Newspaper Page Text
jw.C? ROBINSON & CO,
TM lading Jcwelewj
BIG STONE GAP, VA.
WATCHES, CLOCKS,
SILVERWARE,
SPECTACLES, ETC.
W. C. ROBINSON & CO.
VOL. L
BIG STONE GAP, VA., FRIDAY, FEBRUARY 20,1891.
NO. 27.
mm) on silver.
M, (irvrlMndN Letter Create* u (ireat
J ii .? Uoi.'^ ?>f I he. farty
Murk nf Mini.
ITS
POSSIBLE EFFECT.
i t'' III.?Mr. Cleveland's
. r.1 tlie free coinage of
, uj to the meeting held in Now
,. i something iiki' a sensation
>.ork\ ere-"* ?
davs that Mr.
; i id ? ritt? ii such a letter, ami
f ? Whitnct came i" ivashiug
rpose ??j bringing
ton tot '?c ? -v, t i _
. . . . ir from this point 0,1 Mr.
. ..t him to ? ithhold the let
... ( ..., (?;, lai v believing thai it
11 Hre M r. Cleveland's
. r . 11. jijo :ii ic nominal ion in
j...... \, ifu nil the Democratic Scna
i ,,_ !, lim; ' 1 democrats in the
Hobs. . im ' i? stages tu Mr. Cleve?
land urging him !" his letter and
. ? .jtt.il <>n the subject.
remain n ?? * "??
. . i, legram. was received
. '? (,.s cn.tan \\ hitney by Mr. Cnr
. . s. . ? it Mr- Cleveland had ac
. . ?, . st. .mi the Democrats
.,i twin i'(he capitol yesterday;
. much relieved in consequence,
irv. . . , ; (he letter in the papers
... (hit tin ? wi :?? not so much sur
?., j a, [j| trj , -,\ ;i.!i their idol.
the 11 m.R is nil. noi'SE.
|)urj??. the de hate on tin- legislative
tmronriation in the House next day,
\j: lirosTciior.? fOhio, n Republican, sent
. . ., ; [{ ? .;. ?k. with his hearty en
hi ..Mit "i the meeting :it
,.;,r !':.;?.n last night, and the letter
:..... ; ? ?. Grovcr Cleveland to K. Ell?
en Anderson.
! ,. letter having heen read, Mr. Gros
r said that lie bad thus placed this
:t::i! mid statesmanlike document
in the permanent records of the country,
t , t] c end t:..?: in the coming campaign it
should he available, under the frank of
UK?inI?er.11 ol the next Congress, to he
us< -i in minating information through
nut the country. (.Republican laughter).
Mr. Kcrr a!-" commented upon the
?
Mr i;]:?iiri. of Missouri,?I thought the
gentleman was in favor "i free coinage.
Mr. K< t r?1 am
Mr. Bland?Then you ought to lie called
'?Yi>iinj;-inaii-afnttd-of-freercoinage," for
you m v.i '.otc that way.
Mr. Kerr?1 never had a chance, though
! was .i in. mher <>', the last Congress when
tie- gentleman was chairman ol the Gom
miltci on I oinag.. Weights, und Meas
Mr. Bland?You inn: the chance the other
day, hut y?.ui did not rote witli ns. Now
that Mr. Ch vclund has heen confirmed in
his riews I.y such a great statesman us
'ii- gentleman from Iowa, 1 don't sec how
he '-.tri i : .n.. ? his \ icw s and lie converted.
CLL\ Kl VMi i ..W [IK NoMiNATi.n.
?uh?e*{uently Mr. Hooker, of Mississ
i ' . referred to the printing of Mr. Clevc
iai d's letl*! in the Record and said, that;
formic and speaking .only for himself, he
has not disposed to permit that letter to
ome a part ut the Congressional Reyord
1,1 I i'ount-ry, ivitlioul saying something
ii; regard it, so that in- might exjwess
'ii- !?eiitini.'iit til- people he in part
represented, lie ii very great defer?
ence vievs of distinguished states
; ??' he I :id i.- it deference for the
distiitpiis! ? ; i... !; who. in the other
"ranch ol lie ,, ^htture, had declared
UM the judgin, nt uf the American pco
:ttnain occasions; and
t'speciaili at the ust election, was unal
" ' " ' ??' ?,; i Javtir ol ii.e tree coinage
In regard t.u lliig puhlicaticn, he wished
!" s:i.< : ? ; ?:. atid he believed for his
'hat the? wanted the five
fu??agc ?: I; .th metals. Whatever might
!1 ??]???'->???:> ? i .si.;- on,, man. whether
h? hau oecupi ,i .c, minent position in
the pa>l or i i . ,] to occupy it in the
future; ivh?tevei might he the* opinion of
?tiy one man ivheihcr he sat on the Re
P??'." tri or Democratic side), no one man
bada nghlto^p.wik for the great labor
,!:-' :' \t "?' country which stood
? ' md the constitution >mtl
? ntleman < S;.-ther he is in favor of Mr,
. .? ;il ?
v;. H -> will say that I do not
think a man i ? c ?? iiiiinenl of America
vet he .i i .; !.:!?? "i ihe Democratic
I i'rtj tot i':.- ii . \vho i- opposed to the
free coinage ??. silver. \ Applause.)
i EMO( UATS.
To-Hay that tie- Democrats are angry
* h ; tnihUy express their views, be
iau-?- they claim that the tone of the iet
and the ? !C-h sideut'^ statement that
II ? [ reposed <? coinage ^t^?p "is a dan?
gerous and reckless c\;.eti:i:? nl" is a di?
rect censure ? the Democrats who have
? led in hotli Houses for tiu- free coinage
I'sill. Ex-Secretary Kajrchild'a speech at
?-.?? *ann uteetlug, in which he charged
that the agitation forfrce coinage had
! ra :tii ally tailed tl:.- death- of Secretary
Munn :.'..[ Secrctan Windbni, was also
deeply resented.
