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! a. ! VOL. V, LET US EXOHAHQE VIEWS. Itn the tliiw lnuirveslng between now end ihedate of tha i'eoplea Independent Hiaia Convention thl and MUftccndliiK column will e iimu to the Popultat of tha State to pro. pom candidates fur Chi ticket of MM, Mid for ViiUmiI htntoN senator, and to nhow raaaou fr Individual reference. We nball not have upane for anything more than uum two brief reamm for the choice made, became we wlh l Iwar from a fcreat many. LOT no mam iik iibkk vnovimmi rva orrioa whom en AiuorieH AM WMM. AM IMTKIXlWTOAr. QOAMftUATIoKN Till WBtTBH WIT.I. WOT paKNOMAM.Y VOItiJtl eon, If any candidate tenm to be lead In whom onr reader cannot conwbmtlouNiy np port, by Mi wean let us know why thuy ar ntntnouuMly objected to, Jlutletus repwtii another' Yiew, avoid anything Urudtuu to disharmony If it b poealbla without aacritlce of principle, nd Iwar wlllliiKly thoae who dif fer wltb uh. "in a multitude of Rouuw?lor there b afty." Hul with many to bear from oath limit be brief. ttrtltor Wsamh Marsh.) George A. Abbots for Governs , ' Thomaa Leachman of Falls City adds to a business communication the words: "For governor, (leorge A. Abbott of Itlcbardson county. Poyntor and Molloynolde, Loetto, Nob., April 12, 1494. Kditor WEALTH MAKKK8! To the peoplo of Nebraska: How does W. A. Poyntor of Boone county, for governor, and Logan Mclteynold of Clay county, for Lloutenant governor, ound? B, 3. B. J, N. Otfllo for Lieutenant Governor. Gubhham, Neb., April 10, 1894, Kdltor Wealth Makers: Enclosed you will find one dollar to Irene w my subscription to Tub Wealth Maeemi. Whack it to "em," Brother (ilbson. llew to the line, let the chips fall where they will. Let the kickers kick, for, remember, It is the bird that is bit that flutters. I have not got my ticket made out yet, but my man for lloutenant governor is Hon. J, N.GarBn, No fusion in mint If you pleast. Fraternally, . N. 8. MICHENER. Hon. O. JInll for Governor. Btockville, Neb., April 11, 1894. Editor Wealth Makers: O There ! a gentlemen la this state whose name I have net een mentioned, tmt who must not be lost light of at available for the nomination for gover nor this fall, a man of upright charac ter, Irreproachable reputation, splendid ability, broad acquaintance rod one who haaboea identified prominently with the reform movement In thli atate ever elnce ita inception, and whoso heart beau in warm aympatby with the great heart of humanity aa ltiwella 'ncath 1U burden of aocuuiulated wronga, one whom the Fopullat party of Nebraska ehould delight to honor and reward, Hon. 0. Hull of Harlan county. Henpoctfully youri, II. B. Flbhahty. Why Mbould Weir In Nominated? SCHUYLKB, Neb,, April 16, 1894. ICditor Weai.tu Makkrs: I notice among othora the name of Mayor Weir mentlonud for governor on the Independent tloket. Why ibould Mr. Weir be placed at tho head of the Independent ticket? l'leao let those answer who can of tholr own knowledge give good roanoni Ivby they want him. The ropullsta have a right to know why they are asked to onnslder the name of a mn who i n strangur to thorn politically. Sincerely Voura, John K. Mepkero. What Objections to Weir? r.illtor Wealth Makers; The proposition made by you to open be columns of your valuable paper to the cltlsen voters of the state to dtsouss the available candidate for state oRl vers I timely, and should be acted upon by the people a vhainplous of the state. Ntbranka Topullsta hive a long list yf available nandldates for all the tint yi. In fact, eery Oitutty In the state ' rnua who would graoo any tlckot ami (vrve the pvopl with honor to Ihumaelvu and satUfacttoa to the state. Hut wt inuit ilat!i mo a In the fore ranks who are known tu be roliaMs, jhonett, rompeU'itt and aggressive v' wuistn; lof-o tut have stood aW v froin pwv lealouales and dispute In 1 .1 1.4 ilii lln.wi .. L... .t.lll. and courage. It Is nut itsy InU utU o In fthts WVvt to jt who are the pinper mn Vti plaoe w the ticket l.i load thu I IVpulUte victory la Jhui, hut we would like tn s-k the ra.lrs f Till W'KAtTU Makir what obJwUou tbor 4 have to Mr. Vlr, mayor of the city of yr Uno!a for e terms for fexernor? V. believe he Is the propr ntan to I lead the IVpull.t ticket neit fall, and if