Newspaper Page Text
8
THE MACON TELEGRAPH: FRIDAY MORNING, MAY 24,1895.
SOUND MONEY.
(Continued from page 1.)
eHLa ctf all tlhe people in every part of
& cowrtry, awl. therefore, I ehall ap
peal ip thorn carefully to revluw the
gwrunds upon wh>cn their opinion* have
been tfbrm**d before It is too late to
correct a powtilble mistake upon a sub-
deot of such ieipcrme Importance so
t/h^rai^plvTe ami to their posterity. It
t» not n»*ceaaa«ry to 4 m peach their mo
tives In oni* r to anavvor their argu
ment*. nor •would It be wise or proper
*o underestimate the intellectual and
Jbateriai torcew behind tfoi# grcat pop
ular' movement in the south and (Weat,
a mov-wnant which now t/eeUAPiy
threaten* to disrupt exl*Hng political
org»i\\ia.lU>nn and reform party knes;
l.ut no matter what may be the irowvea
or th* present numerical atrength of
our cmpuncirtfe In this corvtroverty, the
rnorlu of «u» poUcy th<W Jiropototo
inaugurate mwt be eubje^.*1 4o the
test* of reason and experience, and if
It In Khown to fee liupmctlcabtf. or
/undamenloJly wrong In 1>rlncyU>. W«
may be confident «ua It will not Anally
command tno aupport of a majority of
our people.
Before proceeding to the djecueelon
of the main question presented It may
bo »dvante*eou» to »tnt» ax briefly a»
nonlble o taw admitted or •well-emato-
. llahul facta hawfn* on Important bear
ing upon It. Krom tint eanla^ time cold
and aUver liave been lined a» money,
not bnca.Uk there wan at She begin-
nine any laiw declaring them to be
money but becauae, by rewon «f th«<r
limited and retcular fcupply. thefr great
value e* compared with othor things
In (proportion to weight and hoik «rel
gheir durability, they were mole liable
and convenient than any other com
modity on mwi«ir**of valuo In making
exchanger. Consequently theee metals
wore used a» money by common ooaecnt
of Ow pwple for centuries la-fore there
was any Innv upon the subject or any
odlns .in exlstierwe; they I mused by
weight and their values In effecting ex-
chaugre overo determined by the quan
tity of pule metal contained In each
piece. Kadi moiia! had -n distinct value
of (ts own and when it nvaa used in
trade neither th«? .buyer m»r *el!er trou
bled! Ittm self tfbautti tbn ratio between
it and the otlivr me-lal. Tho ld-us of
itra/lo fixed und rcgulaited the actual
and -relative values of both metals In
the purchase and aalo of other commod
ities Juiit as they do now. They had
l**en used a* money eeVieral cent uric*
before any government undertook, by
roy.nl prooiamatlon or statuto law, to
astatrtlrih a ratio ibetnvoon them, and,
when *thf* charaiotor of legislation woe
first bugim, the public authorities did
not attempt to ivtaJblish new value*
or nayr ration but accepted rthose al
ready fixed by the lows of trade an/1
■ tho oualom or merchantH. Coins wore
made, not for the piinpn«o of attempt
ing; do add anything to the Intrinsic
or exchamroablo value of the metal
contained In tJhem, but for the nunpose
of ntiomtfn#?, but public authority. Its
wej -lur mid tpwlly, tIiuh avo'Jding delay
and «hicertainty remiitlng from the
practice of weighing each piece os it
partied from one to nnother. That the
coinage of the metals does not now
add any thing iU> tbHr actual value In
tho commercial world, is conclusively
proved I*>* t)i<- fndu Und, in nil the
great trannac'lionn between the people
of different countries, tte coins ore
a<-« «*i»*cd only at t1m.r .bullion value,
d^r- rtnlned by their actual weight and
fineness, and that biflUon Itself is still
until in making ij5aymon»!H just ns H
wua thousand* of yooVM aigo. Wlmtevcjr
effect I'-^Vlatlon-upon uho ratios, in
connecUon nvVdi livral tender laws, may
have hod upon tho UN of the two
metals In the payment of antecedent
d*U>tH, X never has tho sllgbleft effect
ui*m ilie a* tmil or irvlattvi* values of
the two motols <n national or tnternn-
UonctM trade. For many oenflurlen. even
aJiN-r tin* vujnnifr^e tin* world hud
grown to enormous .proportions, tho
propriety df making any given quantity
uf bullion, or any particular coin, a
legal lender was not even Huxge*ted,
and trp to *tiio present time »there ta
no legiri tender In lnterimtional trade.
tVlhcther 'payments are miulc In gold or
Bilver. or gold or wdJver buJ lion, actual
itYbriittfo value determine* th© atnnutU
or (juanllty !n to* drlliered. no mutter
what may bo tho legal tender lawi of
the dlfYeicnt ommtrlcs nnd no matter
thougb they may have tho «anw or tllf-
taient rotioa of value between the
medals within their (rospcctlvo limits.
