Newspaper Page Text
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Rock Island Daily- Argus.
KOCK lSLiND, TUESDAY, FEBRUARY 16, 1892.
Btngl Ctiplo 8 Cents
Per Week IS Cent
VOL XL. NO. 97.
j. l?. SAX. M. C. RICE.
I f.wi 'gy, rri vtexa mm fk mm tezssa. e&. "S3 I i
019 B tt fl u t . I H 1 f 1 Ei i
iilo Ml Ml
Cleaning 'Em Out!
THEY MUST GO !
Our new stock will soon be here.
Cost not taken into consideration. We
will quote you a few prices:
Worth $9.00, Si 1.00 and $12.00, for
Worth $12.00 and $1650, for
Worth $1.50, for
Worth $.00, for
Warranted not to rip, worth $1.00, for
Worth $4.00 to S5.00, for
Worth 50 cents, for
i. tor -
All other goods sold at the same reduction.
SAX & rice, Proprietors.
?'t buy your Chil-
Mats until you
0ur Grand Spring
Leaders of Low Prices.
Te Other Side of the Silver
'review of the eland bill
The Claim Made that It Means Silver
.Monometalisin mid Partial Repudiation
T-lt KflVct on Pensions, Insurance
Policies, Trust Fimcls and t.ov eminent
Ilcveiiues, as Seen by the Republicans
A liaise in Interest Kates Predicted
Springer's Free Wool Hill.
VashixhtoX, Fell. 1C. The report of tlio
minority members of tlie committee on
coina-rc, weights and measure against
the passage of the Hland free coinage hill.
si;ii.Hl by Traccy of New York, Tavlor
of Illinois. St,, no of Pennsylvania, Wiil
Jams of Massachusetts and Johnson of
North Dakota. The minority reviews the
silver quest ion, protests vigorously against
the Bland bill and recommends the passage
of a measure authorizing the president to
invite an international monetary confer
ence. The rcpori says that the first eijzht
lines of the Maud hill developjits true pur
pose They provide for two different dol
lars And compulsion on the citizen to re
ceive either in payment of debts due him.
Means Silver Monometalisin.
It does not require any knowledge of
monetary or financial views," the report
says, "to demonstrate that the compulsion
of. the legal tender power must force upon
the creditor a cheaper and debased dollar.
Few debtors will paylOOcents to discharge
their obligations when 70 cents will suffice
in law. This bill converts all existing
government paper into paper which may
be paid in silver and leaves no paper
which must be paid in gold. It is evi
dently intended to clear away all obstruc
tions in the form of pledges to pay gold,
and, .without a dictinet declaration of re
pudiation, to provide an easy track on
which we may descend to the silver mono
Aa Alleged Manger Pointed Out.
"Beonuse it is not acceptable money this
bill compels the government to liny silver
as bullion and pay for it nearly 50 percent,
more than its present market value with a
Coin note which will lie redeemable in
gold so long as we maintain both metals
in circulation at the fixed ratio.
We shall never openly repudiate our debts
or corrupt the medium of payment; the
danger lies in legislation such as this bill
proposes, which shall make the govern
ment unable to maintain its promises and
tokens on the basis upon which they have
- A Hollar that TJoesn't Change.
"That basis is the dollar which is
changeable nowhere, exchangeable every
where; which does not give up 30 cents at
our border, nor yield anything to fire or
water the dollar or gold." The minority
contends that the bill must precipitate a
silver standard and maintains that the ef
fect of the bill will be "that the mints of
this country shall receive all the silver
which may be sent from any quarter for
coinage,' into dollars. The minority of
this conlmittee submit that the only possi
ble resultof the legislation proposed in this
bill is the prompt suspension of gold pay
ments by this government and the imme
diate adoption of the cheaper monetary
stand arfl of silver."
moral standard mere is no aiipeai save 10
the moral sense of the people."'
P.tlcct the Kill W ill Have.
