Newspaper Page Text
II '
COERCION.
The spirit of intolerance manifested
by the advocates of Ihe single standard
theory is as remarkable as it is repre
hensible. It seems to permeate and
affect all the avenues of society and
every branch of industry , except agri
culture. The independent farmer
against whose interest this deadly war
fare is especially waged , is too gener
ous and manly to resort .to coercion
even in self-defense. In the cities many
employers seem lo imagine that when
they hire a man to work for them they
also buy his independence of thought
and action , and make him virtually a
.slave. In fact , it is openly assorted
thai-employes should "vote for their
employer's interest , " without consider
ing that the two interests may be at di
rect variance , and that the workman
-should be as free to decide for himself
.as the employer is without a thought ,
In short , that the enforcement of such a
principle would moke every freeman a
slave' . In no other class is this intoler-
.anl spirit so prominent as among those
who arrogate to themselves the desig
nation of "business men , " and especial
ly those whoso "business" consists in
betting on the future prices of produce.
v r They even go to the extent of coercing
the press , in a country where the free-
elom of speech and of the press is guar
anteed by the Constitution. Advocates
'Of simple justice and plain honesty in
'
government and finance dare not establish -
tablish journals to advocate their views
In the large cities , because they cannot
be sustained under the universal boycott -
cott that is directed against them. In
IS'ew York City we have but recently
-witnessed the anomaly of two loading
and ably conducted Democratic papers
going through a hotly contested cam
paign without a single reference to the
most prominent and vital plank in their
party's platform because they dared
not 'advocate the principles of their
.party for fear of injuring their adver
tising patronage. Such things are
enough to arouse the hot blood of indig
nant opposition in the breast of every
man who loves liberty and decent fair-
.ness , even though he may be opposed j
'
in principle to the belief of thcxse who
.are wronged in this outrageous man
lier for let him no If orgor that the same
Intolerance will be directed against
3iiin with all its force and bitterness
-whenever hi ? conduct doe * not seem
rte accord with the views of those who
-employ thi.- despicable weapon. This
spirit of determined and hateful coercion -
-cion is the ugliest monster that ever
lifted its head in our public affairs. It
Is a dangerous be'ast. and is as likely to
. who employ it as
- turnind rend t.iose
it is to obey their commands. It threatens -
the CJoem-
-ens lh very existence of
mcnt , and it may and will provoke a
-cataclysm of destruction and horror un
less good citizens unite in condemning
-and expelling it. The six and a half
million citi/.ens who voted for financial
-and civil freedom in 1SOG constituted
the best element of our population
the Anglo-Saxon or native American
-element a race of men , intelligent , pro
gressive and as determined as Fate ; a
race that fought all of the world's bat
tles for freedom , and which will die in
its tracks rather than recant one iota
* f its honest convictions. Therefore ,
Messrs. Coorcionists , laying aside the
principles of justice and right , is it rea
sonable or safe to drive < * ucli a race of
men to desperation ? These men are
.entitled to respect , and it might be well
to stop and think.
Work for Thin
The ptosent Congress comes to : iu
cud ou the 4th of March noxr , and , as
it will undoubtedly take the usual
lioliday recess , there will be but little
more than two months for it to work
In. No important legislation can there
fore be expe'ctod from it , excepting
such as relates to the noverament of
our new island poO SIOIK. No other
j\yill presumably bo attempted.
The first of the isliimls demanding at
tention is the Hawaiian group , which
the Republican want to have under a
Territorial form of government , the
chief executive to ! > o appointed at
Washington by th" President and the
Senate , and the Legislature to be eloct-
< id by the natives and t ! > o whites , the
Japanese and Chlno-o to he denied the
franchise. The State of Hawaii is to
be established in duo time , of course ,
the Republicans calculating that with
the assistance of the sons of the mis
sionaries and the sugar planters , who
practically rule the islands now , they
will be able to capture the two seats in
the Senate and to keep thorn in
definitely.
