People's Pilot, Volume 2, Number 51, Rensselaer, Jasper County, 9 June 1893 — Page 3

LAMPS BURNING. I did not bafld the loft? lighthouse tower At the reef's end. beacon by day snd night; Its solid strength came not bj wit or power . Of mine, nay, nor its dear, far-sweeping light Not from my brain evolved the kindly thought How, storm or calm, a timely warning may 'Wait for the sailor, by the lenses wrought So skillfully, set in such grand array. *Tis only mine, as shadows fall, to climb. Often with failing feet the slender stair, And light with feeble hand the lamp. In time, Ere night and tempest set a fatal snare. And if, far off on the dark, wind-swept sea, Some watchful eye shall catch the signal gleam. And heed ths warning given faithfully, Though but for it no peril near may seem; And I sit In a dark room down below The blazing beacon, mine to light and tend, And of that glad escape may never know — What then? the lighthouse has fulfilled its end. If in my station, be it gale or calm, I stand, feet weary, eyes at length grown dim, But God’s lamp burns; I may not hear' the psalm Of rescue sweet, but it will rise to Him. -•—Alexander B. Thompson, D. D., inS. S. Times.

ALITTLE COMEDY OF ERRORS

By SSMORTON

[Copyrighted 1891, by S. S. Morton, and published by special arrangement 1

CHAPTER XV.— ConnutriCD. North was in recklessly high spirits now; and he greeted his caller with a torrent of lively nonsense. Weighed down by the responsibilities devolving upon him as a member of the executive ■ committee, and disapproving of North’s levity on so important an occasion, Warner was in no mood to appreciate this nonsense, and his answers were Bhort, business like and far between. Consequently something like seriousness had settled down over North before they had walked two squares together. It was only the outward semblance, however; his inward mood was one of reckless mirth and daring—a mood upon which he confidently depended to carry him through the evening. The pretty little opera house was Crowded from pit to gallery when North stepped out on the stage in the full blaze of the foot lights. He was welcomed cordially by the gentlemen there assembled, members of the executive committee and distinguished citizens who had been specially invited to grace the stage with their presence. As he was responding to this welcome the audience discovered him, and instantly a murmur of enthusiasm swept over the house, culminating in a storm of applause that made North look around involuntarily, though he did not think of appropriating the compliment until Warner, who was just at his elbow, whispered sharply: “Why don’t you acknowledge your reception, North? For goodness’ sake, do keep your wits about you better than this!” Thus admonished, North turned to the audience with a profound bow, which was greeted with fresh bursts of applause; then, as the chairman —a pompous old gentleman whose lengthy list of titles, all with the prefix “Ex,” testified to a long life of active public services, now gracefully laid aside—rose to call the meeting to order, North took refuge in an arm chair in a retired position on the stage, where, though an inconspicuous figure himself, he could command a comprehensive view of the house, and settled himself with a slight shrug and with feelings that can be more easily imagined than described, to survey the large audience who were soon to hang spell-bound, so he humbly ventured to hope, upon his eloquent utterances. After the brief preliminary remarks of the chairman, which were received with a good-natured demonstration, as if the audience at least had assembled themselves together with the best intentions imaginable, whatever might be said of the speakers, and meant to applaud and hurrah, whatever hap-

A TALL SOLEMN MAN MADE A SHORT ADDRESS.

pened, a tall, solemn man made a short address in which he said a great many sensible things in a very tiresome, mournful, utterly unimpassioned way which had a soporific effect upon the audience and set even the best-inten-tioned ones to yawning surreptitiously. He was listened to unresponsively until he closed his remarks with the announcement that “he would now yield the floor to others who would occupy it more acceptably.” Then the auditorium rang with the loud applause, which might have been construed either as a hearty indorsement of his final statement or as the involuntary expression of the self-congratulation of the audience for two separate and distinct causes, to-wit: First, that the gentleman’s remarks had been briefand, secondly, that the gentleman’s re, marks were now ended. He was followed by several other speakers, of that class so well known to a long-suffering public; orators who, with nothing at all to say, talk cn forever in the blind belief, perhaps, that this American republic is to be preserved and perpetuated through the

