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THE (HfcAN&E ADVANCE.
WEDNESDAY, FEBRUARY'.), 187(3.
H. H. YOUKG. Publisher & Editor.
The Financial Reform.
We endeavored to show in a re
cent article, that the currency con
templated by the advocates* of finan
cial reform was not, b}- any means,
worthless paper evidences of indebt
edness, constantly liable to depreci
ation, but actual money, having a
fixed and unchangeable value, and
really sounder than gold cuirjncy
or any resting upon a gold basis.
W think that we then answered
fully every objection that can be
urged agaiiibt the reform system, ex
cept such as aiise from considering
its influence upon the foreign com
merce of the country, and upon
banking. To the latter of these
Under their plan banks of issue
are a necessity, and they leem una
ble to conceive of any currency
system which will render them use
less. "What will become of fhe
the banks?" is the first question
they ask and when told that we
propose to dispense with such insti
tutions they next assert that it is
essential to have banks in order to
"float the credit of the government!"
We are not sure that we understand
this phrase. It seems to us, how
evei, that what they intend to say is:
that banks are required to float the
•debt of the government, and this
assertion is palpably untrue. The
credit of the government floats its
debt, and, if it had no credit, all
the banks in the world would avail
nothing while, as long as it has
credit it may sustain its debt with
out the intervention of banks. The
only relationship that banks sustain
to the government, so far as its debt
is concerned, is that of agents or
brokers. That is: they sell the
government bonds. If there were
no banks the government would
only have to entrust the sale of its
bonds to some other description of
It is very clear that while the
credit of the government is good,—
•while its bonds afford safe and lucra
tive investments,—their sale can be
effected through treasury officers
just as conveniently as through the
banks, and more cheaply, for the
reason that the brokerage now paid
to bankers would not then be nec
essary. Now, capitalists buy their
bonds through the banks, and the
latter receive a commission for sell
ing them but the banks do not
make the bonds valuable, nor is it
necessary to use their agency in the
transaction. The officers of the
treasury, who now dispose of the
bonds to the banks, could just as
well sell them to the real purchas
ers. Hence, the assertion that
banks are required to "float the
government credit" is the sheerest
nonsense. But were this even true,
it is no argument against the reform
ed currency system, for that does
not contemplate the destruction of
banks, by any means. It simply
.proposes to dispense with the circu-
Ufltion of bank notes as currency.
The banks could still exist and con
tinue their legitimate business of re
ceiving deposits, making loans, sell
ing exchange, etc., just as they do
now, and the government might
still use them as its agents for sell
ing bonds, if it should continue to
be deemed necessary to make them
would be unnecessary "then, it is true,
but they are not now essential in
We.have waded through a good
many long articles upon this subject,
written by good, bad and indifferent
authors,—by well informed men and
by those illy informed,—but have
failed to find a single valid objection
to the proposed currency reform,
growing out of thi* branch of the
subject and yet, strange to say, the
effect of the proposed system upon
the banks and the relation they
bear to the government debt is ve
hemeiul} urged as a most weighty
objection. To the bankers them
selves it is, no doubt, a serious mat
ter, for it, would deprive them of the
power of obtaining six per cent, in
terest on the money they have in
vested in bonds and. at the same
time, loaning ninety per cent, of the
two classes of objections we now twelve per cent.! We know that
propose to address ourself. The the advocates of the piesent system
declare that this part of the bank
ing business does not pay, that the
banks are taxed to death, and that
they do not care to issue currency
but we cannot understand, if such
statements are Hue, why they do
not abandon this part of the busi
ness. We cannot believe that they
do this merely for tae accommoda
tion of the public. That story is
advocates of gold or metaliccunen
cy, almost at the same moment that
they denounce the system we ad\o
cate, tell us that there ib not a suffi
cient quantity of the precious met
als in the world to afford currency
enough to satisfy the demands of
trade, and this deficiency they pro
pose to supply with bank notes,
nominally redeemable in specie, but
actually ij redeemable, because, as
they themselves allege, specie
enough cannot be obtained to re
lf ,ame capital to the public at
Legitimate banking, then, can be
carried on as facileiy and profitably
with "greenback" currency as under
the present system, and ail this class
of objections to the reformed curren
cy system are, therefore, groundless.