Porto I ! eo , which Spain has already
handed over to us , also requires early
attention : but the form of government
to be established there is still uncer
tain , although the chances are that it
-will also be of the territorial form ,
ivith an educational or property qual
ification for the doctors of the local
legislative body. Here , also , if the Re
publicans feel reasonably certain of
being able to get and keep control ,
Statehood will not be long withheld ,
even if almost the entire body of the
[ Inhabitants do not understand the lan
guage in which Congressional debates
are conducted.
For Cuba we stand pledged to pro-
, vkle an independent government , and
this is likely to prove a more serious
'task than we thought it would be when
. The attempt
( we made the pledge.
must be made , however , and doubt'esa
.Congress will want to prescribe the
methods in some detail.
The hardest problem will be found in
he prescribing of a government for
lie Philippines , of course. Really so
ittle is known about these islands that
heir number is a matter of conjecture
till. There are estimated to be all
he way from 1,200 to 2,000 of them ,
he great majority of them presum-
ibly uninhabited. Concerning the
> eople our information is equally in-
lefinito. An accurate census has never
> een taken , but the population figures
rary from 7,000,000 to 10,000,000. Some
> f the natives in the cities have a
cncer of civilization , others are semi-
mrbarous , while many are still abso-
utc savages. The task of shaping a
government for the Philippines is
herefore very different from that
vhich confronts us in the other islands ,
ind if there is any statesmanship in
Congress it can find employment for
tself here. New York News.
T > oca Uncle F-arn Foruet Murder ?
Before Uncle Sam gets ready to pay
spa in that $20,000,000 for the Philip-
) incs , the following bill should be pre-
icnted to Seuor Sagasta :
"or loss of battleship Maine. . $3,500,000
for furnishings en battleship
Maine 1,500,000
. for relatives of 260 murdered
United States sailors at
$ nO,000 each 13,300,000
Total $18,300,000
It sounds like blasphemy to talk
ibout a money compensation for the
daughter of Americans while they
slept , but that is the only way to strike
it the cowardly Spaniards at home.
There is some consolation to the un
ion in general in the knowledge that
.he gallant ScWey "remembered the
Via ino" when Ite destroyed Cervera's
loot at Santiago and reddened the sea
ivith Spanish blood , but it is poor con
solation to the struggling mothers ,
svidows and orphans of the seamen
ivho were sent to their graves when
the Maine was in the harbor of Havana
tinder the protection of the Spanish
authorities.
These mothers , widows and orphans
need bread to keep body and soul to
gether during these stirring scenes of
Republican prosperity , and it would
be a criminal and cowardly act for this
nation to permit the Maine horror to
! * o by officially unnoticed. It will be
a blot upon American civilization if
Spain is not forced to atone directly
in a measure for the murder of those
American sailors who now occupy neg
lected graves in Havana. Chicago
Democrat.
The War Secretary's Report.
Secretary Alger's report on the man
agement of the War Department is
more notable for what it omits to say
than for what it says. The scandalous
mismanagement of the army , in the
camps , on the transports , in Cuba and
in the hospitals , is ignored , and even
the "round robin , " in which the com
manding officers begged the withdraw
al of the troops from the ditches and
fever-infected points around Santiago ,
is suppressed.
On the other hand , the Secretary
makes a plea for the increase of the
regular army to 100,000 men , a portion
of'this number to consist of natives
of the islands that we are taking in.
He. however , gives no definite reason
for this , excepting that the volunteers
assicrn'ed to garrison duty did not en
list for such work and want to be mus
tered out at the earlist possible mo
ment , lie evidently believes thai
American citizens will not serve in the
tropics for any such pay as that giver
by the government to those wearing its
military uniform , and in this he is
doubtless ritrht.
Fcliley the Democrat.
If all our public men had the same
kind of political principles that Ad
miral Schloy declares are his , the coun
try would be safe. In a recent inter
view the reporter said to him : "Ad
miral. what is your politics ? Then
has boon considerable dispute on tha
point. " Without a moment's hesita
tion , and with the same flash in his
keen eyes that came there When h <
liixi saw the nose of the "Marli
TVrea" poking out of Santiago liar
bor. he replied : "My politics is m :
love for my country and my belief tha
whatever she does is right. " It ii
well-known among all the Admiral1 !
friends that he is a Democrat , which
of course , he meant should be implie <
in the form of his reply. But at thi
-amo time he no doubt has a larg <
"mental reservation" with regard t <
some of the things that are done b ;
Mark I Fauna and others under th <
illicit use of the signature of tiie coun
try.
