People's Pilot, Volume 3, Number 48, Rensselaer, Jasper County, 18 May 1894 — Page 3

BIMETALLISM.

The Demonetising of Sllner and the Appreciation of the Purchasing Power of Gold. In a recent lecture on the silver question at Manchester, England, Proi Fox well, who holds the chair of political economy in the University College of London, said it was impossi ble for him to explain in a single lecture the whole, or even an outline of the whole, subject He, therefore, proposed to lay before his hearers the broad outline of the question, and he would remind them at the outset that they were met to consider a monetary disturbance which he might briefly describe as an appreciation or a rise in the value of the monetary metal of the country brought about by the demonetization of silver. As a consequence of that appreciation of gold and the demonetization of silver, there was a disturbance of the silver exchanges about which business men were perhaps most deeply concerned. It was the average movement of prices which was most important to them. In England all valuations of commodities were expressed in fixed terms of gold. In India the same opinion was formed about rbpee as was formed in England about the sovereign, and it was. therefore, important to business men that they should know which was the right view to take of the two metals By common consent and established tradition the test was obtained by discovering the purchasing power of money, whether it be silver or gold. Even Mr. Giffen agreed that commodities must be the measure of monetary value, and they would notice by the charts on the walls of that room the gradual rise and fall of those prices since 1818. The year 1819, said Prof. Fox well, was an epoch-making year in the history of English currency, and up to the year 1850 they would see that there was a marked rise in prices and a marked fall in gold. At a later period right down to the year 1893 there was an unmistakable fall in prices, brought about, as bimetallists believed, by the appreciations of gold and its relative scarcity, which in its turn was caused by the demonetization of silver. In other words, since 1873 gold had had to do the work it did formerly in conjunction with silver. Prior to 1873 gold and silver were linked together by the metallic system of Europe, a system which had prevailed from time immemorial, but in that year the link was broken, an experiment was tried, and each metal took its separate course in regard to the matter of appreciation and depreciation. % There was a general impression, which was fortunately not entertained in Manchester, that since 1873 silver had gone on depreciating, but he thought it was as clear as anything could be that down to 1892 the purchasing power of silver was as great—in fact it was a little greater in 1892 than it was in 1873. Gold in the meantime had risen in its purchasing power by 33 per cent., and he begged those who might meet others in this controversy to accept from him the fact that up to 1892 it was not silver but gold that had altered in value. But in 1893 silver distinctly lost its purchasing power, and that depreciation was due to the ill-judged action of the British government at the Brussels conference. Silver had, in fact, fallen 30 per cent, in one year, and there was no period to his knowledge when silver had similarly fallen. The impression had been left in Europe that henceforth silver was not to take its place as a precious metal, and the consequence had been that in 1893 there was a panic fall and not a statistical fall in the price of silver. It was a fall which was not due to changes in the production of the metal nor in the demand for it, because curiously enough, although the Indian mints were closed to it, India had still taken as large a quantity of silver as ever, with the exception of one brief period. They could come to no other conclusion than that the fall of 30 per cent was due simply to panic. The monet try metals, like all other commodities, were subject to all the ordinary laws of supply and demand. If the demand for a monetai’y metal increased its price necessarily rose. When silver was demonetized, it followed that gold had to do a great deal more of the work of the world than it had previously to that event. The monetary demand for gold was increased, Mr. Goschen estimated, by £200,000,000, but meanwhile the supply of gold was not increasing. For many years after that the supply of gold positively fell off. Baron Rothchild predicted that the demonetization of silver meant ruin, that it would bring down values, and cause a crisis. They saw that values had been brought down, and that it had landed them in that persistent depreciation in prices which was the difficulty under which each trade and agriculture at that time were suffering. There were some who said that the disturbance in the ratio in 1873 was due to the increased production of silver; but that was not borne out by the facts. It had been almost universally admitted by business men that produce was the one thing that regulated value. It had been conclusively shown that the power of the state to maintain a ratio was a perfectly rational principle, and was based on the ordinary doctrine of demand and supply. Prof. Foxwell could not admit the argument which maintained that one metal was cheaper than the other. The mints of Europe were open for centuries to take silver at the ratio of 15>£ to l,and consequently silver did not fall below that ratio. He did not wish to exaggerate the disadvantages of these currency changes. The appreciation of gold affected the whole country and the whole civilized world, * whilst the disturbance of exchange affected very materially those dealing with silver-using countries About 70 per cent of the world’s commercial transactions was based upon some system of deferred payment or credit; consequently almost all persons actively engaged in business had to bear the strain of fixed charges, while the value of money was constantly changing. Those fixed charges were estimated at £30,000,000,000, and they would, therefore, see bow long-date contracts would