The law of France, for instance, places
a higher value upon atIvor ivlatwcly to
gold than :m iplauetl uj>on It by the laws
of the United itAteS, tho French ratio
being 15 1-52 to 1, and our being 16 Cols
but If 16 pound* of silver, coined or uu-
hI, were nont to that country to
isoil in tho payment of a debt or
-.ImtHi!* .purchase of coiuniivlitioH, K would
notaccepted at the ratio of 181-2
to 1, or at the jt?Uo of 16 to l as com
pared to goUI, but only ait tho ratio of
about S3 to L which shows tlmt nvlther
our ratio nor the French ratto has any-
elToet wtetivN u|)on ii'lio value or pur-
chasing power of the motal itself. Coin-
sk-4» t< free In Mexico, ami ilu* dollar,
wM h Is full liitnU tender. . outuln . . 17
grains of pure Oliver, while our dollar
oontnlno only 371.26 grains of pure silver,
yet tho (Mexican dvfllar arc lent Into the
Untied States and other parts of tho
Mrorbl and *»old ut the pdns of the hub
Urn contained In Hum*, ‘Whlcli Ur about
om’-lialf their nominal or legal valuo
In. their own country Tho legal tender
law* affect tho dft'AiiUpaylng power of
the coin itself In tho country whore tho
l<im s prevail, but the laws c^tabUdiing
ratio do not affect the value of the
in.-nl r.v t.n- -.'I'-tiis .-Uher at
hon»c or abroad. l*Hx»uoa U U tho metal
uhat Axes ttw value of the coin, and
n •: the coin that Axes tho valuo of the
tiX’iaL
F.»r a long time, during the early his-
tory of tho wvorld, and even ^Hiring the
id >i..i<nal ag»*. gold and tdlvcr. In bul
lion or in she farm of coins, constituted
hi tht* entire circulation among
WEATHER INDICATIONS
TTIIliralnii May A—For Orergla:
Rain; -wvirnw; ©antorly
Obtamiioat at Mauon, a* 6 p.
m. for toe proofriln* iireoty^four hours:
Maximum temperature, «; tnlnlmum tem
perature. II; «u»t rrtn-1; river faiikv.
A. 11. Oooiioc,
U. 0. Y/e&tber bureau.
if kept In equal valise *tx> the standard
«vtab«i*hed by lanr, so ifhat eveTy uian
svbo receives a Mivcr dollar or paper
dollar Id exchange for his product/*, or
In ustisfactlon of a boot, gets just as
good a dollar as the man who receives
gold. ThJs la thte monetary a^ystem and
chlft J* the Anano&al condition which the
advocates of 1rc& coinage at the ratio
of IB to 1 now propose to. revolutionize
at on«? by a change in the standard
of value, w> that the whole man* of cir
culation left for the use of the people
would ho reduced to albout one-half
the purchasing power It has now; or.
in olhor worrli*. so that It would require
about double dhe amount of currency
that Is requhvd now to perform the
same service in the exchange of com
modities. (But the consummation of
fitch a pdiiey would produce result*
more far-reaching and disastrous than
tho mere reduction of the otandard
value, toecause for a iong dime, at least,
credit, -Which constitutes by fair tho
moat Important factor in our financial
and commercial transaction*, would be
mtffttantlally destroyed by tiie confu
sion and uncertainty necessarily fol-
lowing such a great and wu&hm change
in our monetary system. '
. It :l« contended by a large num
ber of the ftdvonafttfl of free coinage—
perhaps a majority of them—that the
effect of their policy would be, not to
abolish the present standard of %a4uo
and substitute the single silver etand-
owl in Its place, hut that It would es
tablish what they call bimetallism
and a dou»bie standard. I confess my
Irability to understand what is really
meant by a double stnndard or mea
sure of value; the idea is incompre
hensible to my mind, because I cannot
conceive hew It !e possible to have two
different Ifgol and authoritative m<*a-
eures of the same thing In use at the
same time, ae, for Instance, a pound
weighing sixteen ounces ana a pound
welching eight ounc-s. or only half a"
much, and both declared by law to be
legal pounds, d agree entirely with
Gen. Jackson*# secretory of the trea
sury. who said: “The proposition that
thrre can be but one standard in fact
Is celf-evidant.*' The proposition to
entubium and maintain two different
measures of value to be In use at the
same time, and to be applied to the
same things nt the same time, em
bed lea a physical nnd metaphysical
absurdity, and this Is so evident that
tho ablest thinkers and writers upon
the subject hfluvo been at last forced to
nlbnnrlon it. Professor Francis A.
Walker, on» of the most distinguished
bimetallists In the United ‘States or In
the world, in a carefully prepared paper,
recently published, say*:
“But one tiling more remains to be
said in this connection:'that is, in reply
to tho allegation of the monometftlllst
writers thnt 'the course of events in
France, which has been recently recited
did not constitute a genunipe case of
bimetallism. If these writers may be
iHTiiiin.il In 1-mpns* their own detlnl-
tlon upon us, their contention can to
a considerable extent be made good.
■What -they say is, that Franco from
1S03 to 2873 did not enjoy the concur
rent circulation of the two metals, hut
only an alternate circulation, now of
one and now of the other; and this,
they declare, Is not bimetallism at all.
Therefore, according to, their view,
there Is no great historical 'nstance or
the fluceffw of bimetallism.
If, on the other hand, we may bo
permitted for ourselves to say what
we moan and propose by bimetallism,
the criticism in question doe* not touch
our case at ail. Wo flatly deny that bi
metallism necessarily Involve* the con-
current Hrminti»m <*f tin* tavo metals.
There is some reason to bellevo that
tho French statesmen of 1803 really ex
pected 4 hat concurrent circulation
would result; but no -bimetallist now
adays mokes tho concurrent circula
tion of tho metals In tho same country
a neoesalty of that system. If It result
only In establishing an alternating cir
culation, the oldef results of bimetal
lism drill still be achieved* ns they
litre by the action of France."
