Newspaper Page Text
MEMPHIS’ SOUND MONEY MEN.
(Continued from First Pa*.-.)
was complied with, and there was more
enthusiasm.
When the vote was taken the resolu
tions were adopted without discussion and
ith a shout. Not a voice was heard
in the negative. Then resolutions were
j assed giving hearty endorsement to the
work of the reform committee on sound
money of New York, and also urging the
f rmation of sound money leagues and
> tubs throughout the south, and after a
farewell address from Congressman Pat
terson the convention at 9:40 o’clock ad
j irned sine die.
Full ex,Vra<-ts from Secretary Carlisle's
speech follow:
Mr., president, I do not think the Impor
tance of the questions you are called to
consider can be overestimated, or that the
/rarity of the situation can be over-stated.
The proposition to revolutionise our mone
! try system, and thus destroy the credit of
•he government and the people at home
and abroad, violate the obligations of all
contracts, unsettle all exchangeable val
ues. reduce the wages of labor, expel cap
ital from our country, and seriously ob
struct the trade of our people among them
s Ives and with the peoples of other coun
trios. Is one which challenges the lntelll
p- nce, patriotism, and commercial honor
<>f every man to whom It is addressed. No
matter v hat may be the real purposes and
motives of those who make the proposi
tion to legalise the free and unlimited coin
go of silver at the ratio of-16 to 1, these
are the consequences Involved in their
scheme, and. In my opinion, they cannot
l,e avoided if it should be adopted. In no
jurt of the country will the consequences
1 f such a policy prove more Injurious tv>
tin material interests of the people than in
the. undeveloped and progressive south.
When the great civil war closed, your In
dustrial system was destroyed, your com
ic. rolal relations were all broken up, your
currency was worthless, your farms were
i ,stated, your nitr.es were closed, your
forests were untouched, your water power
was useless, and your railways were un
tetf and inadequate, even for the limited
f rvice they had to perform; hut your
great natural resources were still unim
paln-d, and upon that foundation you have
constructed, and are still constructing, a
system of diversified Industries end inter
state anl international commerce which,
if not disturbed by unwise experiments in
financial legislation, must attract to your
S' ti.'n of the country all the active capi
tal and riled labor necessary to make It
the most prosperous part of the continent.
3:. f.. . proceeding to the discussion of the
main qu- tion presented, it may he advan
t;u oils to state as hrefly as possible a few
admitted or well-established facts having
an Important bearing upon It.
t’oins were "made, hot for the purpose of
a it. mpting to add anything to the Intrinsic
or exchangeable value of the metal con
tained in them, but for the purpose of at
testing, by public authority, its weight and
purity, thus avoiding the delay and uncer
tainly resulting from the practice of
weighing each piece as It passed from one
in another. That the coinage of the metals
tin s not now add anything to their actual
value in the commercial world, Is conclu
sively proved by the facts that, In all the
great transactions between the people of
ditT rent countries, the coins are accepted
only at their bullion value, determined by
their actual weight and fineness, and that
bullion itself is still used in making pay
ments just as It was thousands of years
ago. Whatever effect legislation
upon ratios. In conection with
legal tender laws, may have had
upon the use of the two metals
in the payment of antecedent debts. It has
never had the slightest effect upon the
actual or relative values of the two metals
1n national or international trade. For
many centuries, even after the commerce
of the world had grown to enormous pro
portions, the propriety of making any
giv. u quantity of bullion, or any partic
ular coin, a legal tender was not even sug
gested, and up to the present time there
i- no legal tender In International trade.
Vi i tiler payments are made in gold or
silver coins, or in gold or silver bullion,
a 'i *1 intrinsic value determines the
am int or quantity to be delivered, no
matter what may be the legal tender laws
of th" different countries, and no matter
though they may have the same or differ
ent ratios of value between the metals
within their respective limits. The law
of France, for Instance, places a higher
value upon silver relatively to gold than
is placed upon It by the laws of th*> United
P s, the French ratio being 15Vx to 1,
ai 1 ours being 16 to 1; but If 16 pounds of
our silver, coined or uncoined, were sent
to that country to be used in the payment
of a debt or In the purchase of commo
dities, it would not be accepted at the
ratio of 15% to 1, or at the
ratio of 16 to 1 as compared to
guild, but only at the ratio of about
Cl to 1, which shows that neither our ratio
nor the French ratio has any effect what
ever upon the value or purchasing power
of the metal itself. Coinage Is free in
Mexico, and the dollar, which Is full legal
Under, contains 377.17 grains of pure silver,
while our dollar contains only 371.25 grains
of nure silver: yet ‘Mexican silver dollars
are sent into the United States and other
parts of the world and sold at the price of
the bullion contained In them, which is
about one-half their nominal or legal value
In their own country. The .legal tender
laws iffect the debt paying power of the
coin i’sclf In the country where the laws
prevail, but the laws establishing ratio do
ho: affect the value of the metal contained
in the coins either at home or abroad, be
causi It is the metal that fixes the value
of the coin, and not the coin that fixes
the value of the metal.
The use of credit in the form of bank
notes, checks, bills, and other evidences
o' debt has so increased in modern times
1‘ it in all highly organized commercial
' "nimunities the use of coin, except in
hi-iking change, has been almost entirely
dispensed with. The percentage of coin
8 lively employed in conducting business
in this country Is so small that it is al
most inappreciable; so small, in fact, that
l’s disuse in our transactions would not
l o felt if we had a substitute for, or a pa
!' r representative of, the subsidiary
Foes, in Kngland, France, and other
countries, a larger amount of coin is used,
because tney have no very small notes.