Senator V.of Missouri, said that this
*':u t*::t.i.;ti .istit t-. placing the?.responsi
hihty ..t murdering these men on the
Democrats in Congress who have been
ub eoinage. The Democratic
Senator* and Representatives from the
': ? without exception, condemn the
1 ?? >?' knd '..-H.-r. and the great majority of
; ': 'u'ut that it ended any chance of his
nominali >u in ls?io.
?om< : ii., shrewder Democrats,
? ? Hi Wj . ,n,oI West Virginia,and Mr.
!: 1 N- ? Vork,thought it might ro
3 1 :i; Uie uoiuinatioh, They took the
f n 1 tb a th< Democrats' would be
''? nominate a man who could
' ? York, N'cw Jersey, and Connce
beut ii the;, expected to elect their cau
!,;' : ll at tu.- man would have to
i opposed to the free coinage of silver.
.... en ua
So far aa the Southern States were con?
cerned, it did not mutter what his views
*ere on the subject. Any Democrat
*ould carry those States under exiting
conditions. So they argued that this let
let tiomjnated Mr. Cleveland, ?ut uinu
1 't ?fei i. ol the-Democrats declared that
itJudjiillcd him politicaUy,
io mo ?ATS I M.K H'.Jir.LV.
Kepuhlicau? generally admire the cour
i?geou* Ktand Mr. Cleveland has taken on
the Hubjcxt, and they were not disponed to
tlduk tiiat he bud hurt tiimself much by
letter. In tact munv were of the
"'<'"? l nl u d make Clevebiud a
woredangeroui- uandidale in tfw than ho
I? i re. \- t-. hew th<- democrats rc
K*t<i the liubjeet may be seen from the cx
P'ewiou ?a opinion given bv leading Dem
'^rnur Senators,
Ml Vert, uf Missouri, said: "More than
ago] waa hd to helicve thut Mr.
Cleveland had modified his views on the
silver question to the extent at least of
admitting thai the advocacy of free coin?
age did not imply moral obliquity, nor
throw suspicion upon Democratic fcality,
i never pretended to speak for Mr. Cleve?
land on this subject, hut I hoped that he
would finally conclude to content himself
with an expression of his personal views
without assiling aggressively the motives
I of Democrats who differ with him, und
j without defying the overwhelming senti?
ment of his ;?:uty in (he Wesl and South.
Mr. Cleveland is doubtless honest in his ?
views, and so are we. lie has the un?
questionable right to take his position :
with the gold interests of New York, hut
he has no right to expect that those of us
who differ with him "ill approve his un?
necessary and wanton attack upon what
we believe to be right. 1 have no doubt j
that the next President will hen Democrat,
land 1 hoped thaa> Mr. Cleveland would be
the nominee. Bui if 1 am a member of
tin- next National Convention 1 would in
sisl upon a plank in our platform tor the
free coinage of silver, ami that no man
should be nominated who did not accent !
that declaration in good faith as tin pol- j
| icy ot t tie party. |
'?Mr. Cleveland mad.- a good President,
, and 1 have been Iiis friend, but no man is {
.' greater than the Democratic ['arty. When
I iie does not represent our opinion he
Ceases to l?c a leader. We have no idols
and therefore we never break them. We
I s imph set t hem aside/'
TIIKY oivi; IT CLEVELAND.
Mr. Pugh, of Alabama, said: "Mr. Clevc
j land's letter was evidently intended to de?
feat the Senate bill now struggling for
consideration in the House for the un?
limited coinage of silver, if Mr. Cleve?
land were Prcsidcnl the whole power of
his administration would be employed to
! prevent the passage of any tree coinage
! bills. The people in every Southern State
are practically unanimous in favor of the !
i free and unlimited coinage of silver. As !
I much as 1 regret the necessity, I am eon
strained to give Mr. Cleveland up and to
express tin- belief that he cannot and will !
? not receive the vote of a single Southern j
: State in the Democratic convention in !
j 1S92."
Mr. Coke, of Texas, said: ??lam not at
jail surprised at Mr. Cleveland's letter. It
; is exactly what 1 expected from Mr.Cleve?
land, because it is fully in line with his j
! well-known views on the subject. There
' ha* been no administration more intense
j than hi> was in it opposition to silver. 1
regard the Democratic party as being ir?
revocably committed to the free coinage
of silver, and 1 cannot see with this silver
question open and unsettled how it is pos?
sible that Mr. Cleveland could lie uomi
1 nated. To abandon its ground in order to
j follow Mr. Cleveland or any ether man not
. in accord with it.- principles, in my judgc
! meat, can only bring its disaster. For
myself] am opposed to Mr. Cleveland's
I nomination, believing him lobe the weak?
est man we can place at the head of our
ticket. Should he be nominated there'
would be but little ground to hope for
j succcs.s"
Senator Regan, of Taxa-, said: "Mr.
Cleveland's lcttcrputs him out of the field,
i I think, as a possible candidate for the
Presidency. It is in opposition to the
< policy of the Democratic party, as shown !
b} all the test votes of either branch of
Congress on the subject since silver was j
demonetized in 1873. His letter fixes the
vote of at b ast one-third of the States
ngainsl him. even it' he could be nomina?
ted. We sacrificed the parly for the man
in 1880. i do not think we will do the
same thing in 1892."
OUT OK THE rilKSIOKXTlAL KACK.
