Newspaper Page Text
LiAND Daily Argus.
XLI NO. 209
ROCKglSLAND. WEDNESDAY, JUNE 21. 1893.
I Single Copies 5 Cents
1 Per Week 1M Cento
ie Greatest of all Suit Sales
No use telling you where we got them or why we are offering these suits
at sucn nuicuiuuMy low prices, wnai you want is plain talk, we will sell
vou suits worth more than double the price we quote. You know us; when
ve name a price it is away BELOW ALL COMPETITORS, and for that
reason we do the business. Look at our suits at
- $3.69, $6.39, $7.39, -
WE GUARANTEE there is not a suit in the lot but which is worth more
than double the price we ask for them. Our aim is to do by far the largest
Clothing business in Rock Island, and we are doing it, "BUT ALWAYS
HUNGRY FOR MORE. Compare Prices.
THE LOW DO
The Greatest Bargain Givers.
GOLD IS INVINCIBLE
Such Is the Opinion of Mr. Hor-
SINGLE STANDARD ONLY POSSIBLE-
Our selection of new designs for the coming seat
son is nearly all in stock, and we feel confiden-j
your- insnection win oronounce it overwhelm
ingly superior to any we have ever shown.
We have taken advantage of every opportunity in making our selection, in order to give
the people of this city and vicinity the choicest desisjas from the product of nearly t-very
manufacturer in this country, at the very lowest prices. We emoloy only first class
workmen, and shall be pleased to receivs your orders for Papsr Hanging, Painting or
anything pertaining to Interior Decorating:
Room Moulding to match wall paper.
Window shades ready made and to order, all colors
Picture Frames latest styles.
JR. CRAMPTON fe CO.
Wholesale and retail book sellers and stationers.
1727 Second avt-nue. Bock Island
's Artistic Tailoring.
Tne Fashionable Fabric 3 for Spring and Summer have
Call and leav your order
tab Blook Opposite Hakpeb Hotbe:
Is Life Worth Living?
That Depends Upon Your Health.
Will cure yon and keep yen well.
For 8a' e at Harper House Pharmacy.
And In the Stguggje for Snpnmai'jr the
Yellow Metal Always Wins, Says the
Speaker An Interesting Paper Read Be
fore the World's Congress of Commerce
and Finance History of the Agitation
and It Results.
Chicago, June 21. There was a lot of
railway nd financial wisdom fired off in
ide the 'Art institute on the lake front,
when the bankers, railway men and insur
ance men met there for their first business
meeting. Lyman J. Gage is president of
the whole congress, so he turned the chair
over to Charles B. Parsers of St. Louis.
Senator John Sherman was expected to
take an important part in the meeting but
sent a letter in which he said it was im
possible for him to be present. Bradford
Rhodes, of Xew York, was therefore
called upon instead, and he proceeded to
give a review of the banking business
from the earliest times, saying that the
first bank in history was at Venice, in the
Some Ttifogit He Did Not ncnlloo.
Mr. Rhodes didn't seem to remember
that check given by Mows to Pharaoh
on the Bank of tile Red sea, or the way
Pharaoh's daughter got a little prophet
out of the rushes on the Bank of the Xile.
Or perhaps he considered these instances
of early banking operations chestnuts, and
perhaps they are. He, however, recalled
the history of the great banks of England,
France, Ireland, t-k-otland and otheT ttanks
tf Europe and described their methods of
doing business. All the banking associa
tions of fotlay are lmt schools of finance
learning by hard knocks. The Simon Ma
gus, or false prophet of finance, was usu
ally a sincere man who didn't know much
about hanking. Financial questions should
be discussed with great care and could
only lie settled by being settled right.
Spoke a Few Words of Railways.
Upon railway subji-cts John F. Dillon,
general counsel of the Union Facilic rail
way, read an interesting paper entitled,
"Constitutional Guaranties of Railway
Properties and Franchises and Rates
Against J Legislative Spoliation." The
railways of the United States own 133,000
miles of "road worth in stocks and bonds
$10,000,000,000. The rouds were built and
paid for byjprivate individuals and not by
the public The immense stints needed to
build these properties could le raised only
by corporations, but in no true or legal
sense were these railway corjjorartons mo
nopolies. But they railways have been at
tacked by legislation. Congress attacked
them indirectly in the interstate commerce
act and state legislatures directly by
passing lws fixing the rates for business.
Fxjbtectlon for the Investors.
Afnerkj&fraifrEij s rw, j owned in
all parts " " ' uxaiia all are inter
ested iA IbimiftTwIiM constitutional
guarantyHhey have against the spoliation
and destruction of their proper
ty by legislation. The rates charged
by a railway are its life, and if thesemay
be cut down or demolished by a legislature,
which can also declare what rate are fair,
who would want to own a railway share?
