St. Joseph County Independent, Volume 22, Number 14, Walkerton, St. Joseph County, 24 October 1896 — Page 1

c ouN Ty ■ | |ME I■ I llm ! I JBL IMtrt dSs in&epen&emt.

VOLUME XXII.

THE INDEPENDENT’S CAMPAIGN.

Editor Independent: As I was born and raised in the country at a time w hen we had only three months school in the year, and havihg to walk from one and a half miles to,two miles to school, I did not have the benefit of | more than twenty-four month's schoolnn HrlVvAo । |;se stick brilliai t language as is used advocates of ffoo^eoinage, and should I attempt to write about “Knights of Gold” and “ a lance of silver,” or about “ a crown of thorns and cross of gold,” (which was stolen from T. E.-McCall, a republican) I might not use .the proper language, so I will have to resort to facts, । history and statistics, and let our free coinage friends use the flowery language, as they have been doing, aad for which I do not blame them, as they are unable to find any history or statistics which they can use to prove their assertions, and have to resort to mere assertions and then branch off on oratory instead of proofs. My critic in your last issue is of the same opinion of all the other free coinage advocates, and that is that a person that believes in the single standard is opposed to the use of silver; but if he can point to a republican leader or orator that does not believe in the use of every silver dollar that the government can keep at par with gold, and our other money, he will do more than I have been able to do. Our free coinage friends make the following assertions, but do not prove one of them, and they are about all they have to talk on this campaign, and I shall endeavor to prove the falsity of all of them. First, they claim that the government issued bonds during the war that were payable in “greenbacks" then made them payable in coin and later demonetized silver, and thus n Ale them payable in gold and-#iat “the crmw of '73" ruined ® the country. Next, that the demonetization of silver has brought ruin on the farmers and laboring men, and that by free coinage of silver they will restore the country to prosperity. Then, they claim that the price of wheat and other farm products have always been eon trolled by the price of silver, and the present low prices of farm products are caused solely by the low price of silver and that by the free coinage of silver they will cause the price of silver bullion to rise so as to be equal to the price of gold (i. e. 16 ounces of silver to one of gold) and that they will both circulate at par, and that farm products will ad- ; vance accordingly and the country will be prosperous.

Now, let us see what Thaddeus Stevens, the chairman of the ways and means committee, said in regard to the payment of the bonds in his speech advocating the passage of the treasury note (greenback) and bond bill. As is well known the chairman of the ways and means committee always has the last speech before the vote on a bill introduced by him, and this is what he said in the house of representatives on February 6, 1862. (Congressional Globe, page 637.) “Mr. Chairman: This bill is a measure of necessity, not of choice. No one would willingly issue paper currency not redeemable on demand and make it a legal tender. It is never desirable to । depart from that circulating medium ' which, by the common consent of civil- I ized nations, forms thestandard of value. ; But it is not a fearful measure; and when ! rendered necessary by exigencies, it I ought to produce no harm. The first in- j quiry then is, is this measure necessary? j The late administration left a debt of about §100,000,000. It bequeathed us ‘ also an expensive and formidable rebel- I •ion. This compeltm criUgTCss, at its tx- । Ga session, to authorize a loan of 5250. 000,000 bonds: $100,000,000 of these were taken at seven and three-tenths per cent and §50,060,000 of six per cent bonds at a discount of over §5,000,000 were used ; in demand notes payable in coin, leaving §50,000,000 undisposed of.'’ Then Mr. Stevens goes on to say that all this money has been used, and there

is still an audited debt of §180,000,000 unpaid, and that the appropriations that that congress must make to carry on the war, until the next congress meets will amount to §1,050,000,000, and all this now before the government had issued a paper dollar. Mr. Stevens says further along in his speech advocating the issue of the §500,000,000 of bonds as proposed by the bill: “ A dollar in a u»iser’s safe unproductive is a sore disturbance. Where could he invest it? In United States loans at six per cent redeemable in gold in twenty years the best and most valuable permanent investment that could be desired.” Then, further along, he says: “Gentlemen are clamorous in favor of those that have debts due them, lest the debtor should the more easily pay his debt. I do not much sympathize with such importunate money lenders. But widows and orphans are interested, and

WALKERTON. ST. .JOSEPH COUNTY. ij^lNA. SATURDAY. OCTOBER 2b 1896.

