Pike County Democrat, Volume 29, Number 26, Petersburg, Pike County, 4 November 1898 — Page 5

IAOYEBSTREET ime to Throttle the GounBanks Used by Farmers. w BtteUtshhm** mt thm HBnMAi Bank* wg 8r»t«w‘ Nothlag More Than a Repukllaaa QlganUe TnM» to Which the Tiller* of the Sell Will Hoe* to Pay Ml Tribal*. Co Boards of Bank Directors and Bank Patrons: “An act for the enslavement of the country hanks and far the establishment of a hanking monopoly.*' The above is a fitting title for boose hill 10,889, which has received the approval of the gold standard authorities, and has been made the banking measure af the Republican administration. There are three features of the measure, the significance of which to the independence of the smaller banks and their patrons should be carefully studied by them: 1. The complete control of the redemption fund by the larger banka 8. The “agency" provision. 8. The authority to establish branch Tb* Redemption Fund. The bill proposes that the banks shall, in return for greenbacks deposited in the treasury, issue a like amount of reserve notes, so called, and a like amount |U= of “currency" notes, unsecured except by the bfcuks’ assets, all of which notes the banka must redeem at their counter or agencies in gold. It therefore becomes a question Of vital importance whether the issuing banks eau always corn maud a gold redemption fund, and particularly la time of trouble. The helplessness of banks and government together, in the face of the great gold exports of the early 90’s, suggests the danger to the banks of a gold shortage, should the banks assume the issue of all paper money, and undertake to redeem it iu gold on. demand. As a failure in specie payment will now involve ail the deposits in the bank, depositors themselves must inquire into the dangers of the proposed system. mu.,. a._— --A

mui two-thirds of the bank capital upon which circulation is to be limited. They must therefore be depended on to fnruish the larger part of the unsecured banks’ issues. The great reserve banks, wbi e they have relatively small capitalisation, will hold and control the gold funds, with which alone the small bauks mu redeem their notes and maintain their solvency. The depeudenoe of the smaller bauks in this regard will place them iu.muoh the same relation which business men now ooonpy toward the banks themselves; they will be at their | mercy. Wheu gold exports set in, or hoarding reduces the gold fuud. the large banks will strengthen themselves in their gold-holdiug. The whole tendency at each a time will be to utduoe calls upon the country’s banks for gold redemption of their notes, and they will be helpless to respond. The present tendency to restrict credits which now operates to produce panics in time of anxiety wiU be thns extended to bank money. The lack of sufficient gold in - the bank tills will enoonrage redemption demauds at the very time when the banks should be issuiug more money to relieve the stringency. Thus a panicbreeder of first quality is found in the new measure, and the victims will be the small business banks. As if to tighten the hold of the great speculative banks on the smaller, a Mcoud screw is introduced. v Tk* "JtiMC" «*I Lars* City Banks. Clearinghouse districts are created. Each bank oatside of a clearinghouse city most arrange with some clearinghouse ettv bank for the redemption of its notes. But it is further provided that no bank shall pay out over its counters any natioual currency notes of a bank located outside of the clearinghouse district unless the bank issuing the notes shall have established an - agency in the clearinghouse city of said district.

in other worn*, every country mum circulation mast be limited to Its own clearinghouse dUtrict unless it ap* point* redemption agencies over the whole country. If each agencies are mot established, the bank’s issues will speedily come back to its ooauter for redemption. To keeps Its circulation oat the bank mast depend on ite agents in the clearinghouse district to establish agencies throughout the country. These agents will no doubt hold their motes so long as the money market is undisturbed, bot any stringency would kjnable the great banks to at once pour pPupen the smaller banks their notes for redemption, exhausting their gold fund and tearing them to make terms of reeooe with the greet banks in their own clearinghouse district. It is also clear that city banks at such times may care each other by bolding their notes and making their demands tor redemption against the gold of the country banks. The terms and security on which these agencies ooold be established would be in the bauds of the large bauks, and the agreement among the clearinghouse banks to discipline or aqueoae a country bank would mean ruin to such bank, Just as the withdrawal of a business man's discount line now means ruin te 1m answer to the question, "Can the city banks without branches circulate eery much currency?” Mr. Fairchild answered before the committee on bank* lag and currency: "Practically it can circulate none; it comes book into the clearinghouse the next morning.” From the admission of this leader in the Indianapolis movement, it thus up. that the eesmtry banks are de> upon te furnish Ike bank circa Bnk If asked the

