Pike County Democrat, Volume 27, Number 40, Petersburg, Pike County, 12 February 1897 — Page 5

THE ISSUE OF MONEY. That la Purely a Government Function. d VO PAST OF BAXQVO BU8HE8& , ft 1* » rnM rpoa thm hr ite flimn u—i it to ladoiM But Notes for Ctrealattoa Wto II OmXmm Its Ow*. One of tbe stock phrases of tbeeohemera for the restoration of tbe old rotten state banking system is that “the government should go ont of tbe banking business" by retiring tbe greenbacks. It is probably real igmoranoe on tbe part; of most of these people that makes them repeat this phrase. Tbe issue of money is no part of “tbe banking husiness.” That is purely a governmental function. It is just as extraordinary a grant of power to allow tbe issue of paper money by private corporations as it mould be to allow those same private corporations to establish mints for tbs coinage of metallic money. Paper currency unsupported by any governmental guarantee would only be as good as tbe credit of its manufacturers. It requires no law to allow Smith or Brown to issue his small notes payable to bearer on demand, and if Smith has sufficient credit to induce people to take bis little notes in lien of money, there can be no objection to it. But there should be no pretended control of Smith by the government in tbe issuance of bis notes unless tbe government is to guarantee them, because that would deceive many into tbe belief that tbe government would pay if Smith did not. It it a fraud upon the people for tbe government to indorse bank notes for circulation when it can issue its own for that purpose. Let tbe attend to tbe banking business and let tbe government exercise exclusively tbe sovereign jaerogative of issuing metallic and paper money. All congressional schemes few any paper money other than that issued by tbe government on its own account are merely conspiracies to give to private individuals tbe right to use the printing press for tbe manufacture of paper *> currency, which shall cost them nothing and which shall pass current as money under3 an express or impiiod guarantee by the government. These will take tbe form first of amendments to tbe national banking laws, to increase tbe amount of tbe notes which 4he banks m^y issue on their bonds and to reduce tbe tax now imposed on tbe hunks. if this step can bo taken, it will be followed by attempts to elect a congress which will do away with tbe deposit of bonds us security for tbe bunk circulah tion. Tbe movement to retire tbe greenbacks is a scheme for the wholesale robbery of the people by tbe ultimate substitution of worthless rag money, redeemable in gold when not presented for redemption and redeemable in nothing when it is presented for redemption. * miAcroniic vc AD

tor Um Iwr ISM. Bnditrrat'i renew of the butow of the pact ymr, cava the Kansas City Times, maim n discouraging, uot to say appalling, chocring. It chowc the tiumber of failures in 1896 to be the largest over reported with the exception of l(W4 and 1893, a hick were panic yean. The failures reac hed the enormous total of tfi.ll*. with total liabilities of $247,* 000, f 00, and marked an increase of 10 peer cent in excess of the total failures for 1895. The decream in bank clearings as compared with the previous year was 3.8 per cent, In its summary of causes Bradstreet’s cites the political conflict through which the country has just passed and the precipitation upon the people of the necessity of drafting a new tariff measure to supply the needs of the treasury as largely responsible for bringing about the dismal results enumerated. Thom nances may base had something to do with hastening many of the business disasters of individuals, firms and cor porations, but the explanation of the conditions which led np to them will have to be sought farther back in time and at more numerous points of origin than the ones mentioned. VERY LIKE HUMBUG. Senator Wolcott of Colorado has been visiting the president elect at Canton, O., and it i* announced that he has the McKinley indorsement of the Wolcott plan of carrying oat the promise in tbs fit Louis platform for bimetallism. Hs is to he one of a voluntary commission to go abroad and to cultivate whatever disposition there may be them to have am international agreement. This is “vary like” a humbug The people of Colorado are ardently for silver, but Mr. Wolcott stopped at the halfway bouse, while his colleague, Mr. Teller, went the whole length. It it doubtful if Mr. Wolcott's constituents ran be deceived by the "international agreement” fad.—Cincinnati Enquirer. Gin We Help to Treat*. The safe rule for cotigress to follow is to deny tariff benefits to all trust iu- ( tercets. The lhematic* at a trust should toe the signal for the removal of the tariff on articles dealt in by the tract, and in determining tariff schedules congrew should thoroughly investigate every hint of trust organisation. This should be the rale in all trusts, hut especially in those dealing with neoeerities and with material which goes into the production of improvements in Warn XUi Ova. ? Mr. Addh cs goes right ahead talking About “my mao” in the Delaware legislature. Mr. Addicka is not afraid te plaint hispuivhwme Wtdifngtnn Pan.