The objections urged as arising
from its influence on foreign com
merce still remain, but as this arti
cle is long enough, we will consider
The Wood Question.
Our neighbor of the Republican
is respectfully informed that, so far
as principles of political economy
are concerned, we have not recently
experienced any "changes of views."
In all cases of buying and selling
both parties are equally buyers and
sellers. The wood hauler sells his
wood for money, and the city resi
dent sells his money f@r wood.
The rate of barter is really deter
mined by the necessities and cir
cumstances of the parties to the
transaction. If the citizen needs
the wood imperatively, and there is
a scarcity of the latter in market,
he will be willing to give an amount
of money necessary to purchase the
article, be it much or little. If, on
the other hand, the wood-hauler is
in greater need of the money than
the citizen is of the wood, he is then
compelled to accept for his commo
dity the amount of money that may
The difficulty is that money is an
article that everybody needs, and
that those who hold the bulk of this
always combine and can control the
supply and thus regulate its value as
compared with other articles. On
the other hand, farmers and laborers
are prevented by their numbers and
necessities from forming equally ef
fective and constant combinations,
and must sell their labor, their grain
and w6od at whatever prices such
articles will bring. The prices are,
it is true, regulated by the supply
and demand but the price of mon
ey for which they are bartered is,
also, regulated by its supply and de
mand, and those who control it take
good care that the demand shall al
ways be greater than the supply.
Thus it is that they fix the price of
labor, grain, wood, etc. Again, the
manufactories and transporation of
the country is now very generally
controlled by monopolists, posses
sing large capital. If the prices of
the articles manufactured, or the
coal, iron, salt, etc., produced, de
cline, they suspend operations for a
time, and, by diminishing produc
tion, send prices up again.
But laborers and agriculturalists
cannot afford to suspend operations,
no matter if they do glut the mar
pensioners upon the public. They I ket. These, then, are the reasons
why the buyers of their products fix
the prices of both what the industrial
classes buy and what they sell.
The remedy is—cheap money!
Money which shall be truly a medi
um of exchange and.not a commo
dity to buy and sell! The cost of
measuring wood, in .the instance re
ferred to by the Republican, is not
added to the price, but is paid by
the seller, and is a tax imposed up
—The movement to the Black
Hills is becoming very general.
We see accounts of parties "being
organized in nearly all parts this
State and in Wisconsin and Iowa,
and learn that Benjamin Young, a
trustworthy guide and scout, is about
forming a company in St. Paul.
proposes to go by way of Bismarck,
and says it is the best and safest route.
declares that there is water and
forage along the entire route and
that there are no dangerous Indians
except Sitting Bull's band.
—Alderman Heathcoate, of St.
Paul, has introduced a resolution
into the city council, in behalf of
economy, which dispenses entirely
with lighting the public lamps after
ten o'clock, p. m., and only to a
limited extent before that hour.
evidently believes in saving the pen
nies, even if the city is plunged into
—We are gla.l to see that quite a num
ber of the papers of this State take the
same view of the Plainview tragdy that
we advanced last week. Let the law
be at once so changed as to make mur
der punishable with death, or at least
with life imprisonment. It is getting
to be an altogether too common a crime.
—Gen. Sherman has written a letter
declaring that he has not been, is not
now, -aid never will be a candidate
for the presidency chat his family are
Catholics but he is not, and that he fav
ors public schools, but thinks the system
might be improved.
—Henry Clay Dean has abandoned
politics, washed his face, changed his
under-clothes, and gone to preaching.
He is said to be a very tible preacher,
and capable of doing a great deal of good.
OFFICIAL list of patents (agricultural)
issued by the United States Patent Office
for the week ending Friday, Jan. 28,
1875, reported by Louis Bagger & Co.,
Solicitors of Patents, Washington,D. C.
171,913. Potato Diggers, P. M.
Bawtiwhimer, Woodstock, Canada.
171,950. Bands for binding grain,
David Olmsted, Minneapolis, Minn.
171,972. Grain-Binders, Wm. R.
Baker, Chicago. Hi.
172,034. Harvesters, Peter Kline,
172.039. Grain Bags, C. Lagare
vitch, Brooklyn, N. Y.