Although we have the gold standard, or
measure of value, in this country, our ac
tual stock of gold bullion and coin amounts
to only about one-third of our actual cur
rency—a condition of affairs which would
have been Inconceivable a few centuries
ago. Wo have about $625,006,000 in gold,
XHu.652,873 In full legal tender silver, $346,-
661,000 in old United States notes, $149,581,-
4il In treasury notes issued in the purchase
of silver bullion, $209,719,850 in national
bunk notes, and $76,169,569 In subsidiary
Mlver eoin, making In all $1,804,707,768. :s
---elusive of the minor coins, and every dol
lar of this vast volume of currency is kept
equal in value to the standard established
by law, so that every man who receives
a silver dollar or paper dollar in exchange
,0 [ his products, or In satisfaction of a
debt, gets just as good a dollar as the
man who receives gold. This. Is the mon
etary system and this is the financial con
dition which the advocates of free coinage
at 'he ratio of 16 to 1 now propose to rev
olutionize at once by a change in the
standard of value, so that the whole mass
ot circulation left for the use of the people
would be reduced to about one-half the
purchasing power it has now; or. In other
i r L, ' s " A l,nt it would require about
double the amount of currency that is re
quired now to perform the same service
m the exchange of commodities. But the
consummation of such a policy would pro
, noo results more far reaching and disas
irous than the mere reduction of the stan
of value, because, for a long time, at
F, as b credit, which constitutes by far the
most important factor in our financial
ant commercial transactions, would be
- uhstantially destroyed by the confusion
' 1 uncertainty necessarily following
' ' ‘ " a great and sudden change In our
monetary system.
, 4 contended by a large number
ot the advocates of free coinage—perhaps
a majority of them—that the effect of their
policy would be, not to abolish the pres
. p* standard of value and substitute the
t.ngie silver standard in its place, but
jf. would establish what they call bi
metallism and a double standard. I con
iss my inability to understand what is
any meant by a double standard or
C'Mgre va lue; the Idea Is incompre
e nsibie to my mind, beoauso I cannot
,i? ceiv 9 *> ow tt is possible to have two
legal and authoritative meas
,U' S °" the same thing in use at the same
ii-Yw a ~’ {or instance, a pound weighing
oubces and a pound weighing eight
on 'y half as much, Rnd both
MO?.™ ,' ly * uw t 0 bn legal pounds. I
,entirely with Gen. Jackson's secre
t!}!' treasury, who said: “The pro
dne’i i n 2. hut th ‘ re can be but one stan
vm? 1 . *" iB KPl f evident.” The propo
fd establish and maintain two dlf
measures of value to be In use at
time, and to bo applied to the
*hings at the same time, embodies a
♦hit • a 9 n 4 metaphysical absurdity, and
tuts is so evident that the ablest thinkers
and writers upon the subject have been I
at last forced to abandon it.
\ alues will always be measured by the
kind of money in actual circulation, no
matter what the law may declare, and.
therefore. If the free and unlimited coin
age of silver at the ratio of 16 to 1 should
drive out goki and substitute silver and
paper redeemable in silver in its place, we
should have a single silver standard and
actual sliver monometallism. Instead of
using both gold and sliver as we do now
in larger amounts than ever before In our
history', we snoukl instantly* expel the
more valuable metal from the country and
make the sole basis of our cur
rency. We have new practical bimetal
lism.—the use of both metals as money:
we should have then practical monometal-
JJJNi— -the use of only one metal as money.
This Is neither speculation nor prophecy,
but a conclusion based on facts estab
lished by the experience of all nations in
ail ages.
In order to eliminate all Irrelevant mat
ter and simplify the argument, allow me
to state exactly what the proposition now
pending before the people is: It is proposed
that the United States, without the co
operation or assistance of any other gov
ernment, shall provide by law that all the
silver bullion, or foreign silver coins, that
may be presented at tl:e mints by Individ
uals or corporations, foreign or domestic,
shall be coined, at the public expense, into
silver dollars, at the ratio of 16 to 1 with
gold—that is, that sixteen pounds of silver
shall be considered equal in value to one
pound of gold, and the weights of the
coins shall be adjusted accordingly—and
that the coins so made at the public
expense shall be delivered to the owners of
the bullion, or foreign silver coins, as the
case may be, and all the people of the Uni
ted States, but nobody else, shall be com
pelled by law to receive them as dollars
of full value, in the payment of debts due
to them from their own fellow-citizens
and from the citizens or subjects of other
countries. It is not proposed that the citi
zens or subjects of other countries, with
whom our people trade, shall be compelled
to receive these silver dollars In their
transactions with us, because that can be
done only by International agreement,
and our Impatient free coinage friends de
clare their determination to proceed at
once Independently of all other govern
ments. All who are indebted to us are,
therefore, to have the privilege of paying
in silver, while all to whom we shall be
come Indebted are to have the privilege
of requiring us to pay In gold.
Measured by* their purchasing power tp
the markets of the world, which Is the
only real test, the relative value of sil
ver bullion to gold bullion Is about 32 to
1; that Is, it requires in all countries, sil
ver-standard countries as well as gold
standard countries, about 32 pounds of
silver bullion to procure tbe same quan
tity of commidities that one pound of
gold bullion will procure, and. therefore,
the proposition to authorize the free and
unlimited coingage of silver into full le
gal-tender money at the ratio of 16 to 1
means, under existing conditions, that
the intrinsic value of the silver dollai'
shall only be half, or about half, the in
trinsic value of the gold dollar. My own
opinion Is that after we had passed a cer
tain limit the more stiver dollars we
coined the less they would be worth, be,
cause the Inflation itself would still fur
ther diminish their purchasing power.
Such legislation by the United States
alone would not reduce the value of the
gold dollar to any extent
whatever, because, as stated,
the value of that metal in
commercial transactions all over
the world is estimated according to its
weight and fineness, and will continue
to be so estimated, and, consequently, the
only way in which this country alone
could diminish the value of its gold dol
lar would be to reduce the weight of the
pure metal contained in it.
The attempt to coin the two metals
without limit as to amount into full le
gal tender money and keep both in circu
lation at the same time has been male
by nearly every* civilized nation in the
world and has failed in every one of them.
It has failed because In every instance tt
has been found Impossible to establish
and maintain a legal ration corres)>omi
ing at all times with the intrinsic
or commercial ration between the
two metals contained in thefoolns, and
because whenever either of the metals
was under valued relatively to the other
in the coinage laws it was expelled from
the country. England persisted In the at
tempt for nearly 500 years, and, notwith
standing the enactment of most severe
penal statutes against the exportation of
coins or bullion, was at last forced to
abandon the effort and adopt the single
standard. France, in her efforts to keep
the coins of the two metals In circulation
at the same time, changed the legal ra
tion between them more than 150 times
In a single century, and finally, 111 1876,
finding that gold was leaving her and that
in ten years her net Imports of silver had
amounted to $280,000,000, stopped the coin
age of legal-tender silver, and for nine
teen years the attempt has been aban
doned in that country. Many other na
tions in Europe and other parts of the
world have subjected their people to great
loss and expense by their adherence to
monetary systems based upon the theory
that a double standard could be main
tained, but in no case have they succeeded
in keeping the coins of the two metals in
use at the same time, except for very
short periods. Our own country is not
without experience upon this subject, and
the results here were Just the same as
they have been everywhere else.
