Newspaper Page Text
Rock Island Daily
VOL XL. NO. 139.
ROCK ISLAND, TUESDAY, APIfIL 5, 1892.
Single Copies B Casta
Pax- Week It Cemt
Is the stock of
AN OPTION ON COIN.
What Senator Morgan Wants
the Citizen to Have.
IsBISK DEBATE IN THE UPPEB HOUSE
At THE LONDON.
We have, without exaggerating, the finest and
best line in
THE THREE CITIES.
To advertise our Children's Department we
put on sale for one week, ending Saturday, April 9,
MOTHER'S FRIEND SHIRT WAISTS,
Actually worth and selling for 50 cents,
FOR ONLY 25 CENTS
We want your trade, and if nice new goods and
low prices will get it, we are entitled to have it. Give
us a chance and trade where your money will go
the fartherest. We sell clothing, etc., 15 per cent to
2a per cent lower than any other clothier. Money
funded if our prices are not the lowest.
Look in our large show window at elegant
display of children's suits, etc.
SAX & RICE.
Agents for the world
renowned Knox Hats.
The Alabama Orator and the Ohio Finan
cier Don't Agree on the Meaning of the
Silver Law Sherman Declares That It
Provides for a Cold Standard In Express
Terms, While Morgan Can't See It
Springer In the Rouse Ills Remarks
on Free "Wool Head by Bryan.
WAsniXGTOX, April 5. Morgan spoke
three Lours on t be silver question in the
senate yesterday; in fact, he occupied
nearly the whole session. Sherman indi
cated at the opening of the session that he
intended to allow no senatorial courtesy to
stand in the way of shutting oil "a long debate
on the quoMion, and seemed to lie tired of the
whole subject. Stewart, Teller. Wolcott and
other free coinage men, however, were de
lighted and moved up eWe to the talking
senator from Alabama. After some prelimi
nary remarks in wl.ieh he said the law of WO
Kid N.rae (.-onl point, he read a letter from
ti-; dir. etor of the mints in whieh he learned
that the eoinaif.' of silver dollars as provided
for in the 1 ill was held by the treasury de
partment to In- discretionary.
Mortal Want to Know.
Morgan commented severely upon this reply
Bs indicating a irtual repudiation hvthetreas
ury department of the aet of lso.i. ile wanted
to know from the tonator from Kentueky in
his rear (Carlisle) and from tho senator from
Ohio ( She rman), who. as he understood it, aeted
together in this matter, what they were going
to do when the silver bullion piled up in the
treasury to the extent of hundreds of mil ions.
Carlisle and Sherman rose together, hut Sher
man was recognized. He said he was ahout to
ask the senator from Alabama whether he was
not satisfied as a lawver that the secretary of
the treasury had this discretionary power.
Morgan replied that ho was not. Sherman
stated that the cotift renec committee had been
Naturally They Don't Agree.
Sherman said that the language of the law
was very plain. It required the government to
maintain the parity of gold and silver coin.
Teller Interrupting No, it does not.
Sherman Well, of gold and silver metals
the same thing.
Teller No, quite a difference.
Morgan asserted that the last clause of the
law could not be interpreted by any rule of
construction or inf erence.or any process of rea
soning, except by tho knowledge of what was
In the heart of the senator from Ohio Sher
Morgan Asks Another Question.
Morgan asked where did the senator from
Ohio propos? to stop this piling up of silver
bullion in the vaults of the treasury. When
there were two hundred millions of ounces, or
five hundred millions of ounces in the treasury
what disposition was the senator going to
make of it?
Sherman I suppose we will make the same
disposition of it as we do of these three or four
hundred millions of silver dollars which lie in
the treasury and cannot be forced out into
Morgan asserted that there was not a silver
dollar in the treasury today nnless collected
for taxes or received in some such way that
was not represented by silver certificates in
''AH SaraeelilreV Bullion.
Sherman So is the silver bullion.
Morgan 1 understand that.
Sherman It Is easier to keep bullion than
Morgan disputed the statement. The silver
dollar had no more power to take to itself
wings and fly away than had the silver bullion.
