Newspaper Page Text
W E N E W A W 19, 1876
YOUK 5 Publisher A Editor.
Th« R^ublci^ on Finance.
The editor of the Republican
discusses the financial question on
the sani^prin^iple 'T%t boys engage
in a wrangle, at ffglsiling societies.
flto#r, S^ftave^eiljlr space, time,
npr inlSKSItiprf^l such occupation.
Weft%rfte^for mtelUgeiit people to
^%^r*|r4Jifve that they
will le satisfied, with twaddle and,
as we ar#r/ot an aspirant for office,
nor tHfe servant of a party, we have
BOt:continually before us the appre
hension that our utterances may be
disapproved by our masters the
party managers. In urging this or
any other question, we have only a
single object in view, an0 that is to
get at thfc truth. We are always
ready to be convinced that we are
mistaken, for we have learned that
our judgment is not "infallible, and
whenever we are satisfied that we
are in error, we hope that we have
sufficient moral courage to acknowl
edge it anJ, retraqt.,
In what we have hitherto said on
the financial question, we have al
ways insisted that the change must
necessarily be gradual. Not that its
adoption shall require any consider
able ,time, but that from the date of
its ^introduction until it shall have
been reduced' to general practice
will necessarily be an extended pe
riod. Hence, it is obviously unfair
to attempt to meet our statements
with presumptions based wholly up
on the existing condition of the
country's finances but this is just
what the editor of the Republican
insists upon doing. For instance,
he »ells us that the 3.65 bonds can
not be negotiated, saying:
A loan of money or currency at 4 per cent,
or 3.65 per cent, is a losing investment los
ing, bemuse the use of one hundred dollars,
pounds, francs, for one year is worth more
than 4 or 3 65 dollars, pounds or francs. No
man Will invest his own currency in that los
ing manner iu order to make other people's
currency more valuable.
Now, why is it that interest is so
high as tp make an investment at
3.65 or 4 per cent, a losing business?
If wheat could be sold in this mar
ket to day at two dollars per bushel
instead of one, the editor of the Re
publican could tell you that the rea
son was because the supply was not
equal to the demand, or, more truth
fully, because the demand was so
urgent that those who needed were
willing to give this increased induce
ment to bring the supply into mar
ket. But then the price of wheat is
not a political question, and the
masters would take no offence if a
plain answer were given. Not so
with money. It may not be party
policy for the people to know the
truth about it.
To an independent and intelli
gent man it is just as clear that the
high price charged now-a-days for
the use of money is a consequence
«of the scarcity of the commodity,
as it is that the scarcity of wheat
makes its price high and because
Ynoney is so scarce and interest so
high is the reason why financial re
form is necessary. And this reform
is opposed by capitalists whose busi
ness it is to loan money, for the same
reason that those who hold wheat
for speculation resist efforts to
reduce its price. The reduction cur
tails their profits. We have known
money in this country to seek safe
investments at four per cent., and
six per cent, was once considered
an attractive rate of interest. Busi
ness was then in a healthy condition
and bankruptcies were very rare
and always the result of gross care
lessness or unavoidable calamities.
At this time when money is worth
12 per cent, and when national
banks may get 17 per cent, on their
capital stock, it is not likely that
anybody would invest in 3.65 per
cent bonds but make money as
plenty as it ought to be and they
would be glad to do so. How did
England contrive to negotiate her
3 p. c. bonds? Money is altogether
too dear in this country. No man in
whatever business can afford to pay
-t-2 p. c. on his working capital, for
it amounts to more than his profits
and expenses! Vs'
But how can this interest rate be
reduced? Why let the government
buy with greenbacks,after first mak
ing these a full l«?ga! it&fcler forth*'
payment of duties, &a, the bonds
used as a basis for the national
bank nofe$, giving fdr them their
valuation, i»£.", the premium, and re
tire the bank notes. This would
inflate the present volume of'curren
cy to the extent pf abput, say, $40,
000,000 and hardly produce a pre
ceptible effect. The next step would
be to purchase additional bonds in
the same way and to pay official sal
aries in greenbacks. When the in
flation reached a point where too
great depreciation was likely to re
sult, then prepare the 3.65 bonds for
the investment of the excess and
let this "process continue until the
entire debt is absorbed in the green
backs and 3,65 bonds.
But we imagine that the editor of
the Republican and the bank direct
or who gives him his points and sta
tistics have aleadv elevated their
hands in horror ajfe are exclaiming,
what would become of the gold?
We will look after the gold hereafter,
only assuring you now that there
would be enoughjeft to make breast
pins, and finger-rings. What would
become of the 12 p. c. interest is
the question which most interests
the people, and we are satisfied that
money lenders would only get half
of it—the remainder would be added
to the profits of the laborer, the
farmer, the merchant and the man
engaged in any legitimate product
ive and dispensing business.
