were told, and told truthfully, that all the bonds they held had been purchased with legal-tender notes at par; that for each $luo in greenbacks they paid to the Government they had received a bond for $100, bearing 0 per cent interest, payable in gold or silver coin; that the greenback when they exchanged it for the bond was only worth 50 cents on the dollar in coin, and that it was an outrage in the face of the contract they had made, with the privileees given to many of them in addition as national bankers to have currency issued for them to loan out on the security of their bonds equal to 90 per cent, of the bonds deposited, to demand tl.at the principal of their bonds should be paid in coin. They knew everybody knew that the claim was false. The legal tender notes had and continue to have an indorsement on their back that "This note shall be receivable at its face value for all debts, public and private, except interest on the public debt and customs dues." so that there could he neither doubt nor dispute either as to the law or the fact. Nobody denounced the impudent demand of the bondholders more emphatically than the present presiding officer of the Senate (Mr. Sherman, lie said in his letter to a friend in 10: Dear Sir I was pleased to receive your letter. XI y personal interests are the same as yours; but like you, I do not intend to be iniluenced by them. ly construction of the law is the result of careful examination, and I feel quite sure an impartial court would affirm it, if the case could be tried bei'ore a Court. I send you my views as fully stated in a speech. Your idea is, that we propose' to repudiate or violate a promise when we offer to redeem the "princiDar in legal teuders. I think the bondholder violates his promise when he refuses to take the same kind of monev he paid for the loud.s. If the case is to be teste! by law. I am right: if it is to be tested by Jay Cooke's advertisement, I am wrong. I hate repudiation, or anything like it, but we ought not to be deterred from doing what Is right by fear of undeserved epithets. Ii under the law as it stands the holders of the five-twenties can only be paid :n gold, then we are lepudiatore if we propose to Day otherwise. It the bondholders can legally demand only the kind of money he paid, then he is a repudiatbr aud extortioner to demand money more valuable than he gave. Truly yours. Jonx ShrmaS. Every word he said was true, and remains true to this day. The pledge is on the back of every greenback now that it shall be receivable, at its face value, for every debt, public and private, except interest on the public debt and cu?toms dues. Tbe men who demanded more were repudiators of the public ; faith and credit, as he truthfully and indignantly said. Jlr. .Stevens, then the leader of his party, denounced their claim still more fiercely, and threatened to abandon his party and join the Democracy, even with "Irani Blair" on the ticket, rather than countenance such an outrage on public decency. The. subsequent legislation by Congress only roves tue truth of Macaulay's observation that if large pecuniary interests were concerned in denying the trutn of the attraction of gravitation that most oovious of physical facts would be strongly and ably disputed. It stems to me that any set of men who

w.uld deny the fact that the legal-tender note, indorsed as it was and is, which had purchased the bonds at its face value should be received rgain by the bondholder in payment of principal of the obligation he held, would not hesitate to deny the truth of the attraction of gravitation. Yet these men not only denid it. but ia 18( ". procured the passage of an act of Congress, against the vote and protest ( I am happy to say) of every lemocrat in both I louses, declaring that the principal of the bonds should be paid in coin in gold and silver coin, as both are named. Legal-tenders were only worth fifty cents on the dollar in coin when the bonds were bought: they were worth from sixty-six to seventy cents when this act was passed. The act was simply legalized robbery. The boddholders and tlieir attorneys in and OHt of Congress knew it, and knew that no court would sustain such a law. The indorsement could neither be erased nor sworn off the back of the legaltender note, and nobody could plead ignorance of the law or the fact that it was to be received at par in payment of the principal of all our bonds. Therefore they caused the act of July 14, 1S70, to be passed, extending the time of payment, reducing the interest and exempting the new bonds in express terms from all taxation. State, Federal, or municipal ; and to prevent all mi-takes or misapprehension as to the character, quality and weight cf the money in which payment of tbe hew bonds should be made, they caused to be printed on each bond as part of the obligation, "that it shall be Paid in coin of the standard value prescribed by law on the 14th day of July, 170." The present gold and silver coin are both of the standard value prescribed by the law of July II, 1870, and were then as now both full legal-tenders for all our obligations. All the bonds that mature in lS!r2 and amounting to about $l.00, 000,000, stand to-day unchanged, and payable as required hy the act of ihto. The remnant of those payable now have been changed, and the the time extended, but the same provisions eovern them, and the same conditions ere written ont as pan of the contract In all of them. Let me read, in scription on face of bonds of the f percent, funded loan of 1W1 : This bond is issued In accordance with the pro visions of an act of Congress entitled "An act to authorize the refunding of the National debt, apT.rnved Jnlr 14. 1770. amended bv an act approved January 20, 171," and is redeemable at the pleasure of the f 'nittd fetates after the first day of May. A. I. 11, In coin of the standard value of the l nited states on said July 14, ls70. with interest la such coin Irom the aay oi tue uate nereoi, at ih rte fif 5 tier cent. ier annum, rayable quar terly on the 1st day of February, May, August nd November, in each vear. The prim ipal and interest are exempt from the payment of all taxes and duties of the l nited fctaw. as wen as irom taxation in any form by or uuder fciate, mumcv pal or local authority. Extract from face of United Mates 4 per cent bond: 'This bond is Issued la accordance with the provision of an aft of Congress eutitled 'An act to authorize the refandlnz of the National debt, approved July 1, lilt), amended by an act approved January JU, ls"l. and ia redeemable at the pleasure f the United fctate alter the 1st day of July. A. D. 1WJ7, in coin of the standard value of the United Stales on said July Jl. IsTO with interest In auch coin from the day cf tha date hereof at the rate of 4 per ceat per annum, payable quartcrlTon the 1st day ot October, January,