careful selection Is made of the bal ance of the tlckot. Nebraska will be placed squarely in the ranks as the leading l'opullst state In the Union. Lot us .bear from the brethren through The Wealth Makers, and et us discuss our available men and choose from among the best and strongest., ' ; T : Always ready to continue the battle for liberty, justice and progi I am , K-nlisted for tho war, Warner Stark. Hdltor 'News," Allen, Neb. April M4. ' ' ; ' Powers, Deaver and MoKelgban, HOLDREQE, Neb., April 18, 1494. Editor Wealth Makers; In response to your editorial, "Let us exchange yiaws," allow me to express mine. I most joyfully endorse tho sentiments j st 1t4tida VAMman a"1- tar 4 1 vt tt Vtal rt ft In ' Vf Wl VUVi AVf IMBU VUWU1I V WVIU favor of placing honest Job a Powers in. nomination again, ills reputation for steadfastness, sincerity and fairness, is beyond reproach. With him as our candidate for governor, Clem Deaver for lieutenant governor and our Wm. A. McKelgban for the fifth district congressman, we would be about sure to win. Let us fight It out single handed. There Is no such thing as de feat for our cause. We may be repulsed, but defeated, never, We will march on ward in spite of all old party scheming Those who are honest, will come into our ranks as soon as they get to see the rottenness and violation of platforms in their respective parties. - No fusion for me. For those that are so blind as not to see how their most sacred rights are being trampled on and every platform flatly cast to the winds by Democrats and Republicans both, are not the class of people to fuse wltb. We are better off with out them. Yours fraternally, Jobn N. Stauot. Jobn A. Oberg'e Choice. Thayer, Neb., April 10, 1894. Edltqr Wealth Makers: In answer to your Invitation for an 'Exchange of Views" In regard to the candidates to be placed on our state ticket this fajl, permit me to suggest a few names, not saying anything against those already mentioned. They are all good, I bellove. We surely do not lack material for a winning ticket, if we will only ''keep In the middle of the road." Let us have: For governor, J. V. Wolfe of Lancaster county; for lieutenant governor, lion. J. N. Gattln, Saunders county; secretary of state, W. A. I'oyn ter, Boone county; state treasurer, J. H. Towers, Hitchcock county; attorney J ireneral. Joseph W. Edgerton, Hall! oounty; state auditor, W. F. Porter, Merrick oounty; commissioner of pub Ho lands and buildings, E. Soderman, Phelps county; superintendent public Instruction, W. J. Russell, York couuty; member of congress fourth district, Judge Stark, Hamilton couuty; United States senator, George Howard Gibson. Yours for success, John A. oberu. I appreciate greatly the compliment which Mr. Oberg has paid me In plsc Ing my name In his list above, but wish it understood that I am not and never shall be a oandldate for any orlloe. An editor can ado more good, can gain greater lntluv. uoa, can much hotter serve the party and retain the confidence of all elements, avoiding Individual Jealousies, selfish strife and party schisms, by rofualng to be a caadldat for oHloo, I hope all will see this and that my name will not agala be man tloned. KuiTOR Wbalth Maker. Irt, W, A. .lottM fui' V, H. Hanator. l.iwir, Neb , AprllO, Jm, Kdltor WtULYU MAKKUft: I have bee veiy rauih Interested In the names ru.MiUil I r "caiullJaU n for iirnW to X flllv.l this fall, Tha tetter of 11. J, Johnston, strikes the key not to the situation. What we nod at present 1 msa of swtllag Integrity of principle, wa have the welfare of tlu whole peeple at her. who are able to lU fvittd their j'rlo(.i)'!e.al any and at) tlon. Men wh will malatla the iirlnulplet a well when la ntlte an whi n advocated on the slurttp. I whl only nu.e one candidate at pmiK'nt, fcr W 8. i"!or, I ,of. W. A. Jones. There will be in In the convenUoe, probably, wko will adyocal futon. (HltB"a4 aa 4tS i LINCOLN, NEB., THURSDAY, APRIL 19, 1894 OLD ERROR UNVEILED What Prevents Kegularity of Work aud Oommercial Certainties, WHY SUPPLIES EXCEED DEMANDS. Intquitable Obligations Which Regularly Causs Failure, Liquidation and Cessation of Work. The Cause of Financial Panics. Warsprlntbe'ow, fromThft Arsna, part of tba wont valuabla art. do whMi baa appeared for ynari In any of tba niaftay.lnaN, an article entitled, "Tba Oauaa of Fluancial t'anlca," by Mr. J. R. Hannntt of St Louli. Wa Khali Klva ourrnadara mnra of It In iucouhIIuk Unuhi of Tna WBAtTH Makkhs. Yrotinv the paptra coatalninti that wa print of It aud Klva tbtim wlSawt clrvulatlnn poiutlble. Tbe -teouud and third InittalmentH will get down to tha bate of the evil, and will contain nw argumeut and truth.