be disturbed by the appreciation of geld. The real and vital injury caused by the appreciation of gold was that the world’s production was contracted, and when that was so the prosperity of all classes in the long run must be diminished. It was beyond doubt that the whole of our commercial history showed that where there was a rise in the value oi money aDd a fall in prices there was depression in trade. Of the general uncertainty of all exchange business they had rather telling examples during the past two or three months. They had had silver falling to the lowest point on record, then they had had a sudden rise again, and now once more they were having an equally sudden falL He need hardly point out that these uncertainties made trade partake more or less of the nature of gambling. He admitted that trade must put up with uncertainties of fashion, and so on, but why add to those uncertainties? The continued fall in the value of the rupee or in the value of the silver currency of any silver-using country diminished the power of that country to pay a gold price. That being the case, one of two things must happen. Either the silver price must rise, and in that event the demand from the silver countries must fall off almost in proportion, and sometimes in more than proportion, or the gold price must fall to the full extent of the fall in silver prices. That was what had been taking place during the last seven years. The producer in gold countries had had to cut down his prices until they had met the reduced price of the rupee. One of the chief trades of England was the development of the more backward countries of the world, and those were either silver-using countries or countries which used unconvertible paper. Unconvertible paper was almost sure to be depreciated to the same extent as silver was by the appreciation of gold. The proposals of the bimetallists for remedying the existing mischief were nothing very formidable, nothing very new, and nothing sensational. They were simply to go back upon the blunder which was made in 1873 and return to the European system. The professor could say he thought most positively that the change would not be perceptible in their ordinary dealings. The great mass of the community would be unaware that a change had taken place except by finding easier conditions prevailing in trade. They would not have a double standard as was sometimes said, any more than his watch was double because it was made of two metals. It would be a more stable standard. In England they would go on measuring gold, but silver would be rated at a fixed rate to gold, and the consequence would be that gold would be more steady. They couid still reckon by the ounce of gold, but the value of it would be steadier than it has been in the last twenty years. It would be as if they had one water supply, and had a reservoir fed from two independent sources, one of which was not likely to be dry when the other was. There need be no disturbance of prices. In his opinion the restoration of the ancient monetary use of silver was perfectly easible. In Manchester and also in London considerable attention, he was glad to say, had been given to this important subject, but taking the country it had not been brought fully before the public mind. It was to further that object that he was present that day.

THE SILVER QUESTION.

Mexico’s Call for a Conference Will Now Await Action In Europe. The quiet effort undertaken by the Mexican government two months ago, as disclosed at the time by an interview with Minister Romero, to find, through its diplomatic representatives, what were the prospects of reviving the international monetary conference, and the implied threat contained therein that Mex co and other American nations having a silver standard might be unable to meet their obligations to European bondholders if that metal continued to be depreciated, seems not to have been without results. In this connection the official consideration of the silver question by the German financial authorities has doubtless had its influences, and the call for a silver conference to meet iu London, with Hon. Arthur Balfour and others prominent in opposition to the Rosebery cabinet, has given Mexico and the other countries interested considerable encouragement The possibility that the present British cabinet will not last much longer than the date upon which the London conference is expected to adjourn, is thought to lend additional significance to the announcement, on good authority, that Lord Rosebery may assent to the participation of India in the international conference that will probably be arranged by Germany. This is exactly what Mexico has been,waiting for, as it relieves that country of the necessity for issuing t-.e call to which all the South and Central American nations had already signified their intention to respond, for a meeting in the City of Mexico iu August for the purpose of taking steps to prevent the further appreciation of bonds held in countries having the single gold standard. This call is now in the hands of Mexican diplomatic officials, ready for presentation to the various governments, but it will now be temporarily withheld to await Germany’s decision, upon the recommendation of the imperial treasury officials, who are understood to have concluded their investigations.—Washing ton Post

The Hand Writing on the Wall.