April and July Iii each year. The principal and intereat are exempt from the Daymeut of all taxea or duties of the United gutes, aa well m from taxation In any form by or under State, municipal or local authority." In the face of these facts it is simply absurd for anybody to assert that they are payable in gold alone, or that the taxpayers of the country are under any obligations, expiess or implied, either to demonetize or stop the coinage of the silver dollar, which is Oi the standard value required by the act of July 14, 1370, or to increase its weight thirty, forty, or any othfer number of grains, because England, to whom we have ignominiously surrendered the carrying trade of this coantry and the world, .with her 200,000,000 of serfs in India and elsewhere, and Germany, after extorting $1,000,000,000 of gold from France, have combined in the interest of their money-changers to depreciate silver, or put up the market price of gold 20 per cent. If the gold mines of California and Australia bad continued to produce abundantly, and the Comstock lode and the Leadyille mines had not produced silver, 80 that the market value of the two metals as bullion in London had been reyersed, the argument could be made quite as plausible that the silver dollar was the constitutional unit of Value in 1870, which the bondholders have a right to demand. There is not an outstanding obligation of the United States, ndr of any State, municipality, corporation, or individual which can not be legally and honorably discharged by the payment of the present standard silver dollar. What right has Congress to deprive the debtor of that right by adding more silver to the coin than he agreed to pay, or by Mopping its coinage so that he can not obtain it? It is aa palpable a violation of a contract to increase the obligation of the debtor as it is to impair or reduce the standard value of the coin which the creditor stipulated in his contract should be paid to him. When Congress has once coined money a:'.d regulated the value thereof, and contracts are based upon it, the right to pay according to its terms can not rightfully or justly be taken from the ieople, and Senators and Representatives who deprive them of that right will have unpleasent explanations to make to the men whose burdens are increased by their vote. It Is simply an attempt to repeat the legislation of 1SGU, and the same pretenses are made now that were made then. An honest dollar for the laboring man was then as now, held up as the patriotic object of those who repudiated the greenback, as higher wages to labor is claimed to be the prime object of all the patriotic combinations of monopolists and machine-owners, who tax us all forty-six per cent, under the present protective tariff, and yet hire the cheapest pauper labor they can import. It is the wolf guarding the lamb, the spider the fly, and the hawk the sparrow. I proposed to test this question in the light of the facts furnished us by our Treasury officials. We are, of course, as good judges of the value of the facts they furnish and as competent to draw correct conclusions from theni as they are. The last report from the Treasury Bureau of Statistics relative to our foreign commerce for the fiscal year 133, proves that there is no such condition either in our trade or exports of . metals, whether of coin or bullion, as to render it necessary to strike down our silver coinage. It shows (page 1) that our total exports for 13H3 were $7l!(i,32.(l4i, and for 14, $724,86l.8.)2, while our total imports for 1Hj were $077,527,320, and for 1334, $JC7.C07,(;,J:,. It will thus be seen that while the value of our exports in 1S35 exceeded those in 1884, our imports were more than $f0.OU0,0it) less. The same report shows that for 1333 our exports of gold were $3, 177.31)2, and for 1S34 41,031, f37, or over 32,000,000 less for the last fiscal year than for the year befoe. Our exports of silver for 1333 were $:w,750,fp."i, aud for 1334 $20.051,420, or nearly $-3,000.000 more last year than the year before, while our imports of gold last year exceeded those of the year before nearly $4,000,i00. These facts falsify the clamor that gold is fleeing from our country, and proves that all the (pretended) evils of a single depreciated silver standard are myths. Nor is it true that our silver coin has depreciated since July, 1370, when tested by any other standard than the market value of bullion in London. The report above referred to (pages 5 and c) gives the New York or export prices ia currency of the commodities which constituted over 30 per cent of pur exports, nearly all agricultural products ' in 1370 and 1383, from which it will be seen that the silver dollar,' which it has become fashionable to malign and denounce in aristocratic circles, will now purchase from 25 to 50 per cent more of all that the toiling millions of this country labor to produce, and of all that men need money to obtain, than it would in July, is70. To avoid all dispute asto these facts I quote the language of the rep'ort, as follows: The following table shows the annual average exiort price in currency of the articles of domestic product named, and for the year

indicated: Year ending Juae:;j. Articles.