He would give the owner of silver bullion the
option to have it coined into currency and
made part of the circulation of the country, or
to take silver certificates for it. lie would con
nect this option with it, but the senator from
Ohio (Sherman) would refuse it, because in
that case silver would force its way into act
ual circulation and become the competitor of
Sherman Willing to I'lcase the Senator.
Sherman All 1 wish to say is that this op
tion is now given every man who holds one of
these silver certificates; he can g and demand
a silver dollar for it. and if more dollars are
demanded than we have coined, of course
more will have to be coined. If the senator
desires to have this option in any other way, I
shall be glad to give it t j him, although he has
3iorgan in the course of further remarks
quoted from a stieech of Sherman (who, he
regretted to see had cow left the senate), and
referred to the Ohio senator as that great man
who now leads a considerable faction of the
Democratic party on the silver question and
perhaps two-thirds of the Republicans.
Sfanderson Wanted to Go.
It seemed that Sherman was not the only
senator who was impatient, for when 2 p. m,
came, and by the rules Morgan's time was up,
Dawes asked unanimous consent to let Morgan
go on and finish. It was given, but Manderson
asked whether the senator would conclude so
as to leave time for tho Indian appropriation
bill to come up, bocause, if not, he desired to
leave the chamber "Not out of disrespect to
the senator," but because ho had business to at
tend to. Morgan could not undertake to meas
ure time when delivering a speech, of course;
so Manderson left the chamber.
The Morgan Silver Idea.
At the conclusion of his speech the senator
indicated what would suit him in the line of a
silver bilL The legislation set on foot hy tho
senator from Ohio in 1ST3, had the effect of
putting gold out of its proper level of baromet- ,
ric pressure; gold was 40 per cent, above its
fair price and we ought to use silver with it to
press it down. He (Morgan) would let the act
of 1WD stand, hut would make compulsory on
tho secretary of the t reasnry to coin the bull
ion. In addition to that he would bring again
into operution the provisions of the act of 137
for tho free coinage of both gold and silver
and issue gold and silver certify -at es against
them. If the people had the manhood to carry
out this policy they would make New York the
clearing house of the commerce of the world.
SHERMAN GROWS RATHER WARM.
The Ohio Seuator Goes Into the Debate
There was some talk about when the debate
could be resumed. The vice president, upon
the demand of Sherman, ruled as to the posi
tion of the resolutions and said they were now
on the calendar. This would have shut oft
debate, and Teller intimated that Sherman
was desirous of throttling debate, and thought
he could do it when he pleased; had tried it
.last session and failed, and he (Teller) did not
believe he would succeed this session.
Sherman Declares His Position.
Sherman, sneaking with considerable
warmth and with all his old time force, said
he defied any man to show that he had ever
endeavored to stifle debate. There was not an
iota of ground upon which such an assertion
could be made. "I have never in my life." be
continued, "and I have been here longer than
many of you, endeavored to stifle debate."
But the senate was a nnit; it was a body with
power, and it ought to be able to determine
what was the orderly course of procedure for
the body to adopt. It , ought to be able to de
cide when it would discuss silver. He had never
shrunk from the discussion of any of these
questions, and whenever the senate chose to
name a ciiuc tut uisfmamK t un bici question
he would take his part in the debate.
"Draps" Into Argument Himself.
Bo had listened to much that had been said by
the senator from Alabama, to some of it with
pleasure, but to some of his statements he felt
inclined to reply. The senator had arraigned
the treasury for not coining more silver bul
lion into dollars. It was worth more as bul
lion than as coin. If coined there would be
added the cost of coinage, and it would
have to be stored up in bags. Why should it
be coined In advance of the necessity or de
mand for its use? The senator had closed his
remarks by praising the act of 1830 justly
praising it because that act, with proper
amendments and restrictions could be made
In his (Sherman's) opinion the fulcrum of the
whole financial system of the nation.
The Law of 1890 Defined.