Instead of the money lender doub
ling his money in eight and a third
years, or foreclosing and taking the
paid up interest and the farm with
all the improvements, he would have
to wait sixteen and two-thirds years
Tqr his lop p. c.,?and pound of flesh
with the bloo"d which might be spill
ed thrown in. Of course, a plenti
ful supply of money must make
money cheaper, and cheap money
is essential to carrying on those en
terprizes which are required to de
velop the material wealth of the
country. But a plentiful supply of
money reduces interest, this is not
agreeable to money lenders, and
moneylenders have made themselves
so necessary to party leaders that
the latter sustain their views and
party papers must support that side
of the question or incur disapproval.
How do they do it? They admit
that there is not gold enough for
currency, while they are denouncing
greenbacks as "rag-money." What
substitute do they propose? Na
tional bank notes! They would
make you believe that it is safer to
trust Tom, Dick and Harry, who
may happen to have bonds enough
to start a bank, than it is to trust the
government of the United States!
And that, too, in face of the fact
that these institutions are constantly
bursting up* and swindling honest
depositors out of all their means'
Out upon such deceit, or such igno
rance If you will sell yourselves
for slaves, dye your faces and let us
believe that you are blackamoors.."
—To be continued.
•The First National Bank of LaCrosse
failed about ten days ago, and it is said will
not pay ten cents on the dollar.
—Our neighbor of the Republi
can, who is one of those erudite and
incomprehensible geniuses, who are
occasionally permitted to grow upon
earth and electrify contemporaneous
generations, doesn't agree with state
ments contained in a recent lecture
pf ours, before the Pomona Grange
of this county, touching certain
political, commercial and social
changes which have recently occur
red in this country. He insinuates
that these reforms were not conse
quences of the "Grange Movement."
Why not tell us, then, to what in
fluence these changes ought to be at
fribirted. It is an easy matter to
de'ny anything ttiat may*be said, but
a positive and dogmatic denial of
'S'le'frlES*-?*- -"V-vflw "»1BJ ftSS" "m^rvm imrvrst g*r*t, fJ'v*1*r
statements like those referred to
ought' to.Tie accompanied by explan
tior/s showing what other causes ope.
rated to produce the effects noted.
The editor of the Republican is com
petent to criticise singing, dancing,
acting, speaking, writing, legislating
^EeVay-ttmlg inshdrt, in this world,
or that whichhas been, or that which
is to be. He knows it all and more,
arid it would, therefore, have been a
little thing for him to have told his
readers what, did produce effects
which we innocently attributed to
the influence of the Order pf Patrons
—We are satisfied that there is a
great deal of exaggeration in the sto
ries about the corrupt practices of
officials and prominent men of this
country, but there is, also, a great
deal too much truth. While, there
foie, }t is well enough to refuse to
accept all we hear, it is neither right
nor polite to denounce as falsifiers,
dead-beats, etc., those who make
exposures even voluntarily. It is
the duty of every man who knows
of wrong-doing on the part of any
official, to make such Information
public, but it is a duty that very few
will want to discharge if they render
themselves liable to be generally de
nounced as liars and defamers in
consequence. Marsh. Bell, and
other informers are to-day more bit
terly and generally villified by the
press of this country than are Bel
knap, Joyce, McDonald, and others
of like ilk.
—Even the Republican makes a
strike at President Grant' Well,
start a man down hill, and even
those who are worse than he can
possibly be will rush forward to give
him a parting kick. We have never
been an admirer of Mr. Grant, but
if we had not had the courage to at
tack him when he was in the hey-day
of his revelry, we would be asham
ed to sneak up behind him now and
throw mud. And if we had built up
our own fortunes mainly on the cred
it of his glory, we should feel too
deeply humiliated by his downfall
to aid in accelerating it. But there
are men who can turn against and
abuse their friends, when their own
interests may probably be advanced
by doing so.
—It is none of our business, but
we should certainly prefer to see
Gen. Avenll elected to congress from
the third district, than any other man
who is not an avowed and sincere
republican anti-monopolist and cur
rency reformer. True, he voted
for and took the back-pay swag, but
he never tried to he out of it, nor did
he give it back and, by so doing,
condemn his own conduct in voting
for it. He was man enough to
stand by his act and defend it, and
no matter how we may regard it, we
have no right to suspect that he did
not conscientiously believe that his
conduct was right and proper. An
honest man may err in judgment,
but a knave will deny or seek to shift
the responsibility for his guilt.
THE ENEMY OF DISEASE!
THE FOE OF PAIN
To MAN and BEAST
IS THE GRAND OLD
Whi'.h has stood the test of 40 years.
There is no Sore it will not Heal, no
Lameness it will not Cure, no Ache,
no Pain, that afflicts the human body,
or the body of a horse or other domestic
animal that does not yield to its magic
touch. A bottle costing 25c, 50c, or
$1.00, has often saved the life of a hu
man being, and restored to life and use*
fulness many a valuable horse. 22yl
WAGONS, CARRIAGES, SLEIGHS,
Corner of Fourth and Plum Streets,
a S 0 el-S
Cu PCS S
?«3 t." 5*o
5- 2 at
«3 2 S 5
3 S._ 3
«. is a
S/S. 2 sr.