Monopoly Jvver on the Alert.
Those good , innocent souls who ar
expecting the ordinary American citi
/.on or the individual capitalist to en
joy special opportunities for investment
mont and active business in our "ne\
possessions" will in all probability b
doomed to disappointment. Alread ;
j the "development syndicate" has bee :
formed and chartered and has it
agents ready to get options on nl
things worth having. The syndicate
in this country never sleep on oppoi
tuuities. If there is anything in sigh
they rarely overlook it and they prc
pose to have every avenue to wealth i
the "new possessions" practically inoi
opolized before aoy weaker compauie
or individual investors can get It o
the ground floor. Houston , Texai
Post.
WELCOME HURRICANE.
i'hc Price Havana Paid for 1 cliwr-
ancc from the Plague.
Frank Bullen. in the Cornhill Mag.i-
xine , tells of a time when ho. and every
body about him. earnestly wished for a
hurricane. It was in Havana , in the
year 1870. The writer was not the only
visitor there. Yellow fever had made
its appearance , and gained possession
of the city. If any efforts wore made
to turn out that umvolcomo visitor. Mr.
Bullen did not sei thorn. Unfought. it
had its way in the city , till such depop
ulation as would effectually cripple the
place for years to come looked immi
nent. Everybody one met uttered a
fervent desire for a hurricane , for those
who knew declared that nothing short
of it could save the city.
It came at last. The writer was stroll
ing along the deserted wharves one af
ternoon , thinking what a change had
come over the busy scene. The air was
so thick and oppressive that he could
hardly breathe. Presently all over the
face of the sky spread a curious mist
that gave a violet tinge to the subdued
glare of the sunlight. Then above the
frowning Morro Castle there slowly
rose a cloud , massive , velvety black ,
edged with a lurid radiance. Mr. Bul
len says :
"Fascinated by the sight , I wedged
myself in between two posts , in a shel
tered angle of some warehouses , and
waited. Soon the sky became all black ,
except where myriads of fiery threads
played about the overhanging pall.
Then a hoarse rumbling began , which
vibrated as if it came from the bowels
of the earth , and above its deep tones
rose a shrill wailing of coming wind.
A few raindrops , large as dollars , fell ,
and immediately the display began.
"In a few minutes wind , rain and
thunder were blended in one sense-de
stroying roar. One seemed to be gasp
ing in a chaos of fire , water and inde
scribable hubbub. Occasionally a per
ceptible increase in the noise overhead ,
and a momentary deepening of the
darkness , told me of the flying roofs
and wooden walls of destroyed build
ings ; with that exception nothing was
distinguishable.
"How long this lasted it is impossible
for me to say , but it passed as suddenly
as it came , leaving the bay a vortex of
foaming waters besprinkled with
wreckage , and the city a place of ruins.
Down the steep street a veritable flood
of waters poured resistlessly , sweeping
all things before it like chips in a rain-
swollen gutter.
"Right opposite whore I crouched ,
feeling only half alive , a fine schooner
had been caught up. whether by winder
or sea I cannot tell , and landed upon a
shelf of rock , jutting out from the cliff
a hundred feet above high-water mark.
There she remained , erect , and other
wise undamaged , mutely testifying to
, the power of the storm. "
The mischief wrought by tl > o hurri
cane was the price that Havana paid
for deliverance from the plague.
Mark Twain's Kind Heart.
The death of RichardMalcolm John
ston recalls a little story which , per
haps , is not generally known.
At one time , when the distinguished
writer had been prevailed on to give a
reading in Baltimore , Thomas Nelson
Page volunteered to assist him. But a
death in Mr. Pagete family prevented
him from appearing in the entertain
ment.
Mark Twain heard of it. The people
of Baltimore had long waited to have
Twain appear there , but he had stead
fastly refused to resume his lectures.
But he went on that occasion , for he
appreciated the genius of Richard Mal
colm Johnston , and , desiring to honor
him. he left New York , at a great per
sonal sacrifice , and appeared with him
on that occasion.