1ST J. lii-X J) W.5 $3 54.0 1 2H.9 Xi.2 6 If-' 4 s?.7 2L5 10.6 .s." l'J.S ;:o.:. os.7 15.7 lfi.6 07.9 ls.:s 0J.3 07.:; 07.5 u::. io.t l.5 :u; 21.5 oh. 2 - 04.0 !'.'. Oi.4 11.:; 0J.9

Indian corn, per bushel Wheat per bushel - Wheat flour, per barrel , Cotton, per pound , leather, per pound Mineral oils, retined, per gallon.., l'acon, hams, per poundl ard, per pouud l'ork, salted, per pound Iteef. ialted, per pound Butter. ter iouud....... Cheeae. per pound Kfnjs. per do.en urea, per pouna ugar. rtlined, per peund Tobacco, lenf, per pound In !the f?.ce of these official facts and fig ures as to our trade, and exports and exportand imports of gold and silver, and the comparative purchasing jower of the silver dol lar now and m 13.0, 1 repeat: Why should it be stricken down, or its purchasing power further increased 20 per cent by adding forty, fifty or any other number of grains to its weight? In other words, why should every producer and debtor have to give 20 per cent more 01 the products or his labor to obtain either a new silrer dollar or gold coin with which to pay Ids debts. than he does now, when he is already paying his obligations according to the terms of his contrast in a coin which will produce for Its owner much more of all he needs than it would in 1370? It is only another phase of the constant struggle of the rich to grind the face of the poor, and the favored few to enrich themselves by class legislation. While no one can deny that every obligation of the United States and every contract within our own borders can be discharged honorably with the present silver dollar, we are told that our foreign obligations and relations are such that gold will be at a premium very soon, and we will be on a basis of degraded silver at once if we do not increase the weight or stop the coinage of silver; that all Kurope is horrified at our stupidity or dishonesty, or both. Even England, whose gold is said to be used so freely to buy Senators and representatives to vote far revenue tariffs against protection to monopolies called American industry, is held ud now by the gold monometallists as an example worthy ot all imitatton; her financial policy is lauded as the perfection of human wisdom. Fortunately the official reports over throw ail the reckless assestions of the cold worshipers. The . Itegister of the Treasury . (see report for this year, page 4), shows that out of $1,071,-4MJ,-i- regisiereu oonus 01 tue -uneu cimes outstanding only $11.927.X0. or a little over or.e-tenth of 1 per tent, is held abropd. and of those which can be paid before 13:2, foreigners hold . only 31,100, which is less than tbe interest on thexnoney now lying idle in the Treasury for one day at 3 per cent, per annum. These facts, coupled with the fact that our exports of goods exceeded our Imports $130,000,000 this year, and our imports of $?old exceeded our gold export $t!,213,304,1im amount greatly exceeding all oar bonis held

abroad, settle the question. ".The falsity of the clamor about foreign complications or gold premium is made too apparent for any sensible man to be deceived by it The press is filled with articles day by day which seek to make people believe that all other Kations have ceased to coin silver, and that we alone are stubbornly persisting in forcing it upon this country after it has been abandoned everywhere else. I propose to disprove these allegations by officially stated facta. The Director of the Mint in his last report shows (pages 131, 132) that of the vear 1384 the world's production Of gold was $05,202,5tilJ; of silver, $115,147.878; and that $1)0,459,240 of gold was coined, while the coinage of siiver last year amounted to $00,039, 443. of which the United States coined $23,3)1,75) of gold, and $J3,534,8w of silver. Other Nations, therefore, coined, in 18S4, $01,504,577 of silver, showing that we are far from being alone in the coinage of that metal. England coined ?3,201,82t of silver last year, and $6,201.517 the year before, to add to her stock which has been accumulating for generations; while she has coined silver for India in the last three years to the value of $68.234,0u0. The workers for wages in England to-day get their pay in silver coin, and the