The great and important fact conclus
ively established by the history of that
legislation and its effects upon the circu
lation of the coins of the two metals is
that whenever one of them is over-valued
relatively to the other in the coinage law's,
with free coinage or coinage upon equal
terms, and both are made legal tender, the
coins of the under-valued metal will be
driven out of circulation and out of use
as money in the country where the un
equal valuation is made. The reasons for
this are perfectly plain. Both being legal
tenders, the least valuable coins will al
ways bo used In making payments, and
will become the measnres of value in the
exchange of commodities, and consequent
ly the more valuable coins will be hoarded
or sejit out of the country Into a market
where their real value will be recognized.
Now, as thij-i is just what has always oc
curred—at least In modern times, when
commercial relations between different
countries are so intimate and the moans
of transportation are so rapid and cheap—
even when the under-valuation or over
valuation amounted to only one or two
per cent. I think we are fully justified in
concluding that if the United States alone
should adopt the policy of free and unlim
ited coinage of legal tender silver at the
ratio of 16 to 1, which would be an over
valuation of that metal to the amount of
100 per cent., all the gold in the country
would he immediately hoarded or exported
or be held as a commodity by speculators
engaged In the business of buying and
selling it at a premium. If this should be
the result, the free coinage of silver would
not for a long time add anything what
ever, even nominally, to our stock of
money; on the contrary, the immediate
effect of such a policy would be a contrac
tion to the extent of fully onc-thlrd of our
present volume of currency by the expul
sion of about $625,000,000 in gold, and It
would require more than fifteen years to
supplv its place with silver dollars, even
if our mints coined nothing else.
All who have been or may be Induced to
give their support to this revolutionary
policy, upon the assurance that it will
give the country more money for use In
the transaction of business, will bo great
ly disappointed, for they will find, when It
is too late, that instead of having more
monev, they will have less, and that It
will be depreciated in value besides.
While, therefore, It is not at all certain
that free coinage would ultimately make
any considerable addition to our circula
tion it is absolutely certain that it would
give us a depreciated and fluctuating cur
rency and the question is whether the pro
ducers of cotton, wheat, corn, beef, pork,
oil lard, cheese and other exportable ar
ticles w’ill be benefited or injured by such
a result It Is an axiom in trade that the
prices of exportable products are fixed
in the foreign market where the surplus is
sold and are fixed in the currency of that
country according to its ..nominal value
there If sold In England, for Illustration,
the prices are fixed, and paid in pounds,
shillings and pence, and not in dollars
and cents, and. consequently, it makes no
difference to the foreign purchaser what
kind of currency the producer has at home.
The character or value of the currency in
use in the producing country does not af
fect the price of the article abroad to any
extent whatever, for the purchaser there
trades in his own market and uses his
own currency in measuring values The
establishment of a silver standard here
could not possibly Increase the price of
cotton or wheat or any other American
product in Liverpool, London. Paris, or
Berlin, whatever effect It might have upon
the nominal price in this country. Ir our
monetary system were so changed that
it would require $2 to purchase here the
same quantity of commodities that 51 will
purchase uow, it the
THE MORNING NEWS: FRIDAY, MAY 24, 1893.
PACKING YOUR TRUNK,
A Fcvr Thins* a glimmer Pilgrim
Inn't Get Along Without.
Make a list of the things you think you
ought to take on your summer holiday trip
and you will be startled at the result.
You wonder if you will have to hire a
special baggage car. Now. strike out
every article not imperatively necessary
and you will find that a trunk of modest
size will answer every purpose even of a
long trip.
Travelers in making up their lists of in
dlppensables should not forget that a
change of drinking water after the heat
and fatigue of a journey is likely to make
them sick. To remedy this evil, or what
Is better to prevent it, the ptlgrim takes a
supply of that sound and wholesome stim
ulant. Duffy s Mall Whiskey. A little of
this whiskey In the water not merely kills
the germs that would make mischief in
the stomach and bowels, but It tends di
rectly and strongly to revive a nervous
system exhausted by long continued men
tal application, pressing anxiety or phys
ical labor.
Make room In your gripsack for a bottle
of Duffy's Bure Malt Whiskey and use it
when you are worn out with the heat—
for there are fearful days even In the
country. Re-invigorate your sluggish body
with this prince of stimulants and In the
sense of strength and well-being that fol
lows you will be glad that in making up
your list of absolutely needful things you
did not overlook Duffy's Malt Whiskey.
value or purchasing power of the English
pound sterling, the French frane or Ger
man mark in the least. The only effect
would bO that the exchange would be dou
bled, and the pound sterling instead of
being worth $4.566 in our currency, as it
is now. would be worth $9,732, and when
our people wanted to make a remittance
to pay a debt abroad they would have to
pay twice as much In our money for the
same number of pounds as they pay now,
while the foreigner who wanted to make
a remittance to pay a debt here woud pay
only half as much in his money for the
same number of dollars as he pays now.