I - whether in time of need the great city banks would give up to the country hanks their cash any more freely than they do now, he would no doubt have honestly answered. "No.” Tot under the proposed law the solvenoy of the small banks Is involved in a stringency, while under existing law the solvenoy of their customers is mainly at stake. Congressman Walker, the Republican chairman of the house banking and currency committee, save: Jk FMiC PfffjjfTi "If the Hill-Fowler bill (house bill 10,288) becomes a law it will create a panic oompared with whioh the panic of 1878 was as a morning zephyr to a Kansas cyclone.” XMaertmlnatioa Agatast Small Saaks. Chairman Walker further says: "The Hill-Fowler bill appears to be drawn in the interests of large city banka It gives such banks every ad* vantage and unfairly discriminates against country banks. • • * "How do yon like this bill, wholly in the interests of the city banks? * * • "The unfairness of the Hill-Fowler bill is further illustrated by the par* centage of bonds to their actual capital each is required to boy. The bill is carefully drawn in the interests of banks that are interested in speculation in bonds as much asit is in banks faith* fully serving their business customers. » * * This bill would not have gotten out of the committee if it had not been so drawn as to the wishes of those determined that no bill should be reported that did not. first of all, protect this bond privilege of banks, ana this to the sacrifice of the legitimate commercial bank, and of the advantages of a true bank currency.” Consolidated Baak Credit. On the subjected branch banks Chairman Walker says: "The bill is very bad economics.” It would result in "one great bank with 10,000 branchea” "No Independent local bank, man* aged by its citizens, can be established in the town, aud if one is there it must go oat of business.” In times of political excitement "the ageut of the parent bank knows the politics of his city employer.” "Six million Republicans are more or less suspicions or opposed, to national banka” And Mr. McCleary, in the majority report, in discussing the provision for branch banks, admits that it would result in a mouopoly. He says:

“Branch baukiug may be oompared. in (he fluidity which it gives to capital* to a connected series of tanks with open pipes between, white the possible borrowing of independent banks are more like a series of tanks whose pipes require to be opened when any change is sought in the level of the fluid. * * * “The 10 chartered banks of Scotland have more than 900 brunches.'* Aud he might have added, and very properly, that over (here the rolling np of (rusts has not yet reached the stage that we are iu. But a third provision of the new measure rivets the yoke on the small banks, via., the authority to establish brunches. Such authority would, of oouise. be exercised by the great clearinghouse banks. Th* “Branch" System. We are familiar iu the case of municipal monopoly with the fact that a wreoker needs only legislative authority to operate in an occupied district to enable him to rain, or extort from the existing corporations. A roving commission to establish a gas company or an electric road in any couimauity whore oomponies are already operating is often more valuable than ip an uuoccupied district. Bnt such a commission of Kracy has uot till now been suggested the banking fields. It means that if any local bank shall not bend to the will of the great banking centers, it may be driven out of business by the establishment of a branch bank, with the mighty power of the parent bank behind it. Eveu more, the great banks will be enabled to exact harsher terms for a redemption agency, or even a distribution of profit, whan they have the power to replace any recalcitrant with a branch bank. Probably the system would soon convert most of the small banks into branches. Indeed, the minority report of the banking and currency commission sums the method up in these words: * Our choice must be between one great United States bank with 10,000 branches, and on the other hand, 10,000 independent IamI Unta “

On Which 814c Will Toe Work f No* only the ottisens. bat the banks themselves, which are supplying the local and legitimate needs of trade, most now consider whether they will join or rebake a movement which most end in a great bankiug monopoly, controlled by the speculative banks in the city of New York, which in torn will be ruled by the great hankers and bullion brokers of Europe, who can at any time dam the currents of trade by exporting and cornering gold, thereby levying upon the bankers toe same extortion which these same bullion brokers practiced upon the government in 18W and 1895. Georoe Fred Williams, Member of the Fifty-second Congress and of the Coinage Committee. Boston, Oct. 14. HOW THEY VOTED The Republican party has started out to make it appear that the Democrats in congress sought to embarrass the government by withholding appropriations. Champ Clark, in one of his letters of recent date says: “In his speech before the Ohio state convention he said of the Demacratic members of congress, ‘But when the money has been asked for the suffering ; soldiers of the Union nine oat of every ! 10 of them have voted ‘no* on every appropriation bilL* ••1 say deliberately that that statement is as malicious a lie as has been uttered by human tongue since the devil first invented the art of lying. There is no fact anywhere in the uni- | gene to sustain it, and Oroevenor knew it was absolutely false whan he made it. The roiloaila of the house will prove it to be a Be and will prove that the Democrats voted for every appropria- ; tion bill neoeasary or said to be nsass ! snry to carry on the war.'*