same agency that once saved Rome. All the elements ordinarily enter into a heated political demonstration were present there—the ranting denunciation of all opposing parties; the “magnetic enthusiasm* that caused the audience to howl with patriotic fury; the glowing tributes to national heroes dead and gone, whose illustrious careers had about as much to do with the local elections of X as the great men themselves would have had, if they had been living; the heavy thunder of the big guns and the rattling fusillade of the lighter artillery which was brought into use for the first time in the present campaign. The political situation was duly set forth in various styles of oratory—the ornate, the spread-eagle, the laboriously off-hand, and, rarest of all, the plain, practical common-sense style; and, as North listened critically to every word that was spoken and noted the effect upon the audience, he gathered many valuable hints for his own speech, which he was quick to appropriate and apply. Then as the last speaker, one of Ollin North’s fellow-candidates, sat down, flushed with his enthusiasm and the exhilarating effect of his eloquent gestures, the audience settled themselves with an air of expectancy for the chief event of the evening, their future city attorney’s address. There was a brief interval between the acts, during which the orchestra played choice* selections from “Patience” and “Martha,” and other wellknown light operas, interspersed with popular sentimental and patriotic airs, the whole forming a pot-pourri adapted to the various tastes of the audience. A hum of voices filled the house. The gentlemen in plain view on the stage conversed together decorously or sat in grave dignified silence gazing up at the glittering lights or down at their respective and highly polished boots as if they fully appreciated their conspicuous position and wished to set the public an example of behavior worthy of imitation; while North, leaning back languidly in his deep arm chair, quite hidden from general view by the portly figure of the chairman, conversed in a tantalizing way with his friend Warner, who had taken advantage of the temporary lull in the proceedings to urge upon North with stem vehemence the necessity of dropping all levity and rising to the occasion. All of which apparently had no effect upon North; and Warner was in despair. At that interesting crisis a slight sensation was produced by the arrival of CoL Clipper. North had already noticed and wondered at his absence. He crossed the stage with stately, commanding tread, bowing informally to the gentlemen there assembled, and slipping behind the outer circle of chairs he made his way to North’s side. “Got here at last!” was his triumphant though somewhat superfluous announcement, delivered breathlessly as if his exertions to appear upon the scene had been attended with great exhaustion; and he shook hands with North vigorously, nodding to Warner at the same time in a confidential way. “Detained so long at the office,” he added, addressing North, “that I was afraid I should miss your speech; but I see I’m just in time. What’s the prospect—considerable enthusiasm in the audience? How is that, Warner?” turning to that gentleman as if he considered him the more competent judge. “A very good feeling on aU sides,” was Warner’s prompt report. “Tremendous enthusiasm in reserve, if it’s only skillfully aroused;” and he glanced sharply at North as if to add: “You can do it if you will, but that’s a doubtful question as yet.” The colonel nodded in a perfectly satisfied way, and at that instant, some public-spirited person having checked the mad career of the orchestra, they put up their instruments with an evident consciousness of having done their worst, and a slight paroxysm of applause rounded off the performance. As silence gradually settled over thd house the chairman *rose, turned toward North with a significant glance, and then, in a few highly eulogistic remarks, introduced to the audience “our distinguished fellow-citizen and candidate for city attorney, Mr. Ollin North, who now appears before you as the orator of the evening, and who will address yon in his usual eloquent manner, on the interesting theme—ahem!— ‘The Political Future of X ; What It Might Be, and What They Who Constitute the City Government Should Strive to Make It.’ ” The worthy chairman delivered this fine volley of words with quite an oratorical flourish, then paused and gazed around upon the audience, who now began to cheer rather impatiently, as if conscious that in working up that theme for North the zealous committee had done a very neat thing. North himself, as he stroked his mustache ■nervously to conceal the amused smile that rose to his lips, thought in a momentary panic: “The future of X ! And I’ve been studying up the political past and present, letting the future take care of itself! However, the theme allows me considerable latitude, and I may find it easier to deal with shadowy futurities than with past and fulfilled realities.” With this hopeful reflection he stepped forward, bowed to the chairman, and amid the ringing applause that greeted him he made his graceful salute to the audience, while his eye swept the galleries with perfect selfpossession as if, in thus facing his large constituency, he felt no lack of confidence either in his own strength and ability or in their appreciation and support. Waiting only until the enthusiasm had subsided sufficiently for him to make his voice heard, North began with a graceful acknowledgment of the reception that had been accorded him; weaving into his remarks with consummate tact the most delicate flattery of the audience, which was ingenuously indorsed by hearty cheering. Then he mentioned Col. Clipper’s name, and, amid the applause that this reference elicited, he proceeded briefly to eulogize that gentleman’s devoted public services, giving due credit to Warner and others who, as faithful coadjutors,

