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The Big Stone post. (Big Stone Gap, Va.) 1890-1892, January 16, 1891, Image 1

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn87060150/1891-01-16/ed-1/seq-1/

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NO. 22.
c blundered. They voted
the Silver l{ill ?nd vainly
force IMH?
WA?nlN?to.v.Ja?. I5-The Silver Bill
Mfti the Senate at I o'clock this morn
iB?bT?-Toteof59to2? ?nd :l
-hi on ihc -"it of the ininoritj led by
sKhcrro.n " Events ?II show that the
aTci rat*,
ft.i take u]
L?tcu thai i> ?ould res?? m Aching
|hef( rcc hill, as much ol Ihc time remam
before ihc el.f the session would
L laken up in discussing Ihc financial
[measure. Bui the silver Republicans,
,ided bj the Democrats who have acted m
;.!r them, have hurried the Silver
Mill to a vote and now they propose to re
Lrn lo their Republican allies and pass
the force'bill;
K ;s stated thai Speaker Reed, while
[opposed to the free coinage of silver, will
not attempt to defcal the will of a ma
[jori,y of Ihc House by smothering the
S hatr bill in committee. He will proba
blj all .? the subject to be considered and
roted upon, and as it is more than likely
in pass, the responsibility for its becom?
ing a law will then be Bhiftcd upon the
(houldcrsofthc President; By (his mentis
Speakcf Kccd proposes lo try and embar
I'n sidi nl Harrison, in return for his
treatment ol Reed's candidate for tho
Portland. Maine, collcctorship last fall.
It is quite certain thai President Har?
rison will veto the Silver Bill as it stands,
and ii is claimed lhal this will greatly aid
his administration throughout Ihc North
aiel indeed with a targe class of business
men in 11?South, and that Ihc outcome
will be the loss by the Democrats of all
the ground they gained al ihc last election.
Ti,e muri.nscrvative Democratic lead?
ers like lionnan. ?!" not regard the pres?
ent situation as being vi ry flattering lo
the Democracy. On the other hand should
Harrison fail t" veto the bill the conserv?
ative business elements of the North will
hold the administration and nol the Dem?
ocratic part} resj.sible for its passage,
?nd the panic which is i xpcclcd to follow
th< sudden disappearance of $400,000 of
gold from circulation?nearly half "tir
circulatingmodiuni?will be laid on the al?
ready hetn ily ladened shoulders of the Re
Tiie Republican party has been forgiven
for much vicious and corrupt legislation
because of their devotion to the business
Interests of tlie i iitiitrv, but should the
Sil? i Bill become a law, this last excuse
for the continued existence of the party
Will In rc m ?.. d
9?eai'.v Rite In the I'rlce of Securities?
rtnukii Hinting Extreme Caution
aixl Foraee an Early Abun?
dance ol Money.
Kvx Yock,Jan. I.*>.?The improvement
n"!f.l in our r< vien ol last week lias been
followed by another week ol marked rc
eovery. On the Stock Exchange there has
1 ?*ii a stead* rise in the price of securi?
ties, with but fe* and slight reactions.
The "bear" clcinenl has been less ag?
gressive and appears to concede that it
affords little inducement to attack al the
eurrenl range of values. This change
??cms to be due to a conviction that the
*?nk spots in the market have been
probed to the bottom, and that the elc
neiits of recuperation are stronger than
*}l*.v have appeared to be?an ini
prcsiion ?hieb is strengthened by a
prominent stock house having unexpect?
edly resumed payments in full during the
*?fk *h1 renewed operations in the se?
curities upon which their embarrassments
?rose. The shrinkage of failures down to
?bout their usual volume ig accepted as
'?r? direct evidenco that in trade circles
?ffair? trc fast returning to a normal con?
ation, ar.J that the injury to the commer?
cial class arising from the crisis has not
been so radical as to very scriouslv intex
?rt trith the spring trade. Again, we
evidently reached an advanced stage
?recovery it, credit ^circles. Hanks;
rorcsei a probable carlv abundance
money, which is inducing them to give
*?.r* ???'uragement to borrowers. Their
?M'tude toward VVa|] slrcc, is lnorc ,ib.
*' ? ' ??? is no difficulty in L'cttiug
""*?J wn four to eight months, upon good
? '?Urals at Si- lo 6 per cent; which re
*' M ; flat, important obstacle to stock
b?m??m< urag ?g large operations.