la Memoriuui. Miss Mertie Lett departed from life Saturday, October 38,1986, at the home of her pareoia, Mr. and Mrs. Emery Lett, near Algiers, Indiana, after a lingering illness of several months. She was bQm January 35, 1672. She leaves a father, mother, four sisters, and three brothers, besides a host of friends and other relatives. Mertie was well tfSil favorably known to a large circle of acquaintances and friends. The amiable traits of character endeared her to all whit were fortunate enough to kuow her. Site wits a public school teacher aud taught fire successive years. She won the love aud respect of the patrons and pupils by her kindness and courtesy. In the home circle she was a loving and obedient daughter, seeking to do the will of her parents in all things. To her brothers and sisters she was a companion, a friend, indeed they sought her advice and help and always obtained them. , Luring her illness no pains or means were spared that would in any way add to her pleasure or mitigate her sufferings. •She bore the evolutiourof the disease with patience and fortitude, endj never uttered a word of complaint. Her last hours were painful in the extreme, yet she did»uot forget the love she had maintained for those she held most near and dear. A few moments ere life departed she bade farewell to all her loved ones, and then the tired eyes dosed and dear Mertie was asleep, sale in the arms of Jesus. While the dock chimed the hour of midnight and a new day and a new week was ushered in upou the great stage of life, that pure soul was ushered into the life that knows no end. The voiceless lips give no sound, the hands that toiled to lighten others' work, the heart that beat with love and pity for others’ woe; are all stilled by the icy finger of death. While yet young and life’s pathway seemed strewn with frugraut flowers she was willing to leave it all and join the innumerable host that motes to the great beyond. If her life was pure, noble and good, her death was beautiful, for what can be more inspiring, though unutterably sad. than the death of the righteous? The funeral was held October 34, at the family residence,Her. Mr. Rader conducting the services. He spoke very touchiugly from the text found in Rev. 21, 4.

A large vouvuursetu reunites auu irienus followed the remains to the McClure eemeterv, where they were consigned to earth. The services at the cemetery were conducted by the Eastern Star, the order of which the deceased was a member. Anti when the last notes of “Nearer Aly God to Thee” floated through the air, with bowed heads and aching hearts we left her, whom we loved st> well, alone in the silent tomb, beneath the blue sky, twiukiing stars and the shadow of night. A. C. L. * From New Zealand. Rkkfton, New Zealand, Nov. 23, 1896. 1 aiu very pleaded to state that since I took the agency of Chamberlain's utedicines the sale has been very large, more especially of ihe Cough Remedy, In two years 1 have sold more of this particular remedy than of ail other makes for the previous five years. As to efficacy, I have been informed by scores of persons of the good results they have received from it, and know its value from the use of it in my own household. It is so pleasant to take that we have to place the bottle beyond the reach of the children. E. J. SCANTLEBCRY. For sale by J. R. Adams & Sou. n The weather fiend is in his glory once more. We are going to have the coldest weather since that winter which has long been remembered because of its cold New Year’s day. It’s going to be cold because, as he says, nature says so. The corn husks are unusually heavy, and somebody says the muskrats are 'building double walls to their houses. The croak of the frog means that there will be a large number of suows ! this winter. These sigus never fail and Foster predicts frosts ami snow storms to occur the last of this week or the first of uext; so get ready to wear your Klondike ulster this winter.