No bank in the world was so strong finan
cially as the treasury of the United States to
day. Its reserve of gold was greater than that
of the bank of Kngland. Every one of its treas
ury notes had a dollar's worth of gold behind it.
Every one of these notes was based upon
enough silver to 15 equal tajjold, so that tha
United States has for every silver certificate,
dollar for dollar in gold. But there lay behind
this act the fundamental principlo which
ought never to bo departed from, and that
Was, all our money should be ofcqtial purchase
ing power, not only here, but in the markets of
the world: and wo had declared in this law
or else he (Sherman) would never have touched
it -that these two metals should be maintained
at a parity at a gold standard, if gold were
tho higher; at a silver standard if, as had hap
lenecl before and might happen again, silver
should rise above gold.
Says I'ncle Sain Can Do It.
And we could do it. because wo had at least
dollar for dohar behind every treasury note.
The silver dollar was now only worth tW cents,
lie ass rted that on this principle of maintain
ing a dollar behind every dollar certificate tho
United States could maintain a parity between
these two metals. On the other principle now
sought to be established this was impossible.
Ever since Alexander Hamilton and Thotuaa
Jefferson agreed upon a common ratio for gold
and siiver, whenever that ratio had varied only
1 per cent, the cheaper metal had filled th
coffers of the treasury. The market rrice ol
silver had been going down for four centuries.
When America was discovered it required only
eight ounces of silver to equal one of gold
Now it required twenty-three ounces of silver
to equal one of gold.
No, J elm, Kvldcntly You Are Not.
He repeated that he was not averse to dis
cussing the silver question, but he wanted thu
done in an orderly manner.
Morgan Canuot this be done now?
Sherman If you say so, yes.
Morgan Then let us go ahead.
Sherman suggested that the question wa3
whether the senate had not something else to
do. There were the appropriation bills to bf
disposed of. But it was for the senate to de
cide. He only asked them to fix a day when
the question could be taken up in an orderly
way, not by desultory debate, and disposed or.
But the debate closed without any .arrange;
meut being made.
SPRINGER APPEARS IN THE HOUSE.
He Keceives a Warm Welcome and has a
Washington, April 5. The feature ol
the house yesterday was the appearance
upon the floor of Springer, who has been
so ill during the past six weeks that at times
his recovery was doubtful. He received a
hearty welcome from both friend and foe and
was given unanimous consent to speak on the
wool bill. He could not deliver his own speech,
as his physician had forbidden him to it risk in
his yet weakened condition, but nobody Jib
jected to Bryan of Nebraska reading th
speech and he did so.
Takes Issue with an Fx pert.
Springer refers to the statistics prepared by
S. D. N. North, the special agent of the census
office in charge of the statistics of wool manu
facture and the secretary of the National As
sociation of Wool Manufacturers, and said h
had not properly represented the true state ol
the wool industry. North said that there was
nothing to discourage the American wool
growers at the present time He must learu
to be satisfied with a small profit on his work.
Springer took issue wit h North on this ques
tion, and says this may be consoling to th
American wool grower. He must under a
high protective tariff expect smaller profits
on hU wool. If, however, he would only rear
ize that protection does not protect him; that
he docs not get as much for his wool nndet
high protection as he would get without it. he
need not be content with smaller profits on his
Will Itenefit the Wool Grower.
Foreign wool as North states will not dis
place an especial number of pounds of domes'
tic wool but will increase the market therefor.
An increased demand will produce an increased
price. The pending bill is in the interest of thi
wool growers as well as t he wo l manufact
urer, but it is especially in the interest of
American consumer. If the report of your
committee is carefully considered it will b4
seen that the experience of the last quarter ol
a century of bih protective tariffs on wool
and high protective tariffs on woolen goods
has proved to le disastrous to the wool grower,
disastrous to the wool manufacturers and to
the American consumer.
Springer Ventures on Prediction.