question is neyer mooted by them as to the comparative bullion value of the silver and sold coin of that country. Even Germany, notwithstanding she pretended to have demonetized silver twelve years ago, coined in 1882 $,- 407,157 of it to add to her vast stock on hand; her laborers are paid in it now. No complaint is made anywhere, here or in Kurope, about silver coin, except by the holders of our bonds, who seek to increase largely the purchasing power of gold, or, which is the same thing, reduce the value of all our property from 25 to 50 per cent below its present value when tested by the single standard ot gold, which they claim shall be paid by us to them and to them alone. They do not seek to establish the single gold standard, they say; they are bi-metal lists. They agree that silver is a legal tender for all debts and oblifations of the Government except those held y them. It is .good enough to- pay the laborer, the soldier, the sailor, ia ?aort, all who work for the United States, but they insist that it is dishonest in us to pay it to them, although their bonds and obligations show on their face that it is a legal tender in payment of them all so long as it is coined of the standard value fixed by law, July 14, 1370, as it is now and always has been. Our dollar is more valuable than that Coined by most of the other leading nations, France included, theirs bearing the relation of 15)i to 1 with our gold, while ours is 16 to 1. I need not repeat in detail what the official reports show in regard to the gold, silver and paper currency of the several countries. It is sufficient to prove by them that while the difference in the market value of gold and silver-in London operates to degrade their silver coin more than it does ours, France and other countries maintain their silver and paper in all transactions, public and private, at par with gold under far greater difficulties than we have to contend with, no matter from what standpoint the comparison is made. The Comptroller of the Currency in his last report, page 20 says : From Information communicated the State Department by the Minister of the United states toFrance, it appears that notes of the lUnk of France are lesal-u-nder, and are redeemable at sight, either iu gold or silver live-franc coins, at tbe option of the bank (silver coins of smaller de nominations beinir legal-tender only to the extent of fifty francs). On Ottober 1. IMaö, as shown by the returns of the Bank of France, the notes in circulation amounted to 2.7si,0."d,9:X francs, the bank holding at that time cash amounting to2.2t3.'J,sö:; francs, of which 1,102.987.4:54 francs was gold and 1,102,649.41'J franca silver. It will be observed that the Bank of France alone holds more silver coin than the total silver coinage of the United !s totes. Up to July 1, 1SS3, we had only coined 20;!.:o,0(H) silver dollars. The silver coin in the Bank of France, at five francs to the dollar, amounts to $220, 529, S3 4, or over .s17,500,.hk) more than our total coinage. How many millions more are in the hands of her people I am not advised more, perhaps, than are held by the Bank of France, yet they are all a full legal-tender and all as eood as gold. France is little more than two-thirds as large as the State of Texas; her internal trade .and commerce is a mere bagatelle com pared with that of this almost boundless continent; her population is not two-thirds as large as ours, and far less enterprising; her foreign commerce is much smaller than ours; gold can be transported from the Bank ot" France in Paris to the. Bank of England in London in a few hours; they are not so far apart as New Yorlc and Vahington. Why is it not done? Why is she not brought to the so-called degraded silver standard? Five more years of coinage of silver at the present rate will not bring ours up to hers either in volume or pro portion to gold. Simply because her officials and her public creditors sustain her silver and do not repudiate it nor seek to degrade it as ours have done for years past and stiU continue to do in violation of the plainest provisions of law. As I have stated in the preamble to my resolution, our customs dues are made payable in coin, and Section .J.OKl, Revised.