-KmroB Wsaivih Maki as The world is today confronted with a stiange phenomenon. The freest and richest country on the earth it experi encing a business depression, one of the most severe in Its history. Banks have collapsed, commercial houses closed, factories ceased to operate; railroad equipments are lying Idle in the yards: steamships are plying empty. Thous ands of men are stalking the streets of our cities searching, in vain, for em ployment, and starvation stares their wives and children In the face. Police olliccrs are busy suppressing free speech and free action lest they should lead to anarchy. Tbe usual tax on tbe com merce of the country docs not produce sufficient revenue' to keep In action tile wheels of government Nobody seems to know the cause. The reasons given for the staange situation are as numeroas aa tha sources from whence tbey come. Ask tbe politician, and be will say, perhaps, "Tbe use of silver as a money metal is the cause of hard times." Tbe man at his elbow, who came from another section, will respond, "The threatened demonetiza tion of silver Is the element of mis cbiof." "Good enough," says a third, "but tbe main cause of distress is tbe tariff." "Not so," says a listener, "the fear that the tariff will be meddled with U ruining tbe business of tbe country." "Want of confidence, that is the trouble," wisely remarks a philosopher. Confidence in what? But the broad generalization will not admit of specific statement. Another set of "thlnkars" does not kuow; such panics are neces sary. Tbe country experienced a like panic in 187,'t, and the causes to which It was attributed were quite as vague or varied Tbe panlo of 1857 was as marked, its osHsca quite as indefinite. The panic of 1837 was caused by Jack on and the banks or almost anything else one might men tion. Tbe intermediate panics of '24, '48, '04, '84, etc., were fully as occult. We may search the history of all na tions having financial systems similar to ours, and we shall find that in times of peace financial crises oocur with more or less regular periodicity. With such perslsteat similarity of effeot we are justified In looking for similar cause. Where such similar orlses are brought about under so grsat a variety of olroumstances, we are justified In picking out the circumstance present in all. as bearing the relation of caue. We find crises under both monarchical and republican forms of government; wb-"re there Is at Idle nobility, and where there Is no nobility at all; whore free trade exists, and where tariff Is oollected. What was the one condition i precedent to all of thea crlo? In a nutshell; the laborers anl business men of the country became extensive debt ors to the oapttallstlo olass; credit was greatly extended. All at onoe credit or recalled their loans or the loans matured, butlueaa was unable to pay, It failed, and a panto ensued. Why were not the active ledutrleof the country able to pay their iKilt.' Crops wrre as good at ever; tbure ware the lot of prtovs for allot thenes arlo of life, ll was atd that thete ws "overproduction ' The industry of tse poople was as active a ever be fore each of thret ptnle t;iouh. The skill of tbe Inventor w aa k rent lu a country l.erw then waa overprod ic lion there lurTofln fur hrveJ a i l clothing. Hat It all tf thvee vrltri money was scarce; that Is, it we In tbe ban-U of HopU wh were Hot aotlvtly enggd In any buvinr. There ww not enough to pay eblUatloat; It aat a premium, or enld not be bad at all. Ta supplies of the country seemed be in the wrong hands. Tbe obliga tions of active industries seemed too large, and oould not be met. Tbe capitalists of tbe country held claims that there was no wealth to satisfy. They Boomed to have the wealth, the money, and the claims which these alone could satisfy. It seems like a platitude to say that active industries failed