M’KINLEY'S POSITION. ■* limn r—t‘,M— M >• b T«r Senator Woloott, wbo is chairman of the committee haring in charge the of international bimetallism, has been out to Canton to aoond Mr. McKinley on the subject, mjn the Atlanta Constitution. He has returned to civilisation, as it were, and has been subjected to the inevitable newspaper interview. He talks very hopefully, hot not cheerfully— I that is to say, be found Mr. McKinley willing enough to make some remarks about international bimetallism, hut the president elect was very particular to say that he wanted senators engaged in the movement to state his position oonservatively. He interned Senator Wolcott that be "intends to nee all proper means to carry oat the pledge of our platform,’' hot j — It is true that Senator Woloott does j not use this ‘‘but.” bat there seems to ; be a warm place waiting for it ail j through his remarks. We should be glad to see the Repob- | licans carry out theirplatform in all re- ] i spects, especially in this respect, but— i Mr. McKinley doesn’t want anybody to 1 misunderstand him. He is not in favor | of bolding out false hopes that he is in favor of restoring silver at home. He is i wilting to smile pleasantly at those who are in favor of international bimetallism ; he is even in favor of going to the j length of admitting that he is not averse j I to it, bat— Well, whatever the Republicans pro-| I pose to de they should make haste about i ; it, and whatever they propose not to do I I they should announce. Let the people i I know what they have to expect, whether | | it be much or little. ----— THE BANK FAILURES. I The Lmns TMfht Ii That They Should Not Be Allowed to low Money. One of the lessons of the western j 1 hnwk failures is that the supervision of j | the federal government is worth very j ! little, and as the supposed good results I of this supervision are used as the chief | argument for letting the banks issne pa-1 ! per money at considerable profit to i j themselves and cost to the public, it is i dear that they are granted this extra privilege on false pretenses. The champions of gold are now keeping np the cry that the right of issuing | paper money ought to be extended still farther in the cam of tba banks and that the government withdraw all its treasury notes, car greenbatjcs, in order that there may be room for as many or \ more additional national bank notes, j This is called "taking the government out of the banking business." as if the furnishing of s circulating currency, available generally in payment of debts, ! were a purely hanking function and not j a government one. The more sensible plan would be to deprive the banks of the privilege of issuing notes and compel them to confine | themselves to their proper business of j receiving deposits and making loans. ; The coining of gold and silver into; money is a right reserved ander the can- [ stitatian to the government alone, and j | there are many reasons why the paper S substitutes for gold and silver should ! not also be absolutely controlled by the nunc power. If (be banks were made safer through the enjoyment of the privilege of issuing notes, there would be some excuse for continuing the present policy, of favoritism, bat, as the present developments once again clearly show, they are nothing of the kind.—New York Newt

I INDUSTRIAL PROGRESS. Cadtr Favorable Monetary Condition* Wo Would Lead the World. The Chicago Journal of Commerce in a recent issue publishes a table showing the phenomenal growth of manufacturing industries in the United States since 1830. From this table the following figures are obtained; Nuuiber of i •etablUhmenta. Capital. Hands. MM.... 123.L3 1M0 ......... 14U.40B WTO . 252. MS ISO).. 254S52 1290. 355.401 t €33.245.351 SK.UM 1.311.248 S.113.308.7M IQHtflM 2.700,272.0* S. 7^2,506 8,524.474.306 4,711.432 These figures convey some idea of the industrial and commercial importance which the United States has assumed within the last 40 year*, while at the same time they suggest the infinite poe•ibilitieewbich the future bolds in reserve. Under favorable monetary conditions there is no reason why the United States should not become the leading market of the world in manufactured articles as well as in agricultural products THE OLD HUMDRUM. McKtaluy WU1 Dvvatu His iMigh* Is lSabtow a Kcw Tariff. Having disposed of Senator Wolcott’s proposal to reopen : European negotiations far a silver ratio by giving his j foil permission to the attempt, the president, after the 4th of March, will call i his extra session, and the old humdrum tariff debate will he tinted ovt to befog I and delude the nation. The Democrats in congress should welcome the opportunity of reuniting their forces and making battle against protective theories and against the tax*I tion of the many for the benefit of the few.—New York JS*ews Hanna's Republican national committee ought in justice to make good the losses of the bank depositors in Chicago St. Panl and elsewhere, whose confideuce in Republican predictions of prosperity has been so cruelly abased. They would probably be willing to taka even **60 sent dollars” in settlement McKinley should be very careful to appoint an acceptable minister to the court of tbs New York Evening Post As a foreign power The Poet is coming rapidly to the front