The Best Cough Remedy oh Earth. Luther, Mich., Feb. 8, *93. Dr. C. D. Warner, Cold water, Mich. Dear Sir:—I aiu well acquainted with the merits of your White Wine of Tar Syrup. I have used it on several occasions when very hoarse front public speaking and when suffering from sore throat. Our postmaster, Mr. Nicholson, had la grippe and it left him wHh a very bad cough, bad spells of cough every morning for an hour or more, i 1 met him on the street three weeks ago and recommended White Wine of Tar Syrup, which he commenced taking and today he is a well man. A little girl here had coughed all winter and no cure could be found. 1 asked ber mother to get White Wine of Tar. She did so and iu two weeks the child was cured. As you say, it is the ; best cough remedy on earth. Please send me six bottles by express. Yours Moat Resp’y., ; Kir. E. L. Odme, Pastor M. E. Church. Mark Hanna, United States senator, who is under indictment for bribing members | of the Ohio legislature to secure bis election, says: “Place the working class of this country iu power and our republican insti- : tut ions would be 'battered. This country is held up by the wealthy, and the safety of our goTernroeot demands that this class shall hold supreme control.” Barkis nN Arnica Stirs. The beet sale* in tbe world for cuts, bruises, sores, ulcers, salt rheum, fever sores, tetter, eh*pped hands, chilblains, corns, and 41 4riu eruptions, and positively cures piles or no pay required. It is guaranteed to give perfect satisfaction or mouey refunded. Price 35 cents per box.

SACRIFICE SALE The New York Store . .Will make the Biggest Sacrifice Sale of»— .— Drj Goods, Clothing, Boots, Shoos Hats, Caps and Gent’s Furnishing Goods Ever before known in the history of Pike county. Remember, this is no closing-out sale, and as we now have the largest stock we ever had we intend to reduce this truly mammoth stock. It doesn’t make any difference how cheap our competitors offer you goods, come to us and we’ll prove it to you that we can sell you seasonable goods ten percent cheaper than can competitors who are closing out their old stocks. ' * •. i • «New York Store Prices^

Sacrifice Safe Prices on Clothing. A nice dressy Suit, worth $6, for . .$ 2 98 Men’s Suits, square cut, round cut, plaiu and in piaids,worth $7, for., 4 00 * Men’s fancy Suits, French back, good liniug, worth $9, for.. 5 00 Men’s tailor-made Suits,sell the world over at $ 12.50 and 15..... 7 50 We have a lew Boys’ Suits, long Pants, for... 2 00 Boys’ tailor-made Suits, sewed with silk thread, worth $8.50.. 5 00 Children’s Suits, worth 75c $1, will goat........ 48c 110 Suits* worth $1.50 and 3. will go at........ 1 24 Men's black beaver Overcoats, worth $7, for... 4 50 Men’s imported beaver Overcoats, good lining, worth $7.50_ , 5 00 Boys’ black beaver Overcoats, worth $6, for .. .. 4 00 150 Mackintoshes, worth $3.00 each. for ... . ... l 85 Men’s heavy Jeans Pants.guaranteed no to rip, worth &0c....64c Men’s 60 per cent wool Jeans Pauls, worth $1.35, for . 05c * Boys’lined Jeans Pants, worth 85c, for. 58c

Sacrifice Sa/e Prices on CLOAKS AND CAPES. This year we are handling- Ladies’ Cloaks and Capes. “An agreeable surprise is the daily verdict expressed by every person who visits our Cloak department. The latest and newest styles in cut, color and trimming from the best manufacturers of La- ' dies, Cloaks and capes in this country, are now in at the New York Store, and in this line as well as in all others we excel). All new goods—no last year's chestnuts to show you. We said above that we’d sacrifice prices and we’re going to do it. Ladies’ double Capes, neatly trimmed, worth $1.50.. .$1 00 Ladies’ double heavy Capes, fancy trimmed, worth $3.. ..1 % Ladies’heavy cloth Capes,fur trimmed, worth $4 ....2 50 Ladies’ plush Capes, fur collars, worth $3 50............ 2 40 Ladies long heavy doth Capes, jet trimmed,worth $7.i........ 500 A very neat jacket, worth $5, for_3 50 A fancy braided jacket worth 8.50... 5 75 Ladies' tailor made Jacket, Kersey doth, worth 10.. ........ 8 50