172,053. Plow Points, W. B. Ready.
172.040. Harvester-rakes, T. H.
Bacon, Hannibal, Mo.
172,089. Machines for making grain
conveyer flights, H. I. Chase, Peorie/
172,145. Harvesters, Jas. B. Moh
ler, Pekin, 111.
172,158. Harrows, Jas. B. Oakey
'WARD L. BAKER.
HEAVY AND SHELF
74 MAIN STREET.
RED WING, MINN.
Chicago4 & North-west-
Passengers for CHICAGO, Detroit, Toledo
Cleveland, Buffalo, Niagara Falls, Pittsburg
Cincinnati, Rochester Albany, Toronto,
Montreal, Quebec, Portland, Boston, New
York, Philadelphia, Baltimore, Washington
St. LOUIH, Cairo. San Francisco, Sacramento
Ogden. Salt Lake City, Denver, Council
Bluffs, Sioux City, St. Paul, Marquette,
Escanaba, Menasha, Madison, Cheyenne,
Omaha, Yankton. Winona, Duluth, Green
Bay, Milwaukee, and all points North, West
South and East, should buy their tickets
Chicago A North-Western
Close connections are made at Chicago
with the Lake Shore & Michigan Southern
Michigan. Central. Baltimore & Ohio, Pitts
burg, Fort Wayne & Chicago, Kankakee
Line and Pan Handle Routes, for all points
EAST and SOUTH-EAST, and with the
Chicago di Alton and Illinois Central for all
Close connections are also made with the
Union Pacific K. R. at Omaha for all far
Close connections are made at junc
tion points with trains of all cross roads
PULLMAN PALACE CABS.
These celebrated cars are run on all night
trains on the lines of this road.
This i« the ONLY LINE running these
ears between Chicago ard St. Paul or Chi
cago and Eilwaukee.
At Omaha our Sleepers connect with the
Overland Sleepers on the Union Pacific
Railroad, for all points west of the Missouri
River. AiLong the
inducements Offered by this
to the traveling public are all the modern
improvements Rock and Gravel Ballasted
Track, fiteel Rsil, Rock and Iron Bridges,
Parlor and Drawing Boom Day Coaches,
Smoking and Lounging Cars, Westinghouse
Sefety Air Brakes, Miller Patent Safety
Coupling and Platforms, Speed, Safety and
Running Through Five Great States,
and operating over 2,000 miles of road, this
Company presents to the traveler facilities
that ARE NQT and CANNOT be oEered
by any Competitor.
All ticket agents can sell you tickets via
If you wish the best traveling accommo»
dations, you will buy your tickets by this
route, and will take no other.
W. H. STENNETT,
Gen'l Passenger Agent.
Gen. Sup't. 12yl
WINDOW SILLS, CAPS, & &
Will supply thetrade through the State.
C. A. CARLSON.
^^*See advertisement of Marble Works
MARBLE & GRANITE WORKS,
CARLSON & McROSTIE,
Manufacturers and dealers in
AMERICAN AND ITALIAN MARBLE,
Monuments, Grave Stones, Mantles,
And all kinds of furniture marble.
^Sy-Orders promptly attended to and
filled on short notice,
Corner of East Avenuejand Third Street,
RED WING, MINNESOTA.
A. Carlson. P. N. McRostie
Dealer in all kinds of
E A N I S E
Which he keeps constantly on hand
As Low as the Lowest!
Cornerlof Main and PlumbSt's.,
Red Wing, Minnesota.
"VT 0. WERNER.
Attorney and Counselor at Law,
REAL ESTATE DEALER,
RED WING, MINN.
E A A E S
BOOTS & SHOES
E A E
S A E
O E S
I E N S
BOOT AND SHOE PACKS,
and all kinds of
Warm Foot Wear for Winter.
To be found in Goodhue County.
Our stock is composed largely of our
own manufacture which we sell at about the
same prices as you can buy Eastern Werk.
FAMILIES AND GRANGER?
HIDES, SKINS AND FURS,
Come and seeus before Buying,
G.R.STERLING & Co,
E W I N I N N
A N O S AND ORGANS.