This If Intelligible, for iwe can all
underyQTnd how It is poaslbla to have
an alternating standard mid circulation
flometlmos gold and «*>motlmes silver,
and the monetary history of tho wand
prove* that thds Is Just what happens
whenever tho two metal's are freely
coined in nuy country and made full
legal tender. Values will always be
measured by the kind of money in
Hcntal crculatlon, no matter ivhat th-
law may declare, and, therefore, If the
free and unlimited coinage of silver
at tho ratio of 16 to 1 should drive out
•old and substitute silver and paper
redeemable in edlver In Its place, we
should have a stnglo Mtumimd and
.i tw;)l Hllver monometalllMm. Instead
of using both gold and *ilv*r, ta w*
do now in larger amounts than ever
before In our history, we should in
stantly expel the more valuable metal
from the country and make the other
•the acts ha si* of our currency. We
have now practical bimetallism—the
use of both metal* as money; we
should have then practical bimetallism
—the use of only one metal os money,
Thlst Is neither speculation nor proph
ecy. but ft conclusion based on facts
oxtihhahed by the experience of all
nations in all ages.
•In onler to eliminate all Irrelevant
matter and simplify the argument, al
low me to state exactly what the prop
osition now pendtpg before the people
3t Is proposed that the United
ihv
Staten, without the co-operation or as
aihtanco of any other government, shall
■pi.-, ev.-n In 1h« nation, mon I p^vtA. fey law that all th. silver hull-
» in trade ami olvlMrailon, amt, ! on * or ro «r»i\ «lver coins, that may
* oix*<qu*nlly, tho qunnitty o( ehese
m-.•tala that couid lw> procured and ki*pt.
In u«o w«a a question of far greater
tn*H»n«uoe gben than It is now or ever
oun 1*** In itih* futurv. When life and
prqpsrtf IkuI been owd* reasonably 1
** uro by the •vv.tabllshnient of stable
govormm-nt*, and regalfir procotww
authorixtSl for tho eirforcoment of
pecuowiry oidlgations, credit or confl-
d.-m e largely <ook the pdaace of bttlQoa
and coin in tho conitiKWlal 4T«nna«f.nnn
of tl*e people, ami a much smaller
amount of foetalli^ money was required
in proportion to the whole volume of
buainew* doeg then bad been required
inf. The uw of credit In the form
of bank note*. dMckx bilW end oth\v
ovMcnoes of drtbt has ®o SnorvMsed in
mruiern tinges .that In making change,
has b.M'n almost entirely dfc(*nacd wUh,
The nementegi ot coin actively cm-
ployvd in conducting butin?** in thla
country As so sru«U that It Is almost
Inappreciable; so small. In fact, that lUt
dv'uao In our tninsactibiv* would not be
felt It we had a cubstl:ute for, or a
pHxvr ransaatAtitt of, »th* subsidtan*
WJM* In Snglond, France and some
oth<*r oountrl*, a lotyvr Muoutit «vf />nin
is use-J. they have no vAry small
notea
.Althooffe b»re the koM ntan.Ur.1.
or meaiiure of value. In this ootmtry.
our junqal stock of gold bullion and
coin amount* to only aftxntt one-third
of our actual currency—«. condition of
nfraii* which would have been tnoon-
otevabl* a fow c# ntur1.« ago We have
about $»»;6.000.000 kn acid. 13^7.(112.5*73 n
ful legal temW rtver. IB4B.SS3,(MM in
old Unlteil States note*.. $lt9,SSi.V9 in
tresmsrj- note* issued In the purctn?.*
of silver bullion, J2"9.7l<,8'A in n.i*1 t:»1
bank f>*tes aisl 176,1^.Vtt in sui>fSl!ary
agree coianakinr in nil ti.s04.707.763,
exchstive of the minor coins, nnd every
Hollar of Uil* vast volume of currency
be prexented at the mints by individ
ual* or corporation, foreign or domes
tic. shall -be coined at the pulbllo ex
pense Into silver dollars, at. the ratio
of 18 to 1 with gold—that ta that six
teen pound* of silver shall be con
sidered equal in valuo -to one pound of
gold, and the'weight* of the coins shall
be adjusted accordingly—and that th
coins so made at the 'public expense
shall be delivered to the ownere of the
bullion, or foreign silver coins, aa the
cane may be. ana all the people of the
United States, but nobody else, shall
be compelled by law to receive theca as
doMara of full value In the payincut
of dob la due to them from their fellow
citizens and from the citizen* or «ub-
Jtoa of other oountrtt*. It Is not pro-
pooed that the citizens or subjects of
other countries, with whom our ptopU
trade, shall be compiled (o receive
those silver dollars lu their transac
tion* with u*, because that can be done
only by International agreement, and
our Impatlont free coinage friends de
clare their datermlntion to procee»l at
occe iudepondaotiy of all other Kov-
ernn^'nt*. All who axe indebted to us
sre, therefore, lo have the prliilege
»»f paying In allver, while all to whom
we c*ha)l ixvome (ndabted are to have
the 'ptlvUege of nsiuiriug u# to pay In
gold.