As to the effect of the bill, the minority
fays that to depreciate by 30 or 41 per cent,
the value of saving hank securities, which
it is cliimed the bill wiil do, would rob
milliont of our industriousciuz.tfiisof their
i hard- r.ied savings. Depreciate the
standard of the dollar," says the report
"and every pensioner of the country, every
holder of t policy of insurance, every
w idow and orphan enjoying the proceeds
of trust funds will by so much suffer from
this fraudulent reduction of the standard
ot the country. The revenues of this gov
ernment, will be depreciated in like man
lier, and every dollar received in duties
and other taxes will represent about two
thirds of the amount now fixed by law.
Interest Likely to Advance.
"The effect of this repudiation upon
future attempts to borrow money will be
disastrous to the borrower. Money is
loaned as rates which accord with the risk,
and repudiation will raise the rates of in
terest and a fluctuating standard of value
will burdeu the borrower until we have re
turned again to a stable and honest stand
Rnd of payment." The minority makes a
strong plea for an international monetary
conference as the only means of settling
the question fairly.
NATIONS MAKE AND UNMAKE MONEY.
Con ten ion that America Would lie the
(Silver Oumping Ground.
After reviewing the history of modern
monetary changes and making the decla
ration that the consent of nations makes
and unmakes money, the minority states
that the only escape from a single silver
dollar standard under the Bland bill is an
immediate and permanent elevation of the
price of sil ver bullion to the price repre
sented by the ratio o f lt" to 1 between sil
ver and gold. This price, it is stated, is
H.29'4 per ounce. The minority argues
that the Bland bill will bring silver from
foreign countries. The United S-tates, it
says, is the only source of supply to
Kurope. a:nl our gold, by virtue of the
bill. liect:nies available to take the place
Of uiislaijle silver.
Wlat the Prohlem Involves.
The frea coinage problem is not, there
fore, the minority holds, one that concerns
"the mere trifle of superfluous bullion or
the annual product of the mines, but it
involves probable action by every nation
in continental Kurope to dispose of its sil
ver in exchange for gold vien any mar
ket shall oftcr such exchange.'' Silver com
ing from abroad would, it is held, destroy
the gold standard, and iu connection with
this the minority says: 'With what gold
would ourgovernment then meet the sil
ver bulliofc ef France, which would be sent
here to be I xchaugeJ for gold at the ratio
of 16 to 1? Jiven if the law confers upon
the secretary of the treasury authority to
borrow gold for such a purpose any sec
retary who should exercise t his right to
meet the hundreds of millions which
France alone might demand, would be
driven from his place by an indignant peo
ple. HrinjffV to the Level of India.
"There caji be no doubt that the only al
ternative fcfr our government would be the
refusal to pay gold and the payment of
creditors iu silver coin.. With this act the
adoption of the silver staudand is com
plete and we stand upon the monetary
plane of India and China." After arguing
that legislation has failed to raise the
price of silver, the minority comments on
the effects of a silver standard in the fol
lowing language: "The adopt ion of the
single standard, then, would place the
dollar unit at once at the mercy of the
euver bullion market, and obligations now
outstanding, incurred upon the gold basis,
would be payable ill a depreciated, silver
dollar worth only what the world should
think it to be wih at a given point of
Means Partial Repudiation.
"Thus to depreciate our standard of pay
ments is clearly partial repudiation and un
qualifiedly dishonest and fraudulent. The
second section of the bill reported by the ma
jority of the committee is a confession that
the purpose of the bill is to place the
United States upon a silver monometallic
ttandard. To those who are willing to ac
cept a silver standard in this country
which must involve a degres of repudia
tion of existing obligations, there can be
no answer made except (hat it is dis
honest and fraudulent; and from such a
SPRINGER'S FREE WOOL BILL.
Text of the Measure as It Will He Pre
sented to the House.