We can see in the failure of Guatemala to pay her bonds, in,the threatened failure of Mexico to meet her interest, what is coming' from gold monometallism carried to the extreme to which it is now being carried. It seems to me that if any opportunity offers for us in any way attack England, which is the only way we have ever found it possible in the past to come to any agreement with her, either by discriminating duties or by an effort to open a wider market to silver, it is clearly in the best interests of the United States to do it—Senator Lodge.

INDIANA STATE NEWS

Dave Pink, living in an old shanty near Madison, was found nearly starved to death. Food was taken to him, but he ate too much and will die. C. M. Barlow, of Kokomo, has a hen that laid an egg in which was another egg incased in a perfect shell. The inner egg was all yolk; the other one all white. At Logansport the octogenarian race had only two entries —H. Pur cell, 82, and Benjamin Simmons, 88. One halfmile heat was run, and was won by Purcell in 5 minutes and 58 seconds. A horse was found in a pond near Sullivan, and a spring wagon on the bank. The outfit is supposed to have belonged to George Vonderhide & Son, of Terre Haute, and it is feared they have met with foul play. The county commissioners made the final adoption of plans for the new court house at Winamac, the other morning, and have advertised for bids. The structure will built of red Portage stone and will cost SIOO,OOO. The Muncie flint glass works are idle, and 200 men are thrown out of work on account of ninety “carry out” boys going out on a strike, demanding sixtyfive cents per day, a ten-cent raise. The saloon at Burlington, which has been blown up with dynamite six times in the past five years, the last time about three weeks ago, is being rebuilt. This time the proprietor, Bert Wills, is rebuilding it on the plan of a fort, with deep stone foundations, brick walls and iron doors. The temperance people of the village are looking on complacently. A GAS well near Montpelier, w’ithout any apparent cause, suddenly changed into an oil well. It will be good for two hundred barrels per day. Five buildings were destroyed bj r a fire at Kentland. Loss, $15,000. Homer Greer and Link Irwin were arrested at Evansville for working nickel-in-the-slot machines with spurious coins.

A Goshen grocer captured a big tarantula in a bunch of bananas. There are ninety-four colored children of school age in Columbus. A year ago Nicholas Weiss, aged 14, was struck by a Big four passenger train while on a street crossing at Muncie. He asked $5,000 damages. The jury the other day awarded him S7OO. Jesse Overstreet, of Johnson county, was the other day nominated as the republican candidate for congress for the Fifth district There were eleven ballots, and in the ninth C. B. Case, of Putnam, led, but in the next ballot Hendricks county broke for Overstreet, which proved the winning movement The other candidates were Enoch Fuller, Monroe county; David B. Beein, Spencer county. At Madison the storm the other evening upset a john boat, and Edward Cooper was drowned. Peter Barman, a wealthy farmer living near Leroy, committed suicide the other morning by hanging himself in his barn. There is no cause assigned. A Terre Haute policeman, suspended for ninety days, is putting in his vacation tending bar at a saloon. Jesse Giri.en is in jail at Albion under bond of SSOO, charged with fraudulently voting at the Ligonier city election. Lizzie Elder, of Cannellton, has been indicted for the murder of her child. Directly' after it was borfa she took a case knife and cut its throat, and then hid its body under the kitchen floor.

