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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.