to meet their obligations because these obligations were too large, yet this is strictly the fact. ' Tbe borrowed capital of the country claims more in remuneration than tbe country can produce. Every dollar representing debts unpaid claims a like remuneration. This must all be paid out of the production of each year, and from each year's product aen must be fed and clothed and , sheltered. The wealth of the world must be kept up. Buildings, machinery everything must be kept in repair; and improve ments for use in the future must be taken from the stock of tbe present. There is not wealth enough to meet all these obligations; and the business of tbe world must go into tbe hands of a receiver every now and then, so that a new start in business may be made. The country with all Its allied indus tries is analogous to a mammoth busi es concern. When it contracts greater liabilities than it can meet it falls, and we have a financial panic. This state of bankruptcy is chronic. Counting everything, the liabilities of tbe country are always greater than its assets. Tbe industrial world is always In a state of potential bankruptcy, but credit tends to keep it out of the bands of a receiver. Then the same persons are in part debtors and creditors, and this,, w'th our frequent liquidations, aids in keeping us from oontlnual finan cial panto. Any disturbing of credit precipitates a crisis. An odd proposition, but one capable of mathematical demonstration, is that tbe very foundation principles of our Industrial system lead us to recognize obligations which we can never pay. A simple, speclflo statement of what they are, compels us to admit that they at e too large to meet. The present wealth of the United States maybe placed in round numbers at $72,000,000,000. That fully eighty per cent of this sum pays interest, may be verified by any person who cares to give the subject thought. If any of the money Invented in business bears Interest, all money invested in business must likewise bear Interest, otherwise nobody would assume business risks. But we may arrive at the same conclu sion by a process quite different. Something like eighty per cent of the wealth of this country is la the hands of about 250,000 persons, or atout a two-hundred-fortieth of the population. This excludes the wraith of well-to-do farm ers and merchants; and it goes without saying that nine-tenths of this wealth held by the Immensely rloh Is interest bearing. Nearly all of it Is lent, or if not lent out It Is invested in some busi ness where Interest on the money in vested is added to the return or profits of tbe undertakers. The wealth In the hands of farmers and merchants Is paying Interest on all that Is not used for the personal wants of themselves and their families; and even many of tha homesteads of the country ara paying lnteret At least oui halt of such wealth Is Interest-bearing. An examination of the mortgage lists of the several states will more than bear out this estimate. Wo are, then, paying fixed charges, as the railroads put It, on about riA.OOO.OOO.OOO of the oauntry's wealth. The net rate will average five per vent; nnd taking Into consideration commUnlon and other therms, six per cent Is a low estimate ol the itroas rate. The Intereat on lA tKK3,OiO.W)0 at lx per cont IsU.JtiO.OttV ooo per year. To get the average taver ttt charges for the lat dotade, we iuut take the average of Interest-paying capital, which Is axut VtO.OOO.Oui, Ooo, We havtt, then, an average yearly UttM-et of ll.OitO.fJtaJ.om a Suut which more than abaorbs tbe eutlrv yearly In IturUg lbi Imt Resale tho wiHh ol lU cocitry hat liu rd about h.ju.0, llailn tho ame portod tra In threat charges were I .iu.Coo.txM,. iW, .udlng btit the allele Item of In tarsal el iroial b';etru- ohll,ttUt to tho (landing debt of the poop e, the m v of 'be country's cUWsns will, la Yuitvu,wrlo4of tea years, fall H, 1" uwae..uuw 000,000,000 below their liabilities. The principal falls due In that time, and the business of the country, if fixed in the same bands, would bankrupt In that time. It does actually feel the -shock. But the fact that many persons are creditors as well as debtors, and that debtors and creditors change places; puts off the final accounting. The ten dency of