VARIETY OF STYLES
OF THE BEST QUALITY, AND
ON VERT LIBERAL TERMS.
Gall and see before purchasing.
Music Rooms adjoining Dental Booms.
F. A. WILLIAMSON, Agent.
G. H. & W. H. CRARY,
Doctors of Dental Surgery,
Office in new Post Office Block.
Residence on Third street, with Mrs,
F. Towne. Red Wing, Minnesota.
Daniels & Simmons.
On Corner of
4th St, and West Avenue.
ORDERS PROMPTLY FILLED
ED WING IRON WORKS
Are Rebuiltand Running Agaia.
Real Estate and Law.
$100,000 To Loan,
Loans made on good Real Estate secu
rity. Office at old place, over Hawley
& Kellogg'6 Drug Store.
Attorney and Counsellor at Law,
and Sealer in Beal Estate.
Offers for sale, lots in Institute and
South Side Additions to Red Wing, lots
Cannon Falls, Farms in Goodhue
Counny, Minn., and Pierce County,
Wis. among which are the following:
A FARM for sale in the town of Good
hue of one hundred and twenty acres,
one hundred under cultivation, the very
best of soil, a house and barn, two good
wells of water, a hundred fruit trees,
shrubbery and small fruit. The farm
is in a good neighborhood, convenient
to school and churches, and is one of
the most desirable locations in the State,
and will be sold on easy terms. For
further particulars inquire at this office
B. B. HERBERT.
LOTS 3 & 4, Block 2, East Red Wing.
Will cut these lots up and sell in parcels.
S. E. of Sec. 20, Welch Township.
X. E. 54 Sec. 20, Welch
N. E. of Sec. 31, T. 25, R. 15,
Pierce county, Wisconsin.
S. of N. W.
of Sec. 36, T. 25,
R. 18, Pierce County, Wisconsin.
30 acres in S. E. of N. E. i£,
Sec. 12, Pine Island.
N. of S. E.
of Sec. 12, Pine
$2,000. A Residence in
Red Wing at a
Lots 6 and 7 in Block 4, Sweney's
addition, on the corner of Third and
Jefferson streets, with a good story and
a half frame dwelling house, new, a
good well of water and other improve
ments. This place is convenient to the
Weist school house and is most desira
bly located, and while it is offered for
less than its cash value, time will be
given on part of the purchase price if
desired. For further particulars inquire
of JACOB HAMMOND, OR the place, or
at this office.
WHEN you buy, Luy the best, and get
a home convenient to business,to schools
:md churches. A number of the most
attractive and desirable building sites
in the city of Red Wing are now offered
for sale or exchange in J. Brooks' Sub
division. Easy terms given. Speak
quick. For further particulars inquire
of B. B. Herbert, Real Estate Agent.
A FARM IN PIERCE CO.FOR SALE.—
The farm is situated Z}£ miles from
Red Wing, contains 160 ajres with 53
acres under cultivation. Timber and
living spring water on the place, and
has a frame house and a frame sta
ble. The soil is rich. The farm will
be sold cheap. For further particulars
inquire of B. B. Herbert, Real Estate
Agent, Red Wing.
UBBARD A BROWN,
and dealers in
FLOUR, GRAIN, AND WOOL'
Tjl W. HOYT.
Attorney and Counselor at Law,
Will Practice in all the Courts of the State
OFFICE IN POST OFFICEBLOCK.
Flower and Vegetable Seeds
Are the best the world produces. They are
planted by a million people in America, and
the result is beautiful Flowers and splendid
Vegetables. A priced catalogue sent free
to all who inclose the postage—a 2 cent
Flower and Vegetable Garden.
Is the most beautiful work of th- kind in
the world. It contains nearly 150 pages,
hundreds of fine illustrations, and four Chro
mo Plates ot Flowers beautifully drawn and
colored from nature. Price 35 cts. in paper
covers 95e. bound in elegant cloth.
VICK'S FLORAL GUIDE.
This is a beautiful Quarterly Journal,
finely illustrated and containing an elegant
colored Frontispiece with the first number,
ifrice onlj 2» cts. for the year. The first
No. for 1878 just issued. Address
«w5 JAMES TICK, Rochester, N. Y.