Washington, Feb. 16. The majority of
t he committee on ways and means yester
day agreed upon the full text of the bill
proposed by Chairman Springer to admit
wool free of duty and to reduce the tariff
on manufactured woolen goods. It is as
That on and after the 1st day of January,
!!. the following articles when imported,
shall lie exempt from duty, namely: All
wools, hair ot the camel, goat, alpaca and
other like animals, and all wool and 'hair on
the skin, till noils top waste, stubbing waste,
roving waste, rincr waste, yarn waste, card
Waste, bur waste, rinrs and flocks, including all
ate of rags, composed wholly or iu part tit
Lower Unties on "Woolens.
See. 2. That on and afier the 1st day of Jann
firyr Isin. the articles enumerated, described
n ml provided for in the paragraphs hereinafter
named of '"an act to reduce the revenue and
finalize duties on imports and for other pur-p's-s.""
approved Oet. 1, lstM, shall, when im
ported, be subjected to the duties hereinafter
provided, and no others; that is to say: upon
the articles enumerated in paragraph :1 of
said act the duties shall la? :l"i m t cent, ad valo
rem. Upon the articles enumerated in para
graph :Si the duly shall be i per cent, ad va
lorem. From 3 to 15 Per t ent. Cut.
l'im the articles enumerated in paragraph
I?' the duties fixed therein at :i per cent, ad
valorem shall lie nnpic si to i per cent, ad va
lorem. The duties lived at :t . per cent, ad va
lorem shall lie reduced to 3 per cent, ad va
lorem: and the duties fixed at 40 per cent, ad
valorem shall be reduc ed to :."i per cent, ad
valorem, and no duties per nonnd or pet
muare yard shall tic imiosed upon the articles
enumerate in said paragraph. Upon articles
enumerated in parairraph 3!4 the duties shall
be :i" per cent, ad valorem. Upon the articles
enumerated in paragraphs 3S5 and 3Sf the
duties shall he 411 per cent, ad valorem. I'non
I the articles enumerated in paragraphs .tin and
i me uuues snau oe per ocm. aa valorem.
CcMids in Store .Ian. 1.
Upon the articles enumerated in paragraph
K down to and including paragraph 40s. the
duties shall be :tht cent, ad valorem, and all
imported articles enumerated, described and
provided for in said paragraphs respectively
which may lie in public store, or in store
warehouse on the 1st day of January. M3,
shall be subjected to the same duties when
withdrawn for consumption, and no others as
If said articles had lieen imported on or after
said 1st day of January, and only the ad va
lorem duties as herein provided shall there
after be levied, ml Ion eel. and paid upon the
articles mentioned in said paragraphs.
i Thirty-Five Ter Out Art Valorem.
Sue. 3. That the articles mentioned in para
frraphsikiof said act. and likewise all mnncn.
rhoddiw, carnctted or carded waste, or other
waste product, any of or both, shall, on and
after the said 1st day of January, istti, be sub
ject to a duty of ;Si per cent ad valorem.
Si:o. 4. That all acts and parts of acts in
conflict with the provisions of this act lie and
the same arc hereby repealed: but this section
shall not take effect uutil the 1st riav of Jan
Itasgins, Machinery and Cotton Tics.
The following bill to admit cotton bag
ging and cotton tics free of duty was also
That the following art iclos. when imported,
shall be esemrt from duty, namely: bagging
for cotton, gunny clolh. and all similar mate
rials suitable for covering cotton, composed in
whole or in part of flax, jina, or jute butts;
cards rovinc frames winding frames soften
ers and other machinery purchased abroad and
used in the manufacture of bairKinfr. fir cotton,
gunny cloth, and all similar materials suitable
for coverinu cotton: cotton s'ins and
also hoop or band iron, or hoop or band
steel, cut to-' length, or wholly or partially
manufactured into hoojis or ties for haling
pui imses. and hoop or bund iron, or hoop or
band steel, flared, splayed or punched, with or
without buckles or f;itcniiiKs.