tbe enormous fixed charges on business is to amass the wealth of the country in the hands of large prop erty holders who are almost exclu sively creditors. The mightier the for tune, the more interest it draws aud the more exempt it Is from the dangers of speculation. ' ' ' . Fortunes goes on piling up under the law of Interest, and after all checks and counter tendencies are allowed for, the country has a panlo becomes bank rupt every twenty years. There is a well-defined financial flurry of more or less violence every decade, or even of tener . The fact is that whenever the creditor class demands ita money there 1b a panic, far there is not cash enough in the country to satisfy the demands, and all property must be turned over to meet liabilities. Indeed, the cash in the country is principally in the hands of the creditor class, having piled up there under the laws of interest. Dur ing times of confidence, business is kept moving: by a shif tins: of liabilities, but in times of doubt and unoertalnty, from whatever cause brought about, the business of the country finds it impos slble to meet its obligations and is obliged te file Into bankruptcy. The cleverest of fpeculators cannot long keep up their business by borrowing from one to pay another, unless debts are very small as compared with the capital invested. 'Just so with tbe busi ness of the country taken as a whole the piling up of debts always ends in collapse. It is nonsense to say that want of confidence is the cause. Unless the ground principles of business pro duce instability, want of confidence can have no effect. Men realize that the business oi the world cannot pay its debts, nnd therefore lose confidence. , But Interest and rent charges are not the only liabilities of the business Qf the oountry. The government must be sup ported; the national debt and tbe inter est thereon must be met; debts, state, municipal, and school, must be provid ed for; local government must be main tained. The Interest on the public debt of the United Slates amounts to $40,410,000 anaually. The interest on municipal, school, county and township debts in the United States is $56,750,000 per year. The expenses of the United States, exclusive of Interest and tbe paying off of the standing indebtedness, are now about 1330,000,000 yearly and the cost of state, county and municipal government is $450,000,000 per year. At the very lowest estimate, $897,000,000 must be charged yearly to government In the United States, not Including the payment of the principal of the public debt. This, representing money spent outside of regular business, amounts to $8,970,000,000 in a decade. Adding it to the former sum, the exoess of inter est on private obligations over the in crease of wealth, we have ltt,(i7Q.no, COO as the sum which the assets of the citizens of the United Statu fall behind their Indebtodoens every ten years. In view of such figures as these, It is not difficult to see why we have periods of business depression every ten years and terrible financial panics every twenty years. The tendency under such conditions li to have all the wealth which Is not used to fet and shelter and clothe the race pass into the hands of the money lender. There Is a comparatively trifling exception to the rule. About five per cnt of all who start In bualneas !avoltwtth more than they began with, and but a portion of their gain can be raarged to interest. The more ttabit and the largest houtoa of bul net, however, realize large returns from tetorest taking. What wonter Is It, then, that tbe hulnc of the country has to go pt rp. illcully Into the hands of a receiver In order to ttulghtan out lu account an 1 Wgin anew? Thl Is tho only way la which the great bulk of buaint-aa iota can tot a new start. Croditor are obliged to take part of their claims, an there Is uot enough to pay the whole ieou are oaacetiea ana a eea? start u made. The wealth Is lent out again; Interest Is paid agala until the burden NO. 44 (rets too large and another crash comes. At each crash some of the men who were creditors at the last accounting are found among the debtor class, and thus property is prevented from mass ing in a decade or two in the hauds of a permanent creditor caste. Yet the circle Is forever growing