in tears lest their estates should bo badly invested. I pity no one who has money invested in United States bonds payable । in gold in twenty years, wnth interest I semi-annually.” And further on in this I same speech Mr. Stevens says: “Here, ' then, in a few words, lies your choice, i Throw’ bonds at six or seven per cent on * the marKea.awtww® tuiu uxmL Dwrtnber, । enough to raise at least S6OO,(XX),(XX) about this sum is already appropriated, $557,000,(XX); or issue United States notes, not redeemable in coin, but fundable in specie paying bonds at twenty years; or take their chance of circulation by the , voluntary act of the people.” I Now, Mr. Stevens states also that they I all expected the war to be over in less ! than one year, and also says: “No one i expects the resumption of specie pay I merits untill the war is over.” I could cite plenty of other authority । on this same subject showing the inten- ! tion of those that supported the bill to I be to pay the bonds in coin or gold; but las I have given quotations from what 1 I think is conceded to be the best author(ity, I will not consume space in doing so. > But as I believe it is not generally underj stood, I will state that both William 8. i Holman and Daniel W. Voorhees, now i both prominent democrats of this state voted against the bill. Now, as it was understood by the ad , vocates of this bill, that the treasury notes (greenbacks) were only issued as a war necestiy ami were to lie retired as soon as the war was over, and go back to a specie basis, and as it was understood that the bonds were to be paid in coin (or gold, as some of them said, and the parties that bought the bonds so understood it, as the government had rimer recognized anything as legal tender j money* but gold and silver, and had al- ; ways paid their bonds in coin, there j would have been no dispute over the j payment of the bonds in coin, hail not some of the parties who opposed the issue of the bonds and " greenbacks " and done all they could to cripple the government during the war, raised the cry that as the bonds were not expressly stipulated to be paid in coin, thev could be paid in “ greenbacke." But as the “greenbacks" were a debt as well as the bonds, this would have been pat ing ore debt with another: and in order to set tie this matter, and assist the govern ment to sell other bonds at a less rate < f interest, and fund the war bonds con gress passed what was called “ the act to strengthen the public credit" in IsGP, which expressly stipulated that “all government bonds not otherwise stipulated should be paid in coin.” Now, 1 would I e glad to have some critic show me w here there was anything wrong in this act.

We now approach “ the crime of 73. ’ j From 1792 th<* time our mints were established to 1873, wlien " the crime was committed.'' we had coined just 8,031,238 silver dollars, and §135,782,360.70 in fractional and subsidiary coins nearly 20 times as much in pieces less than a do! far than in dollars because it took 7 per cent less silver to make a dollar's worth lof them than to make a silver dollar. . But in this “criminal act” of '73 the I government discontinued the coinage of • the dollar of 412 G grains, but left every ! dollar of them that had been coined up to that time in circulation, and a full legal tender for all debts, both public and private, and in lieu of them authorized the coinage of the trade dollar, of equal quality of silver and 7 1 .> grains heavier: and from 1875 to 1878 we coined §35,958.360 trade dolla rs and $40,458,165.50 in half and quarter dollars, while in the 12 years prior to “ the crime ” we had coined only §3.1591.508 in dollars and §13.164.688.90 in half and qurter dollars, being nearly five times as much silver coined by our mints from ’73 to ’7B as had been coined in the twelve years be- : fore “ the crime.” The production of American silver had increased from j §2,000,000 in 1861, to §35,750,000 in 1875. j But as there was a large foreign demand ‘ for it and the bullionists could get from (3 to 7 per cent more for it than to have j it coined into silver dollars in this coun- ; try, they did not care for the passage of I “ the criminal act.” But England having (adopted the single (gold) standard in 1816, and Germany in 1871, and France and Belgium both having stopped the coinage of the 5 frank piece (equal to our dollar) in 1875, and Denmark, Sweden I and Norway having replaced the silver standard with the gold standard in 1873, and Italy and the Dutch colonies having suspended the coinage of silver in 1875, curtailed the foreign demand for silver ; to such an extent that there was more profit in having the bullion coined into silver dollars here in the United States, 5 than to export the silver; then we began 1 to hear the clamor for free coinage of t silver and to hear of the “ crime of ’73 ” 1 (which I trust, and believe, will be buried