Mrs. John Thornton, near Rockport, gave birth a few nights ago to four babies. They were stillborn. Hon. E. H. Staley, late of Frankfort, and formerly editor and proprietor of the Elwood Free Press, while walking on the roof of the hotel he is opening at Elwood, broke through, falling a distance of twentyfive feet and sustaining severe injuries, none of which, however, will prove fatal. Herbert Gibson, of Idaville, was drowned while seining in Tippecanoe river. The saloon recently blown up by temperance people at Burlington will be rebuilt The new chapel of the Prison North has been formally dedicated. Muncie has forty-eight saloons, twenty-eight quart shops and a number of drug stores. A nine-pound salmon was caught in the river, near Columbus, a few days ago. The state sons of veterans camp at Kokomo, June 3. Lightning the other evening struck a tree in front of the residence of Mrs. John Hale, Wabash, ran to the house, tearing a hole six inches in diameter in the plastering of one of the rooms and making a loud report Strange to say. the weatherboarding was not injured, nor is there any trace left by the bolt at the point where it left the room. During the storm a horse belonging to a man named Berry, in the western part of the city, was killed by lightning. At his home in Columbus, the other evening,George Gunnels, aged 20 years, and married, died in great agony.* Four weeks ago he stepped upon a rusty wire nail,that entered his foot through a shoe. The wound soon healed, but a few days ago the unfortunate man was seized with cramps, first in his stomach, but which soon extended to his entire system, and when death came his spin-.* was curved backward like a rainbow.

A leibked rabbi of Cincinnati, in a lecture on the Talmud, stated that although in twelve volumes, each containing several hundred pages, there are a great many European Jews who know it by heart from beginning to end, and, as an instance of the familiarity with it said that if a pin were to be run through a word on, say, page 69, they could tell the word in the same place on page 169. In explanation the rabbi said it was largely due to wonderful memories for location, and to the fact that in all editions of the Talmud, large or small, there are the same number of words on every page.

W« ud the Weather. This Is the changeful season when The weather tries the souls of men And keeps them ever on the guess To know just how they ougnt to dress. One can't be certain if the day , Will like December be or May, And so the very prudent man Carries both an overcoat and fas. Now as we go upon the street We’re always very sure to meet Men wearing heavy coats and those Who have put on seersuoker clothes Borne wear their arctic shoes and boots And some have donned their tennis suits, While others seiae their newest chance To air their ice-cream summer pants Some fancy tan shoes are the thing While others to their ear-muffs cling. And mammoth ulsters, deep and wide, And pink shirts travel side by aids It’s quite enough to waken smiles To note the sadly tangled styles That an observer may behold Between these days of hot and cold. The man who'd have his dress to be In warmth or coolness the degree The changing weather may demand Should always have his trunk at hand. Then, come the breezes cold or hot. He’d have his wardrobe on the spot Where he could suit each changing breat'a And neither roast nor freeze to death. —Nixon Waterman, la Chicago JouruaL

Cheap Excursion to the West.

An exceptionally favorable opportunity for visiting the richest and most productive sections or the west and northwest will be afforded by the Home-Seekers’ low-rate excursions which have been arranged by the North-Western Lino. Tickets for these excursions will be pold on May Bth and 29th, to points in northwestern lowa, western Minnesota, North Dakota, South Dakota, Manitoba, Nebraska, Colorado, Wyoming, Utah, Montana and Idaho, and will be gooa for return passage within thirty days from date of sale. Stop-over privileges will be allowed on going trip in territory to which the tickets are sold. For further information, call on or address Ticket Agents of connecting lines. Circulars giving rates and detailed infonnation will be mailed, free, upon application to W. A. Thrall, General Passenger and Ticket Agent, Chicago & NorthWestern Railway, Chicago. When a boy washes his face without being told his mother thinks that there is something the matter with him.—Pittsburgh Dispatch.

$100 Reward, $100.