There was never such a crowded
house in a Baltimore theater.
When the entertainment was ovei
Col. Johnston , with his accustomed
fairness and courtesy , tendered Twain
the bulk of the receipts.
"No , " said Mark , "not one cent shall
I receive. It is such a great honor to
know a man like you that I am the one
who owes you the debt of gratitudp. "
"Well , " said the Colonel , "at least ,
lot me defray your expenses. "
"I have a through ticket , " said Twain
"Good-by , and God bless you ! "
That was Mark Twain. Atlanta Con
stitution.
An Odd Number.
The Golden Penny calls attention to
the number 142,857 , which is odd in
more senses than one.
If we multiply it by any number ,
from one up to six , we arrive at prod
ucts expressed by exactly the same
figures as the original. Not only so ,
but with the exception that a different
figure leads off each time , the order of
the figures is the same.
I 142,857 multiplied by 1 is the same.
142,857 " by 2 is 283,714.
142,857 " by 3 is 428,571
142,857 " by 4 is 571,428.
142,8T 7 " by 5 is 714.285.
142,857 " by G is 857,142.
With this multiplying by six the
strangeness stops , though the result of
multiplying the number by seven give ?
the rather odd number. 999,999.
Guinea Pit's.
A few persons in England raise large
numbers of guinea pigs for exporta
tion to Franco , whore they are highly
esteemed for the table , the flavor of the
meat being identical with that of the
rabbit.
Bonaparte's House a B irn.
Long wood , Bonaparte's house at St.
Helena , is now a barn ; the room in
which he died is a stable ; on the site of
his grave is a machine for grinding
corn.
All the classics and metaphors at the
command of a woman school teachei
don't prevent her jumping on a chau
at sight of a mouse.
When the late Prof. Henry Drum-
mend was giving a course of lectures
on "Evolution" in the Lowell Institute ,
he overheard two women , evidently
much opposed to his views , discussing
them. Finally one of them said :
"Myra , if what he says is not true we
can stand it. But if it is true we must
hush it up. "
It was on the first day of the Jewish
new year. A man with a pronounced
proboscis was being brushed at a boot-
blacking stand. He handed the Italian
the customary nickel , whereupon the
later inquired , "You notta a Jewda ? "
"No , " replied the customer ; "why do
you ask ? " "Becausa. on de holiday we
always charga de ten ccuta. "
Stuart Robson recently arrived at
Weehawken , and , tired and dusty , was
awaiting the ferry-boat to take him
across to New York , when he was approached
preached by a ragged individual , who
was troubled with "the twitters. "
"Please , mister , will you be so good as
to give a poor tramp a nickel ? " he
asked ; "I am broke , and I want to get
across the river. " Robsou extracted
the coin from his ticket-pocket , and ,
placing it in the outstretched hand ,
said : "There you are , my dear man ; but
I can not for the life of me understand
what difference it makes which side of
the river you are on so long as you are
broke. "
In 1801 the repeal of the paper duty
was agitating the political world of
England. The budget speech was pre
ceded by a rumor that the basis of the
scheme would be the repeal of thu tea
duty , and that this would upset the
Government. Just before Mr. Gladstone
rose to make his statement there was
handed to Lord Palmerston , on the
treasury bench , the following note
from Lord Derby : "My Dear Pam :
What is to be the great proposal to-
uight ? Is it to be tea and turn out ? "
'My Dear Derby" wrote the Premier in
reply , "it is not tea and turn out. It is
to be paper and stationary. "
This little speech on the "new his-
" Lord Sherbrooke -
: ory" was delivered by
brooke at the thousandth anniversary
of his own college at Oxford. He took
the spirit of the age to task for resolv
ing so many things worth believing
into mere myth and fable. "For exam
ple , " he said in concluding , "we have
always held that certain of the college
lands in Berkshire were given it by
King Alfred. The new historians show
us that the lands were neVer his. But
they prove too much. Had they been
uis , he would have kept them. Being
another's , he seized the occasion to
make the college a handsome present. "
The youthful Queen Wilhelmina of
Holland , some years ago , misbehaved
to her governess , an English lady. The