so deep on November 3, that we will have heard the last of it.) Now, let us seo ! what congress has done for these" down- ■ trodden” silver bullionists in the past 18 years. After they had lost their foreign market for silver and could not make any money by shipping it out of the country any more, and they could not come back to our mints io have it coined, they howl for free coinage. But happily, our legislators at Washington, had the foresight to see that we could not open our mints u> the free and unlimited coinage of silver, without having so much • of it to coin that it would drive our gc^d out of the country and leave us on a silver basis. But in 1878 congress passed a compromise silver law known as “ the Bland Adison act,” which compelled the secretary of the treasury to buy not less than $2,0(X),000 nor more than $4,000,(MX) worth of silver bullion per month, and to coin it into standard silver dollars, of 412 L grains each, and same was to be a full legal tender for all debts public and private, and as there had never been half this much silver coined into silver dollars per month before, and this in addition to the amount to be coined into subsidiary coins was expected to make a market for at least worth of silver here in the United States and as the total production of silver in America, had never exceeded that of 1877, which w;is $39,800,000, the silver bullionists were quite well satisfied with the law, and they and our leading statesmen thought this would restore the price of silver to its coinage value <81.29 [mt ounce, but the production of silver in the United States kept on increasing, and by the aid of improved machinery for mining and ing, the production increased in tmR United States from $39,800,(MM) in 1877 to $70,465,(MN) in 1890, and the price] per ounce declined from 81 .2048 in 1878' to .9338 in 1889. But the bullionists had ! been fighting for free coinage all the I time after silver had l>egun to decline so fast, and in 1890 succeeded in getting । another law passed for their lamefit, w hich was known as “ the Sherman acM] They claimed that the act of '7B did nos cause the purchasing of enough silva* wilirh wits the cause <>f silver declining j s ) much. But if congi'-ss would compel the secretary of the Treasury to buy 1,500,(MM) ounces per month, that would restore silver to its coinage value, ai d this was believed by Sherman, McKinley, ami other leading Republicans. so the i Sherman act was passed to compel lie; purchase of 1,500.(MM) ounces ]>er month an 1 as the secretary of the treasury w; s' om.n.i o to buy the silver, and the owners of it formed a trust, or jmkil, and put the price up: they did succeed in forcing the price up in 1891 to 81.9 then their trust “ busted " and the price began to go down again, and ran down to .7313 per ounce when the purchasing clause of the Shermanact was repealed on Novem ber 1. 1883. although the production con tinned to increase until it reached the highest amount in 1892, being $82,101,000. Since which time it has decreased until it was only $72,051,(MM) in 1895. It looks like folly for anyone to assert that with this enormous increase in the production of silver, while gold production in America has only increased from 83G.OO(HMM) in 1873, to 846.610,000 in 1895, we could keep the two metals at par by the free and unlimited coinage of both, while silver has increased over 109 per cent in production, and gold less than 30 per cent in the past 23 years. But Mr. Bryan said in his New York speech: “ With the free and unlimited coinage of silver we will bring silver up t 051.29 an ounce and still retain our gold in circulation.” And in his western speeches he says: “ Free coinage will give the debtor a cheaper dollar to pay his debts with." Now. the republican party claims that with free and unlimited coinage of silver, that gold will assume a premium at once and leave us and go to countries that are on a gold standard, and we will be left on a silver basis, and consequently prices will rise, that we would need more money, and we would have less money’ than we have now, and that just to the extent of our gold now in this country, which is at I present 8620,000,000. In support of our argument that under free and unlimited coinage of silver, gold will leave us, let us see what Macauley says in his History of England in regard to the circulation of money of different intrinsic value, and as this happened 200 years ago, it cannot be said that it was a scheme of Mark Hanna, or gotten up by the republicans as a campaign story. In the twenty first chapter of Macauley’s History of England he says: Till the reign of Charles the Second our com had been struck by a process as old as the thirteenth century. Edward the First had invited hither skilful artists from Florence, which, in his time, was to London what London, in the time of William the Third, was to Moscow. During many, generations, the instruments which'were introduced into our I mint continued to be employed with lit- । tie alteration. The metal was divided