Take off the tax on foreign wool, permit
healthy competition, and prices of woolen
goods must fall. Consumers will get the benefit
of all that is paid on foreign wools and of all
that is charged for protection on cotton, shod
dy, and other adulterants. The passage of th
bill would in all probability cause an increased
consumption of woolen goods to an equal
amount. Such an increase in the consumption
of woolen goods will, during the first year af tef
its iassage, cause a demand for 507 more wool
en establishments, and will cause the 271 estab
lishments which were idle during the Censui
year of tH) to be started up again.
Prices and Wages to Increase.
With increased demand for wool prices of
wool will increase aud with increased demand
for labor, wages will also increase. Pass this
bill and thousands of feet heretofore bare, and
thousands of limits heretofore naked or cover
ed with rags, will be clothed in suitable gar
xucnts aud the condition of all the people will
be improved. Those who favor its passags
may be assured that they have done some
thing to "scatter plenty o'er a smiling land."
New National Ilauki Authorized.
Washioctok, April 5. The comptrol
ler's certificate authorizing the following
national banks to begin business has been
issued: First National bank of West
field, X. J., capital $00,000; First National
bank of Lander, Wyo., capital $50,000 and
State National bank of Jefferson, Tel.,
Dividend by the Maverick Bank.
Wasmxgton, April 5. The comptroller
of the currency has directed the receiver
of the Maverick National bank, of Huston,
to prepare checks for a third dividend of
15 per cent, upon claims presented in addi
tion to the CO per cent, heretofore paid,
claimants, making 75 per cent, iu all.
A Foor Shot Kills the Wrong Man.
DESVEH, April 5. A murder occurred
at the Cripple Creek gold camp Saturday.
Charles lladspetb, a negro stage driver,
shot and instantly killed Rube Miller, a
piano player at the Iron Clad dance hall.
The shot was intended for John McMecben,
a bar-tender, but mibsed him and struck
Was Very Mnch In Earnest.
Memphis, April 5. William Favor is tb
third suicide in thirty-six hours. Satur
day evening he shot himself through the
breast; he aimed at bis heart and the
bullet passed one inch above it. Favor
fell to the floor and once more clutching
the pistol he placed the muzzle in hii
mouth and pulled the trigger. The ball
passed through his brain and tore away
the top of his skull.
Looking for a Raw in Argentine.
London, April 5. A dispatch to The
Times from Buenos Ayres says that the
government is increasing its preparations
for the suppression of an anticipated in
surrection, and that the minister of th
interior has ordered the arrest of all per
sons guilty of inciting reltellion, or of
uttering cries that incite the people to
Vessel Iturned at Sea.'
Loddox, Aprils. Captain Work, of the
British steamer Crimea, from Baltimore,
March 7, for Calais, reports by signal that
the British steamer Main, Captain Brown,
from New Orleans, March 1, for Liverpool,'
has been burned nt sea. No further par
ticulars nre obtainable until the Crimea
arrives at Calais.
Imports ami Kxports of Specie.
Xkw Y(i;k, April 5. The exports of
specie from the port of New York during
last week amounted to f 1,.i17,J1, of which
f7M,240 was gold ami ;:.1,i).hJ silver. The
imports of specie during the week amount
ed to fcJsi.Osi, of which fUi3,o!4 was gold
and $15,000 silwr.
LIVE STOCK AND PRODUCE MARKETS.
Chicago, April 4,
Following were the quotations ua tho
board of tra le t.iday: Wheat April, opened
7T?4c, closed Tt-c; Slay, opened 7tie, closed
7tc; July, opened Ts4c, closed 7H4. Corn
April, opened 3Sic, closed ;t?sc: May,
opened and closed Hs'-; Juno, opened STJc;
closed STJsC. Oats May, opened Csl&e, closed
SivHiC; June, otcned -T?4c, closed 28o; July,
opened its". closed :?sc. Irk April,
opened SUUffl cloed $10.1iLj; May, opened
f 10.171 closed JIO.U'K-; July, opened $10.82H,
closed $ini7'. I-ard April, opened $0.15,
Live Stock: Prices at ths Union Stockyards
today Tanged as follows: Hogs Market
moderately active and prices loo lower;
6ales range 1 at f 4.0' j. 1.73 pigs, $4.5044.)
light. Jt.ai34.tr rough packing, $4.50$4.85
mixed, heavy packing and shipping
Cattle Market fairly active; prices easier;
quotations ranged at $4.40(34.85 choice to ex
tra shipping steers, $3.70,44.35 good to choice
do, $3.3543.60 fair to good, $3.00S.50 common
to medium do, $3.0(K&3.W batchers Steers,
$.' 6023.30 stockers, ii7&3.75 Texas steers.