PROPOSED LUMBER TARIFF. The discussion relative to the proposed tariff on lumber bee degenerated into a controversy between the men who are earring American pine and the men who are catling Canadian pine. The consumer seems to have been lost sight of altogether. From the arguments thus far sobmitted. it may be questioned whether Ira has any rights whieh the congress of the United States is bound to respect. In mare respects than one the old tariff on lumber was a direct hold up of the consumer. It did not protect Amer-! iean labor in the least. The Michigan lumbermen were in the habit of employing Canadians each winter to work in the woods These men as a rule worked tor less than the American laborer would work tor. They had no opportunity to spend their wages, and they saved nearly every dollar they earned. When camp broke in the spring, they returned to Canada to spend the money they >»«ii gained at the expense of the American laborer and the American consumer. The Michigan lumbermen who are now operating in the Georgian buy region are really doing more for American labor than they did when they were slaughtering the forests of this state, j While the logs are cut and scaled and i rafted by Canadians, the sawing, piling . and shipping are performed by Ameri- j can laborers, or by men who live in this | country at any cate and who expect to j continue to live here. If the lumber interests of the country! have suffered during the commercial! depression, they have suffered no more than any ether interest* It is asking a little too much of the farmers of the west, who receive no benefits from a ■ protective policy wnhffver, to demand s that they shall pay * thousand more j for the lumber they pie. when the prin- J oipal beneficiaries from such a cause will be the pine land speculators who are holding their stumpage for an increase in prices.—Detroit Nows. THAT SAD NOVEMBER DAY. The People Are Uectanlnc to Realise They Did e Sorry Piece of Work. There is voluble insistence in the Republican press that Mr. McKinley and the congress elected with him shall be permitted to carry out their policy, says the St. Louis Fust-Dispatch. As the recent campaign shaped itself and on the overshadowing issue which dominated it the McKinley administration will be without any new policy. The Republican party stood for the maintenance of the gold standard. It denounced the proposition to abandon that standard as an experiment which i should not be attempted. Accordingly, on that question its policy is to do nothing. And certainly there will be no minority in oougress fatnocs enough to attempt to force it into silver legislation. All it has to do is to use its majority to maiutaiu the status qua That is the only policy for which it has a dear mandate from the people. As to methods, the strongest opposition to the retirement of the greenbacks comes from the New York Sun, a strong gold organ. The Sun insists—and logically enough—that, with all currency based upon gold, all paper money, whether greenbacks, buuk notes or coin certificates, must bo redeemed in gold, and that if the run on the treasury is to be stopped it will begin on the national banks. The Sun voices the thought and purpose of Wail street. The country is soon to learn what a; sorry piece of work it did one sad day j last November.

A BANKER’S VIEWS •p—ant Sm How the Tariff Cu Be Profit- | abljr lacreawd. Unless the revival of business becomes mncb more tangible than it is at present it is not likely that the imposition of bigber rates of duty will yield , the treasury snfficieut revenue to pay its way- To force prices of imported art iclee j up to a higher point and expect the j trade in them to continue undisturbed ; is hardly reasonable in times like these, j If, therefore, a higher tariff should tend I to discourage imports, the loss through i diminished imparts might be greater, than the gain from the higher rates ac | tually imposed. Of course if cousnmp- j tion generally increases and trade be- j comes brisk the tariff might be increas-1 ed to a degree sufficient to prevent dell-j cita without injuring our foreign trade, j But it seems to os that a measure which | would impose additional duties on an i article of domestic manufacture and general consumption would be a wiser | act than a revision of the tariff in favor , J of higher duties at the present time.— , American Banker. The People Are All RfeMThe St, Louis Globe-Democrat, monthpiece of McKinkyite wisdom, assures its readers that “the business clouds will disappear if the people will only keep their head& ** It need h^re no fears on this score. The people may be depended on always to keep their heads. But while doing so they demand that the party which is now in control of national affairs fay popular verdict shall perform the promise to restore the conntry to the enjoyment of business prosperity an4»awakened activity in every ; field of industry and profit Why continue this talk about retiring greenbacks? Let us talk about greenbacks that are not so awfully retiring as those of the present What this conntry needs is greenbacks that go out and look for a man who has labor to dispose l * . ' Tt*~ly Wanda* ] We advise Mr. McKinley not to make ton much of a precedent of providing for Republican candidates for emigres* who faked to be sleeted. If he does, he will hnve his hands foil two years from now.