had stood shoulder to 'sfiooldfer vritlh the valiant colonel in many a hard-won fight Finally, having struck fire from the audience by these skillful and well-di-rected blows until the glow could be seen and felt in all parts of the house. North glided neatly and effectively into the elaborate theme that had been announced for him. It has been sometimes advanced as an axiom in oratory, founded on the experience of many famous public speakers, that there can be no signal success promised to any orator who does not approach his audience with a feeling of diffidence amounting even to stagefright Granting this to be correct, there was a brilliant promise of success in the frame of mind with which Allan North entered upon his address. During all the time he was speaking with such ease and fluency he was watching the audience with a keenness that would have detected the slightest evidence of an unfavorable impression; and it was no doubt due in part to this intense interest and concentration of his own thought upon the audience that he held them in such close sympathy and attention. The very novelty of his situation, instead' of embarrassing him,

MADE HIS GRACEFUL SALUTE TO THE AUDIENCE.

seemed to afford him a peculiar inspiration, and as by degrees he gained confidence from the hearty applause that he received he gave himself up to the influences and illusions of the moment, and himself, heart and soul, into what he was saying. So completely was he swept along by the force of his own imagination that he quite forgot he was not the man whom everyone m that large audience firmly believed him to be; and instead of a comedy played of necessity for his own convenience, the whole affair became to him, for the time, an important and dignified reality. He grew earnestly interested in his theme, and after sketching with vivid oratory all the possibilities that lay in the future, when the commercial and manufacturing interests, now in their infancy, the educational facilities, the natural advantages of X were fully developed, he closed with a strong and eloquent plea for justice, liberty and morality, without which no enduring prosperity could be attained. The assembly were held in a state of almost breathless attention from the beginning to the close of the address; and when finally with a brilliant peroration that led by rapid degrees to *an eloquent climax, the speaker bowed his farewell to the audience, they broke forth into a storm of applause that rained down from the galleries and swept in tempestuous waves over the house.

It was unquestionably the most astounding success that Allan North had ever achieved; and when it was all over his astonishment fairly balanced his relief. As soon as he could escape from the admiring populace, who showered compliments and congratulations upon him and insisted on shaking hands with him, after the impulsive custom of the average American, he was carried off to his hotel by his two right-hand men, Clipper and Warner, who seemed to feel as much pride in his manner of acquitting himself as if they had shared the achievement. “Best thing you ever did, North,” was Clipper’s verdict, as he parted from North at the hotel. “Gets away with even that speech in court that made you so famous last winter. Don’t you think so, Warner?” “Decidedly!” was Warner’s brief and emphatic assent. And only one man in X knew to what diligent effort and calm daring that brilliant success was due.

CHAPTER XVI. Prince Henry—What pagan may that be? —King Henry IV. It is no doubt delightful, and a thing to be greatly desired and zealously striven for, to stand well with our fel-low-men; nevertheless, there is such a thing as an oppressive and embarrassing popularity. It is not, indeed, the universal privilege to learn this fact by personal experience; but Allan North was fated to make the agreeable discovery. He awakened the next morning to the knowledge that he was, at least for the present time, the most popular man in X——; and he was forced to submit smiling to the enthusiastic hero-wor-ship that the fickle public is always So ready to lavish upon its favorites. Had his mind been free from any personal anxieties and cares he might have found this an interesting experience; but there were many matters vitally affecting himself, whose importance so far overshadowed the political issue with which he had become temporarily identified, that its intrusion upon his thoughts and attention seemed like an impertinence,only to be endured as philosophically as possible for policy’s sake. The unexpected demand upon him for a formal public address and the necessity of meeting this emergency had for the time driven his own affairs from his mind; but no sooner was the crisis safely passed than his thoughts turned more eagerly than ever to the possibilities and hopes and fears which the last two days had developed. That one moment, when he stood before the steps of the Clement house and caught