13.10(3.80 feeders. $1.5ta3.40 cows, $L753.G0
bulls and $2.00(35.25 veal calves." - -
Sheep Market moderately active and prices
steady; quotations ranged at S&.35&6.Q West
erns, $4.75(3 S-25 natives, and &S.5C4JAS5 lambs;
shorn lots 50 89c per 100 lbs below quotations
Produce: Butter Fancy separator, STMo:
fine creameries, I436c; dairies, fancy fresh,
21&S3e; packing stock, fresh. 14215c; air
struck, loaiHc Egs Fresb, Ho per dozen
Live Poultry Chicbena, 10)4 per lb; roosters
546c: ducks. 13c: turkeys, mixed lota,
12H313o: geese, I4.00&6.00 per dozen. Pota
toes Hebrons, 303;!3c per bu.; Burbank, 81
33c; Rose, cC(&3jc for seed: Peerless, 8H&U;
common to poor mixed lots, 20&T5c; early
Oblos, 4212,1k; per bu.: sweet potatoes, Illinois.
$i.252.50 perbrl.; Bermuda potatoes, $.00a
6 5'JperbrL Apples Common. $I.7(ij2.Q0 par
brL; good, $2.232-50; fancy, Ji5o&-Ti.
New York. April 4.
Wheat No. 2 red winter cash, KrT April.
KSsc; May gc; June, 88t$c; July, 8HHc Cora
Xo. 2 mixed cash, SAjjc; April, 4T4o; May,
45t$c; June, 4414c; July, 44Hc Oats bull
and steady; Xo. 3 mixed cash, 3i4&3jc: May,
IMigc. Rye-Dull; No. S western, tc; whole
ranje, WLiaflc. Barley Neglected. Pork
Dull; mess, S11.00&11.5O for new. Lard
Quiet; May, W.51: July. J6.54. i
Live Stock Cattle -Market Arm and active
for all grades at an advance of l)c per I'd lbs:
poorest to best native steers $4.134.75 per
100 lbs; bulls and dry cows. Sl.tOt<O.
Sheep and Lambs Sheep firm and active ;
lamlie slow at a decline of Ha per lb; unshorn '
sheep, $5.3:0,7.00 per 101 lbs; clipped, do t6.0O& ;
6.00; unshorn lambs. $(1.503,7.75; clipped do,
$i.S5ait.75. Hogs Nominally steady; lire
boss. $4.1)0(25.50 per 100 lbs. j
The Local Sltrket. i.
Office Rock Island Daily Ann Weekly A boos' I
Hock Island, 111., April 4, 1B f
GRAIN, ETC. i
Wheat R&t90c. j
Corn 32:c. J
Bran S5c per cwt,
Miipstuff $1.00 per cwt. 4
Hay Timothy .$1(50&11 50 ;pralrie, S313;oloTer
SSai0; baled. $10 50. J
Butter Yelrto choice, sac; creamery, IKOJO i
Ess Fresh, 124c; packed. 10c. (
I'oultry Chickeus. 10&KV4 ; turkeys, ltfco
docks, liiic: geese, 10c.
FBl'IT AND VEGETABLES. f
Apples $S.)8i.75 per bbl. I
Potatoes 30c. 1
Onions 80St8.Sc. "
live stock, a
Cattle Butchers pay tor corn fed steers.
u4izC: cows and heifer. i'Q3Kc: calves !
Xtos 4C .
Bhtep 4&Sc. 1
IS ON TOP
Costs less than Half
and pleases much better
than the over-priced and
Judge for yourself.
n Cans. At your Grocer's