Measured by their purchasing power
In the rnarketa of the -world, which fcj
th* »r only real test, the relative vj
of stiver bullion to g»kl bullion
K* n\ soip\7*ai 1| *«t 3uqi \ ot & in
countries, silver standard countrle* a*
'"'ell as g«Id standard countsie*, about
32 p->uu«y of silver bullion to pro*
the same quantity of commodities that
one p^utnl of gold bullion will procure,
and, therefore, the proposition to au
thorize the free and unlimited coinage
of silver into full legal tender money
at the ratio of K to 1 mean*, under
existing condition*, that the intrinsic
value of the ullver dollar uball only
be one-half, or about half, the intrin
sic value of the gold dollar. My own
opinion 1* that wo h;id pointed a
certain limit tii-e more silver dollars
•we coined-the lees it would •» worth,
•because the inflation itself would still
further their purchiisir.g
power, Buch leglsia'tlon by the United
Btates alone would not reduce the value
f the gold dollar -to any extent wt^abn
ever, ‘beenuf-e, already stated, the
value of that m«tal In -commercial
tmnsactlon* all over the world 1* es
timated, according to Its *wol?ht end
Armens, and w*d continue to be no e»-
flmated, and « nh>rqu-uitly the only
way in (which this country alone could
diminish the value of Its gold dollsr
would he to reduce the weight of the
pure metal contained In it.
Tho attempt to coin the two metals
»sv!h*out limit a« to amount Into full
legal tender money and keep .both in
circulation at the .varne time has been
made by nearly every civilized nation
In tho world and has failed in every
one of them. It ha* failed because in
every in#tanc« It has been found im
possible to establish and maintain a
legal ratio corresponding at all times
with the intrinsic or commercial ra
tion between the -two metal* contained
in the coin*, and because whenever
either of the two metals was under
valued relatively to the other in tii®
coinage laws It was expelled from the
country. England persisted in the at
tempt for ujeurly (Vve years and, not
withstanding the enactment of most
severe penal statutes again the ex
portation of coins or bullion, was at
last forced to abandon the effort and
adopt the single standard. France, in
her effort* to keep the coins of the
two metals in circulation at Jhe same
time, changed the legal ratio between
•them more ihon one hundred and flfty
times In a single century, and Anally,
in 1876, finding that gold -wan iwuving
her and that In ten years her net im
ports of silver had amounted to $280,-
000,0000, stoped the coinage- of lepal
tender silver, and for nlmdeen years
the attempt has been abandoned in
that country. Many other nations In
Europe and other parts of the world
have *ut>jeofced their people to great
loss and expense (by their adherence
to monetary systems based upon the
theory that a double ngruflard could
be maintained, but in no ca«e have
they succeeded in keeping the coins
of the two metals in use at the same
time, except for short periods. Our
own country Is not without experience
upon this subject, and the results her'
were Just the same os they have been
everywhere else. By the act of 1702,
whloh was our first coinage law, tho
legal ratio between gold and silver
was fixed at 15 to 1, when, in fact, the
true commercial ratio ivas or soon
became about 1 51-2 to 1, and the Re
sult of thla very small over-valuation
of silver In the coinage was that gold
•went out of circulation and we had
prrotioslly silver monometallism until
after the passage of the act of 1834.
For the purpose of restoring gold to
iho circulation, congress ^ln 1834
Changed tho ratio from 15 to 1 to 16
to 1, nnd ae this wae an over-valuation
of gold in the coinage, silver left the
country, nnd from time until 1878 we
had practically »cold monometalHlsm.
whenever we had any metallic basis
at all for our currency.
It would be a useless consumption of
•time to go into detailed account of the
monetary legislation of this and other
countries, or to ahc»vf at length how It
affected -the movements and use of the
to metals by its repeated failure* to
conform the legal ratio to the actual
commercial ratio between them. The
great, and Important fact conclusively
established iby tho history of that
legislation and It* effeers upon the
circulation ot tha coins of the two
metals Is, that whenever one of them
Is over valued relatively to the other
In the coinage laws, with free colnago
or coinage upon equal terms, and both
are made legal tender, the coins of tho
under-valued metal will be driven out
of circulation and out of use as money
In the country .where the unequal valu
ation is made. The reasons for this
are perfectly plain. Both being legal
tenders, the least valuable coins will
always bo used In making payments,
and will bp come thq measures of value
lu the exchange of commodities, and
consequently the more valuable coin*
.will 'be hoarded or sent out of the
country Into a miriot where thrir real
value is recognized. Now, .as this is
Just what hn« airways occurred—ftt least
In modern times, when commercial re
lations bfltweon different countries are
intimate and the means of trans
portation are so rapid and dheap—csven
when tho undervaluation or over
valuation amounted to only one or two
per cent., I think we are fully Justi
fied In concluding thht If the United
8tate* alone should adopt the policy
of free nnd unlimited colngo of legal
tender silver at the ratio of 16 to 1,
which would be an overvaluation of
that, metal to the amount of 100 per
cent., all tho gold In this country
would be Immediately hoarded or ex
ported or 'he held as a commodity by
speculator* engaged in the business of
buying and selling It at a premium. If
•this should be \he result, tho free coin
age of silver would not for a long time
add anything whatever, even nomi
nally, to our stock of money; on the
contrary, *the immediate effect of ouch
a policy would be a contraction Ao th*
exent of fully one-third of our present
volumes of currency by the expulsion
of about $325,000,000 In gold, and It
would require more than fifteen year*
to supply its place with silver dollars,
even If our mints coined nothing else.