"'? ????? from reasons of the above
crtl prices have been steadily
tH?* "P duri"8 the last two weeks".
> ..m.rr.r..v, mc.,? has extended to corpor
ieU,.' '; '? ? ? to stocks. A few
r.nf0,Q8bn i [,nccs ?f a,ar?c ???? <"':
r??8?l ?I figures that
to ifil *' '????'??;?.?>? -,?,0,1,0 barer:
mJL . . ; ' lv ,1!"* recovery in inort
ror I S Sfimn?,? h?8>id ">? fo?nd??on
?tocki t it ? - '"'Provcmcnt it, the
?o-ever ha. Sa,i"* corporations; which,
m,,,,.-^:-,;-;;1-1;" <",h partially
,,Ure*eovtrrof?r?lDab,C '? r?-ird the
rinSlcmporarT rS "pmanenUMf
it U i ' ???in -bear" at
further lm *?.U,d Pwhably halt at
i^ueiuH. f ,n.f,taat*uaP?rny from "bear?
e??e, ?nJ I *Mktr in such
m co.vrioK.vcE i.x cuaaJKiTl
?oui,n, 1
,nd" ? deeli " V* ,ri"8 out 1,uvcr,i
A,'d it is not to l ?n? l" thrce I)oi,1,s
nf'* veraiu- m 0Ver,oo?ed that we are
eided ease it h J ,"wur,J? a very de
*h?nr.t haif monc.v market. After
lh* ^??ioii S^.'S6 rescrvcs ia
"?i-.'.tlr f.,,j" '"."variably rise several
"0,1?! lo the 1 , ?u'ar Prove? exeep
nlh?-*'of aS,,',.U i? ,ikel-v t0 I*
;0r,n?reMotttha?,> "u'rt>asc' ?hau usual
lr> mont-v iR .1? ' au cx^??ive stringency
,n ^?"tution ol ;;"d,?n .,!,i8 affords
dac?on of lh. ?1 tl Pf10?1?!? K the w-|
,ne Bat* of England', rate
of discount to 4 per cent. The pending j
arragemcnts for controlling rates of rail
freight in the West and Southwest also
constitute an important "liull" factor.
The rise in prices of the last few days
must be in part attributed to that influ?
ence. But the fall effect has by no means
I been realized. A certain amount of dis?
trust about the final consummation of the
Hellenic has vet to be overcome. The
working details of Ihe plan, its binding
force and the fixed term of its duration
are matters undetermined, as well as the
extent of the advance injrntes that may be
decreed. These uncertainties leave very
little thai is yet positively known about
the agreement. If, therefore, the com?
pletion of the plan should .impress public
opinion favorably as to its ultimate
workings, this factor would lie found to
have a more important benring on values
than is at present credited to it. This is
a hope to which many operators are likely
tocling until the plans of the managers
arc fully revealed. At present there is no
evidence that any roads in the section
concerned will stand aloof from the com?
bination?certainly none of importance.
The next step in the arrangements is the
drafting of by-laws for the government of
' the Associat ion,for which a committee has
bccn'nppointcd. This stage of progress
having been reached, there is little doubt
Tin: great experiment Win. UK tried,
and that fact will give to the railroads of
the Southwest a special speculative in?
One great unsettling doubt overhangs
Wall street. The silver factious in Con?
gress, unsatisfied with the large concess?
ions to its demands made last summer,
now ask for everything that could by pos?
sibility be granted?the free coinage of
silver up to the full limit of the United
Siaies production; and it is by no means
certain that a majority in Congress will
not be procured for the proposal. Such a
law, if allowed to run for a few years,
could hardly fail to drive gold out of the
country and put it at a premium, leaving
our entire paper currency (excepting gold
certificates) convertible into a deprecia?
ted silver legal tender. Opinions can
differ only as to when (hat result might
come: the ultimate consequence is inev
I itablc. The adoption of (he bill. Ihere
I fore, would lie likely to have an immedi
| ate effect upon all long-dated obligations
j not made payable specifically in ;;old, and
thus might make gold itself a subject of
I speculation much sooner than is now an
| ticipatcd. The pendency in Congress of ft
measure involving such momentous pos?
sibilities cannot but act as a very im?
portant factor in both investment and
! speculative operations: and, if it has not
I already become auch, it is only because
j Wall street is not yet quite prepared to
credit Congress with being capable of
committing itself to such a fatal folly.