"fl'Twards shaped and I r itiS 80 dimmer. In these ope--Ihu o Z^l ,ch was ,est 10 the e > e and ' ! hanßSv e workman. It necessarily iTmWwIF ^at some pieces contained a ' .aS^t® ndßome a litUe lpsH than the ' oym silver: few pieces were 1 und; and the rims were not It was therefore in the course ' - that to clip the coin 'the easiest and mostproftt--1" ^e ridg^f 't had bpuq thought ne&jft&ry t° *|Ww^hat tbife ebpper sljonkLArae f toi^been, the' peinlHf * treason. . 1 VntfrimM.-CTio berfw a largo proport ion of ifie citowns, naif-crowns and shillings wlAi tVere passing from hand to hand i'-^ndergone some slight mutilation. r ^St was a time fruitful of experiments nn£Jiv®htions in all the departments of seigee. A great improvement in the :Qf shaping 'and striking the coin w:»4»ug^><ifcted. A mill, which to a great exteut superseded the human hand, was hi the Tower of London. This "i W" wor ^ ed hy horses, and would ilotjbness be considered by modern enaß a rude and feeble machine. 1 pieces which it produced, however, w®e among the best in Europe. It was to counterfeit themjand, as their W ' W circular, and their wore inscribed with a legend, dip i’isg was not to be apprehended. The liaiDjiiered coins ami the milled coins were-current together. They were re ijpved without distinction in public, and 'JPJHeqiiently in private, payments. The dianciers of that age seem to have ex ’twk'ted that the new money, which was uicolient. would soon displace the old nKWey which was much impaired. Yet any man of plain understanding might I have known that, when the State treats perfect coin and light ntin as of equal value, the perfect coin will not drive the light coin out of circulation, but will nteclf be driven out. A dipped crown, Will Efiglish ground went as far in the pay 1 MPt>t of a tax or a debt as a milled crown. I But Uie milled crown, as s<h>ii'|ls it had [been flung into the crucible or carried ■Hx* the Channel, became much more »VBlu*ble than the dipped cfown. It nric.it therefore have been predicteil, as eonidvntly ns any thing can b<-utedicted Wb’th depends on the humiiiAßll, that th- infeiior pieces would ruaain in the on!/ market in which tbe/could fetch tin same price as the si^peimir pieces, aui ehut the superior pice* <^ould take form or fly to some \ in wire h "'•Wfl*' jurvatn »”'■ voiiui t!" • , >< _ . thdr superiority.* N«w, 1 think there is not a republican I supporting McKinley, who is not in favor of using all the silver mone) we can, as long as we can keep it at par with our other money; and I don’t see where the I free Coinage advocates make any points I in quoting what J.G. Carlisle, McKinley, I Harrison and other leaders said in the past eighteen years in favor of silver, or free coinage, as I think 90 per cent of I the pr*oplc of this country believed that the law of 1878 would restore the pirce of silver, and when it did not, and the ! law of 1890 was passed they were again satisfied it would restore silver to its coinage value. But as these laws both failed, I think it is time to quit experi- 1 ment, and wait a few years until we in crease our stock of gold money, then we can begin the purchase and coinage of silver again. With your permission, I will conclude my article next week. T. J. WOU E. * The first w.iier who noticed the la> t that, wlieie g axi inMiej and Luii tn-at y nre thrown iuifc circulation together the but money (Lives Ollt the good money was A i islophanes Ur setfns to have thought tin. i the pieier.uee « hich his ehoW citizens gave to light coins waste be attributed to a depraved ta-te. such «s leu them toleiiliu-t men likt ( leou and Hypeibolus w :ih the conduct of gieat affairs. * * * Ebitok Independent: phe courtly, gifted, brilliant Ingersoll w^h ail ids richness of pathos, elegance of diction and terseness of argument, is no'match for the truth. Since " a cat mag? look at a king" we have no hesitatic jin saying that Ingersoll cannot estal fish the truth of the statements as made in the last isssue of your paper. He asserted, first, “ money is found, not created. No power of man or congress can create money.” Our answer is that away back in the Stone Age, where Col. Ingersoll gets his religion, he also gets his idea of money. He may dig up the skulls of the Stone Age, but with them he can no more overthrow the religion of Christianity than he he can overthrow the cause of free coinage by digging in the ground to find nature’s money. Money never grew on fig trees, neither does it exist in the ground. Away back in civilization conch shells, wampum, cracked corn and coon skins passed as barter or commodity exchange. Where there is no law custom becomes law but where law is established barter mediums of exchange were by law created money. Webster defines money as stamped pieces of metal called coin, also paper is called money when it is substituted for metal’ The supreme court decided in the celebrated greenback (Ben Butler) case that our present greenback paper dollar is a dollar, perpetual money, never requiring a redeem er. Fiat dollars as truly as is gold or concluded on fifth page.