All who Wave been or may be In
duced to give their aupport to this
revolutionary policy upon the assur-
auce that It will nv* the country more
money for use In the transaction of
business, will be grately disappointed,
for they 17111 find, .when it is too late,
that Instead of halting more money
they will have Ices, and that It will be
depreciated In values besides. Thrintre
duction into the currency of any coun-
.try of any kind of money sbou whlah
ebere is the least doubt will always
operate to drive out the same amount
or about the same amount of better
money and thus leave the people witih
Hubsantlally the same volume of cur-
.rcncy they had at the beginning. f tlie
act providing for the purchase of silver
bullion and the issue of legal tender
treasury notes in payment for It was
passed on the 14th day of July. 18&0.
and the purchasing clause of that act
wa* repealed November 1, 1893. While
it remained In force. United State*
treasury note* were tawed to the
amount of $155,931,002, and there iwer«
many people .who behoved that this
was making a material and permanent
addition to the volume of our cur
rency. but the oflhlal record* show
that'during the same time the not ex
ports of gold from this country
amounted to $103,419,491, so that the
real addition to our circulation ac
complished by the Issue of uttrty *156»-
000,000 of now n<«ee was about $52,500,-
000 during a period of more than three
years. The mere apprehension that the
government would not 4>> able to main
tain the parity of tho two metals un :
der -the policy inaugurated by ihat act
not only discredited the now treasury
notes th*enselves, but the whole vol
ume of currency, and gold went out
about as fa*t as the notes came In.
While, therefore. H is not At all cer
tain that free coiling© wouW ulti
mately moke any conKtierable addition
to our circulation. K la oboolutely cer
tain tb.bt It would give us a. depreda
ted and fluctuating currency, and the
question I* whether the producers of
cotton, corn. bee*, pork, on. lanl.
<5ieese and other exportable articles
will be benefited or Injured by such a*
result. It is an axiom *n trade that the
price of exportable products are fixed
in the fordgn market where the sur
plus is wold, and are llxod ir» die our-
rcney of that country aou/rdim; to its
nominal value there. Tf sold In Eng
land, fo£ illustration. The prices are
fixed and paid »n pguuds, shillings and
pence, and ndt In <rojgars and cents,
and, consequently. It awakes no differ
ence to the foreign purchaser what
kind of currency the producer has at
home. Tile character or value of the
currency in u»e in the producing coun
try does not affect the price of tho ar
ticle abroad to any Extent •whatever,
for tbe purchaser there trades in h!s
own market and uses his own currency
In measuring values. The establi«h-
roeot of a silver .standard here oould
not postriblyTncreaae the price of cot
ton or whttHt'or any other American
product In Liverpool, London, Paris or
Ueriin. whatever offeot It might hare
upon the nominal price in this country.
If '• ir m*.n«!ary system were chang
ed that It would require two dollars to
purchase Tiere the same quantity of
commodities (that one dollar will pur
chase now, it would not affect the
value or puroharingjxwer of the En
glish pound sterling, the French franc’,
or German mark in the least. The only
effect would be (that the exchange
would be doubled, and the pound eter-
ihvg, Instead of being wqrth $4,868 in
our currency, aji JtTs 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 kv our money for the
same number of pounds as they pay
now. while the foreigner who wanted
to raake a remittance to pay a debt
here would pay only bftif as much in
his money for Che same number of dol
lars as he polys now. But the exchange
would be in constant etarte of fluctua
tion, Just as It has been between Great
Britain and Ind*teii on account of the
dbamges in the prices of silver from
day to day; and the American pro
ducer would -be oompefled to pay for
the risk taken on account of the fluc
tuations by receiving leas'price for Ills
cooton, wheait, beef, and other articles.
The fanners and planters do not export
their own products but they sell them
at homo to somebody else who sends
them abroad, end if the exchange is
steady and ithe (money in which he is
to pay* "for 'the products has a fixed
value relatively to the money hi use
In the ooun-trv where he expects to sell 1
them, the purofihser here can afford to
pay the behest price that would leave
him a reasonable margin of profit in
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 tho currency here is depreda
ted and fluctuating. If our money has
no fixed and certain value reflatively to
the money in use abroad wheje he ex
pects to sell the products, there Is an
additional risk to be incurred which
will have great influence in determin
ing the price he can affoid to pay the
producer. In addition to the risk of a
fall in (the price of the prbducrts abroad
he must incur the risk of a’rise In the
price of silver between the time of h1s
purchase an the time when he receives
the proceeds of his sale, for if silver
iis.*s In the meantime, he may not get
nh many dollars as he paid out.* The
producer must pay for both of these
rinks by re.- ivlng a smaller price for
his commodities, nmd hence his prices
will never Increase in proportion to the
actual depreciation of the money In
which they are paJd. To illustrate my
meaning, when silver 1b worth 60 cents
per ounce, the bullion contained in a
stiver dollar is worth 46.4 cents, but
if the price of diver should advance
to (»2 «*ent* per ounce, the value of the
bullion contained in a silver dollar
would be 48 cents—an increase of over
three per cent No»w. the price of
cotton or wheat will not rise in pro
portion to the depreciation cf the dol
lar in which' it Is to he paid; that is,
the purchaser for exponfc will not pay
for it at the rate of 4<».4 oe-ivs for each
dollar -when silver is worth GO cents an
ounce, because lie knows that silver
may <rl*e to 61 or 62 eentta per ounce
before he can sell the product abroad
ami get his money for It, and he
knows that If this happens tho gold ho
receive* abroad cannot be exchanged
for ns many silver dollar* n* he paid
the producer here. He will not take
all this risk upon himself, but will com
pel tho producer to bear by receiv
ing a k*s price for his cotton or wheat;
ond (this argument applies with equal
force all other articles. It Is Impos
sible tio estimate accurately the amount
of loss which 'this would inflict upon
the American producer of exportable
products, but It would undoubtedly be
wry great ns the value of our exports
of domestic merchandise is neftutiy $870,-
000,000 per annum, and a small percent
age upon Mils large sum would very ma
terially affect tii<v incomes of our pro
ducer.