latter , as a penance , bade her unruly
pupil draw a sketch-map of Europe ,
with its principal cities and natural
features indicated. In the course of an
hour the young culprit presented her
map. Holland was drawn Avith vastly
disproportioned territory and careful
detail. England was represented as aii
island too small in size for anything
but its name ; Ireland was made rathei
more significant ; and across the margin
of the work was written : "The actual
English territory is too limited to allo-N
details. "
"Lady , " said a Scotch servant to hei
mistress , "I maun tell ye I am to leave
your service and be inarritt. " "Is nol
this very sudden , Mary ? " inquired the
lady ; "who is the person you expect t <
marry ? " "It is John Scott , mistress. '
"But you have known him but a shon
thnehow ; can you trust a stranger ? '
persisted the woman , reluctant to par1
with a good servant. "Yes , 'tis true ; bu
he's ken hansel' mouy years , and h <
says he's all right , and 1 believe he is
for I asked him , 'Did he ken the tei
commandments ? ' and he gave then
ivery one. I asked him could he saj
the shorter catechism , and he had i
ivery word ; then I told him to grip hi :
hands quick and hard , and then , lady
I saw he was a strong man , and I'u
goin' to gie him my hand. "
Dean Stanley once told how he firs
saw Gladstone. The old Bishop of Nor
wlch , having been very much please *
with some of his son's performances
said that as a reward he would tak <
him to visit William Gladstone , th
riiost extraordinary schoolboy who hai
ever been seen. They went to the nous
where he was , and Arthur Stanley wa
sent out into the garden to make ac
quaintance with the prodigy , who wa
said to be sitting in a summer-house a
the end of a walk. He went , and , 1m
Ing arrived at the summer-house , sa-s
Gladstone reading a book. As Stanle ;
entered Gladstone looked up and saic
with great vehemence : "Little boy , lii
tie boy , have you read Gray ? " Stanley
much startled , faltered out that he ha
not read Gray , to which the other , wit
increasing intensity of manner , replict
"Then vou must read Gray. "
Joke on the Rev. Dr. Henson.
The Rev. Dr. P. S. Henson , that ol (
time enemy of the rum traffic an
genial pastor of the South Park Ba ]
tist Church , tells the following goc
story on himself :
Dr. Henson was going home from tl
ministers' meeting the other mornin
on an Indiana avenue car. The ci
was full of passengers , not a seat r
maining unoccupied. At 22d street
man got on the car and proceeded
demonstrate that he had a good-size
jag aboard. He swung on the stn
and made periodical jabs at a bird on
woman's hat. Then he lurched fc
ward with a wild whoop and th.re
his arm around a fat woman's nee
He tramped on the corns of six peep
who gazed at him In unspeakable indig
nation. At last Dr. Heuson rose , pluck
ed the fellow by fie sleeve and said :
"Here , ray man , take this scat. "
"Hie , thanks awfully. Hie ( with a
knowing wink ) , been there yourself ,
hie , ain't you , pard ? " Chicago Inter
Ocean.
How They Hclpe : ! .
The boys of whom the following
story is told , by an old college processor
in the Nashville Advocate , are old men
now , but the memory of some of their
youthful pranks must be pleasant to
them.
The year 1857 was one of remarkable
fruitfulness in East Tennessee , and the
wheat crop was unusually large and
abundant. As this was before the day
of mowers and reapers , it was often
difficult to find labor sufficient to ga her
the crop. That year it was peculiarly
embarrassing , and the father of Dr.
John Brunner. president of Iliwassec
College , who had a small farm in the
neighborhood , found himself deficient
in help to secure his abundant crop of
wheat.
In his extremity , he called on his son
to inquire if there were not some young
men in college who might be induced
to lend a helping hand. Dr. Brunner
made the announcement to the boys ,
informing them of his father's circum
stances , and requesting any of them
who might be willing , to volunteer for
the old gentleman's help.
The boys , after consulting together ,
sent in a reply that they would willing
ly render the desired assistance , provid
ing they could find the scythes , or ' cradles
" then called and borrow
dles , as they were ,
row them from the neighboring farm
ers , and that they would report at the
harvest field early the next morning.