Hut the exchange would be In a constant
state of fluctuation. Just as it has been
between Groat Britain ami India on ac
count of the changes in the prices of sil
ver from day to day; and the American
producer would be compelled to pay for
the risk taken on account of the fluctua
tions by receiving a less price for his cot
ton, wtiekt, beef and other articles. The
farmers and planters do not export their
own products, but they sell them at home
to somebody else who sends them abroad,
and if tile exchange is steady and the
money in which he is to pay for the prod
uct lias a fixed value relatively to the
money in use In the country where he ex
pects to sell them, the purchaser here
can afford to pay the highest price that
would leave him a reasonable margin of
profit 111 view of the conditions existing
in the market abroad. In other words, he
has to incur but one risk—the possible fall
In the price of the products abroad: but if
the currency here is depreciated and fluc
tuating, If our money has no fixed and
certain value relatively to the money in
use abroad where he expects to sell the
products, there is an additional risk to be
incurred which will have great influence
in determining the price he can afford to
pay the producer. In addition to the risk
of a fall in the price of the products
abroad, he must incur the risk of a rise
in the price of silver between the time of
his purchase and the time when he re
ceives the proceeds of his sale, for if silver
rises In the meantime hr may not get back
as many dollars as he paid out. The pro
ducer must pay for both of these risks by
receiving a smaller price for his commoda
ities, and hence his prices will never In
crease in proportion to the actual depre-’
elation of the money In which they are
paid. To illustrate my meaning, when sil
ver Is worth 60 cents per ounce, the bul
lion contained in a silver dollar Is worth
46.4 cents, but If the price of silver should
advance to 62 cents per ounce, the value of
the bullion contained In a silver dollar
would be 4S cents—an Increase of over 3
per cent. Now, the price of cotton or
wheat will not rise in proportion to the de
preciation of the dollar in which it Is to
be paid; that Is, the purchaser for export
will not pay for it at the rate of 40,4 cents
for each dollar when sliver is worth 60
cents an ounce, because he knows that sil
ver may rise to 61 or 62 cents per ounce lie
fore he can sell the product abroad and get
his money for it. ami he knows that if this
happens the gold he receives abroad can
not be exchanged for as many silver dol
lars as he paid the producer here. He will
not take all this risk upon himself, but will
compel the producer to bear it by receiving
a less price for his eotton or wheat; and
this argument applies with equal force to
all other articles. It Is impossible to esti
mate accurately the amount of loss which
this would Inflict upon the American pro
ducers of expbrtable products, but it would
undoubtedly be very great, as the value of
our exports of domestic merchandise Is
nearly $870,000,000 per annum, and a small
percentage upon this large sum would
very materially affect the Incomes of our
producers.
It is argued that the existing standard of
value ought to be abandoned because since
1873 prices of commodities have fallen, and
will continue to fall, if the standard is
maintained, so that it has been, and will
continue to be, more and more difficult
each succeeding year to pay debts; that
this fall in the prices of all commodities is
attributable to the appreciation of gold,
and that the appreciation in the value of
gold has been caused by the alleged demon
etization of silver In Germany In IS7I anti
t£73, the omission of the standard silver
dollar from the coinage of the United
States in 1873, and the suspension of the
coinage of silver by France in 1876. It is
true that the prices of many things have
fallen since 1873, but it is true, also, that
the prices of many things had fallen long
before that date. The assertion that the fall
in prices since 1873 is due to appreciation
of gold alone is based upon the assumption
that the relations between supply and de
mand have not changed, that there has
been no diminution of the cost of produc
tion and distribution, that the facilities
for effecting financial exchanges have not
been improved, and, in brief, that the
world has made no progress In the con
duct of its industrial and commercial oper
ations for more than twenty years. This
assumption Is so Inconsistent with well
known economic and historical facts that
it seems scarcely worth while to give It a
serious consideration.
In 1891, 1892, and part of 1893, I had the
honor to serve on a sub-committee charged
by tlje Senate of the United States with
the duty of ascertaining the course of
prices and wages of labor for as long a
period, as authenlc records would enable
us to embrace In our Investigation, and,
after a most thorough and impartial ex
amination of the subject, a report was
made which fills four large volumes and
embodies a mass of information upon these
subjects which cannot be found in any
other official fprm.
The first fact established Is that the
prices of articles of food which are the
products of the farms, gardens, orchards
and dairies of the country, were about 4
per cent, higher than they wore in the year
1860, long before the silver legislation now
complained of: the second Is, that the fall
in the prices of these farm products since
the year 1873 has been much less than the
fall in the prices of the commodities of the
farmers have to buy; and the third Is,
that the reductions in prices have not been
uniform, either as to particular articles or
groups of articles, and therefore cannot
be attributed to one and the same cause—
to the appreciation of gold for instance.
The conclusion is inevitable that various
influences have operated to produce these
changes in prices, some affecting one group
of articles and some another and doubtless
some affecting all, but to no one Influence
can the w hole result be attributed. Cotton
and wheat are the commodities most fre
quently referred to by those who contend
that the fall in prices is due to the appre
ciation of gold, but there Is nothing what
ever In the methods of producing those
articles, or In transporting or selling them,
or in the character of the money received
for them, which would make the apprecia
tion of gold affect the prices more than
it would affect the prices of other com
modities produced by our people. In addi
tion to the various, causes which have
more or less affected the prices of all arti
cles. the prices of these two products have
been seriously affected by the enormous
increase in their production since the year
1572, which was the last crop year preceding
the legislation in regard to silver. The
production of cotton in this country in
1872-73 was 2,974,351 bales, containing an
average of 439 pounds net weight, while
the production in 1893-64 was 7,549,817 bales,
containing an average of 474 pounds net
weight, or an increase of nearly 200 per
cent, in this country alone, besides the
great increase that has taken place in com-
peting countries; and In ISM 95 the pro
duction here was much larger, being nearly
10.000.000 bales. According to the statistics
of the agricultural department, the pro
duction of wheat In this eountrv In 1*72
waa 249.957.100 bushels, and In 1894. 460.267,-
416 bushels, or nearly twice gs much, and
there has also been an enormous increase
of production In competing countries. But,
gentlemen, nothwlthslandtng the great In
crease In the production of cotton and
wheat, here and In other count idea, and
the consequent decline in thelt prices, a
given quantity of either of them will now
purchase in our own markets and in the
markets abroad a larger share of many
other useful commodities than It would
have purchased In 1872 or 1873, so that, in
fact, as compared with many other things,
the values of cotton and wheat have ap
preciated.
The cost of labor In the manufacturing
and mechanical Industries alone during
the census year 18x9 was $2 283 216.529,
which was nearly two an l one-half times
the vsltg of all the wheat and cotton pro
duced In this country-; and if we add to
this the amounts paM for farm labor, for
clerical and other work In mercantile es
tablishment. for domestic service and for
work on railways of all kinds, on water
craft, on streets and other improvements
in the cities, and in the manv other occu
pations which give employment to our
people, we would have a sum almost, if
not quite, equal to the value of all our ag
ricultural products. It is evident, there
fore, that if the alleged depreciation of
gold alone has caused a reduction of prices,
the wages of labor, the greatest commodity
In the market, should have fallen since
1873; but exactly the reverse is true. The
Investigations of this subject by the sub
committee covered a period of lifty-two
years and embraced all the occupations
In which our people were nguged, and
the fact, unanimously found, was that, al
though eighteen years had elapsed since
the silver legislation, the wages of labor
were higher than In 1872 or 1873. Wages
were found to be nearly 61 per cent, higher
than in 1860, w-hich was thirteen years be
fore the silver legislation, and more than
8 per cent, higher than in 1873, when that
legislation waa adopted.