statutes, provides that The coin Dald for duties ou imported troods shall be set apart as a sixx-ial fund, and shall be applied ns follows: First, to the payment in coin f the interest on the bonds aud notes of th United Mates; second, to the purchase or payment of 1 per cent, of the entire debt ot the 1 nited states, to De maae wunin eacn nseai year, which is to be set aoart as a sinking fund, etc.: third, the residue to be paid into tue Treasury. No Secretary of the Treasury can mistake his dutv under that law; bo public creditor can complain when the interest on his bond is paid in the com wtucn is set apart as a special fund, first from the payment of the interest due him. Yet millions, hundreds of millions have been paid for duties on imported goods since 1373 in silver coin and silver certificates, which is only a conti ent form of handling silver, as the coiu they represent is ours when the certificates are paid to us: yet not one dollar, so far as I am advised, has ever been paid in silver as interest on the public debt or in the purchase of a single band lor tne sin King tuna, tnougn it has been recognized as a coin which constituted' the special fund created by law by its acceptance in payment of duties on imported goods. The public creditors have unjustly demanded gold for the interest on their bonds without any semblance of right and every becretary ot tne .treasury has disregarded the law and acceded to their demands. Our officials have thus aided and abetted the organization of the most power ful body of capitalists in tlie United states against silver coinage r men who control the currency of the country and hold the obligations oi all its business concerns; men who can inflate or contract the circulating me dium ujon which all our commercial transactions depend; men that hold $737,742,850 of bonds of the United States maturing in 1H07, on which they now demand a premium of 24 per cent, and seek by striking down silver still further to increase their premiums. They hold also $250,000,000 of our bonds payable in ISM, which they seek to enhance the value of even beyond the twelve per cent Dremlum they now command. These men control boards of trade, chambers of commerce, and the best talent of the press; they can crush all who are in debt if they dare to dissent from or objec t to the demands they make; the reports of their conventions and speeches are laid before us with a parade and semblance ot authority equal to the retort of the Secretary of the Treasury or the message of the President. I shall not be surprised if they dominate this Congress, but it will be after I have entered my protest against it and have given to the country my reajons for so protesting. If the managers of the finances of France had treated her silver coinage as our officials have ours she would have been prostrated. financially, at the feet of England and Ger many long ago. "Why have the holders of the dishonored trade dollar been Importuning Congress for years to give them in exchange for it a standard dollar containing 412.V grains, while it I contains 4207 bimpiy Decause one is a legal JLtcndec and will pay the ueott ot its owner,

and the other will not Y'et 'tested by the bullion value the trade dollar is worth the most. "When our Treasury officials yielded to the clamor of .the bondholders and violated tbe law by admitting their right to refuse silver received at the Custom-house in payment of the ' interest or principal of their bonds, they degraded our standard silver dollar by deriving it of its most important function as a legal-tender; and now, having captured the executive branch of the Government, the bondholders and their attorneys are besieging Congress to enforce their demand for gold alone in the settlement of their claims, all law, justice andequity to the contrary, notwithstanding, bv striking down the silver of the standard value of July, 1870, which they then demanded and inserted in the face of every bond they hold as one of the coins in which the bond should be paid. It is hard to do justice to their audacity in temperate language; I hardly think I am able to the task, and will not attempt it I can, however, get the facts before the people. The last report of the Treasury, page 37, shows that the receipts at the New York Custom-house for the fiscal year 188a, were paid as follows: United Rtatea legal tender note tW.lCl.OOO. or 28.9 per cent. United blute gold cola 1,544,000, or 1.2 per cent United States gold certificate 42,779,000. or 34.1 per cent.United htates silver certificates 44.6(50,000, or S5.6 per cent. United States silver coin- .. 