Senator Faulkner, of West Virginia,
said: "M r Cleveland has been I lie most
prominent candidate for the nomination
in 189:2, hut on a great public question
deemed it proper to notify the party that
he is not in accord with the sentiment of n
majority of its members. It presents to
the party, therefore, the plain issue,
whether it as a party will surrender its'
convictions, or whether it will surren?
der the leadership of Mr. Cleveland."
Senator Walthull, of Mississippi, said:;
"The apparent effect of Mr. Cleveland's
I letter is to make a square issue with the
main part of-his pat ty in both houses of
Congress. It seems to mc that Mr Cleve-;
! land has taken himself out of the next |
Presidential race."
Senator Morgan, of Alabama, paid: '"1 j
regret, deeply to say that Mr. Cleveland
cannot be the candidate for the Memo
cratic party fur the Presidency with his
present attitude on the question of the
? free coinage of si! ver." j
Senator Vance, of North Carolina, said: j
1 -Mr. Cleveland's utter; aces upon the sil- j
j \i- question lender it necessary for the
Democrat ic party either to give him up
or abandon one of its most cherished
i principle-- and confess 11;:*t it is not the
friend ofthe poople, but is really the all}
of monopolistic capital. The nomination :
of Mr. Cleveland in 1892 would give the
flat lie to all the Democratic professions ;
; for a quarter ol a century past."
: Senator Berry, of Arkansas, said: "An
overwhelming majority ofthe Democratic |
1 party is in favor of the free coinage of sil
ver, and I am confident that the Demo?
cratic platform in 1895 will sc? declare, and ;
: ! can't see how it is possible to nominate
any man entertaining Mr. ?lcveland'?
j view- on this, important question. I do ?
' not believe that any man can be elected j
by either patty who does not stand:
I squarely on a platform in favor of the
free coinage of silver."
Senators Carlisc and Gorman, expressed
similar views, but they did not care to
i be quoted.
1 ? i:S SS V I. V A \ IA COM SI KNT.
Mr. Kcrr. of Pennsylvania, said that the
letter might strengthen Cleveland in New
York and Pennsylvania, but the impres?
sion seemed to be that it would hurt him
in the South and We.-t. ThO full effect
j ofthe latter, he said, could not be foreseen j
! at this time.
i Mr. Mutchler said that Mr. Cleveland's!
I lettprwould meet with the approval of
'. the Democrats In Pennsylvania, New York,
land throughout the East. He thought
perhaps.the silver question would not be
un issue in 1892, but would be settled be?
fore that time, and that the tariff would
be the issue, in which event Mr. Cleve?
land's opinions on silver would be of less
interest.
This will give an idea of the general
sentiment in the party here on the subject.
There is no doubt that the latter will have
an effect ou the democrats of redoubling
their effort- to settle Cue question at this
session of Congress.
It is nut likely under the circumstances,
however, that the Republicans will feel
like helping the Democrats to patch up
their quarrel.
Fugltah Iron Works Stopping.
Loxdok, Feb. 37. ? The West Cumberland Iron
Works have \>i; a compelled to shut dowug owing to
the tack ol orders for steel mils. About seventeen
hundred m??u arti tbu* thrown?.out of work. Other
iron works are reducing tin*"*number of men In their
employ.
Mr. J'owWerly Prostrated,
TorrKA, K.\>-., Feb: IU.?Just is Matter wVrkmnii
Powdcrly wa?coucludipg W* speech to th> Kolghta
of Labor, at JtepreaeuUtiye.Hu1J,< he Ml proatrati In
Iii? chair from nn alt ark of lo-art dls-eate last nfv'a.
He recovered, bowever, In about ftye miaute? and wh
uble, to walk to his hotel.
DESTRUCTIVE FLOODS
Alarming .State of Affairs in Pennsylvania,
Ohio und West Virginia.
GREAT DANGER TO FAMILIES.
Washington', Feb. 1!)?Telegrams from
all over Pennsylvania, Central and West?
ern New York. Ohio and West Virginia
reportheavy, warm rains for forty-eight
hours, and all the streams at flood. The
ice has broken up in most of the streams,
and serious damage has occurred from ice
gorges backing up the water.
The Ohio River at Steubenvillc has
sixty-one feet of water, and another big
flood is coming down the Susquehnnna.
Appearances to-night are very threaten?
ing tor the people who dwell upon banks
oi' the st rt ams in the sections named.
riTTSMUUU/S PERIL.
Pittsbuiio, Pa., Feb. 1!).?At 11 o'clock
this morning both rivers were twenty-six
feet and rising at the rate of seven inches
per hour. The high water was very unex?
pected and all the morning families have
been moving from their houses in the
lower part of Aiieghnny, as the streets are
flooded to the door steps. T he Pittsburg
& Western Railroad is covered entirely and
all travel at this end is stopped, while
many mills lining the rivers have been
forced to close down.
Reports from the headwaters show
steady rains, with rivers still rising and
iower towns flooded and bridges carried
aw ay in every direction, and the loss is
great in this city. River men say the
flood w ill be fully as high as in 1884, when
thirtv-two feet of water was reached, and
enormous losses will be inflicted in low
lying portions ofthe city and river towns.
The present unchecked flood bids fair to
rival that of I8S4, when enormous damage
was caused to business and railroad in?
terests. A great Hood came down the
Aiieghnny river, which backed up the
Monongahcla for miles. The river has
risen all day at an average of six inches
per hour, and at 10o'clock to-night stands
at ill' feet and is rising slowly.
JOHNSTOWN FLOODED.
The Ill-Fated1 City in Dire Peril and Dis?
tress?Partly Covered by Water.