It is argued that the existing stand
ard of value ought to bo abandoned be
cause since 1873 prices of commodities
have fallen, and will continue to fall.
If (the standard l* maintained, so that
It has been, and will continue to be,
more and morcdtfllcult each succeeding
yi»ar-to pay debts; that thi* fall in the
prices of all commodities is attributable
to the appreciation of gold, and that
the'appreciation in the value of gold
haa been caused by the alleged demone
tization of silver in Germany In 1871 and
1873, the omission of the standard sli
er dollar from the coinage of the
United States in 1873, and the suspen
sion of the coinage of silver by France
In 1876. It !s true that the prices "f
many things have fallen since 1873, but
lit 1* true also, that tho price* of many
tbfngw had fallen long before that date.
The MMfrtlou that the fall of prices
since 1873 is due to the appreciation of
P1G93BYTEJR3JAN6 AT DALLAS.
Proceedings of the Southern Assembly
at Yewterday’s Session.
Dallas, Texas, May 23. When th©
Southern Pre^ytericin general assem
bly met this morning. Rev. P. II. Hoge
to a question of personal priv
ilege. He complained til at he had been
misquoted in the morning papers In tbe
account given of tbe debait* yesterday
on the election of a secretary for home
tsSlon*. Rev. Mr. Hoge ot Ati&Ma
Iso denied having used the expres
sion attributed to nlm. A communica
tion was received from the ministers
of Dalkis stating that a delegation had
been appointed to express their frater
nal greeting to the awsembly. They will
be hoard at 3 o'clock this afternoon.
Several i:n]>or.i'.i«H tummliU-es reported
bu*t all the reports were docketed for.
future conBideraJtk>n.
Tfie committee on education nomi
nated Rev. E. McElvahie as secretary
of that'cause. The election will be held
•.morr.ww morning. Tho commission on
the Grei-r Jn-tvay case liaa nor yet re
ported tta findings.
The committee on election of officers
reported the fofiooyijig nbtmnHt'ons to
be delegates to <he Pan-PreSbyferlan
council.at Glasgow, Scotland, in June,
3S9B. The nominations were accepted
by the assembly:
Chairman, Rov.JDr. C.*R. Hemtfhlll,
Rev. J. W. Potts, D. D.; Rev. J. W.
Roaerbem, D. D.; James P. Coffin, E.
Nyo, H. Dodge, D. D.; Eugone Dan
iels, D. D. ; c. B. Strickler, D. D.: L.
Davis iMidNeil. MV'D.; J. T. Plunkett.
D. D.; J. D. Thornwell, D. Dj Rev.
Sam Young, John W. Watkins, J. S.
McfJlroy, D. D.; J. E. Biggs, Hon.
Ma-tecrtm Teaman; S. A. King. D. D.;
J. P. HofbsaD, Capt. J. C. MoUoy. ‘J
W. Bachman. D. D.; Rev. Thcron H.
RicCj Jr.; J. B. Stratton. D. D.; Chns.
R. Graham, D. D.; Robert S. Weed,
D. p. Fleming, D. D.; A. 8. Moffett:
Professor W. W. Moore, D. D.; Walter
Williams; Governor J. Hope Tyler, Jo-
sopr R. Wrtibn, D. D., LLD.; Moses D.
Hc&e, t>. D.; ,J. B. O’Bryan. These
delegates will go at their own exren*e.
Tho report of the committee on
young people’s societies was received
nnd docketed. It proposes the name of
Westminster League and Insists on the
control of (pastor an"dsesslon. A con
stitution is also submitted. The puh-
lJcatlon house will remain at Rich
mond in spite ot the effort to move It
to Nashville.
(Continued on pago 8.)
THE KILLING OF WILLIAMS.
Col, Tom Eason Vouches for the Trie*
graph’s Report.
A representative of the Telegraph
met Ool. Tom Eason of McRae at tho
Lanier house last nlgnt, and in reply
to & request for the fapta in the case
of the killing of L. L. Williams, Col
Eason said:
“The report furnished ithe Telegraph
by lta correspondent at McRae to a
Urue abatement and Is fully corbb-
or&ted by the verdict of the coroner’s
Jury. The War abiding, good people of
Telfair county are aroused and indig
nant, for they believe a crime was
committed in the killing of L. L. Will*
lam*. If AVillfams did wrong, they do
not consider that It justified killing
htm, and their view of the case ^ 4s
shared by the best people of Dodge,
Montgomery and other adjacent
counties.
X>R. WALKER’S FRAGRANT MOUTH
WASH AND DENTIFRICE. Fop at
all dru* stores. Dr. II. W. Walker, Den-
Hat, over Solomon’s Jewelry Store. Sec
ond street.
FIRE AT A MERIOU&
Americas, May 23.«^$iMHi fire
alarm was mot vn at 0:15 thta after-
The detpoexment reminded a
onee dowa (Leo wtreet, wiHre the fire
was dHoOftfcd ’in C. M. Wheatley’s
variety mfilsi on Jflokaoo street. The
fire was li> the engine room, where
the fpMtca from the enetae herd lodged
in the celling. ss£ $t wwta burning u*t a
rhvly raCr when the apoH. feOft reached
but quick wvck «twl the enr.re bulM
iacr* with odjofcflqg tenement houses.
ANSWER TO CARLISLE.