[ . , 'A the fleeting vision of one who, if she were not in very troth the proud and beautiful Myra who had once reigned royally in his heart and who now lived in his bitterest memory, was so strangely like her that the sight of her face had thrilled him with sadden passion—that one moment, full of keen pain, of eager, mad hope, he had lived over and over again, solacing himself thus until the moment should come when he could change this suspense to certainty. In the meantime, speculation was rife. If it were really she, his Myra, by what strange fatality did they meet here in X ? And why should she be with Mrs. Maynard? By what curious freak of fortune were these two women, whose interests had become so closely interwoven with his own, though he had never before suspected their mutual connection, thus thrown together? Of course his reflections on this point were mere fruitless conjecture; nevertheless they possessed a great fascination for him, and even his satisfaction at having solved the mystery so long enveloping Annie Dupont was quite eclipsed iby this far deeper personal feeling. He did not, however, lose sight of the necessity for caution; and for the present he realized that his professional interests must be paramount. The flower Buccess, which he hoped to pluck, was still just a little beyond his reach and surrounded by the nettle uncertainty; until this prize was secured he must close his eyes to all other allurements even though his only chance, or hope of happiness lay within them. It was therefore solely in pursuance of his professional duties—-or so he assured himself with great emphasis—that he went on the morning following his signal success at the opera house to call on Mrs. Maynard, before proceeding to Evansburg on his second and probably decisive visit, and give her some hint of the turns that affairs wero taking. His walk thither was enlivened by a curious incident, which, however, he might soon have forgotten but for its speedy and embarrassing sequel.

[To BE CONTINUED.]

REPORTING A SLANDER.

This Son of Rest Took Advantage of a Freak of Woman Nature. “Madam, I have every reason for believing that the lady next door is greatly mistaken concerning your real disposition toward those to whom fate has not granted the golden opportunities others have enjoyed for winning success and happiness in life. lam led to this conclusion by a remark she made a moment ago. “As I left her door she said to me: ‘lt’s no use for you to call there; she was never known to give anyone a bite, and she is sure to send you away hungry.’ In reply I said to her: ‘lt may be you are mistaken. I’robably if she felt assured that she was feeding a worthy but unfortunate man she would do as much as anybody.’ ‘No, she wouldn’t,’ she insisted. “Then 1 said to her: ‘Well, you just peep through the blinds and see if she doesn’t treat me as a worthy man deserves to be treated,’ and I haven’t the slightest doubt but she is now watching to note the result of my call. ” The speaker was what the ordinary observer would call a tramp. The lady at the door of whose home he had called replied: “Did she say that?” “That’s what I understood her to say, ma’am.” •‘l’ll prove to you that she is what all the neighbors know her to be—a false, good-for-nothing creature. Sit right down here on the porch, where she cannot help seeing you, and if you will do your part we will make her feel ashamed to ever show her face in this community again. ” When the sun went down an hour later the tramp was still there doing his part to refute a neighbor’s slander, and a smile on his face indicated that he was well satisfied with the result he was achieving.—Chicago Times.

Decoration of a Bill Poster.

Years ago Wilkie Collins conceived that there would be great effectiveness in a fine bill poster, and when he produced his “Woman in White” as a play he prevailed upon Fred Walker, one of the leading water colorists of his day, to draw the picture for his posters. The block was cut, too, by one of the first engravers of his time, a man who rarely touched the graver himself. The picture was the talk of the kingdom. And now France, jealous of its art, most careful to exclude whatever may be meretricious, has decorated an artist for the work he has done on posters. Cheret has made France talk of posters as England once talked of Walker’s figure of the “Woman in White” that decorated the dead walls from one end of the land to the other. Cheret wears the ribbon of the Legion of Honor because he has made the art of posters pleasing and true.