Joiixstoavx, Pa., Feb. Is1.? At 8 o'clock
this evening all the lower part of the city
is covered and the water is rising rapidly,
owing to stead) rains on the South side
and in Cambrira. Hundreds of houses are
flooded and the people are getting away
in boats, as all the bridges but one have
been swept away.
Late to-night it i< reported that the
Shady Creek boom carrying 4,000,000 feet
of logs is in danger of bursting and the
people are flying to higher grounds. There
is no communication whatever between
the different parts of the town.
Reports from points between Johns?
town and Pittsburgh indicate very high
water with several bridges and houses
washed away as tar down as Jeanette.
There w ill lie no sleep in Johnstown to?
night as all the lower town house's are de?
serted and. the people are huddled in
dwellings on (hi- high ground. The snow
is melting rapid!;, hut at midnight the
rivers a re statioun ry.
Reports from Kastern Ohio and West
V irginia indicate a sudden rise in the
branches with many bridges destroyed
and houses Hooded, (hough no lives have
been [ogj Ums far.
-.?? .
AGAINST FKKK < Ol NAGE.
Large Meeting of Ne w I'ork llusiness Men
and ('<rover Cleveland Condemn it
in Strong Terms.
New York, Feb. 17!?Between 600 and
700 people attended ?. mass meeting at
Coopet Union Wednesday night to oppose
tin silver bill, in response to a call of
? lie Reform Club.
Charles S. Fairchild, ex-Secretary ofthe
Treasury, nominated K. Ellcry Anderson,
President ol 'he Reform Club, for Chair?
man of the meeting, and he was elected
by acclamation.
The mention of Grover Cleveland's name
was (he signal tor prolonged applause,
and when the Secretary had finished read?
ing iiis letter lire applause was deafening.
The ex-Prcsideut wrote as follows:
"81 G M ,\ d1son A vex l' e. }
Feb. 10, 1891." f
E. EUery Anderson, Esq.
Ms Dear S;;:: 1 have this afternoon re?
ceived your note inviting me to attend to?
morrow evening a meeting called for the
purpose of voicing the opposition of the
business men of our city to the free coin?
age of silver in the United States.' I
shall not In-able to attend and address the
meeting as you request, but 1 am glad the
business interests of New York are. at j
least, lo be heard on the subject. It]
surely cannot lie necessary for me tu make
a formal expression of my agreement with
those who believe that the greatest perils
would be initiated by the adoption of the
scheme embraced in the measure now
pending in Congress, for an unlimited
coinage of silver at our mints. If wet
have developed an unexpected capacity
for the assimilation of a largely increased
volume of currency, and even if we have
demonstrated the usefulness of such an
increase, these conditions tall short of in?
suring us against disaster, if, in the pres?
ent situation, we enter upon the danger?
ous and reckless experiment of free and
unlimited silver coinage.
Yours very truly,
"Grover Cleveland."
ABBA?i s. hewitt's argument.
Abrain S. Hew ill, whose health did not
permit him to be present in person, sent
a written argument to President Smith,
ofthe Chamber Of Commerce. Mr. Hewitt
says:
"By law the standard of value in the
United States is a dollar, containing :2.">.8
grains of gold, .11 fine. All other forms of
money, including legal-tender notes, Na?
tional bank notes, silver dollars and sil ver
certificates are maintained at par w ith the
gold dollar only because in some form or
other they are redeemed by the United
States Government in gold dollars of the
above standard.
"When pure silver is worth $1 perounce,
the gold dollar will purchase 4M) grains of
pure silver. The quantity of pure silver
in the present - Stauda rd dollar is 371)^
grains, equal to 412^ grains, .9 fine. 13y
opening the mints to the free coinage of
silver, it is proposed to make U71X grains
of pure silver worth as much as the gold
dollar, which, ut the present rate, will
purchase about 480 grains of pure silver.
In other words, by act of Congress 271 C,
grains of silver are to be converted prac?
tically into 480 grains of silver. The
alchemist never undertook a more difficult
or profitable operation, if success were
possible.
"It is difficult to sec how free coinage
of silver would in any way affect the pres?
ent conditions of domestic exchange, ex?
cept to complicate them and to compel
the payment of balances in silver instead
of gold."
After f?rther reviewing the subject Mr.
Hewitt concludes:
"It is not necessary to pas^ the pending
bill in order to force the country to do
business upon a silver basis. The exist?
ing law requiring the purchase of $4,500,
000 of silver bullion monthly for coinage
into standard dollars will inevitably bring
this result to pass. The limit of safety
has already been reached if the parity be?
tween gold and silver is to be permanently
maintained. So soon as the time arrives
when the receipts of the Treasury are
mainly in silver notes it will be forced to
pay out silver in discharge of all obliga?
tions not specifically payable in gold. The
evils of the free coinage id'silver will then
Ii" upon ii? and gold will disappear from
the operations of domestic trade; the
( hange, w hen if comes, will be sudden and
the consequences will be calamitous. The
withdrawal from circulation of $500,000,
000 of gold now available as money will
act like a stroke of paralysis upon
the business of the country and bring
even the Government itself to the verge
of bankruptcy."
These resolutions were passed unani?
mously :
Resolved, That the first requirement of
a Bound metallic currency is that its value
shall be permanently stable.
Resolved, That the equality of value be?
tween 41grains of standard silver and
25.8 grains of standard gold asserted in
the bill for the free coinage of silver is
untrue, in fact, is contradicted by the re?
cord of the market price of silver bullion
for many years.and cannot be sustained
against the financial policy of all civilized
nations.
Resolved, That the free coinage of silver
on the basis of equality of value at the
ratio stated, in our judgment, will cause a
premium on gold and its immediate
banishment from circulation and will de?
base the value of our dollar to the bullion
value of the silver it contains.