The founders of the government wv.ro
neither fools nor anarchists. The consti
tution to be the supreme law of the
land and 5x5 state may imss laws that con
flict with the constitution. The fifth
amendment to the constitution provides
that "no person shall le deprived of life,
liberty or property without due process of
law." Tlie fourteenth annulment de
clares: "Nor shall uuy state deprive any
person of life, liberty or iropTy without
due process of law, or deny to any person
the full und eiual jsnrtecticm of the law."
This declaration of the constitution si
lences Pruuhom's assertion that property
is theft pud projierty-owneTS are thieves.
Another Itruisrti Set in Motion.
Another s,rtlon of the cougress which
la-gun ' discussion was the mutual life and
accident underwriters. After the welcome
Iry Mayor Harrison, F. A. llurnham. of
New York, said that twenty years ago the
right of a mutual insurance company to
exist was denied by the law. Now they
include in their membership one-fourth of
the population of the country and have
puid tuit in benefits up to date atiout o00,
Itour-d of Trade Men 9Iet.
A sjH.-c.ial conference of bank examiners,
state and national, was held to adopt their
own organization and discuss matters per
taining to the supervision of the banking
business. The congress of boards of trade
also convened with William T. Baker in
the chuir. George F. Stone, secretary of
the Chicago board of trade, made an ad
dress of .welcome and the programme in
cluded other addresses by Denison Ii.
Smith, secretary of the Produce Exchange,
Toledo, O.; Hamilton Andrews Hill, sec
retary of the Xational board of trade,
Boston, Mass.; J2. P. Bacon, Milwaukee,
Wis.; John A. Gano, Cincinnati, O.; Frank
Galonnie, St. Louis, Mo., and A. C. Ray
HORACE WHITE OK MONEY.
He Makes Some Remarks on fhe Single
At night there was a general union
meeting of the commerce and finance con
gresses in the Hall of Columbus, the prin
cipal feature of which was the address of
Horace White, of New York, on "The Sin
gle Gold Standard." This was tire feature,
in fact.-of the day's meetings, and there
was a large audience to hear what the
speaker would 6ay. Mr. White began bj
saying that the most impressive fact in
the world of finance was the dominance of
the gold standard. It began In England
nearly a century ago and had conquered
one country after another until all civil
ized nations were brought under its sway.
Three international congresses have been
called to stay its march, and none had been
held to assist it; the movement had been
as little impeded as that of an ocean
steamer would be by the action of a de
bating1 society in its own cabin.
Was all this due to human perversity, or
had it a rational cause founded in the needs
of mankind? Beginning with the experi
ence of England,, a sketch was give? of
tne various coinage ratios estaonsneu ue-
tween gold and silver, showing how the
government and society had strenuously
sought to keep both metals in circulation,
but had failed in every instance, and never
succeeded in having a stable currency until
they adopted the single gold standard. The
experience of the United States was next
considered. We followed the example of
the old world when we adopted the double
standard in ITtri The ratio of fifteen to
one, which we chose, was as near as possi
ble to the market ratio at that time, yet
the market ratio changed within a com
paratively short period.
Gold rose in comparison with silver. It
became profitable to export the former.
The yellow metal began to grow scarce in
the year 1610, and had wholly disappeared
from circulation in 117. Our ancestors
finally became tired of lugging silver
around. In 1834 they made the ratio six
teen to one in order to bring back the gold
and expel silver from circulation. The act
did expel silver from circulation so com
pletely that for a period of forty years no
body saw a silver dollar In circulation.
The act of 1673. eommonly called the de
monetizing act, merely made the law con
form to the pre-existing fact. The de
monetization of silver, which was practi
cally decreed in ISM and legally decreed in
lb'3, had not been disturbed or reversed by
any subsequent act.
The purcha.se of a limited amount of
silver by the government was a very dif
ferent thing from remonetizatlon of that
metaL The United States bad adopted
the single gold standard for the same rea
son that England did: namely, because It
was the most convenient system. Prior to
1871 Germany had the single standard of
silver. As soon as the north German con
federation was formed the German econo
mists began to advocate a plan for unifica
tion of the coinage. In the year 18C7 an
international monetary conference was
held in Paris with this object in view.
The German states, both north and south,
were represented in this conference and
they all voted in favor of the single gold
THE INFLUENCE OF GERMANY.