The argument that the reduction of
prices is due to the appreciation of gold,
is necessarily based upon the further as
sumptions that the legislation In regard to
silver has produced a scarcity of redemp
tion or metallic money in the world, and
(hat prices are fixed and regulated bv
the amount of such money in circulation,
or available for circulation. Neither of
these assumptions is justified by the facts.
The most exhaustive efforts have been
made from *tlme. to time by the treasury
department, through the director of the
mint, by careful examinations of the
monetary statistics of other countries, by
correspondence with our diplomatic and
consular representatives abroad and with
foreign financial authorities, and other
wise, to ascertain the actual amount of
gold and sliver used as money In the
world, and the result shows that there is
now mora gold and silver In the aggregate,
and more of each one of them. In use as
full legal tender money than there ever
was at any other time in the history of
the world. The gold In use as money
umounts to $3,965,9>W,0ii0, the full legal ten
der silver amounts to $3,435.800,am, and the
limited legal tender silver amounts to
$619,900,000. The poliey of maintaining, or
rnther attempting to maintain, the so
called double standard never succeeded In
keeping so large an amount of full legal
tender silver in circulation in the world
as there Is at this time, and one of the
principal reason* for ihls Is that the ef
fect of the policy was to drive Hist the
coins of one metal and then the coins of
the other Into the coffers of the hoarders
or into the melting pots, because they
were tinder-valued in the coinage laws
and would not remain ip use as money.
Official monetary s)at)sUos show that in
the gold standard countries of the world
the stocks of money are much larger per
capita than in the silver standard eoun
trles. Taking the large gold standard
countries and the large silver standard
countries. It appears that in 1894 the stock
of money In the United States was over
$25 per capita, In the United Kingdom
nearly $26, nnd tn Germany nearly sl9,
while In Mexico tho per capita was $4.71,
In Russia and Finland $8.32, ami in China
$3,26. The gold mandat'd countries use
larger amounts of shyer as money, but
the sflvWr sMtid*fWSinmt*t*lißc i,|.gold
as money, and. ranjfliirAjfKX Jo f„ r rPa _
sons I have already endeavored to explain.
But. gentlemen, f6r the reasons already
stated, the commercial nations of the
world do not now require the same pro
portion of metallic money In the transac
tion of their business that they required a
few centuries ago, or even one century
ago. Credit has been vastly extended
and the use of paper In the form of notes,
checks, and hills has almost entirely dis
placed metallic money In the daily busi
ness of the people, and. as long as these
forms of credit are kepf'Stiunl In value to
the metallic standard, the effect upon tho
prices of commodities Is precisely the
same as if the whole volume of circulation
consisted of standard eoin, for, as long
as equality in their value can be main
tained, the paper representatives of the
dollar perform exactly the same office
in the exchange of commodities that gold
dollars themselves would perform; but it
this equality is destroyed, the paper is dis
credited, its purchasing power Is diminish
ed, and the people have no longer a stable
measure of value.
One of the meet effective arguments
made by the advocates of free coinage,
In some parts of the country at least, is
that tho people are in debt, and that it is
the duty of the government to relieve
them by such legislation as will enable
them to procure cheap money for the pur
pose of discharging their obligations, and
In support of this argument the most ex
aggerated statements are made as to tho
depressed and suffering condition of our
farmers, wage earners, and other produc
ing classes. This argument concedes I hat
under tho proposed system of free coin
age at the ratio of 16 to 1 all the various
kinds of currency lit use by the people,
including the silver dollar Itself, would be
worth less than it Is now, for, of coprse,
If this Is not to be the result money would
be no cheaper than It Is now. To
assert that the people are in
debt is simply to say that they
have traded with each other on credit,
that one part of our fellow-citizens, rely
ing upon the Integrity and financial stand
ing of their neighbors and acquaintances,
have lent them money on time and sold
property to them without demanding im
mediate payment in cash, and that in this
way they have enabled many people to
carry on a useful business and live in com
fortable homes who otherwise could not
have done so. If it is a crime to lend
money to a man who wants to borrow it,
or to sell property on credit to a man who
wants to purchase it, and has no ready
money to pay for it, let the perpetrators
be properly punished, but let us not involve
the whole country In confusion and disas
ter and immolate the innocent and guilty
alike in order to punish the real offend
ers. If our people are In debt they owe
each other, and, consequenty, about as
many would be actually injured as would
be apparently benefited by scaling the ob
ligations down to a silver standard. The
Indebtedness of the farmers, mechanics
and other laboring classes of our people,
although large In the aggregate, is quite
small in comparison with the whole in
debtedness of the great railroad and man
ufacturing corporations, the national and
state hanks, savings institutions, trust
companies, Insurance companies, building
associations, and other organizations en
gaged in financial and commercial enter
prises. These various organizations arc
indebted to the people to the extent of
many billions of dollars, and while It is
true that many of the people are also In
debted to them, their debtors and credit-
MALARIA.
HOW TO KEEP IT OFF
SIMPLE
TABLE
Vffigjpggf REMEDY,
“I was attacked with Malarial Fover in the
summers of 1882 and 'B3 and became very much
reduced in flesh, and my frieods thought I
would die. I was Induced to try Simmons
Liver Regulator, and commenced improving
at once. Before taking three bottles of Regu
lator I wag entirely well of Malarial poison,
and have not had an attack of it since. . My
son hid a severe attack of Chills, and I gave
him a few doses of Regulator which com
uletely cured him."—JOHN T. tjtIAJTLLL
Poplar Mount, Va.
DUKE
Cigarettes
iSSIJ?
- ( IcARmES I
- Outre Sons >Co TV. K®'
TO9ACC9 coAifrA-Kr
OURHAM.N.Q. U. 9 A. VaLW
MADE FROM
High grade Tobacco
AND
ABSOLUTELY PURE
ors are not the same persons, and, there
fore, i lie debts eannul lie pet off against
each oilier and extinguished In that way.