VHE LOSS OF MEMORY. Peculiar Characteristics of a New Disease. ATTACKS P0LITI0IAH8 OILY. Som« Remarkable Cases of FwictfUam. Major McKinley Is Badly Afflicted—Cam sot Remember That He Erar Made Sneer Speeches Other Notable Cases. It baa frequently been rc-narked that there are styles in diseases as in everything else. Appendicitis was all the rage and is still very much fancied. Its rogue, however, is now threatened by a disease which, although neither new nor. correctly speaking, contagious, has spread with alarming rapidity. It hi oommonly called loss of memory. This disease possesses some peculiar characteristics, the ohief of which is that the victim forgets either a part or all his transactions and knowledge relating to a definite period. Frequently he forgets all his former life and even his own ideutity. As might be expected, among the sufferers from this disease are those individuals who have done something that they find it convenient to forget Swindlers, for instance, and especially those | who coaid not very well contract klep- ! tom an i a, are very prone to it Politicians are also exceptionally lia- ' ble to loss of memory. John Sherman, for example, forgets ail aboot his shrewd work in getting the act of 1873 on the statute books. Senator Thurston forgets that he made numerous silver speeches before his engagement by the Union Pacific. John G. Carlisle bat dimly re members his long fight for the white metal. And John M. Palmer, who “also ran’’ for president, cannot recollect his famous protest against the interference of federal troops while he was governor of Illinois, and his mind is almost a i blank on that part of his life when he was editor of a paper that vigorously , argued for principles he now condemns. : The most surprising case, however, is i that of Mr. McKinley. In his numerous > speeches he has such a confused notion ! of what he has 6aid before that we find ' him gravely asserting in one place the : hrasen lie that the foreigner pays the ' tax and afterward openly admitting; that the consumer, not the foreigner, pays it. He now forgets, moreover, his frequent speeches in congress for free silver. It so totally escapes him that he once bitterly arraigned President Cleveland for antagonism to silver that he is now inclined to bold President Cleveland responsible for the agitatiou for free coinage. Loss of memory hes taken place on a grauder scale. The east, in its V’rtuocs indignation at the refusal of the rest of the country to consider the income tax decision of the supreme court irrevocable, forgets that the court once declared the income tax constitutional. In their anxiety lest we be lackiug in awe of that body, the easterners forget that they denounced the Dred Scott decision of the supreme court and refused to abide by it. They do not remember that in the present year they abused the supreme court for its finding in the “Jim | Crow Car” cases. They are totally unconscious that from the foundation of the government they havo vigorously and bitterly denounced the supreme j court whenever they felt like it. Loss erf memory is rarely fatal, else , the mortality among politicians, profes- ; sjoual and amateur, would be terrible. | It ha« serious consequences, however, i since it tempts government officials iuto forsaking truth for place and popularity. It is especially dangerous when it leads people into condemning as criminals and lunatics others who are only holding the opinions they themselves have i jund it convenient to discard.— j Kansas City Times.

FOREBODINGS OF EVIL. McKinley to Ronrrtet a* nf Enemies of tlk* I’eople. Word cotufs from Canton that when the McKinley reign begins ex-Speaker Keifer will hold a place so near the throne that it will be practically equivalent to a cabinet post The country has almost fonrotten Keifer, but The Congressional Record when read in connection with and in the light of history between 1881 and 1883 tells us what sort cf a man he was. In those two years he was speaker of the i house, and in those two years jobbery and robbery were rampant. It was at that time that Robeson consummated through legislative enactmeut some of his steals in the navy. It was during that period that congressional appropriations first began to approximate the billion dollar murk. It was during that session, too, that Freeident Arthur was compelled to veto a river and harbor bill because of its outrageous extravagance. Keifer is perhaps a good man for resurrection attder a McKinley administration. McKinley will bring resurrection and reinstatement to many enemies of the people. —Exchange. ▲ sometimes Democratic newspaper which supported McKinley says: The rear has ended ia dullness and depre» skat. I: might have ended In great activity and abounding prosperity. The rvasun it do* a not is simply that Mr. McKinley and hie partisans have decided to treat his election as a popular decision ia favor olf high tariffs and to bold a tariff ripping, business disturbing extra session ia the spring. W»t by fall there should be no exeusa for rewarding the campaign contributors. Any Democrat who did not know before election that the Republicans, if ■acccssful, would take just the course that they are taking must have been blind and deal Mr. McKinley’s party is not going to •top agitation because Mr. Eckels says agitation should be stopped. Look at the bogs already at tha tariff trough ia Washington.

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