134.000. or 0.4 per cent. Total S 125.302,000, or 100 per cent It is fair to assume that the payment- at the other custom houses were made in substantially the same character of money. It will be observed that more of the customs dues were paid in silver and silver certificates than were paid In gold and gold certificates; all of it is by law a special fund, which can not legally be paid or covered into the Treasury till the interest on the public debt is paid out of it, and the bonds for the sinking fund are purchased or redeemed. These, together, required about $103,000.000, yet nof a dollar of silver has been so applied; it is paid into the Treasury and held there, and a clamor is raised that it can not be ffgain got into circulation. If the law was obeyed and the bondholdervrequired to take the same proportion of silver dollars the Government receives through its Customhouses, the bondholders would have no difficulty in getting them all into circulation ; and when it is made their interest to maintain and support the silver they own we wculd hear no more about its being dishonest money.. The Secretary says (page 14 of his report) that the balance in the Treasury has been increased from the 4th of March. 1335. to the 1st of November, 153.", $53.053,702.27, yet there has been no reduction of the interest-bearing debt (and that is a burden on taxpayers) since November, 1834, certainly not since March, 1835. The monthly report shows $l!4,000,OW of 3 per cent, bonds then outstanding, and precisely the same amount in November. How is the surplus silver coin to get out of the Treasury if the Secretary refuses to pay it out for interest and refuses to call in the bonds which are now payable? There is no more etlectual or pernicious method of contracting the currency than by collecting by taxation a large sums in excess of the needs of an economically administered Government and locking it up in the Treasury. Every dollar needlessly taken from the taxpayer wrongfully deprives him of that much capital, which he needs and labored to obtain, and when it is locked up the circulating medium which all the people want is wrongfully withheld from them. The thief who steals and squanders an unneeded surplus locked up in the Treasury vaults would inflict less injury on the country and its business if the money he stole was put in ciiculation, than a Secretary who holds and hides in vaults currency which the people want, and refuses to use it t p:ty the debts, especially interest-bearing Jeots, which the men who own this money owe. It is to raise a clamor about a surplus, bat it will be more difficult to explain to the people why such vast amounts of the money they have been so heavily taxed to furnish is lying idle in tke overloaded Treasury vaults, and they deprived of its use, while interest is running against them on bonds which can be and ought to be paid. The idle money when paid out for interest on bonds would at once be released and restored to circulation. Speaking of circulation, we are constantly told that there i now a great abundance of it outstanding; indeed, we are officially advised that the legal tonder notes and the silver certificates should all be withdrawn I presume Decau of the superabundance of currency. Let us look for a few minutes at the efiect of these recommerdations. if carried out, and see how far these certificates are now used as currency. It was the avowed purpose of the advocates of both gold and silver certificates, and I was one of them, to furnish a safe, convenient paper currency, every dollar of which could be used just as the coin paid for it could be, and which would be

secured bv the deposit of an equal amount of coin in the Treasury. Xo better security could be a&ked or eiven. It was not thought desirable to have tbe coin of either metal exposed "to the risk of loss or reduction of value by the abrasion which necessarily ac companies its active use. The transporta tion of both was known to be dangerous and expensive; all the expense and risk, as well as the deterioration of the coin, was avoided by the use of the paper substitutes, while the United btates were sure to be amply com pensated for ail the expenses incurred for vaults, custodians, ana everything else. We I mean by we all the people re ceived a coin dollar for every paper dollar issued. e only pay ont the com on the paper brought back to our agents. All of it that is lost by fire, flood or the thousand ac cidents that all transitory things are subject to is our gain. A e had experience in operations of that sort, and knew that they were rofi table. " Forty-five millions of dollars of actional currency was issued. We afterward called it in for cancellation, and we now know that $15.000.000. or one-third of it, has been lost or destroyed. We made $15,600,000 out of that issue, as we received full consideration for the whole amount issued. We only redeem such National Bank notes as are returned ; and the amount now known to be lost is so ereat that the Comptroljer Is devising all sorts of ingenious plans ia. hs report to get it away Irom us lor the benefit of the banks. None of them lost any of it The people who borrowed it or worked for it, after the banks got value received for it, were the sufferers; yek the Comptroller wants it all for the banks. I expect thy will get it They have as much right to it as to have their interest and principal paid in gold alone, or to have our silver stricken down. I have no idea that $.'500,000,000 of the $346,GW,000 of greenbacks charged in the reports as outstanding could be returned if they were called in to-day. All lost is clear profit to the Government It is a sufficient answer to all the clamor about expense and vaults that the