Resolved, That the proposed debase?
ment of our currency is dishonest. It will
impair private' and public credit. It will
confuse and hamper our commercial rela?
tions with good paying countries. It will
curtail legitimate business, and it will
violate the obligations of existing con?
tracts and disastrously aflect many indus?
tries. It will fall with peculiar severity
on the depositors in savings banks and
trust companies and those holding life in?
surance! and mutual benfil policies. It
will lessen the purchasing power of money
in which arc paid the earnings of laborers
and the salaried classes. It will benefit
no one except temporarily the owners ol
?silver or silver mines who may secure an
enhanced price for their product and
properties and the holders of gold or of
gold values at financial centers, who would
be able to discharge their obligations in
debased currency and retain the advantage
of the premium on gold.
Resolved, Tliat wi shall oppose with all
the means at our command the pending
bill or any one which favors the free coin?
age of silver, w ithout the co-operation of
other nations.
A committee often member! of the Re?
form Club w ill be appointed by Mr. Ander?
son to go to Washington and oppose the
passage of the silver bill.
FINANCIAL REVIEW
Export of Gold Causes a Slight Scare in
New York but no Reason for Expect?
ing that the Drain Will be
Serious.
Nr.w YoitK, Feb. IS.?The Weekly Finan?
cial Review of Henry Clews ,v. Co., says
Hint during the past week a change has
come over the temper of the Stock Ex?
change. The main 'actor contributing to
this change of tone has been an entirely
unexpected sharp advance in the rates for
sterling and for marks up to the point ad?
mitting of exports of gold, some $1,750,
000 having been engaged for shipment
This has produced a certain measure of
scare: for although the banks are unusual?
ly well stocked with gold, vet it is felt
that there is still a remnant of sensitive?
ness in the loan market which might
easily grow into an unsettled feeling, in
the event of our losing a few millions of
specie. And yet thcue are no obvious
reasons for expecting that the export will
run to any serious extent. Provided the
Hani- of England should be able to keep
up its present ample cash reserve?which
is probable, in view of the above facts?
and that the free silver bill should be de?
feated, it is quite possible thai London
orders tor our securities may send gold
hither more freely than it is now being
sen: out.
The foregoing causes have mainly pro?
duced the present change of temper, and
it is likely that their effects may remain
until the adjournment of Congress clears
the political atmosphere and makes it pos?
sible to forecast the coifrse of a Hairs for
the next twelve months. The operation
of the silver act of last summer has al?
ready added over $30,000,000 to the cir?
culation of the country, and this increase
will be swelled at the" rate of $5,000,000
each successive month; w hich is calculated
to exercise an inflating effect upon
prices. Then, as <<fn offset to the current
export of species, it is to be remembered
that the reserves of the banks stand un?
usually high. It is also to be kept in mind
that the larger prospective increase in the
payments of the Treasury, without any
corresponding gain in revenue, is likely to
keep the Treasury balance much below its
former usual figures. Under these cir?
cumstances, a continuance of ease in the
money market is reasonably assured.
The week's currency movement between
the interior and the New York banks
shows a gain of about $500,000 to the lat?
ter, while on the. transactions with the
sub-Treasury the banks lose $969,000.
Including the gold withdrawn for export,
the banks have made a net loss of cur?
rency during the week of about $2,300,000.
-
BECOMING FESTIVE.
The Kentucky Members Tired of Wait?
ing on Breckinrldge and McCreary.
\VASiri.\<;ro.v,Feb.l9.? The Kentucky members are bc
flbming festive under the restraint imposed upon them
by the refusal of Messrs. Breckinrldge and McCreary
to declare themselves in the Speakership matter. Un?
less the two gentlemen cither declare themselves in
the race or out of it soon they will be deserted by their
colleagues, who are seeing the chances for many com
binatious slipping away from them. One of the pos?
sible candidates is willing to formally announce a
toreiai d'-.-is-ou to not be ? caudidnte, but is prevuiled
upon by frhjtds not to do so, it being their hope to
effect alliances thut will be effective. A prominent
Kentucky member said to-day that he was getting
tired of being held back, auU thut he would cut loose
and act for himself pretty soon and do what be could
to catch u few of the plums as they fell.
EX-PRESIDENT EX NORTON.
His Resignation Dne to the Pressure of
Other Business ?He Feels That He
Leaves the Road in Good Con.
dition.
(Louisville Post.)
The announcement in The Post yester?
day afternoon of the resignation of Mr.
Exstein Norton, President of the Louis?
ville & Nashville rnilroad, caused consid?
erable surprise in commercial as well as
railroad circles in this city, while it pro?
duced considerable consternation for a
time in Wall street and a slight reaction
in the stock.
For some time past rumors of Mr. Nor?
ton's intention of resigning have been
current, but their truth has always been
officially denied. Yesterday, however, Mr.
Norton tendered his resignation to a call?
ed meeting of the Directors in the follow?
ing letter:
Tothk Directors of tjik Louisville A Nashville
Railroad Company?Dear Sir*: It has been my in?
tention for ii considerable time past to retire from the
Presidency of the Louisville A Nashville Railroad
Company as soon as the financial affairs nf the com?
pany were in a condition entirely satisfactory and
success was assured to the various improvement?! in
progress. I have so determined because my private
family affairs demand a space of my personal atten?
tion, and because 1 feel that the work undertaken has
been in a measure performed.
We have now been enabled, by converting a portion
of the bonded debt into stock, to very largely reduce
our fixed charges. Anew four per cent, bond, secur?
ed by a unified mortgage, has been placed upon the
market, providing fur all future wants of the company.