I deny that there is any such thing as a
distinct “debtor class" In this country,
for, while nearly every one owes some
debts, large or small, nearly every one ha*
also some debts owing to him; In other
words, he Is both debtor nnd creditor. The
laboring people, as a general rule, owe
very little at any one time, while their em
ployers are always Indebted to them, ho
eause wages are not paid In advance: nnd,
besides, many of them have small depos
its in savings and other banks, in trust
companies, Tn building associations, and
largo numbers of them have their lives
insured for the benefit of their wives and
children, and consequently they are cred
itors of the banks and insurance compa
nies. The savings-bank depositors In this
country last year numbered 4.777,687, and
Hie wives and children of the depositors
who depended upon these accumulated
earnings for future support douhtess num
bered 10.000.600 more. There were 1,925,340
depositors in tile national banks last year,
and 1,721,077 of them had deposits of less
than $1,0(81 each, while state and private
hunks and loan and trust companies held
deposits for 1,436,638 people. Our life In
surance companies, to say nothing of
companies insuring property against loss
by lire and otherwise, had 7.508,870 policies
outstanding last year, upon which the pre
miums had been paid, or were being paid,
by the people, and the mutual benefit and
assessment companies had 3,478,000 mem
bers. The building ami loan assot lailons
had nearly 2.000,000 members, all of w hom
had paid their money in ns required by the
rules of the body to w hich they belonged.
Here, then, arc about 21,000000 of our peo
ple. generally poor, or at least people of
moderate means, w ho hove given credit to
these great corporations and companies,
and, in mv opinion, it would be a griev
ous wrong to adopt any policy which would
deprive them of the legal right to demand
and receive Just as good money as they
parted with when they made the deposit's
in the banks or paid the premiums on
their Insurance policies. The hard-earned
savings of the poor ought not lo he sacri
ficed to the avarice of the
wealthy mine-owners or the am
bition of aspiring politicians, and If
the people who have a substantial inter
est In the welfare of the country and a
Just appreciation Of ihelr l'esrsmslbllltlcs
as citizens will exert their proper Influ
ence in public affairs this great wrong
can never be perpetrated.
Mr. President, but little nsnitlns for me
to say before bringing these rtunilrkM to a
conclusion. We have an abundance of
money in this country for all the pur
poses of trade, ami the disturbances and
hard times of 1893 and 1894 were not caused
by a scarcity or contraction of the cur
rency, but by a contraction of credit re
sulting from a loss of confidence In the
stability ami value of our currency. Ho
far as the mere volume of our currency Is
concerned, we had then ami have now an
ample supply for all necessary purposes,
but under the existing system It Is not
properly distributed and Is not sufficiently
elastic to meet all the changing require
ments of business at different periods of
the year. The United Suites should go
entirely out of the banking business by
the withdrawal of its arbitrary and com
pulsory Issues of notes and afford the
people an opportunity to supply their own
currency based upon their own meuns and
credit, thus enabling every community to
utilize its own resources when necessary
and adjust the circulation from time to
time to the actual demands of legitimate
commerce. In what way this shall be ac
complished Is a question which has al
ready engaged the serious attention of the
people ami public authorities, and It will
no doubt continue to be Investigated and
discussed until a plan Is formulated
which, if not perfect, w-ll Pat least have the
merit of being a great Improvement upon
the existing system. In the meantime our
highest duty is to preserve the present
standard of value, maintain the parity of
the two metals, and keep all the money In
circulation among the people, whether it
hq gold and silver coins, or paper based
upon them, equal in purchasing i>owor, so
that no discrimination will or can be made
between those who receive silver or paper
and those who receive gold. A great gov
ernment should do nothing to discredit its
own obligations or diminish the value of
the money in the hunds of its citizens, nor
should the people of a great country ever
consent to the adoption of a policy,
through experimental financial legislation
or otherwise, whieh would vitiate the ob
ligations of their contracts, interrupt the
regular course of their business and de
stroy the foundations upon which their
Industrial and commercial systems have
been constructed.
FISHERS FIND A DIAMOND.
It Was In u Hottle With a Note Front
Three Voimg Women.
From the New York World.
Port Jervis, N. Y., May 21.—While fisher
men were hauling a net for shad in the
upper Delaware, near Lambertville, last
Saturday they took, a sealed bottle, with
a long, narrow silk ribbon about the neck.
In the bottle was this note: *
This bottle was started from Dlngraan'g
Ferry, Pa. Will the finder communicate
with one of the undersigned, stating when
and where found? Ann H., Gertrude G. and
Emily L„ April 15, 1895.
The fishermen were about to east the
bottje aside when one of them discovered
something bright and sparkling In the bot
tle. It proved to be a diamond, which has
since been found to be worth $1(8). It Is
supposed that In placing the note In th
bottle one of the young women dropped tho
precious stone from a ring she wore.
DOGGIE DIGESTED THE CASH.
Dissected tlie Brute to Recover kit,
Hut Hunted in loin.
From the Philadelphia Record.
Pottsville, Pa.—John Sheehan, Is wonder
ing how he is to recover his hard-earned
wages. He was paid sll In paper money,
and taking U hope placed It on the cup
board for his wife. John has a dog and a
little son. The hoy took tho money off the
cupboard to play with it, and the dog
wanted also to enjoy the sport. He made
a grab for the money, pulled it out of the
boy's hand and chewed It up.
Sheehan was frantic when he learned of
his loss. He took the dog out on the hill
and shot him. Then he dissected the can
ine, hut found only one corner of a $1 bill.
For Over Fifty Years.
Mrs. Winslow's Soothing Syrup has been
used for children teething, it soothes the
child, softens the gums, allays all pain,
cures wind oolic, and Is the best remedy for
diarrhoea. Twenty-five cents a bottle.—ad.
—Dr. von Stephan, the genial and clever
head of the German postal service, has
Just celebrated his twenty-fifth aguUversa
ry. as postmaster general.
The Best Advertising
For the Least Money.
m ONE CENIII mi
WANTS, such as Helper Situations Wanted;
Houses or Rooms Wanted, or To Let; Houses
and other Property for .Sale; Lost. Found and
Personal advertisements, and any other ad
vertising inserted in the CHEAP COLUMN, 15
WORDS or more, at
ONE CENT A WORD.
DISPLAYED advertisements In this column
at special rates.
rauMiu*
:^7rH>?tr^To^Td7hrTb>rN: TitY s ’
Your Jewelry, watch or spectacles need re
pairing. U have old Jewelry to change for
cash or something modern. Fegeas, the
reliable Jeweler, log Broughton, will suit II
to a T. Promptness anil reliability hla
motto.
UMBRELLAS AND PARASOLS OF
any kind properly recovered or repaired.