WILSON, per do*. GOc
RED WING, MINN.
All kinds of BlackenAhing and Wood
Work pertaining*) aaonbamneM done
wmssLmmwmiJMjmmEssiPii 'WiMmuu mmm.m!mmmimam!milPBs3sfm^^m
Needles for all Sewing Machines,
SENT BY MAIL ON RFCRIPT OF PRICE
WINDOW SILLS, CAPS, &C.,&C.
Amen .111 B. Hole, T^c
ictor, |er 03c
A\ oed, 0
Wilcox & Gil.'os, f.: 00
Jro\er & B. tj tic 0 *c
Send tor Chroma, Cir-tUrjanJ term?.
Willsupply thetradethrough the State.
G. A. CARLSON
^^•Se advertisement of Marble VTorks
MARBLE fr GRANITE WORKS,
CARLSON & McROSTIE,
Manufacturers and dealer? in
AMERICAN AND ITALIAN NARKLE,
Monumentst Grave Stones, Mantles,
And all kinds of furniture warble.
^taF^Orders promptly attended, to a-nd
filled on «*ort notice,
Corner of East Avenue and Third 3treet,
RED WING, MINNESOTA.
A. Carlson. P. N. McU«r«tie
Corner ofMain and PlumbSt's.,
Red Wing Minnesota.
KMWW~.IL.I..J» *. .u .........
Wheeler 6* Wilson,
TO AGENTS DE VLEUS IX QUANTITIES.
W .ilso wi 1
WILSON SEWING MACHINE
For $50 CASH!
In Cheapest Style of Table.
If there is no Agent in jour town jou make money by *eUmg the
WILSON SEWING MACHINE.
H. L. WILCOX & Co.,
St. Paul, Minn.
G. H. & W. H. CRARY,
Doctors of Dental Surgery,
Office in new Post Office Block.
Residence on Third street, with. Mrs,
F. fowne. Red Wing, Minnesota-.
5 TOR A GE, FOR WARPING
Dealer in all! Itindaof
GRAIN, FLOUR, HIDES, LIME,
SALT, CEDENT, &e.
Ticket* for onlctj »ll important points via
River and Rait, &•»«. West, North and
Stone Warehouse on Lone.
model or»\»t«b,»B«l »iull description »f
your inv**ti«n W» will make an examina*
tion tae P»t*»» OfRee. if we thifk it
patenftfthfe, will m-ndvoufapor* andadwtee,
nd pr*So«M»»» y»itr •***. Our fee w/ttlfeeia
•trJiMirv MM»«. 9?&» Vrfviee firs*. JMdfae*
Lam* BA«M*B A I W-tobmttoci,
f.»»»»l »'»rd# tor owr- Guide for
oUututn, r\»KBt*,"» Hook, of fifty page*.
Chicago & North-West
Passengers for CHICAGO, Detroit, Toledo
Cleveland, Buffalo, Niagara Palls, Pittsburg
Cincinnati, Rochester, Albany, Toronto,
Montreal^ Quebec, Portland, Boston, New
York, Philadelphia, Baltimore, Washington
S Louis, Cairo. San Francisco, Sacramento
Ogden, Salt Lake City, Denver, Council
Bluffs, Sioux City.JSt- Paul, Marquette,
Escanaba. Menasha, Madison, Cheyenne,
Omaha, Yankton* Winona, Dulnth, Green
Bay, Milwaukee, and all points North, West
South and East, should buy their tickets
Ghicago A North-Western
Close connections are made at Chicago
with the Lake Shore A Michigan Southern
Michigan Central. Baltimore A Ohio, Pitts,
burg, Fort Wayne Chicago, Kankakee
Line and Pan Handle Routes, for all points
EAST and SOUTH-EAST, and with the
Chicago A Alton and Illinois'Central for all
Close connections are also made with the
Union Pacific R. 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 is the ONLY LINE running these
cars between Chicago and St Paul or Chi*
oago and Eilwaukee.
At Omaha our Sleepers connect with the
Overland Sleepers on the Union Pacific
Railroad, for all points west of the Missouri
River. Among 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, Westmghouse
Sefety Air Brakes, Miller a 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 J«0T and CANNOT be offered
by any Competitor.
All ticket agents can sell you tickets via
If you wish the beat traveling accommon
dations, you will buy your tickets by this
route, and will take no other.
W S E A E
Gen'l Passenger Agent.
A I N I
Gen. Sup't. 12yl
Etn 1, 75c
Home Shuttle, tiOc
I) m*. 75c
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 aboutthe
same prices as you ean buy Eastern Werk.
FAMILIES AND GRANGER?
HIDES, SKINS AND FURS,
Gone and soetts before Baying.
G.R.STERLING & Co,
RED WING MINN.
Pays six Percent, conpound interest an
Any man, woman or child ean deposit. Tata
bank is designed to encourage savings,
however modest the amount and
attend as eheerfully to those
having bat Twenty-five
qe*t»,aa those of larg
T. B. SHELDON, Pwa'fc.
J. S. HOARD, Sec'y. and TrtM.