The physical condition of the property has greatly im?
proved; new properties have greatly strengthened our
position, and we have returned at Ia>i to a cash divi?
dend paying basis.
Under these circumstances, I feel that I may now
carry out my purpose without injury to the affairs of
the company, and I hereby tender my resignation of
the office of President of the Louisville A Nashville
Railroad Company, to take effect on the 15th day of
April, 1891, or upon the election of my successor any
lime anterior to the above date.
In doing so, I have to thank the Roard of Directors
and the officers of the company for the unvarying
confidence and assistance with which I hove been fa?
vored, and to express my appreciation of all the cour?
tesy and consideration exhibited toward me during
my connection with the company. With my best
wishes, believe me, gentleman,faithfully yours,
Kx. NoiiTov.
Mr. Norton was interviewed in New
York yesterday and, after admitting that
he would retire from the Presidency of the
road upon the election of his successor,
he called attention to the growth ofthe
great system since his election to the
Vice-Presidency on October 1, 1884, and
the fine showing financially that had been
made within the past year. In conclusion,
Mr. Norton said he left the Presidency with
the assurance of the safety of the Louis?
ville <fc Nashville Railroad Company.
It is believed that Mr. Milton IL Smith
will be re-elected to the Presidency, and
that the headquarters ofthe road will be
hereafter in Louisville, as they should be.
-? -
GEN. SHERMAN DEAD.
Succumbs to.the Grim Monster Peacefully
and Easily.
New Your, Feb. 1-1.?den. Sherman
died at 1:50 p. m. Gen. Henry W. Slocum
has been selected to take charge of the
funeral arrangements. The burial will
take place at St. Louis.
Gen. Sherman was 71 years old on last
Sunday. His life lias been a life of hard
work. Since he retired he has done a
great deal of social entertaining. His be?
setting disease is erysipelas, and a severe
attack of it at his age was very likely to
prove fatal. Gen Sherman was born at
Lancaster. 0., Feb. 8, 1820. He was edu?
cated at a country academy, and West
Point, where he graduated in 1840. After
the usual checkered life of a soldier in
those days for thirteen years, he resigned
as Captain in 1853. He was a banker
four years in San Francisco; practiced law
in Leavenworth, Kan., two years;superin?
tended the Louisiana Military Institute at
Alexandria from I85JJ to the beginning of
the civil war, when he re-entered the army
as Colonel ofthe Thirteenth Infantry and
Brigadier-General of Volunteers. His
subsequent career is fresh in the public
memory and need not now be repeated.
ROBBERS ARRESTED.
Several Negroes who Committed it Large
Robbery atClinchporl Last Spring
Caught and in Jail.
For some time S. W. Wax, J. E. Van
I?evender and W. M. Davidson have been
at work tracing the parties who robbed
.John T?te and the Moore boys of some
$1,400 at Clincbport last spring. They at
length located Hen Porter and his son,
Will Porter; und last Sunday night the
detectives found them in a cabin on Black
Mountain, a half mile this side of the
Kentucky line. They were playing cards
with other negroes in the cabin; had their
Winchesters, and defied arrest; but when
confronted by the detectives, who were
heavily armed and got the drop on them,
they surrendered without serious trouble.
Hen Porter was taken to jail at Estillville
and iiis son Will is in jail here. They im?
plicate other parties, among them John
Mitchell and his wife and Porter's wife,
all of whom have exhibited large sums of
money without giving any account of how
they acquired it. John Mitchell was at
work at Pioneer, Mr. Taggart's camp, and
the detectives went up to arrest him and
wife last night.
JUDGE LEWIS' MURDERER.
He is Still ?t Large and Relieved to be
in Harlan County?A Reward Of?
fered for His Capture.
Pineville, Ky. Feb.19.-Sid Lewis, the young
man who murdered his father, Judge Lewis, in
Harlan county the other day, and subsequently
made his escape, is still at large. A reward of
$'200 has been ottered for his. capture and offi?
cers are looking for him. The reward will
probably be increased, as there is great indig?
nation among the friends ofthe murdered man
in Harlan, where the killing is regarded as a
most brutal and unnatural crime.
Young Lewis is a desperate character, and
was regarded as a half-witted fellow, with just
enough sense to fight and to shoot straight.
He is thought to still be in Harlan county, and
will very probably be captured.
LATEU?CATCHT IN TENNESSEE.
Sidney Lewis was captured at Rogersville,
Tenu., by two officers, who arrested him in a
bar-mom and lodged him in jail to await a
requisition.
The Stubborn Sex.
(Atchisen Globe.)
A woman bus only to differ with a man to bentub
born.
Subscribe for the Post. It is only $1.25
for twelve months and one dollar each for
clubs consisting of five or more.
A GREAT SCHEME.
The Secret or Jaj- Gould's Visits South
as Given by the New York Sun.
THE RESULT STILL UNCERTAIN.
(Xew York Sun.)
The Sun is now able to lay before its
readers the full particulars of Jay Gould's
scheme for a colossal railroad system,
reaching from ocean to ocean. The Sun
last week described the plan of Mr.
Gould and Mr. Huntington to tifcite the
great Southwestern roads under one man?
agement, amounting to a consolidation,
and Mr. Gould's deal with John H. Inman
to consolidate the Richmond Terminal,
Louisville k Nashville, and everything of
any account south of the Ohio river, with
a probable alliance of these roads with
the Baltimore k Ohio to gain an entrance
into New York. The two systems Kast
and West of the Mississippi river were to
work in harmony as a great Southern
Transcontinental route. This was only
half the story. Mr. Gould's full plan is
far more comprehensive. It includes en?
trance into Philadelphia and New York,
besides a combination of roads north of
the Ohio river, affording entrance into
Chicago, Pittsburgh and Western New
York, and a series of routes North and
South. This is the reason why President
Roberts of the Pennsylvania system was
disturbed by Jay Gould's trip South and
challenged the Gould-Inman party to get
the Pennsylvania into a hole. Mr.Gould's
combination will be the biggest kind of a
competitor to the Pennsylvania railroad
paralleling it, surrounding it, and crossing
it again and again.