Old Mr. Bruuer had an extra break
fast prepared , and awaited the coining
of the young men with eagerness , but
they did not come. Finally he received
a message from the boys that they had
not been able to secure any cradles
from the neighbors that day , as they
were all in use in the harvest , and could
not be spa reel.
This was a sad disappointment to Mr.
Brunner , who had no help of his own ;
but he concluded to go to the field , and
with his own hands save what he could
of his crop , now ready to fall. When
he reached the field , to his utter aston
ishment he found the grain all neatly
harvested and put up in shocks , but no
one in sight.
The boys had borrowed the cradles
the night before , and by the light of the
moon had gone to the field with a large
force , and had carefully done the work
without letting the old man know any
thing about it.
Informal.
In the "Biography of CJiarles Carleton -
ton Coftin" is his own account of accom
panying the committee to the home of
Mr. Lincoln in Springfield , 111. , to notify
him of his nomination for President.
They reached Springfield early in the
evening , and after supper at the hotel
made their call on Lincoln. It was not
to be a very formal interview.
Lincoln stood in the parlor , dressed in
a black frock coat. The announcement
was made , and his reply seemed brief.
He was evidently much constrained ,
but as soon as the last -word had beer
spoken , he turned to Mr. Kelley of
Pennsylvania , the chairman of the com
mittee , and said , "Judge , you are a pret
ty tall man. How tall arc you ? "
"Six feet two. "
"I beat you ! I am six feet three with
out my high-heeled boots. "
"Pennsylvania bows to Illinois where
we have been told , there were only Lit
tie Giants , " said Kelley.
This was an allusion to Douglas , wlie
had been called the "Little Giant. "
One by one the members of the com
mittee were introduced to Lincoln , aue
when the handshaking was over , h <
said :
"Gentlemen , Mrs. Lincoln will b <
pleased to see you in the adjoiuinj
room , where you will find some refresh
ments. "
Theue Mrs. Lincoln met them pleas
autly ; but the only visible sign of re
freshment was a white earthen pitche :
filled with ice water. This was possibl :
Mr. Lincoln's little joke ; for it was af
terward ascertained that his Republi
can neighbors had offered to furnisl
wines and liquors , which he refused t <
have in his house , and that his Demo
cratic friends had sent round basket
of champagne , which were also dc
cliued.
Bribing Spanish Officers.
A third paper from the diaries of JOB
athan S. Jenkins , giving pictures o
"Life and Society in Old Cuba , " is prinl
ed in the Century. Mr. Jenkins relate
the case of a Yankee who took a earg
into the harbor of Havana :
"A custom-house officer watched hi
actions very closely , and this espionag
materially interfered with many profii
able little schemes which the captai
had ia view. He walked confidently ute
to the ofHcer and asked him if he coul
see through a doubloon placed ovc
each of his eyes. The ready Spaniar
took the meaning at once , and repliee
"No ; anel if you should put a doubloo
upon each ear , I could not hear ; and pi
another on my mouth , ami I could ne
speak. " The sensible captain sprea
his gratification accordingly , and did a
j he pleased. It is an insult instantly r. .
son ted to offer a bribe to a Spaniari
, but the same thing under the disguh
of a gratification is the magic ke
which opens all doors in Spanish con :
tries. Gen. Tacon was the only Spanis
official I ever knew who would no-t a
cept a bribe. "
First Coffee in Western Kttrope. .
Louis IY. of France drank the ttr
cup of coffee made in Western
Coffee was then worth § 28 a p'jimd ,
After a man prays. "Leads not in
sv temptation , " he goes out looking f
sve. one , to see if he is strong enough
e. resist it
fur Moner.
The P.imetallist . ( English mitgazlne )
for .luly says of the experiment unhap
py Japan is making : fllJC Government
is exchanging the silver yen into gold.
The slightest scratch on the face of a
yon is sutlicJent to cause it to be con
demned as "defaced , " and therefore In
convertible. The authorities have also
; in a most unjust manner recently al-
teied their original decree by reducing :
the time given fur presentation of silver
yens for conversion into gold.
Of the gold acquired for the conver
sion , such a large amount has already-
been exported from Japan that the
Government is replenishing its stock
by having a portion of the last Install
ment of the Chinese indemnity shipped
from England. But while this "official
gold stream" is flowing from England
to Japan the stream of gold from Japan ,
still flows in shipments to Europe anel
America on account of banks and finan
cial and commercial houses.