White Thinks It Had Little tv Do WKh
It is said by some that Germany drd all
the mischief by ber acts of 1871 and 1873;
that she compelled France and the Latin
union to close tlieir mints to silver, and
that this caused the great decline in the
price of that metal. If this wtre true It
might possess an academic but not a
practical interest, since Germany is not
answerable to other nations for her likes
and dislikes. We cannot go back to 1971,
nor blot out the intervening years. As to
the decline in the price of silver, it bad
con tinned after Germany had completed
her monetary reform. Germany ceased
selling silver In lSTV. The decline tn sil
ver up to thrt time had been 9 pence per
ounce, but since that time it had been 13
This proves that there were other causes
in operation even more potent than the ac
tion of Germany. France bad the same ex
perience as England in her endeavors to
keep the two metals in circulation on a ra
tio fixed by law. There were twenty-six
changes of the coinage ratio In a period of
300 years. -" 7 t ; -y - i ; i lr -
In 1873 there was a premium , 1 per
cent, an gold in the Paris market.' Silver
bullion was going to the mint in unusual
amounts to be coined "arid exchanged for
gold for export. It was now necessary
for France to' make a definite choice be
tween silver and gold. The Latin union
nations were hastily assembled in confer
ence and they agreed to limit the coinage
of silver to 130,000,000 francs per year for
ail the countries composing the union.
This coinage was to be only on govern
ment account. This was virtually the de
monetization of silver in France, but the
formal act crosfng the French mint to sil
ver was not passed till 1S7U. The truth is
that the gold standard made, its way in
France not only without any design on the
part of individuals, but in spite of the
strenuous resistance of almost all fhe men
who busied thetirselves with the subject at
all. It was the same way in Holland and
Austria, a sketch of whose monetary leg
islation and experience was next given.
"Xow, if we find a movement of civiliawl
mankind going on steadily for 100 years,"
said the speaker, "working out, in differ
ent countries, uniform results which com
mend themselves to successive genera
tions, the presumptions are all in favor of
that movement lieing beneficial." The
secret thought which paralyzed the Bruj'
scls conference and all -other conferences
was "What would happen the day after
international bimetallism if individual
meuslKsaW continue to prefer one ounce of
gold to sixteen ounces of silver?"
The speaker thought that the scramble
for gold would be more pronounced the
day after a bimetallic treaty than the day
Imfore. becawe everybody would suspect
everybody ele of gratifying his secret
liking for gold at the expense of his neigh
bors. "He considered the gold standard
beneficial to ail classes, and he examined
and answered the various arguments ad
vanced to show that it was detrimental
to some. Tire present silver law, com
monly called the Sherman law, was not bimetallism-
It was based on the idea thi t
the purchane of silwr and the issuance t
treasury notes against it increases the sun
ply of money in the country, whereas 1
The Elks in Session.
Detroit, June 21. The Order of Elks
has got down to business and as soon as
Grand Exalted Ruler Hay bad delivered
his address the Xew York trouble was
called up on suspension of the rules and
the settlemen t hereof ratified. Mr. Hay
condemned in vigorous terms the holding
of Elk lodge meetings on Sunday and the
infliction on initiates of degrees not au
thorized by Elk law. The total member
ship March 1, 1853, was reported at 21,642.
A parude was held with 2,000 Elks in line.
Mrs. Cle-eland LesiTes Woodley.
Washington", June 21. Mrs. Cleveland
and her little daughter Ruth, accompanied
by her nurse and maid and the steward
from the White House, has left Washing
ton for Buzza.-d's Bay, Mass. Mr. Cleve
land did not go to the station with his
Weaver Campaigning In Kansas.
Topeka, Kan., June 21. General J. B.
Wouvcr is MnnouncAd for three kneechea in
tTuikuta thl wppk Ha will nnen tlm Pnnn-
lists' campaign, and is coming to declare
FOURTH OF JULY AT THE FAIR.
A Great Programme for the Birthday el
Chicago, June 21. Cbauncey M. Depew
and Edward Everett Hale will lead the
van in oratory at the World fair on the
great 4th of uly. They win address pat
riotic multitudes as the sons of men who
fought at Bunker Hill, and while their
burning words of eloquence are thrilling
thousands Frederick Douglass will read
the declaration of independence to the as
sembled masses in the mammoth arena,
and Robert T. Lincoln, as bearer of a great
name, will proclaim the truths of liberty
and equality before other thousands. Sec
retary Gresham will also have a platform,
as the representative of the administra
tion and government, made possible by
the stirring events the occasion commem
orates, Men of the stamp of Talmaga
and Moody will invoke blessing upon the
A glorious plan of continental bell ring- -ing
has been evolved. It will be tho
grandest ieal of rejoicing ever heard. At
noon, exactly, by central standard time,
the new liberty bell will ring out in tones
which will ly echoed around the earth. At
the same time all the boats in the harbor
will salute and every bell in the city will
be rang. Put the ringing will not end
there. Arrangements are being made to
have every lell fn the United States peal
forth at exacly 13 o'clock noon, Chicago
time. At night by far the grandest and
most extensive pyrotechnic display ever
seen will be given.