56 Whitaker, mar Hull.
PERFECTION i'AKK TINS; MAY
mis* your house while canvassing the
city. Send postal to 37 Tultnull and agent
will call.
THE POOK ER IS A REVOLUTION IN
the urt of cooking Tin* only trouble, that
of preparing the food: the only ex|>en,
about one cent s worth of oil; gas can be
used at a trifling expense. Uornwclt &
Chlpman.
THERE IS NOTHING THAT 80 Dis
turbs one's equanimity as an aching foot;
Lem Davis, surgeon chiropodist, remove*
and eurea Ifigrowing nails, corns, bun
ion* nnd other aliment* that feet are heir
to. Leave orders at Wheeler's Pharmacy,
Bull and State streets.
niOTOQRAray.
J T\r
tographs, crayons and frames; prices re
duced. J. N. Wilson.
HELP WANTED.
'agents rTtakb orokhs^hy
sample at home or travel. We
pay liberal salary and expenses
or good commission, nnd furnish
samples to right appllcunt. Address Lock
Box 1354, New York city.
■ 1 ■■■ e. 1 i. 1
EMPLOY 31 ENT \\ ANTED.
WANTED. A SITUATION A8 STILLER
or woodsman in turpentine, or as woods
man for saw milling. Address \V. D. Mc-
Neill, Kuglc Spring*, N. C.
ROOMS WANTED.
room north of Liberty, between Barnard
and Lincoln. 8. E. C., care News.
•MINI ELI.AVEOI S WANTS.
'^AA^TELr'NMhUrELSrTR?NU^
tombstones, nimble or granite, to clean;
thorough work; best city reference*; <**tl
mateo free. G. H. Thomas, 12 Habersham
street.
WANTED, A GOOD SECOND HAND
one horse wagon. Address Wagon, 114
Bryan street.
WANTED, BY F. C. WYLLY, BROKER?
Central stock and debentures; Georgia
Southern and Florida Trust csrilficats*;
Citizens' Bank slock; Savannah Bank ami
Trust Company stock, and Electric Light
and Power Company stork.
WANTED, CIRCULARS T:> MH'fltl
bute ami samples. Address 11. C. Gordon,
Box 105, Thomasvllle, Ga.
WANTED, TO PURCHASE HOUSE
and lot for two thousand cash; give loca
tion. W. Morning News.
WANTED, TO RENT, STAIiI.E SUlT
able for 2 or 3 horses and wagons. New
York Laundry.
STABLES - WANT TO RENT YOU
fine box stalls In our new sluldes, Wust
Broad and South Broad. J. F. Gullmarttn
& Cos.
ROOMS FOR RENT.
'"HFOu7rTM7oi?M*r*CON'NEUTTN<T7tor>M*H
furnished, light housekeeping; bath same
floor. 5344 Abereorn.
NICELY FURNISHED SOUTH ROOMS
for gentlemen or light housekeeping: bath
attached. 89 Congress street.
FOR RENT, FLAT OF THREE ROOMS
southern exposure; hot and cold water.
Harris and Tattnall.
ELEOANT ROOMS ON THE FIRST
floor; large hall, third floor. In Lyons
block. John Lyons.
HOIIIRI AND STORES FOR RUNT.
'TxMrKKNTTsi^UOOMTro^
bath, 259 West Broad street; good locality.
FOR KENT, A DESIRABLE 4-TIOUM
house, kitchen and dining room, at Ouy
ton: a healthy summer resort. Address
Hamilton Qrlner, Guyton, Ga.
FOR RENT, FLAT ROCK, N. C*., TKN
room house, centrally located; extensive
grounds. Apply to Miss Elliott, Osborn,.
B. C.
FOR KENT, FLORIDA HOUSE, lot
Broughton street, IS rooms; remodeled,
painted and papered throughout; posses
nlon Immediately. Apply Albert Wylly, 12U
Bryan street.
_ FOR RENT. DWELLINO. NO. 3SV4
Liberty street; possession at once. John
T. Rowland. 96 Hay street.
FOR RENT, STORES. 4 NEW FIRE
proof stores built of steel; glass fronts:
flrst-clasH stand for grocery store, drug
store, retail grain and feed, dry goods, no
tions, etc. Two car lines, south Broad
and West Broad streets. J. F. Oullmartln
& Cos.
FOR nKHT-HIiCBLUREOUI.
mule pens, with plenty of bedding, at the
best stable In Savannah; our new stables.
West Broad and South Broad. J. F. GulJ
martln & Cos.
FOR SALE.
MANTELS. ORATES AND TILING, AT
Cornwell & Chlpman’s.
CYPRESS SHINGLES, FOR TYBEfcj
and other coast points, have been further
reduced to $2.25 and $1.25 per thousand;
boats can load at the mill; carload lots a
specialty. Vale Royal Manufacturing
Company.
“OARS AND BOAT HARDWAHETaT
Cornwell & Chipman's.
“BEFORE YOU BUY OR SELL PROP
erty consult Robert H. Tatem, Real Es
tate Dealer, 129 York street, near Bull
atrsot.
HAMMOCKS AND FISHING TACKLE]
at Cornwell & Chlpman’s.
FOR SALE, HORSE AND PHAETON,
suitable for ladles to drive. Apply 149
Bay street.
’PRESERVING KETTLES AND TlOHT
nlng jars, at Cornwell & Chipman.
FOR SA MB, NO. 2 REMINGTON
writer In perfect order; cheap. Address
C. S. Richmond.
ICE CREAM FREEZERS AND WATER
coolers, at Cornwell & Chipman.
OLD NEWSPAPERS—IS CENTS A
hundred; 200, 25c; 1,000, SI.OO. Business
Office, Morning News.
UNREDEEMED WATCHES, JEWELS
ry, organs, sewing machines, clothing
very cheap. Arthur Deutsch, Pawn Bro
ker, Congress street, next to Solomons’
drug store.
STRAYED.
'"strayed female
fox terrier, about four months old, answers
the name of Andra, marked wltii black
and tan spots. If returned to 68 Houston
streej party can receive libogtl reward* v
LOST.
DOO I.oST OR BTOLF.N, A LA ROB
Irish terrier, had on a collar with owner'*
lianv engraved on It. A reward will b*
paid for hi* return to 215 Whitaker street.