Versatile*, Ky,. May 23.—Senator
Blackburn announced least night that
he would answer Mr. Carlisle's Cov-
tngton speech at Lawrenceburg n«Mt
Saturday.
lLMD OHAiNGEfLLGU SCHAT^-
MAN.
He AnrWiI Last iNt§ht and Was Given
am Ovation.
(ijrfand Chatucrflor Schutzmin and
early afll tho Mdoc«a Pyithfioans who
,tten<led 'the griand lodg-- ini Atkifit^j or-
ivd last, night ot 7:45 ftckraK .
Grand Ohaucelkfir Scbaticnwin was
met -at the depot by a Virgo delegation
of the home guard and muny who were
nc>t Pyth kirac, wiho lead secured of braes
l>artfj. When tbe train rolled under <tlie
tfhed of the UnVxni depo>t the gnnd he-
gtm playtogr ami the crowd (gave three
cheers for the gniind NwuoeHor. When
Mr. Schci.tznKjn oaane from t.he car ho
w!-ih »ec®ad on every ride iby hte» friends,
everyone of whom, It aeemed, wanted
•to «liake hii« hmwl at the wrae ttme.
Flunlly the order wcci givea to **for-
-ward mpf4w** and thd the erravd
m-javhcil up the street headed by the
briL'N band. iWlien Teut'-mia h-tii \vu
rr*.i<*h«Ki the otovd filed in and there it
wus fonod tihu-t preparation* hrid’ been
made for oia tntformal reception.
Speeches and toasts followed uMJl a
Lite hour. tA strooger evidence cf
wide^preJd popubrity could not have
been fhawmr anyone than was shown
•Mr. Schatzmiu last nilrgt.
Those who made speeches were Oant.
W. A. Davis, Mr. \A. M. IWvfflbtn, Mr.
Jake Menko of Albany and Mr. Ed.
Codien. Mr. >Mefdm spoke to behalf ot
.ncni'tfliiwest Georgal, nrul his remarks
wane loudly applauded as they showed
the fraternal feeling 'ht-tjwe^u the
KmSghtts of 'that section and -the Macoa
Knights.
SALE OF THE PORT K*>X AL.
Charleston, May 23.—In the UnWea
States circuit court yceiserday the case ot
Oh-arles H. Phiinazy and, AvtlreL) Baker,
trustee® of tho Augusta and Knoxville
Railroad Cocn-pa-ny, and (the Oan-tra! Trust
Company of Now York against the Port
Rojial and Western Carolina railroad
was heard and taken under adv-iseim-ivt.
The case came up on a motion tor the
sale of the Port Royal and Welter** Caro
lina. It seems that bo-tb the Southern
end the Seaboard Air Lino are anxious
to purchase -the Port Royal and Western
Carolina, but the Georgia Central is op
posed to the sale. Promlnieinit a/ttocney®
of New York, Atlanta, AueuMa, savan
nah and South Carolina are connected
with the cose.
VOLUNTARY INCREASE.
Middleton. Pa., May 23.—The American
Tube and iron Company of this place,
which employed a thousand men. has
given notice of an Increase to wages, or
10 per cent.
iSTRlIOTLY FIRST GLASS.
Am Ujp->tx>4Dn'tc ’MSnritrol Performajucc—
MflJteft Today.
•A moire thamiavoraigenudl^iwe greeted
the Muoomi iniloifitrcls last might, am/l the
only ‘W’ay for thoese who did mot go «to
get eren with 'themselves, is to see
that. mial:lin'><‘ th’w aftoru*ok>n'.
It la mtot too much praitee of the per-
foinmoinioe la«3t mlSgbiD bo say fhat ijt wus,
to many respects, the best minstrel par-
CormmiDioe Qucoo ever saw. In some
nets umii'lritakablo ovUlenice <of the am-
Bit ear was motlcdablc, bu*t much .wwso
bus been* rcpeaitcdly seen «md even ap
plauded Id a* .ppofeesAKuu'l *oompaffy. Tho
specJalulea with wb'ch. -the performamoe
kibounded wurc -all good—ulbove the a v
erage—the songs, -the mueBc. the jokee,
iwore nil new and food, fund! the dainc-
ing was superb. 'Before, the perform-
anoo was haJf over the audfeoee real
ized that they bad 1 received tlieir
money’s worth, and •whelm the curta.Sn
wnf down on the “Dnirkborwn Neligh-
bom,” there was a general deride 'to
ihaiVo the perform ance repealed.
Jjast .rn’iffhit’s •peitformia.'n'Cft wHl* be re-
ipaated at the '^Latlnee fhlb afternoon
with seminal new specialties .todroduced,
PERSONALS.
D. O. Hall, traveling passenger agent
of the Georgia Southern and Florida
railroad, -was In the city yesterday on
business.
J. D. Riddell, assistant general
relght agent of the Kansas City, Mem
phis and Birmingham railroad, with
•headquarters at Birmingham, spent
yesterday In the city.
Frank Irish, traveling passenger
agent of the Northwestern railroad,
•was here*yoeterday.
.D. H. Blythewood, traveling agent
of the Tybee Island -hotel, was among
the prominent visitors in lMucon yea-
terday.
(Mrs. Robert L. Hyer of Orlando,.
Fla., is visiting her brother. Dr. H.
A. Brown, East Macon’s popular phy
sician.
Dr. A. Mathis haa gone to Sandero-
vllie to spend a faw days.