The acquisition of the Pittsburg k
Western by the Ii. & 0., which was an?
nounced last week, puts the latter on an
equality with the Pennsylvania road in
Western Pennsylvania, besides shortening
the B. & O.'s route to Chicago. Appear?
ances point to the B. k O.'s acquiring the
Western New York and Pennsylvania
road, which meets the Pittsburg & Wes?
tern, and would let the B. & 0. into Wes?
tern New York in competition with all the
other trunk lines. It isn't certain yet
whether Mr. Gould's plan is for the B. &
0. to acquire the Western New York &
Pennsylvania or to effect a tralfic arrange?
ment with it.
These deals North of the Ohio river
will make the Gould-Inman position im?
pregnable in competing with the Pennsyl?
vania and the New York Central. With?
out this arrangement the Pennsylvania
would have an opportunity to pinch the
Southern roads at the Ohio river on North
and South bound business. Messrs. Gould
and Inman were shrewd enough to see
this, and to forestall the Pennsylvania by
a strong combination North of the river.
President Inman of the Richmond Ter?
minal returned yesterday from his trip
South with Mr. Gould, and he gave the
afternoon papers glowing accounts of
the progressjmade in the "traffic arrange?
ments" that are under way between the
Southern lines. He also hinted that the
Richmond Terminal would secure a new
entrance into New York in place of the
Pennsylvania Railroad, "butf'he said, "wo
shall not buy nor build." Then Mr.
Inman went on to say how much they
thought of the P. k 0. route from New
York to Washington, and how easy
it would be to connect that road with the
Richmond k Danville by a bridge across
the Potomac and a few miles of track to
the West of Washington. "Yes, we shall
have a more direct and a better route to
New York," said Mr. Inman. A change
of traffic relations from the Pennsylvania
to the B. A: 0. was suggested, But Mr. In?
man would not affirm or deny that such
a change was contemplated. Nobody
thought of Mr. Gould's putting the B. &
0. into hii 'pocket, thus completing his
transcontinental line from ocean to
ocean.
If Mr. Gould takes the B. & 0. he will
undoubtedly make a strong line of it,
sending over it all the business he can.
The Missouri Pacific will turn the bulk of
its freight Southeast over the Richmond
Terminal, and the latter will swell the
volumes of business that will pour Kast
into Philadelphia and New York, and
the great influx will enable the B. & 0. to
put its roadway into perfect shape.
The original plan was for President
Eckstein Norton of the Louisville iV; Nash?
ville railroad to go South with Mr. Gould's
party. But the Tennessee Legislature
is preparing some ujjly bills against rail?
road consolidations, and lie thought it
wiser not to invite hostile legislation by
making one of the party. It may be said
further that negotiations between the L.
& N. and the Richmond Terminal are
slumbering for the present, in view of the
attitude of the Tennessee Legislature. But
of the intent of the two companies to work
in harmony there is not4 the slightest
doubt.
It is said on good authority that the
connecting link between the Richmond
k Danville and the B. k 0. will be built
as soon as possible. Until then the
through passenger connections of the two
systems will not be made.
The Philadelphia and Reading and Cen?
tral railroad of New Jersy are interested
in Mr. Gould's transcontinental scheme
no more perhaps than is required by the
present traffic relations between the B. <fc
0. and those companies,which are adequate
for Mr. Gould's and Mr. Inman's purposes.
As already stated certain Reading people
are in the Bacon syndicate, which con?
trols the B. & 0. stock. The completion
of the Reading's elevated system in Phil?
adelphia and the belt line of the B. k 0.
in Baltimore greatly improve the new
line between New York and Washing?
ton.
When the Sun described Mr. Gould's
plan for uniting the Southern Pacific,
Atchison, and Missouri Pacific, it gave
some big figures of capitalization and
mileage which have never been approached.
These roads have 20,509 miles of track and
ajcapitalixation of $257,239,000. Mr.Gould's
complete scheme nearly doubles these
figures. He draws a line across the coun?
try from New York to San Francisco, and
his purpose apparently is to bring all the
important lines in the territory South of
the Union Paciftic and Pennsylvania sys?
tems into a harmonious whole, with a
friendly understanding as to rates and di?
vision of business. Mr. Gould counted
upon much opposition, and he attempted
nothing until he had a full understanding
with C. P. Huntington, of the Southern
Pacific, with whom he holds the balance
of power in the Southwest, and with John
H. Inman, the practical dictator in the
territory south of the Ohio river.
But there remains a question whether
Mr. Gould really cares to buy control of
the B. & 0. He may prefer to use hia op?
tion to compel the Pennsylvania to let the
B. & 0. in on an equal footing, and to con?
tinue turning over all or most of its
Southern business to the Richmond Ter
minal. But even if Mr. Gould should not
buy the B. k 0., Mr. I union and his friends
have a voting arrangement with the Gar
retts which will keep the road under Mr.
Gould's control.
Later Gossip.
(X. Y. Sun.)
The attitude of the Louisville & Nash?
ville railroad . toward the Gould-Inman
alliance is becoming interesting in view
of President Eckstein Norton's sudden
resignation yesterday at the meeting of
his board of directors. Rumors have as?
signed all sorts of reasons other than the
simple one in regard to his health and
private interests, which he set forth in
his letter to the directors.