Also Bryan's bill to place binding twine
on the fre list. These three measures
will be su'.nnittcd to a full meeting of the
committee to lie held today. When they
will be reported to the house, cannot be
BURROWS CRITICISES THE BILLS.
He Inesnt Just See Where They are a
ISoon to irritcr Mills" Position.
Representative Burrows, of the minority
of the committee, ays: "These bills will
confer a great boon on the farmer, if he
can only lie made to see it. lie is to be
allowed to sell his wool in competition
with that produced in Australia and the
Argentine Hepublic, and then to go into
the market and buy clothing protected by
St duty of from 25 to 40 per cent. In addi
tion he is to be permitted to have his bind
ing twine and cotton bagging and ties
come in free of duty. Binding twine was
never so cheap as it is now the duty was
tTetained at 7-10 of a cent a pound iu order
to keep the factories in this country in op
eration, the material out of which it is
made, sisal and inanilla, being put cu the
free list. Il is a cheerful prospect for the
Mill.' Attitude Plainly staled.
Mills' attitude on the subject has never
Is-en plainly stated and a reporter called
on him yesterday and asked him to say
how he stood. Said he: "I saw only yes
terday a story that I had a bill all ready
for presentation, covering the whole tariff
question. That is r liculous. I haven't
even written the caption of a bill and have
had no intention to do so. It was like
another St6ry printed awhile ago, that in
the Fiftieth congress Mr. Cox, of New
York, wanted to tie chairmau of the com
mittee on ways ami means so that he
might attack the tariff bill in snots, as Mr.
eprmger is saio to oe anxious to do, but
that I secured the chairmanship after a
determined struggle and prevented the
adoptiou of that plan.
I for Tariff Ke.luction Any Way.
"I have have not 1 he remotest idea that
Mr. Cox wanted to do anything of the
kind, and as for myself I asked noiiody.the
speaker or any one else, to be made chair
man of the committee on ways and
means, and did not know who was to be
until the announcement, was made. I
thall not interfere with the committee's
action in any way. I am a memlier of it,
and tariff legislation comes before it, Any
bill, whether it is a genera bill, or one of
a series of patches, w, U be supported by
me if I think it is right if it is along the
right line whether it goes as far as I
think it should or not it will receive my
sanction and support."
Mercy Asked for Mormons.
Washington. Feb. 10. A petition pray
ing that amnesty be granted members of
the Mormon church convicted of practic
ing polygamy iu violation of the Edmunds-Tucker
act, has been sent to the
president. It is signed by Governor
Thomas, the president and members of the
Utah commission, judges of the territorial
courts and other federal officials.
An Tndlan State Proposed.
Washington, Feb. 16. In the house
yesterday Peel of Arkansas introduced a
bill to admit the nations known as five
civilir.ed tribes as a separate state into the
Union upon equal footing with the other
Chioaoo, Feb. 15.
Following were the quotations on the board
of trade today: Wheat -February, opened
SH, closed Slie; March, opened silo, closed
se; May, opened 9!e, close I WjJ.j. Corn
February, opened 4u!i!c, closed 4'?j--; March,
opened 41c, closed 41:,4; May, opened 41?$c,
closed t-Js-c. Oats February, opened ,
closed ; March, opened , closed I
May. opened Hl'ir, closed itle. Pork Feb
ruary, ojieued S11.8U, closed J11.70; March,
ojiened , closi-d : May, opened $1210,
closed $l-.00. Lard February, oiiened and
Live st'iek I'rices at tha Union stock yards
today ranged as follows: Hogs Market
fairly active and strong at 1'ss a 1 vance;
packers and shippers buying; s:lcs ranged at
i4.10vi,LS!J pigs. SlUiril.HJ liKht, $4.4534.63
rounh paekin.-, S.j")?4 mixed, and $4.70
5.01 heavy pat-kin? an! shipping lots.
tattle Market slow on local and
shipping account, prices steady; quota
tions ranped at ft. To r.Y:io choice to extra
shipping steers. $4.ikk.".4. itt gnd to choice do,
1.7i'(u4.10 fair to go. at. J-UU;).) common
to medium d , $ '.lO .r rt.t'i butchers' steers.