Sacrifice Sale Prices on Hen’s, Women’s and Children’s Shoes Ladies' heavy lace Shoes, worth 1.35, for . j.. .... 73c Ladies’ heaw satin calf Shoes, lace or button, solid through, worth 1.35...... 98c Indies’ calfskin Shoes, lace or button, all toes, worth 1.75 per pair.”,...... 1 25 Misses’ Shoes, 13 to 2, lace only, worth 1. per pair...___ 65c Misses’ Shoes, lace, 9 to 13, worth 75e, per pair ......... . 55c 150 i>airs Men's l>n?ss Shoes, solid soles, worth 1.75. 1 25 Children’s Boots, 11 to 13, worth 1.40.. 1 05 Misses’satin calf Shoes, solid countersand insole, no seam in back, worth 1.35, per pair ... 95c Men’s satin calf Shoes, lace or congress, guaranteed satis* factory, worth 9....... ..... 1 50 Men's custom made Shoes, heavy soles, calfskin lining, Angora kid. viei kid, tan and chocolate, sells the world > over for 8.50 and 4, per pair... 2 59 Men’s gi*od and heavy split Boots, good counters, worth 2, per pair.... . 1 50 Men’s calfskin Boots, lined, whole stock, worth 9*50,...... 8 50 Boys’ Boots, 18 to 2, solid, worth 1.75.. 1 13 A SACRIFICE SALE OF NOTIONS. Men’s heavy cotton Shirts, each.. I.... 18c. Men’s heavy Merino Shirts, each...... 24c Men’s heavy fleece lined Shirts, each.. 39c Men’s wool fleece lined Shirts, worth 1, each.. 50c Men’s heavy cotton Flannel drawee for... 24c loulies' fleece lined Undershirts, each. . 15c Ladies’Mittens, per pair... 9c Men’s heavy lined Gloves, worth 40c. per pair. . 32c Misses* and Children’s Union Suits, each,... 35c Infants'Shirts at........A.. 5c up Men’s heavy fleece lined Jersey Shirts, worth 75c. 48c Men's laundried Shirts, two collars, detached, each....... 50c Men’s wool mixed Sox, per pair.... ... 10c Ladies’ seamless fleece lined Uoee, per pair... ... . 10c Misses* seamless Hose, all sixes, per pair .... 10c Ladies’ fleece lined Union Suits, each ... 35c

SACRIFICE SALE OF DRY GOODS 150 pairs Blankets will go at.... .. 35e Large sixe Blankets, worth 75c. for... 48e Heavy 60 per cent wool Blankets, worth 9, for.$ 1 25 50 pairs all wool Blankets, worth 4, for........ 2 75 Good Comforts, worth 1, for ... ..... 75c One ease Flannelette, per yard... 440 Good cotton Jeans, per yard. 10e Wool mixed Jeans, worth 90c, per yard..... 15o Woolen Skirts, each. ..i........ 48o Heavy cotton Flannel, worth 10c, per yard. ... 7|e Wooleh Cassimere, worth 20 cents, per yard .... 10o Red Flannel, all grades, per yard.........10c up Table Linen, per yard ..... 15c 14 yard Cloth, good for Capes, all shades, worth 85c, for 58c Good Bed Tiokiog for feathers, worth 90c, for. 18c 1 case good Comfort Calico, worth 64c, per yard...... . 44c Black Sateen, worth 10c, per yard... 74c , „ A SACRIFICE SALE OF NOTIONS Children’s wool Hose, per pair.. .. 10c Men’s and Boys’ heavy winter Caps, each .. 15e Men’s heevy Duck Coats, wool lined, worth 1.50. 08c Men’s heavy Duck Overalls, worth 1.50. ... .... 50c Men’s Railroad and Alpine Hats, worth 1.50..... 05c Men’s silk Ties, worth 50c, for... 25c Ladies' heavy wool Hose, per pair..... 2oo Yarn, per pound........58c

— Business is Balky, bat Under tbe Spur of tins Sacrifice Sale jHSfjll More At its accustomed place, THE NEW YORK STOKE. We can beat noise in drawing custom by the simple and quiet attractiveness of honest goods at honest prices. When you buy goods of us you are not patronizing closing out sales, but just an honest sale to reduce our mammoth stock. The season is now coming when you will want good Shoes and good Boots and other winter wear. We are prepared to show you the best line of Winter Footwear ever showu in Petersburg. ‘Jg . ■ ' : Prices Q-Tj.axajc.teed. to Toe tire Lowest. NEWYORK STORE MAX BLITZES* Prop'ifftor, ESBUEG-, - - XlfcTlDILA. ; v