Mre. II. H. McKee of Savannah v
•wife of the auditor of the Savannah,
Florida and Western railway, is visit
ing Mrs. T. H. Heijdereon on Second
street.
A GOOD LECTORE. —Father Bris-
7an, president of St. Stanislaus Col
lage, delivered a deeply interesting
lecture before the Hibernian Society
last night. The lecture iwae at Hiber
nian hall, which was well filled. Father
Brlslan is a gifted speaker and a pro
found scholar. He has a clear, distinct
pronunciation and ah easy, graceful
delivery. He 111 charm any audience
so fortunae cls to hear him.
LIKE A SNAKE.—Mr. J. W. Hart
killed a scorpion in his yard near Mer
cer University yesterday that greatly
resembled a snake. The scorpion bad
oblong spots in rows on its back and
Its breast was yellow. It is supposed
to be one of the most venomou* kinds
of reptile*.
PUT ILTM OUT!
A' Profane 'Found' lAmong Knights of
PytliMs in Atlanta.
Atlanta',. May 23.—(Special.)—'The only
s^DBattoitr grawsnK out of 'the modtlmg
of the gra nd lodge of 'the KtifeM* cf
Pythias hone, ■which olosdd today, oc-
curred last might ait the grand lodge
durhn^Hie ei-oraijdMcaiC^n. of the t.htvd
degree by A tlaaHta. lodge *No. 20, a nd for
awhile oonpiermtion reigned.
The eeautkou was caused by the dis
covery that a main otot a> member of the
order wus present. The discovery was
made by a Kntehit from AVest Point,
who '.mmcdirtely raised the alarm.
Chancellor Oemmaicider iWUey gave -:n-
structlanB for the pje»s wwd to be taken ,
but before this could be dome ai hun
dred voces yelled “put him out!'’ Or
der woa tlmally nesirorcd and 'the pro-
fame taikera from fet the it re. The p.mi
word gras then taken from cuch <mo
preserat to make certato sha t there wero
Do others present who were not mem
bers. Upon tamqrttortteo ot was found
thait the man was ait the meeting
through the mistake of Ms undo, wbii.
Is a Knight. The uncle, who is from
Savannah, took M nephew to the rv-
a.tre, thtoklmg It i^sald be a public
meeting. -He -was soundly censured
however, for b!s thoughtlessness.
AT WESI/BTA'N TOXTCiHT,
The rhllomaumheamsWitll iGlva Their An
nual Stennlul Bxtgb'tttom
Tonight t!io Philknanitlienloih Society
of dVcsleyam will bo the centre of at-
traettont
The jacople of Macon cover fall to,
crowd the chapel of 'Wealegiami cm. com- ’
mencememit ooaiBJons, amd cspedt)ly‘op
the first e vedhtg cf the axerefscs,' when
( onie of the two exccUent literary socte.
tics holds Its biennial celebration.
The programme for tonVght will prove
very attnidtiLve to tlie many friends of
Wesleyan, and of the Ehllomaitheans,
who will, by thcllr presence, cheer tho
young ladlbs. A good treat Is prom
ised to all. Admission eO cents.
PROFESSIONAL SWINDLER.
Savannah, May 23.—W. L. White is
under arrest here for cheating and
swindling and passing bogus cheeks.
White has 'been passing himself as an
Insurance solicitor and securing ad
vances of money from parties who had
agreed to fake policies with him. Front
the amount of Insurance literature In
bio pocljets he appears to have worked
extensively throughout this section.
VINEVILLE THE W,INNER.—Hn a
game of baseball played yesterday af
ternoon between rti« Vlnevllle school
and the MMett school the latter .was
defeated by a score of 15 to 5.
iApollinans
■THE queen of table waters.*
{(applied under Royal Warrants to
H«r Majesty the Queen of Tingland,
and to His Royal Highness tbs Prints
of Wales.
Hr. AL O. Jfyama
Hamilton, Ohio.
The Same as Bread
Hood’s Sarsaparilla on the Table
at Every Meal
“In my opinion Hood’s Sarsaparilla has
not sn equal as a blood purifier. I doc
tored 6 months for stomach trouble and
Neuralgia of the Heart
without any good and then took Hood’s
Sarsaparilla. Every spring and fall slnca
I have used It and it has done me lots of
good. I have not been attended by a
physician for the last tour yean. My wife
wm suffering with water brash and
Feeling All Tired Out.
Shews* severely afflicted but upon my
prevailing upon hex to take Hood’s Sarsa
parilla ana Hood’s Pills she felt differently
In s short time. Now she is quite well.
Wo have great faith in Hood's Barsapa-
flood's? 3 * Cures
rffla and pat H on tbe table at every meal
the same ae bread.” Ax. G. Hyams, with
T. V. flowKXL St Sons, residence, 438
North Third Street, Hamilton, Ohio.
Hood’s puis sfiftsyrs“*
special notice.
The Pulaski house of Savannah, On.,
will make & special rate ot 12.00 and
$2.50 per day, according to iooatloq
of rooms, from May 1st to November
1st, 1895. This hotel is first-olaas In
every respect and It* standard trill be
maintained. i
Charles F. Graham, Proprietor.
GEORGIA, BIBB COUNTY. The ap
praisers appointed to eet aside a twelve
months’ support out of the estate of
Edward Johnson, late of said coun
ty, deceased, to bln widow, Mre. Jana
L. Johnson, having filed their return la
this office, all concerned will file objec
tions If any they can on or before the
first Monday In June, 1895, why said re
turn should not be made the Judgment
of this court.
C. M. [WTLEJY, Ordinary.