Jedge Waxem’s Proverbs.

It’s a purty hard job to tell political onesty when you see it. The candidate that got ’em ain’t goin’ to worry about how sertin votes wuz got, es nobody else don’t Some statesmen are small pertaters and few in hilL Sivil servis reform gethers no moss. When the offis wates fer the man in these United States somethin ain’t rite. Napolyan Bony part couldent a been prezedent of the United States. Wimraen that air well treated at home mostly ain’t hankerin’ for votes. A pattriot may die for his country, but, ez a rule, he’d rather not Purifyin polliticks is uphill work. The main qualifikashun of a candidate is, can he git thar?—-Detroit Free Press.

Would Be Careful.

A French journal says that a man who had a passion for shooting called one morning to his servant: “There’s a rabbit in the garden, Jacques! Hand me a gun.” “But, sir, it is five o’clock in the morning; everybody is asleep.” “No matter. I’U fire on tiptoe.”— Youth’s Companion.

THE CLIMAX OF ABSURDITY.

An Attempt to Make the Sherman Stiver Act Responsible for the Present Strln(encj. The first act in the grand drama placed upon the boards by the money power is now being played. It will be remembered that the threat has been freely made that the western and southern banks would refuse banking accommodations to the people in order to manufacture sentiment against silver. It is also charged, and admitted by the American Hanker, that a panic was to be brought about with the same end in view. Well, the panic seems to be with us, at least in its incipient stages, and, with rare poetic justice, one of the first to be caught in the crash proves to be one of the principal instigators of the plot, and one, who more than any other one man, is responsible for present monetary conditions. The ex-secretary of the United States treasury, Hon. Charles Foster, has failed and has made an assignment for the benefit of his creditors.

As a basis for a few very brief remarks we submit to our readers the following clippings, printed in parallel columns, in order that they may see that the failure of some fifty or sixty banking institutions in the United States since May 18, and an alarming increase in mercantile failures, has its counterpart in a country widely separated from this, where there is no silver produced and where is no such thing as a Sherman silver act, and where, moreover, they have always enjoyed the blessings (?) of a single gold standard. THE FOSTER FAILURE AUSTRALIAN FIGURES. Cleveland, 0., May The real proportions £7.—A soecial from Fos- of the linanctal disastorla, 0.. says: "The ters in Australia, due situation here to-day to tbo failure' of large so far as the Poster banking Institutions, failure is concerned may be gathered from presonts but little ihe sworn returns change from last even- made recently to the ing. There is a general British government by feeling of uneosiness tho Australian banks, in all branches of trade, According to these rebut very little excite- turns Australia had at meat noticeable In the the close of 1892 twenty streets this morning "colonial" and six J. B Gormley, the as- ‘"Anglo-ootoniar banks, signee of Mr. Poster, with ueposlts uggregatstates that further In- Ing #774,000,u0i). Of this yestlgatlon shows as- amount *213,020,uu0, or fairs to be In even •29 49 per oent., was Enworso shape than had gllshoupltal. The Ausbeen at first thought, trallnn bunks paid and the liabilities large Interest to dowould reach 48 U,i<H poxltors. and that acand possibly 51.00.i.U00, counts In part for un with the assets muob Increase between IBso less.” and 1>92 of nearly *VJ,ln response to n tele- uoo.uoo in the amount of gram sent to him by an English money on deufternoon paper of this posit. In somo of the city Gov. Postor an- Australian banks tho swered: percentage of English "Thanks for your of-deposits was very large, ferof space. My pres- In eleven Hoxceeded 23 ont mental distress per cent of lho total precludes acceptance of deposits and In live It your kind offer to any exceeded fti per cent extent During the boom period “My failure simply of 1888 and for a couple Illustrates the great of years after It was folly of permitting ono’s possible to earn interself to be in debt be- eston the large deposits yond tho reach of rea-and dividends on sonably quick assets shares, but since the for relief when the recent depression the hour of difficult bor- banks have found it lmrowing comes. When possible to do business people ore in such con- enough tokeepupearndltlon, and tho stabll- ings. The immediate lty of existing financial cause of iheir iroubles, conditions is shaken, however. Is tho panic tho result is inability among depositors at a to borrow, suspension iliuo when it is linpracand failure. iluuble to realize on &)• "Business Is largely sets. Depositors are done with borrowed calling for their cash at money. Confidence in a moment when it is the maintenance of impossible to obtain it sound financial condl- for tho securities in tlons is essential to le- hand without Incurrlug gitlmate lending. That groat loss. Fourteen public confidence has of tho banks referred for somo time been to have failed in ihe shaken in the ability or last few weeks. These capacity of tho govern- had ti2i,72tt,zus of dement to maintain gold posits, of which slßl.payments is evident. (40,855, or over 81 per The natural impulse of cent., were British. If banks in such times is to tho Mercantile bank of strengthen themselves Australia, which susagainst some possible ponded in March, 18J3, and unusual draft be added to the list, Then comes Inability there have been fifteen to borrow. Decllno in failures of Institutions, price, suspension and aggregating ovor *482,• bankrupts follow. O.st.uO i of deposits, some "The country Is pos-*i8?,000.0i)u of which scssed of enormous re- were from Great Britsnurces which are at ala The locking up of the command of tbe nearly half a billion of government, and it money—pending the reshould say and act in baMlltatlon of the terms that will always banks, IP that can be satisfy tho country effected—is a very serlwithout ambiguity or ous matter. But some uncertain words that of iho collapsed congold payments will be cerns havo comparamaintained. lively worthless assets ••CHARLES Poster." and will not bo rehabillThe announcement is tated. In other words, made this morning that depositors will lose a the North Baltimore lurge proportion of Banking Co at that their *421, OiM.OjO of deplace, of which Gov. posiis, to say nothing Poster Is a director, of the losses of stockhad closed its doors holders over and beAssociated Press yond this enormous figure. The consequences of tbl4 great loss are bound to be very considerable, not only In Australia and England, but on the continent of Europe and in the United Slates—Kansas City 'limes.