$J.aitaoi Blockers. . .:!,! 4.ot Texas steers,
$3.U&:(.M feeders $l.i i:i.4 cows, $1.7j3.75
bulls and $1L ( ti.OJ veal ca'ves.
fineei!.are' fa-rly active and prices
steady; quotations rauged at $t.30&o.4'i;'
westerns $4.2Vr.0 nativi, and $4.7a&6.40
1'roduee: Bntter Fancy separator, 28i25o
per lb; dairies, fancy, Arena, tlft.-Hr,- packing
stock, fresh, 14QJ5c. Eiirs Fresh, candled,
loss off, a&Xyir. per tor.; ice-bouse stock, 17a
18c. Dressed poultry ispring chickens, fair,
good, 83,10c par lb; fancy, lll4je; roosters, c;
ducks, luaine: geese, r411e; turkeys
choice, ll'-ao; fair to good. KHllc; poor, 13,
Sc. Potatoes Hehrons 2K44S)c rrbn; Bur
banks Xfolftc: lti.se. Unc for seed: Peerleas.
Sngf.'VIc for seed; common to poor mixed lota.
Slt&Tic. t-weet potatoes, Illinois, $l.!iOS.3
per bbl. Apples Common, $1.502.25 per
bbl: good. $1.75; fancy. $in0. Cranberries
CBpe Cod. J.j.-'itQfl.ao per bbl; Jerseys, $).(
B.0U per bbl.
Nw York. Feb. IX
Wheat No. 2 red winter, cash, $1.0f"-;
March. $1.0 ; April, $1.05': May. $1.02;.
Corn No. 3 mixed cash, 6W-4c: February,
4Vjc; Match. 49-c; April, 4ft?ic: Way.
4!ic. Oats-Dull but steady; No. 2 mixed
cash, May, 37Mc Kye-tHronR; whole
range. W(nfic, Barley Quiet: No. a Mil
waukee. 70c: two-rowed state. B2(i04c Pork
Dull; mess, .75310.."ia Laid-Quiet: March,
S6.V0; May, $'...!.
Live ftock ; Cattle- Trading fairly active for
all grades at an advance of 10c tier loo lba; poorw
est to best native steers Jt.dOIf 4 Hi perliOH;
Texans jaW!: bulls and dry cows $'i4oa
3.2a. Ssheep and lambs Sheep steady; lambs,
active and !iic higher: sheep. $4.824f6.45 per
UM lbs: lambs $l',.jti4i.7.4o. Hogs Nominally
firm: live hoKs $4.9 )a,h:M p. r 1 0 lbs.
The l,oeal .Vl rUetM.
Office Rock Inland 1)ilt AKn Wekklt ABors, I
Kock Island, 111., Feb. 16, 1892 f
Bran i-5c per rwt.
Ships'nff $1.00 per cwt.
Hav Tiuioiby. $1J&J1S; prairie, trail ; clover
Sai0; baled. $11 50.
Mutter ?air to choice, Sic: creamery, 2S2c
Kcs Frcsb.lBc: narked. ic.
Kiultry ctaickene. Ui&lJfi ; turkeys, 15
ducks l-!ic: geese, 10c.
VKCIT ANII VEGETABLES.
Apples $3. 25&$l 75 perbfcl.
Cntt'e Butchers pay lor corn fed steers,
sS'JT.Jtic; cows and ncifers, &ij3c; cr.lves,
LESS THAN HALFTHfc
PRICE: OFjOTHER BRANDS
'. POUNDS,20 -h,
rafl IT III A. m mi m. -
aULUIN LAMb UNLY
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