The Sun has authentic information
that an arrangement was made between
the Richmond Terminal and the L. & N.
systems- prior to the recent flurry in
Wall street. It was temporarily dropped
at that time. Afterward, when Mr. Gould
and Mr. Inman had reached an under?
standing about the two organizations of
the Southern territory, they decided that
the Louisville & Nashville was a necessary
factor. It was not essential that Mr.
Gould and the Richmond Terminal should
absorb or lease the L.& N. But they had
to bind it down to some traffic arrange?
ment, in order to force their terms upon
the Pennsylvania, with the co-operation
of the L. k N., could make a strong oppo?
sition in the South.
It,is believed that Mr. Gould gave Mr.
Norton to understand that he was ex?
pected to fall into line. But about this
time the Pennsylvania people saw the
game, and straightway strong pressure
was brought to preserve the L. & N's. in?
dependence, not to say that the Pennsyl?
vania might like to have a controlling in?
terest in Mr. Norton's system. Mr. Nor?
ton found himself between two fires, and
which side he favored he was sure to have
trouble.
One story is that Mr. Norton really
wished to make an arrangement with his
old friend, Mr. Inman, for harmonizing
the L. k N. and the Terminal systems,
when there suddenly developed a strong
counter current in the board of directors
opposing the close compact with any one
line or combination. If they should
make such a compact there would be a
breach with the Pennsylvania railroad,
from which the L. & N. gets a great deal
of business. Mr. Norton recognized the
hand of Mr. Roberts. August Belmont,
Jr., is said to have headed the opposition.
Thereupon, Mr. Gould was displeased
that part of his scheme was checkmated,
and an ill wind blew in the direction of
Mr. Norton. So he found it saftest to re?
tire from office and let the younger men
guide the road between the warring mag?
nates.
-. + .
THE KENTUCKY UNION.
What Receiver Hege has to say About its
Liabilities und Its Trospects.
(Louisville Post.)
Lcvi Hege, General Superintendent of
the Kentucky Union Railway Company
and receiver thereof, appeared in the
United States Court this morning and
qualified as receiver by giving $6,000bond.
Mr. H?ge said to a Post reporter that he
hoped to get the road in shape soon, so as
to make money and if possible pay out.
He said the Kentucky Union runs from
Lexington to Jackson, a distance of 92
miles.' Most of the business has been in
freights, particularly the hauling of tim?
ber. Nearly all of this business is now
cut oft' on account of|thc failure of the
Kentucky Union Land Company. Mr. Hege
thought that Mr. Carley would yet be able
to pay off everything and realize hand?
somely. However, he was not. acquainted
with the offers of the railway company
and not of the band Company. It was
true that the Kentucky Union and fhe Land
Company have over $1,000,000 indebted?
ness. Of this sum $400,000 is owed to
the contractors who built the railroad.
Their claims have priority over the bond?
ed indebtedness.
The remainder of the floating debt,
$600,000, is scattered among the peoplo
who live along the railroad and in the
counties in which the possessions of tnc
company lie.
There is actually invested in the enter?
prises about $4,500,000. Mr. Carley was
so sure of the success of the project that
he invested his whole fortune in it. The
properly which represents this great out?
lay of capital is made up of the 750,000
acres, mines of coal and iron, a saw-mill
at Clay City, valued at $000,000, and the
railroad.
As to the liabilities there is an indebt?
edness of $2,500,000 first mortgage bonds
and $1,300,000 second mortgage bonds,
making an entire bonded indebtedness of
$3,800,000. The Kentucky Union Land
Company has a capitalstock of $4,000,000,
of which $800,000 is preferred. Adding
the floating indebtedness, the liabilities
amount to $8,800,000.
Mr. liege said the work of construction
had been suspended. The road was now
about making operating expenses but no
more, but it could be made to pay largely
if extended. Mr. Hege will go to Clay
City this afternoon.
Not So Had.
(Interview with St. John Boyle.)
Col. St. .lohn Boyle, who is familiar
with the officers of the Kentucky Union
Railroad Company and of the Kentucky
Union band Company, which are virtually
the same company, stated to a Post re?
porter this morning that there was need?
less alarm over the condition of those com?
panies. FIc said that it was not possible
that any one in Louisville, except Mr.
Carley, could lose anything by the failure
of those concerns, and that Mr. Carley's
losses would probably be comparatively
small. These facts are known in a gen?
eral way, though nothing definite can bo
statod as to the assets and liabilities of
the two companies until the reports ofthe
receivers have bceu finished. The com?
panies own vast quantities of assets which
are more or less available, as will be made
apparent by the receiver's reports.
The Columbia Trust Company, of this
city, is the receiver of the land company,
and Mr. Hamilton Kane, of New York/is
the receiver of the railroad company, Mr.
liege having resigned.
Change of Management.
A change wan made in the management of the In?
terment In.st week, and went Into effect on Monday of
this week. Mr. F, A. Boebe, of Vermont, supercedea
Mr. Parrisb as manager of tho hotel. Mr. Becba's
wife will not c?me out for ?*. mouth or f*o. While
here Mr. and Mrs. Parrish mado many friends, who
very much regret their departure.
Fun Ahead In Minneapolis. 4
Misskapouh, F?:o. 19.?Arrangements have been
made for a joiut debut* the last of March between Ig?
natius Donnelly and Bob Ingersolt. Donnelly to d*?.
fend the cryptogram, and Ingersoll to uphold the
Shakspearuean end of the controversy.
A Practical Discovery.
(New York Continent.)
The St. l.ouia Republic Is a public benefactor. H
tells how diamond)* may be mailt- to burn; Tho?4 who
cannot afford to burn coal vlH do well to look this
matter up.