Both of the above clippings are from the Kansas City Times, the item relating to the Foster failure appearing under the following scare head: “Confidence is Shaken—Ex-Secretary Foster Tells Why He Could not Borrow —What Ills Failure Teaches —The Great Folly of Being Too Far Away From Quick Assets—Lack of Confidence is Bad—lt Causes Banks to Hold Back Against an Unexpected Draft—A Most I’ractical Statement.” Like the Dutchman’s flea, the “gold basis,” when you think you have your thumb upon it, always proves an alibi when you raise your thumb. In the absence of a panic, it is called a “gold basis” and is dilated upon as being the immovable rock upon which is built all sound monetary systems; but the moment there is a run upon a bank, or banks, and a panic ensues, it changes its name from “gold basis” to “confidence” and is found to have folded its tents and 6tolen away. He who ever had any confidence in the “ability of the government to maintain gold payments,” is a blooming idiot. With only one hundred millions of gold and unlimited liabilities, the prospect for any such a consummation is indeed poor. The term “unlimited liabilities” is used advisedly and is none too strong. So long as a volume of paper currency amounting to somewhere about five hundred millions can be presented over and over, again and payment demanded in gold, and interest and dividend paying American investments and securities are held by foreign nations amounting toav.ywbero from six to ten billions, we are powerloss to prevent the constant, steady outflow of gold until the entire stock of the metal in the United States is exhausted. And with the banking institutions the situation is but very little, If any, better. The case stands about thus;

ASSETS Gold and gold certifies t**.. f 300,001009 Paper and silver 530,0u0,000 Debts due from individuals 4,500,000,000 ToUL LIABILITIES Due depositors'. *4,700,000,0<» Comment would be superfluous. The Australian banks were probably in just about the same condition, each dollar in money outside of bank reserves beingloaned out about eight times. Now suppose, what is not at all likely, that the banks could secure possession of all but *50,000,000 of the entire amount of money in circulation. They would then have about *1,180,000.000 with which to pay depositors the sum of *4,700,000,000. The system is all right so long as tha depositors do not ask for their money. Hut if they do ask for it, the first man out of every six or eight gets his money, about one-third in gold, and unless he is willing to buy the property of some one who owes the banks, the banks can collect no money to give the other five or seven. In the meanwhile there is no money in business channels and failures multiply. Gkoroe C. Ward.