The reader of this paper will be pleased to learn that there is at least one dreaded disease that science has been able to cure in all its stages, and that is Catarrh. Hall’s Catarrh Cure is the only positive cure known to the medical fraternity. Catarrh being a constitutional disease, requires a constitutional treatment. Hall’s Catarrh Cure is taken Internally, acting directly on the blood and mucous surfaces of the system, thereby destroying the foundation of the disease, und giving tl e patient strength by building up the constitution and assisting nature in doing its work. The proprietors have so much faith in its curative powers, that they offer One Hundred Dollars for any case that it fails to cure. Send for list of testimonials. Address, F. J. Cheney & Co, Toledo, O. ClfSold by Druggists, 75c. JHall’s Family Puls, 25 cents. “What kind of cake did you say that was, Maria?” asked Mr. Shingiss. “That’spound cake, Joe." “Oh, it s certainly heavier than that.”

Western American Scenery.

The Chicago, Milwaukee & St. Paul R’y has now ready for distribution a sixteen pago portfolio of scenes along its line, half tones, of the size of the World’s Fair portfolios lately issued. They are only ten cents each and can be obtained without delay by remitting the amount to Geo. H. Heateord, General Pass. Agent, Chicago, 111. It is when coining golden sentiments that a lady ought to purse her lips.—Yonkers Statesman.

Map of the United States.

A largo handsome Map of the United States, mounted and suitable for office or home use, is issued by the Burlington Route. Copies will be mailed to any address on receipt of fifteen cents in postage by P. 8. Eustis, Gen’l Pass. Agent, C. B. & Q. R. R., Chicago, 111. “Is that your mamma, Willie?” asked the lady in the hotel parlor. “She used to be my mamma,” said Willie, “but I’ve had two brothers since then, so she ain’t all mine.” —Harper’s Bazar. “Isn’t it strange that Miss Flirt, who is such a belle, has never been engaged?” “Yes, she’s a sort of bell without a ring.”— Philadelphia Record.

Playine Cards.

You can obtain a pack of best quality playing cards by sending fifteen cents in postage to P. 8. Eustis, Gen’l Pass. Agent, C. B. & Q. R. R., Chicago, IIL Jilson says the armless freak who plays the piano with his feet comes nearer having music in his sole than any man has yet heard of.—Buffalo Courier.

Mc Vicker’s Theater.

“America” will close its brief season in Chicago May 26, and probably will not be seen here again. Seats can be secured by mail. Words are the overcoats of ideas.—Ram’s Horn.

KStfWLEIH.E Brings comfort and improvement and tends to personal enjoyment when rightly used. The many, who live better than others and enjoy life more, with less expenditure, by more promptly adapting the world’s best products to the needs of physical being, will attest the value to health of the pure liquid laxative principles embraced in the remedy, Svrup of Figs. Its excellence is due to its presenting in the form most acceptable and pleasant to the taste, the refreshing and truly beneficial properties of a perfect laxative ; effectually cleansing the system, dispelling colds, headaches and fevers and permanently curing constipation. It has given satisfaction to millions and met with the approval of the medical profession, because it acts on the Kidneys, Liver and Bowels without weakening them and it is perfectly free from every objectionable substance. Syrup of Figs is for sale by all druggists in 50c and $1 bottles, but it is manufactured by the California Fig Syrup Co. only, whose name is printed on every package, also the name, Syrup of Figs, and being well informed, you will not accept any substitute if offered.

Don’t Blame the Cook If a baking powder is not uniform in strength, so that the same quantity will always do the same work, no one can know how to use it, and uniformly good, light food cannot be produced with it All baking powders except Royal, because improperly compounded and made from inferior materials, lose their strength quickly when the can is opened for use. At subsequent bakings there will be noticed a falling off in strength. The food is heavy, and the flour, eggs and butter wasted. It is always the case that the consumer suffers in pocket, if not in health, by accepting any substitute for the Royal Baking Powder. The Royal is the embodiment of all the excellence that it is possible to attain in an absolutely pure powder. It is always strictly reliable. It is not only more economical because of its greater strength, but will retain its full leavening power, which no other powder will, until used, and make more wholesome food.

“Tiikrk are times,” said the man with the oratorical maimer, “when we are overwhelmed with humiliation at the powerlessness of the human mind." “Tnat’s very true,” was the reply; “1 am often made to feel so.” “Indeed?” “Yes. I have a four-year-old daughter who asks questions.”