General St. Clair took Governor Mac
corkle's place in the dedication of the
West Virginia building.
Mrs. Pottb.- Palmer and the board ol
lady managers gave a reception at the
Woman's bvilding to Mrs. McKee, and
the New York state board gave one to
Governor Fishbaok, of Arkansas. Among
the ladies present were Miss Helen Gould
and Mrs. Russell Sage.
There were 00,001 paid admissions yes
terday and 1. was a stormy day, too.
Aug. 24 will be Illinois day at the fair.
LIVE STOCK AND PRODUCE MARKETS.
Chicago, Jane 20.
Following were the quotations on the
board of trade today: Wheat, June, opeued
65o, closed Mo; July, opened 6CJ4o, closed
65Hjc; September, opened lHc closed ?0)4o.
Corn June, opened 42o, closed tlo; July,
opened 429o, closed ilhfii bepteinber, opened
43c, closed 43)4c. Oats Jane, opened 3Uo,
closed 30Kc: July, opened 3U4u, closed
ate; September, opened -f!-4c. closed 26?6s.
Pork June, opened , closed : July,
opeued f?J.t0, closed $31.10; September,
opened 9J ttt, closed SJ.tt. Lard July,
Opened $8.tJ7J$. closed $3.7u.
Live - btock: The prices at the Union
Stocks yards today ranged as follows:
Hogs Estimated receipts for the day 12.0U0;
quality good; left over 5.UU0; market opened
active and steady ;sales ranged at S4.50&O.SO
ptk'S.$6 8.3&fl.Tt) light. ftd.lS&a.ZS rough packing.
t6.25vi8.65 mixed, and t3.3Ujia.50 heavy pack
ing and shipping lots.
Sheep Estimated receipts for the day 3,000;
quality fair; tnaj-ket fairly active and prices
Ftoady, quotations ranged at fl ixrj. 1U per
100 lb westerns. $2.7Q,4.oJ Texan, $3.oO&
5 JO natives. 4. 75i6.ini lambs and spring lambs
at t5.5l3,:.ii per 100 lbs. F
Produce: Butter Fancy creamery, l&aiSHo
per lb; fancy dairy, ltV&17o; packing stock, 1S '
12Ho. Eggs Fresh northern stock, 12&13o per
do. Live poultry Spring chickens. 18&19D
per b: nciis, I'HfU; turkeys. 9c; ducks. 8c;
geese, $3.0UJfc5.(JU lr doz. Potatoes Wiscon
sin Uurbaaks, 7U2T&C per bu; Michigan. 65
TUc; liebrons, GG&05c; Peerless, tiOOSc; mixed
stock, (fOc. New potatoes $1.5 per Hbu
sacks; Mobile, S-l.2iii3.50 per bbL Apples
Ffeir to good. &S.75(i43.00 per bbl; choice to
fancy, f3.75iil.5i'. Houey White clover in
1-tb aootions. 17&lac; broken comb, 10c; dark
comb, good condition. 10c14c extracted, 87o
New York. June'20.
Wheat July, 725$&T3 7-18c; August, 75H
TVVsc; September, 77?&78Hc; December, (tf4
83c Kye Quiet and nominal; western,
67i5Sc. Corn No. 8 Ho lower; July.
&51H?c; August, 51&5c; September, 61
&52Hic; No. 2, 51Ha51!-4c. Oats No. 3
quiet and firm; July. 3THS37J4o; August, 85f
.15Mc; September, 83-333Hc; state, . 8Ka
Wc; western. 3TVsiMHjc- Pork Dull
and steady; old mesa, (19.50; new mess,
$J0.n. Lard Quiet and nominal; steam
rendered. 10 10.
The Local Jlarketi.
Corn 155-) Sc.
Hay Timothy. 19.00; upland, 510&H ; sicugb
89.00; baled. S10.00ll.00.
Butter Faar to choice, 205J2.:c; creamery.
Eras Fsueh, l iS.l l
Poultry Chickens, 12:4c; turkeys uy
dncks, l'-'Hc; geese, 10c.
rHCIT AND TieBTABLB-.
Apples t 00 per bbl.
Onions ?4 .U) per bb).
Turnips olc per bu. '
Cattle Butchers rav for corn led ml ...
4&4Kc: cows aod heifeis. HM&3Vc am
IT IS THEPEOPLf
AND NOT THE TESTIMONIALS
Of PURCHASABLE CHEMISTS