coiu is preserved from loss and from abrasion, and that our gain from the loss of outstanding, if it is kept in denominations in which it will circur late, as it ought to be, will amply compensate the United States for all the expenses of its Fafe keeping. The object we all had in view by keeping in actual use paper substitute for gold coin to the extent of the coin deposited has been grossly . perverted. The coin is locked up, and four-fifths of the certificates issued are of such high denominations that they are of no sort of use as currency. The Treasurer's report, page 23, shows that on the 30th of June, 1885, the outstandContinued on Third Page. iold Fields, That pan out richly, are not so abundant as In the early California day. but those who write to Halle it Co.. Portland Maine, will, by return mail, receive, free, full information about work which they can dot aud live at home, that will pay them from ö to $25 per day, and upwards. Either sex, young or old. Capital not required; you are started in bustnea free. Those who start at once are

KNOTTY PROBLEMS. Our readers are invited to turntek original eoff maa, charades, riddles, rebusea and. other "knotty problems." addressing all communication relatire to taia department to JC B. Chad bo urn, LewLstou, Haine. No. 1440. A Riddle. - Why am I left In the shadows I who was elder bora, I who who was queenlr and gracious W hy do my children inouru-? Why wore they matched from my bosom. Hurried across the wave, Tortured and sold and hardened By the terrible life of a slave? Oh, tell me, why waa I chosen, I and my Lster fair. Whose haud clasped mine in our gladness. Why stand we ruined and bare? I ask but there comes no answer Hit of the seorchinir air; The famls of the desert mock me With a mirage bright and fair. And my tuneless atntue haunts me With its silent stony elare:

And wreck and desolation Meet me everywhere. I oue&tion the Sphinx in sorrow. But no answer can he rive; I climb tbe gloomy pyramid; I would die-and yet I lire. Will she come the star-eyed maiden, Daughter of heavenly birth : Will she make my deserts blossom With the beauty of tbe earth r Will she teach my dusky children A higher rath to tread? Will bhe raise my fallen fortunes And crown my long-bowed head? I wait in the solemn stUlness With eager, wistful eyes. And gather the buds of my lotus . Under the star-bright Uies. VaKDOLTS. No. 1441. An Anagram. "Nine apes" net forth to seek a home Where they might live at ease; O'er all the western world did roam. Then crossed the rolling aeaa. Through Asia, Africa they paaeed. Through Europe by degrees; Ihey shunned grim Russia's wintry blast, "E'en ferxiN"' did scarcely please. But when they saw Italia's face. And felt her baVray breeze, Her mountain rängest once did trace. And fix their home iu these. J. K. P. Baker. No. 1443. An Enigma. I am a wordof letters five. And am. no doubt, an adjective, Whose definition we may call Pertaining to a city's wall. . This may all be very true. And yet you'll say 'twill hardly do For giving a sunicieut clew To guess my name. Reverse me then; Ke what you get an 1 try again. Indeed! a noun now comes in si?ht. And one whose name suggest aflright, Something startling, catisig fear. As if some foe were l:rkiu; near. This ought to make iny meaning clear. No. 1443. A Charade. First not tbe shadows tart fall on your path, Lue Is too short for grief ! Be merry and cheery and czj as you please, And wild as a flying leaf Think of the shadows last and last, Aud last and last they'll grow: Mtke much of the sunshine a ever you can, And round you a glory 'twill throw. Life Is too short for a Rloomy thought, Bo merry and cheery and m.l; Be wild if you will, as a flving leaf, Or light as a thistle ball. Joe Amort. No. 1444. Arget and Demon. Sometimes I'm prayed for a;n angel of grace Sometimes prayed agairu-t, at tue scourge of the race. You can't live without me, though sometimes tistrue You're glad to escape me befora I go throush. I came from the east, the north, south and west. And 'tis .'aid that I die if I tarr? to rest. Wherever 1 come from, wherever I go, Nobody sees me. and nobody can. know. I'm viewless, pot joundless I'm tameless and ire-e. Sometimes I'm on land, sometimes at sea. Bometime I'm harmless as a child at his play, Aim sometimes a city 1 pou in a aay. ARLIX6T0X. No. 1445. A' Numerical Ku5gwa, With 12, 3, 4, do I write. The stock ,r. H 2, 5, . 7 : The whole, where grew tUs wood so light, Italian mountains, rise Toward, heaven. J. K. P. B. No, 144G. A Double Acerofttie. Words of eight letters. The- initials and finals are alike, and are the same-as tbe 1 and 8. 1. Far. far awav, in eastern clime. The sacred iaws I name. 2. In a famous sacred order The highest place I claim. 3. As oft you rt a.L, in fables- old. I name the immortals1 food. 4. And now a tumor hard you fiudv Not classed among the good-. 5. Within the din cathedral wail My proier plaoe appears C. With bristles 1 m thickly set. That cause full many tearK 7. My business is but to record, Te argue do not pause. 8. Again you hud. as-at the first. Those noted sacred law.. U 5 DISC Answers. 112f;. A chimney. 1427. Shakspeare. 