19 IST. ONF. POINTER BITCH. WHITE
with lemon ears and lemon spot In fore
h* ad; answer to name of Fannie; mark on
collar. E. Burt. Walthour & Rivers, No.
lU2 St. Juliap.
LOST. SCRIP NO. 263 FOR 15 SHARE#
st.i k of The Chatham Real Estate and
Improvement Company, series B; also 5
shares series A, No. 1,131, issued to Joseph
Sognter: It being of no use to the finder, a
favor will be conferred by leaving with M,
J. Solomons, Secretary and Treasurer.
A Nice Place to Eat,
NO LIQUORS SOLD.
ALL WHITE HELP*
KITCHEN NEAT AND CLEAN.
5 CENT LUNCH COUNTER.
REGULAR MEALS US CENTS.
—THE—
NICKEL PLATE RESTAURANT.
Cor. Whitaker and 9t. Julian,
LEG VI. NOTICE*.
GEORGIA, CHATHAM COUNTY.
NJ hereas, Jonas Mendel has applied to
court of ordinary for letters of adminis
tration on the estate of Thomas B. Jones,
deceased. These are, therefore, to cite
and admonish ail whom It may concern to
I>e and appear before said court to make
objection (If any they have) on or before
the FIRST .MONDAY’ In June next, other-'
wise said letters will be granted.
Witness, tlie Honorable Hampton L. Fer
fill, ordinary for Chatham county, thm.
the second day of Mav. 1895.
FRANK K. KHILBACH.
Clerk C. <>, C. C.
NOTICE TO DEBTORS AND CREDIT*
OHS.
GEORGIA, CHATHAM COUNTY-.
Notice is hereby given to all persons hav*.
tng demands against Thomas Clarke, lata
of said county, deceased, to present them
to me, properly made out, within ths
time prescribed by law. so as to show
their character and amount; and all per
sons Indebted to said deceased are re*
qulred to made Immediate payment to me.
CATHERINE CLARKE,
Executrix of the I-ast Will and Testa*
ment of Thomas Clarke, Deceased.
Savannah, May 2, 1893.
GEORGIA, CHATHAM COUNTY-*
Whereas, James M. Simms has appllei#
to court of ordinary for letters of admin*
istration on the astute of Priscilla Simms.
deceased.
These are, therefore, to cite and ad*',
monish all whom It may concern to bi*,’
and appear before said court to mak*
objection (If any they have) on or befor*,
tin* Hint Monday in June next, other*.'
wise said letters will he granted.
Witness the Honorable Hampton La
Ferrlll, ord narjr for Chatham county*
this the 2d day of Mav, 1895.
FRANK E. KHILBACH, o.
Clerk C. 0., C. C. V
GEORGIA, CHATHAM COUNTY'S.
Whereas, Jane Melnrke has applied t<s
court of ordinary for letters dlsinlssorjl
us guardtah of the property of Catherine
Moincke, Philip A, and John F. Melncke.
Those are, therefore, to cite and ad*
monish all whom It may eoneern to b I
nnd appear before said court to mak*
objection (if any they have) on or befora
the first Monday in June next, other*!
wise said letters will be granted. i
Witness the Honorable Hampton L,
Ferrlll, ordinary for Chatham county,
this the 2d day of May. 1895.
FRANK E. KHILBACH,
Clerk C. 0., C. C.
TO THt CREDITORS OF THE AMERICAN ENU
PLOVERS’ LIABILITY INSURANCE COM*
PANY. ~
Take notice that, in accordance with an or*
der made this day by the Chancellor of IhJ
state of New Jersey, In u cause wherein P,*l
Sanford lions, et ai..* ure complainants, and"
the American Employers' Liability Insurance ,
Company Is defendant, you are required to
present your clulms and demands against said:,
company, uuder oath or affirmation to me, aW
No'6B Broad street. Elizabeth. New Jersey, oal
or ueforo tho 29th day of June next; and, It*'
i a*e of your failure so lo do. you will bo ex*,
eluded front the benefit of such dividends IM
may thereafter I e made and declared upon thl
effects of said corporation. >
Dated March 26th. 1896. m
K V. LINDABUBY. Receiver. 1
W. L. Douglas f
$3 SHOEuL. h ”Kh%.
CORDOVAN,,; *
;. ■> 9k NRNCH X [NAMCUIO OUT.
MM ' ‘ V4.*3.w> Fine Can&:<anomo|
Wi ~ A gjjV * J pr 'ICE.3 SOLES.
boysSchooi SHOO.
iUv
“ BRO C KTQU.MA33. ~~ r
Over One Million People wear the
W. L. Douglas $3 & $4 Shoes
All our shoes are equally satisfactory
They give the best value for the money.
They equal custom shoes In style and fit.
Their wearing qualities are unsurpassed,
The prices are uniform,—stamped on solo.
Prim Si to fg ssvjtd over other makes,
.... x— - • '*”•*
BYCK 8R05.,143 Broughton Street.
E. S. BYCK & CO., 169 Broughton Sis
——■■■■—.■ ■■——■ . . .juijjg
JOHN <;. BUTLER*
Headquarters for Plain and Decorative Wall
I’aper. Paints. Oil, White Leads, Varnish!
Glues, Railroad and Steam) cat SuppllM
hashes, Doors, llllnds and Builders’ Hardware
Calcined Plaster, Cement and Hair.
SOLE AGENTS FOR LADD'S LIME.
149 Congress street and 139 St. Julian street
Savannah. Ga
Empty Molasses Hogsheads
FOR SALE BY
C, M. GILBERT & CO^
Lovelu
C I nnrnpc Beautifnl designs.bouquet*
riUlYulO plants, and co( bowers!
Leave orders at itosenfeld A Murray's M
Whitaker st., or Telephone 240. Kl£BUsq9
Take Belt Line railway for nursery on Wfelta
BlulT road. ~
I<. flt. McCffRTHYp
46 DRAYTON STREET,
FhM. Mm onl fins m
_ Steam and Goa Fittings. ChandeliM
Btotosa, all kinds of plumbing supplied
-If Ton Want flood MaUriti ipd Woitn-
ORDER YOUR
Lithographed and printed
Stationery and Blank Book*
P*OM—
nOEMINQ MEWS,
•avannofe, Qg,
IF YOU WANT A FLAT OPENING,
blank book call and see the “Perfect/!
No extra coßt. Morning News JolTDoi
parunpnt, §avanqah 4 ,Ga
3