In a letter to the London Times on
May IS last. Sir Robert Giffen cites the
cases of many countries that have at
tempted the gold standard and failed.
Says he :
"A conspicuous case in my own recol
lection is that of Italy , which issued a
gold loan about fifteen years ago anel
obtained ? SO,000,000 in order to intro
duce a gold standard but failed of suc
cess.
"Gold standard was never really ef
fective , or was so for so short a period
as to be hardly noticeable and the
standard is long since gone. The Ar
gentine Republic , again , has twice
failed ; Brazil and Chile have failed ;
Spain has failed ; Austria and Russia
failed to keep a metallic standard of
-"Ivor for similar reasons.
"Some of the countries named are
once more renewing the attempt at a
gold standard , and Japan is a new be
ginner in the same line ; but unless one ,
or more of them prove to Ijc unexpect
edly rich anel Japan , for instance , Is
rich for the moment the a'tfejnpt is no
more than an experiment , and we are
justified in saying it is far ffom certain
to succeed. As I write Japan is said lo
be proposing a new loan of $75,000,000
to relieve the depression !
"There is nothing , then , to weaken
the force of the lesson which all these
failures teach us. A gold standard is
not an easy thing for a poor and indebt
ed country , with its creditors also pos
sessing that standard. The chances hre
that even very costly attempts will not
succeed. " Charles A. Towne.
Hoarded Money.
No mailer how high prices may go
under the stimulus of some"'sudden , ex
traordinary demand , il is perfectly clear
that if in addition to the money thus
brought out of hiding anel thrown into
circulation there should also be a large
accession of entirely new money , prices
would go still higher. The more money
people have the more they can afford
lo pay , and Ihe more they will have < >
pay If they are determined to buy. Ity
this is not meant that a rich man will
have to pay more for a given artie-le
than a poor one will , but simply that
if all were poor the price would fall ,
because the demand ( that is , the nnnry
demand ) for it would weaken.
It should also be clear that wilii a
given amount of money in the country
there is a point beyond which average
prices cannot rise. They may fall in
definitely , because more and n/ore
money may be withdrawn from circu
lation ; but when it is all in circulation ,
all being exchanged for property , anel
sustaining the full volume of creel t t at
it can safely carry , it is doing all it can
do , and prices will go no higher , save
through a dangerous expansion of
credit. This , of course , would be followed -
lowed by a speedy crash and prices-
would fall again.
The rise and fall of particular price-
when no e-hange has occurred in tii"
money supply , depends upon condition-
peculiarly affecting the things whie-i >
rise and fall. Changes in the genet si i
average of prices in the main result
fromtho * flow of money from its hiding
places into the avenues of trade : ; ml
back again.
When a horse is tethered to a slKkf
by a rope , say , 100 feet long , he is very
seldom just 100 feet from the stake.b >
cause the rope is rarely drawn taut.
He may be close to the stake , or I wont v
feet from it , or fifty. But he cannot gel
more than 100 feet away from it with
out breaking the rope. One hundred
feet is the limit. When he is less the
rope is all there as before , but some oJ
it is lying slack.
In a crude way this may be taken tc
represent the relation between mobev
and prices. When all the money is in
the field of commerce doing monetary
duty prices will be at their highest
level. But if one-fourth of it is laui
away as an idle mass prices will talc *
a heavy fall. If half of It is withdrawn
I from use the fall will be greater , anel
so on. Still the money may be all lu
; he country.
"War't ° ca-c"ty rf Monea
The world's creditors and bondholel-
ers want money as scarce and dear a
possible in order that the purchasing
lower of the money they receive aslti-
: erest and principal may be great. Tiic j
are the ones who procured the demone
tization of silver. It doubled the'u
wealth , and correspondingly incrcasou
the "burdens of debtor and taxpayer ?
Silver Knight Wate-liman.
The Austrian eagle is represented
double-headed to indicate the. union ol
two empires. . , ,
> r
o There is not a moment * \vithQ\U SOIUS
duty. Cicero. , < *