Attention. All people owing bills that have run sixty days must settle the same by Nov.: 1, or they will find them in a collector’s hands. T. J. Wolfe. Farm for Sale. A.D. Johnson has 40 ncres of land with a good log house, good well and stable, that he will rent for 850 per year » cash in advance; 30 acres are cleared and .three acres good mow marsh. C;.il s<M>n ? or it will be rented. Call on or address p. Johnson al Imw-Cuy. Im. Mrs. Elizabcth^^Mher will sell publu^uuction ■^■pisidenco, four miles northemj^j^^^rton, near the Cole BchoolWbse; T hursday, Nov. 5, commencing at 10 a. m„ a lot of personal property consisting of horses, cattle, farming implements,, some tiling, etc etc. Ladies’ calling cards latast styles in cards and type.

- - Began Business J OCT. 5,1875. A OCT. 5,1896. OL® ENOUGH TO VOTE. And I now Vote for a CASH BUSINESS in the FUTURE. I have aimed to accommodate every person that I thought worthy of credit for 21 years, and have lost several thousand dollars by doing so. Those I have favored in the past I trust will now favor me by continuing to give me their trade, and I Will Save them from 10 to 50 Per Cent On Former Prices. Look at the following reductions in prires and the per cent W Will WIII Pajim dM ARTICLES HERETOFORE SOLD AT:— 5 ets will be sold at 2 for 5 cents, saving 50 per cent 10 “ “Bor 2 for 15 “ “ 25 “ “ 25 « 20 “ “ 20 “ “ 50 45 “ “ 10 “ “ 75 « •• » “ 65 “ “ 15 “ “ 1.00 “ " “ 85 “ “ 15 “ “ 1.50 “ “ “ $1.25 “ “ 17 “ “ 2.00 “ “ “ 1-70 “ “ 15 “ “ 250 “ “ “ ... 2.00 “ “ 20 “ “ 300 “ “ “ 2.50 “ “ 16 “ “ 4.00 3.40 “ “ 15 “ “ 5.00 “ “ “ 4-00 “ “ 20 “ - 6.00 4-60 “ “ 20 “ - 750 6.00 “ “ 20 “ 11 10.00 8.00 “ “ 20 ” - 12.50 “ “ “ 10.00 “ “ 20 “ “ 13.50 11-50 “ “ 15 “ “ 15.00 - “ “ 12-50 “ “ 16 “ “ 16.50 to 18.00 “ “ 15-00 ~This will make the best OVERCOAT in the Market or best Heavy Weight Imported Worsted Suit only sls, which you will pay S2O to S3O for in cities. Come and see us, and bring your cash along, and buy goods at the lowest prices you have ever seen them sold. Ta ETE 1 CLOTHIER & ■w ■ w ¥ I laa Gent’s Furnisher* Rensberger Block. ROSS, JARRELL & CO.^ Hard Coal HEATERS. WOOD HEATERS, Oil Cloth Rugs, Air Tight Heaters, W agfons, Bug-gles.

NUMBER H.

Land Owners, Attention! If you want to sell your land, and will I sell it at a bargain, come and see us acd ‘ we will furnish you a buyer. Kankakee Land Investment Co., Walkerton, Ind. Try the Defender, the smoker’s delight. Dr. A. D. Reynolds, the old, reHable horse doctor, having returned from hie . visit in New York is again ready to ■ prescribe for diseases of the horse. t Headiiuarters at Eudly’s di 1' The Davis sewing the best machines on the market. Vin- ' cent’s sell them at S3O to s3o. j The Independent and Toledo Blade $1.75. A cheap combination. Take ad vantage of the offer. — —' ' IV ANT ED—Several faithful men orwmren te> travel for responsible established house in Ind!a >a Salary S7BO, payable 815 weekly fnxi expenses. Position permanent. Reference. S»elose self-addressed stamped envelope. Tha National, Star Building. Chicago.