1428. Livid, ill, doe; advice-r Arags. 1421 Euphrates. 1430 Hope-less. 1431. Oolong. 1432. Death. A- Scii on er btmJt. W00DMOXT, Conn., Je Jh About 7:30 o'clock tbia morning a. sohooner was-discovered sutfc.a mile off Charles Island,. One m&n was seen dialing to the rigging. A. retiring party started In a small boat, but had to put back on account of t hehigh sea. A tug waa- sent to the rescue, but before it reached the schooner the man had been washed away. It is-auppoeed that the whole csew have been lost. Young or middle-aged men, suffering from nervous debility op kindred affections, should address with ten cents in stamps for large treatise. World's Kspensary Medical Dispensary Medical Astaaratton, Buffalo, N. Y. In JjlU. for Bigamy. Special to the Sentinel. Mattoos, 111., Jan. 9. In the County Jail at Paris Ilea George Womsley, who is held on a charge of bigamy.. Hals-notyet forty years of age, yet there are living sven women who. have- at different times acknowledged him a husband. His hist venture in. tne matrimonial line was with Mrs. Lizzie Mocoe, of Paris. It is alleged that he did not take the precaution to procure a divorce from tne preceding wiie. ana nence ni imprisonment He h& had thirteen children. A LÄDT'S SECRET. The ladies of the Court of Fiance possessed a secret that should be known by every lady. Send 2-cent stamp for sealed circular in plain envelope. Ec?opean Medical Co., 238 North Ninth streetThiladelphia Pr. HUMPHREYS' Karxal cf 1 liiere-, 7 F. Kutrnarrs, h. d EICDtT BOCND nf CLOTH and GOLI Mailed Fre. ust ot ranrcrfAL xos. 2 3 4 ft e Kevera. Outfrntion. lctlummfmOTU... - -U7. I'LTtViini riolin. - Crvinc Colic, or Twtan of Infanta. niarrhe llvaente rv. Griping; tiliooa Oouo... .2 S .25 .2J 4 Cholera , Moron V Airiniy - Cough, Cold, üronchiU. euralla. Toothache. I aoeacne..... Headache. tiic,Hedach, Vertig.. HOMEOPATHIC 101 11 Dyspepsia. u.i:AM. kt.iM.Ah . - .5.1 II I' II. I, rwilinvu.....". 12 13 14 1ft 1ft 11 20 it 11 du.. k PmfuM ierioda,....n... npprrwri or 1 ainiui rrrifi.. . . 1 1 : rl 31 Croup. Cough. UitncoH iirinin. Croup. Couao. uimcui urr.m .. Fere and A". chüla Malaria..... .ÄJJ Pile, blind tr hleedinw............,. Catarrh. Influenja, CM In tha Head, .ft I lue"aMVbUltvhjoalVakoa .fit 97 I v h loueaaea of tn Hrt. l'alUtKm-l.X 15 P EOIFICO. Hold hr Drnefr!1. or iwnt tvrtp! on receipt of irfc-ia auucuif i,. w tu , ft, 1.

pr-EAPACHK , proceeds from a TORPID LIVER AND IMPURI

TIES OF THE STOMACH. It can be invariably cured by taking . SIMMONS' LIVER REGULATOR. Let all who suffer remember that 6ICK AND NERVOU3 IIEADACIIE8 can be prevented by taking a dose as soon as their symptoms indicate tbe coming of an attack. "I waa for many years a perfect martyr to Headache and Dyspepsia, and sometimes thought would kill me. And after trying to many re medio that I began to think them all of no account; but finally concluded to try Simmons' Liver Regulator, aad I am now and have been for fifteen years a stranger to a Headache, aud in my ease it not only relieved me, but has effectually cured me; and thia medicine I can recommend, for it Is no humbug. "fi. B. ODOM. Putnam Co.. Ca." "Please und me i package of Simmon' Lirer Regulator. I hare suffered for fire years with th Sick Headache, and find it U the only thin; that will give me relief. I freely recommend it for Sick Headache. Yours, etc., "WARREX J. ALSTON. Arkadelphia. Ark." T used a bottle of your Liver Regulator when troubled serioualj with Headache caused by Obnetipatlon. It produced a favorable result without hindering my regular pursuits in busiuess. 1 regard it not aa a Patent Medicine, but aa a ready prescription for a Disordered Liver. "W. W. WITMfR, Des Moines, Iowa" "The bottle of Regulator has entirely cured my mother of Dyspepsia and a Nervous Headache. SN has suffered with both complaints for more than five years, having tried everytning until induced to try Simmons' Regulator, aud I am happy to say that bhe ha neither the Sirk Headache nor Pyspepwia. You can publbh this to the world it it will benefit human kind. J. J. SUEER3, " "Quincy, Fl. SHIMONS' LIVER REGULATOR Ia manufactured only by J. H. ZEILIN & CO., Pricefl.OO. PHILADELPHIA. BBt5tin'tEEViorTcL TO gONSUMPTIVES. 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Over ;,000 others similarly aÄicted have already used this medicine, which for time introduced has saved more lives and is effecting more cures than all other remedies. It Immediately relieve, the distress from asthma and bronchitis, so thesufferer can lie down and enjoy refreshing sleep. Believing this to be the greatest discovery in medicine ever known and will be the means of saving Bsillions of lives, and to -show my sincerity. I will; send two bottles and- large circular filled witfc. testimonials free to any KifTerer. Give expre and P. O. address. Bowver Medical k..lS:läslaia street, Bbarpsbure. Cut this out. as it may n. appear again In this paper, bold by Browning k Sloan, Indianapolis, aud all leading druggist. 25 rent and si bottle. Ask for Dr. Bowyer' fountain Herb Balsamic Syrup. SAY! TOUNQ LADT OR GKNT, LOOK H&aSl Rid yourself of those Pimples. 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