Which Will You Be,

A farm renter or a farm owner! It rests with yourself. Stay where you are and you will be a renter all your life. Movo to Nebraska whero good land is cheap and cheap land is good and you can easily become an owner. Write to J. Francis, (i. P. &T. A., Burlington Routo, Omaha, Nob., for a descriptive pamphlet. It’s free and a postal will bring it to you. Willie— “ Uncle Tom, tho old Shanghai can’t fly a bit; ho is too heavy for his wings.” Uncle Tom—“ Then of what use are his wings, Willie.” Willie—“l suppose they are only good for him to flap in hot weather when he wants to fan himself.” Man is an animal that makes bargains; no other animal does this—one dog does not change a bono with another.—Adam Smith. Ladies can permanently beautify their complexion with Glenn’s Sulphur Soap. Hill’s Hair and Whisker Dye, 60 cents. The latest discovery made about trees Is that “the woods are full of them.” A man is not hated until successful.— Ram’s Horn. More good advice would be taken if it were given in a good way.

QT. JACOBS OIL cm"! 5 ™ 0 PAINS AND ACHES. P° INT IS( lj| WILL DO THE |pP* WORK HALF 50 WELL A 5 Santa Claus Soar gj& ONETRIAL WILL PROVE THIS FACT. SOLO EVERYWHERE. N.K.FAIRBANK COMPANY! CHiCAoq l OUT TEETH FRANKLESLIE'Sp|\f|| Us AD \ Scenes and Portraits Ul YlLWflll r . . . OB’ THE . . . j ( PICTURES OF STIRRING BATTLE SCENES I ) < GRAND CAVALRY CHARGES I ) im PORTRAITS OF THE lEAPIRP BEHERAIS ON BOTH SIDES, j r 1$ ft twelve cents for bach part. j \ W W PART ONE READY APRIL 15tt). ) f And each week another part Issued until the gerles is complete. Remit *3.60 at I S sseussnAysa* assssr s LEON PUBLISHING CO., Exclusive General Western Agents, j 1030 Caxton Building, : : CHICAGO, ILL. 1

W. L. DOUGLAS S 3 BHOX equal* custom work, costing from ißmniftW $4 to $6, best value for the money l.’tlJiUHyi Jjj the world. Name and price F /WFIT, Vfcstamped on the bottom. Every f pair warranted. Take no substif tute. See local papers for full m ti(rrT4yWlTtßh»^lu. cle ‘ cr ‘P tlonof our complete lines for ladle' and genliJlSjJiljSf'f. NPW tlemen or send for IICatalogue VWblnuT how to or. der by mall. Postage free. You can get the best bargains of a. aims who push or * shoes. I /g-SLsssr'ta tcssnVT) s*^&Sßig®SJ&l ligfessM ar*AMs nil rtriasmy ua.yw.ita

Positive Proof .—“Whoever made that deesert surely took a great deal of pains," said Ergo. “Why bo?” “Because the proof of the pudding Is in eating,” ho replied, as he doubled up with the stomach ache.—Arkansaw Traveler. Races gone— likewise money.—Memphis Commercial.

MANY CHILDREN —as well as thousands of grown people, have been cured of scrofula ana other blood diseases, by taking Dr. Pierce's Golden Medical Discovery. Every disorder that can be reached through the blood, yields to its purifying qualities. Eczema, Tetter, Bolls, Carebuncles, and the worst Scrofulous Sores and Swellings are permanently CUBED. Mr. Tnog. Harris, of Wakefield Station, Sussex Co., Vo., writes t “About Tour yearn ago my duughter, Helen G. Harris, was afflicted with Eczema in a distress! ng form. She tried medicines too numerous to memtlon, but they did no good. I told her that I would write to Dr. Pierce,which I did,and Miss Harris. after a few months* use of his medicines she was entirely cured. 1 believe your medioines unequaled. Mrs. J no. H. Richardson, a widow living near Wakefield, Va., a few years ago, was in oxtrotnely bad health, and used your proprietory medicines with entire success.”

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