DEBTOR AND CREDITOR.

Give Us a l egal Tender Currency Maintained In Circulation at a Given Amount Per Capita. Some one speaking of the financial problems now before the American people, and, indeed, before the people of the world, sayß: “In adjusting by law the relations of gold and silver as money metals in America care must be taken that the present creditor does not receive for his dues a cheaper money under a new system, and likewise that the debtor does not havo to pay his debt in a currency more valuable than the currency in which he contracted to pay.” In the above is the gist of the financial question. So long as there Is debt and credit, the creditor will be constantly striving to make the debt paying medium more costly, that his debt may be more valuablo; and always being more powerful than the debtor, he will generally succeed The financial legislation since the war has all tended in this direction. It is more than twice as hard to pay debts now as it was from 18(15 to 1878, and even later, and those who had contracted debts previous to that time find themselves loaded down with a more than double burden. All the schemes of contraction, including tho demonetization of silver, have thus been in the interest of the creditor and against tho interest of the debtor. During all the time of referred to the debtor scarcely uttered a complaint, because he was taken unawares; ho did not know wha<t was to be tho effect of tho legislation that was to crush him. His protest was heard only when tho weight became more than ho could bear, and then every bondholder, every mortgage holder, every note holder, every pap sucker, at once rose up to shout him down as a calamity howler. All the debtor now utters is a feeble demand for justice. He simply asks to be permitted to pay his debt in the inon'ey of the contract. To deny him that privilege is robbery. What is needed more than all else in money is a stable currency, one whose volume and power cannot be changed by speculators and creditors, but which, by the strong hand of government is held the same for all, of like value this year and next, so that when a debt is contracted the creditor may know what he is to receive and the creditor what he is to pay. A legal tender currency issued by the government and maintained in circulation at a given amount per capita is the only system of money that will ever meet this requirement.—Mt. Vernon (Ills.) Progressive Farmer.

GOVERNMENT BANKS.

They Should Have Power to Issue Abolute I.egul Tender Taper Money to Meet All Demand* of Depositor*. In like manner as the United States has received from Australia its perfect ballot law, it is to the Antipodes we must now look for a rational and scientific monetary'and banking system. I find floating about this item: “The government of Victoria has taken a long step toward nationalism in a decision to concentrate all savings banks into one system and attach them to the postal savings banks.” While from the Chicago Mail I clip as follows: “The government of New South Wales has thrown up the sponge in regard to gold and proclaimed bank notes legal tender currency as the only way out of the financial stringency there. From gold to flat money at one jump is a distinctively Kangaroo performance.” Putting this and that together, I conclude that Australia is to have a system of governmental or people’s banks, which being the case, the notes or bills issued by them, such notes or bills being given the legal* tender quality or money function, would be, as the Chicago Times puts it, flat or absolute paper money. As recently as April 20 bank depositors in London, England, were paid interest at the rate of only one per cent., while borrowers were charged but two per cent, and this under a private banking system. If we could establish a system of governmental banks Of deposit, exchange and loan, and guarantee to depositors absolute security, such depositors would be satisfied with one per cent., while borrowers could obtain money at two per cent, and the banking system would be self-supporting and entail no tax upon the people. Then, if these banks were given the power, in case of a run, or an extraordinary demand for money, to issue United States certificates of deposit possessing the full legal tender quality, such a thing as a panic would be an impossibility, while borrowers would never be called upon to sacrifice their property in order to raise money to pay their indebtedness to the banks.

GEORGE C. WARD.

—ls the money gamblers of this country are playing for more bonds they want to get them at once. This is the 'lart administration that there will be any ehance pf getting any from in the next hundred years.—Lamas I (Mo.) Industrial Union.