narrower.' ' When a firm is doing a paying busi ness, the gross profits of its transactions must exceed expenses. When the business of the nation la paying, like conditions must prevail. The increase in wealth is the gross profit of the country's business; If that will not meet Interest charges, the business of tbe country is not paying. It makos little difference, from a theoretical standpoint, where the later est goes greatest: from a practical standpoint; it is of the greatest import ance. When the interest goes to small property owners, it does not hasten the division of the country into rloh and poor. When millionaires collect the Interest, it takes them but a short time to absorb the bulk of the wealth of the world and leave the rest of mankind poverty stricken. Speculation and the collection of compound interest in crease the charges oa honest produc tion and hasten the day of panio and ' final accounting. They help to pile up wealth steadily in the hands of the few and to make each panlo worse than the previous one. - ,1 It is therefore plain that, under our present financial system, the business of the country oannot meet its obliga tions. It is also plain that the creditor class must go on absorbing more and more of tbe wealth of the country, un til finally the more wealthy, those who are not obliged to take any chances, will have the lion's share of this world's goods. We see nothing adequate to account for this condition of affairs ex cept interest taking aud the paymentof rents. These fully acoonnt for it. In a nutshell, borrowing on , Interest and paying land rente are tAe cause of alt our financial difflcult'ut. These are the basis of our financial system, yet something in our financial system is radically wrong. Least in themselves can certainly do no harm. If one has more wealth than he can use and turns it over to one who has use for it, there is certainly no barm done. If, as a condition of the transfer, he re quires that he shall be fully secured in his loan, and that the amount which be has lent be returned to him at the end of a specified time, nobody has the right to cavil. It would be no hard ship on the borrower, for the very act of using the wealth for his own benefit would produce enough to pay the lend er. Except in individual cases of bad management, tbe business man who works under these conditions, even with borrowed capital, would have no trouble n paying back what he owed. But the creditor wanta more in return than he has lent There is added to this amount a charge called interest. If he lend the money for fourteen years at five per cent, the creditor wants back twice the amount lent If the rate Is higher, he wants even more; and as the time oi tbe loan runs on the amount which the debtor has to pay for the loan multiplies. Aa we have seen, the creditor demands too much; wealth as a whole is not productive enougt to pay Interest charges. After keeping up the capital stock of the werld, and feeding, sheltering, and clothing the i, toore is not enougb leit to satiety demands of the money lender. If one agrees to return every ten, twelve, or evn twenty years, aa amount equal to that wturb be bas borrowed, in In terest, be la undertaking an Impossibil ity, xsature nas so mucn productive power If it cannot be done in this omntry of virgin resources and un paralleled conditions tor tbe production of wealth, It can tie done nowhere. We are, then, confronted by a foundation principle of our financial system which nvceMarlly results In bualnet panlo. It It necesiMtry that thl principle of our system be critically examined if we would find where our trouble ilea. Arguing from other premises w reach tbe tame conolulona. N'aver bo- fore In the history ol the world have to many Ian fur the relief of humanity been brought forS"d aa In the last d. cade. Tri eooromltt tea in profit tearing tao full mcanuro of human fell city; 'h remedy of that one I the full control by the ttato of tha objeot of roono;oti one rU that the organ tatlon of labor i tbe panacea tor all social V another swe salvation in the ndw'ttion thw ra-f , Other ttlll dedam that tblog are not what tbey should b but say that nothing can b. dae about It; anob things always were, they always will b. . iCJutu7u4 f i f Weak.'