The currency movement with the inter-1
ior has taken a very marked turn in favor
of this city. Money is flowing hither"
from the East, West and even the South,
and the past week's net receipts of the
banks from those sections have amounted
to about live millions. The exchanges of
the banks with the Sub-Treasury show a
small balance in favor of the latter. This is
conclusive that we have reached the be?
ginning of cheap money.
Henry Clews.
The Market Yesterday.
New Yoke, .Ian. I?.?The stock market
was fairly active to-day, opening a frac?
tion lower than yesterday, while Union
Pacific was weak.
'vhe passage of ihe silver bill through
the Senate made silver certificates an ob?
ject of interest. They opened unchanged
but almost immediately declined under
heavy sales, many parties being anxious
to unload and the belief being general
thai the President would veto so radical
and revolutionary a measure.
The fall in a short time was from 107)? to
l05t?. At the close the entire market
was dull but steady, Money [i lo I per
One Unit will Suit Harrison, Sherman and
itlorrill to he Agreed Upon.
Washington, I). C.Ian. 15.?The Presi?
dent having stated to several prominent
Republican senators that he would not
sign a free-coinage silver bill unless it
was made dependent upon an international
agreement, steps are being taken by some
of the Republican senators to arrange a
compromise that will meet the wishes of
the President, and in order to satisfy -Mr.
Sherman, .Mr. Morrill and other extreme
opponents ot the free-coinage proposition,
it is said that the compromise, if ar?
ranged, is likely to also embrace one or
two of Mr. Sherman's ideas in regard to
the bond question-.
The proposed purchase of the twelve
j million dollars' worth of bullion is to be
left out of the calculation. Nothing
i definite has yet been agreed upon, but the
J proposed compromise is being strongly
' urged in order to promote more hur
I monious feeling among the Republicans,
and in accordance with the wishes of the
President that any bill passed must re?
ceive enough Republican votes without
any dependence whatever upon Democratic
Settlers in the Western I'art of the State
Suil'eriiifr for Lack of Fuel.
TorESA, Rax., Jan. 15.?The State Hoard
of Railroad Commissioners is in charge
j of the work of furnishing relief to desti?
tute settlers in Western Kansas, and has
invited the co-operation of the various
Kansas railroads, most of?which agree 'to
transport relief supplies free. The State
Board announces that Rawlins county
seems tobe the center of interest at pres?
ent, owing to the imminent peril of hun?
dreds of lives and the refusal of the only
railroad in the county to give free trans?
portation to supplies. On Saturday the
j Aid Commissioner at At wood wiied the
Railroad Commissioners that the Burling?
ton & Missouri river demanded full tariff
rates on corn and coal.
As several cars were then en route for
which the people were suffering, the com?
missioners telegraphed the railroad com?
pany an urgent appeal to desist from its de?
mands. This was declined, aud notice given
that hereafter no supplies would be trans?
ported free. The board is uow ordering
supplies for this locality to bo shipped to
Colby by the Union Pacific or Rock Island
railroad, und state that there is great need
of food, fuel and clothing on account of
the present cold weather. Tho mine own?
ers in Osage county, who have heretofore
been quite liberal, have resolved not to do?
nate coal to the sufferers, on the ground
that it might be stolen or misappropri?
ated, and further that the State has a coal
mine of its own, from which it "should
supply those unable to purchase fuel. In
view of this fuct, the Legislature is to be
called upou next week to provide the des?
titute with coal from the State mines at
Lea r en worth.
Clear and Exhaustive Argument Against
the Free and Unlimited Coinage of
Silver and (he Evils I It it
Must Follow.
Mr. Shcrmnn: "Mr. President, gold is
the standard in France precisely as it is
in the United Stales, and while the Hank
of France, a private corporation, although
somewhat in the nature of a public cor
poralion, has the option to pay in either
silver or gold, yet it never does exercise
the option to pay in silver except where it
is manifest that the demand is for the pur?
pose of disturbing the equipoise now estab?
lished in France between silver and gold.
Hut France is upon the gold standard.
Trance coins no silver coin except for sub?
sidiary purposes. It has not coined it for
years, not, I think, since the dissolution
of the Latin Union, and its position, so far
as the standard of value, is concerned, is
precisely like ours. Gold is the standard,
but silver is used as an aid, an adjunct to
their circulation precisely and to the same
extent it is here, except that we have gone
further, because we measure our silver di?
rectly by the gold standard.
Silver has been coined upon the gold
standard and never upon anything else,
since 187.').
Hut let us go a little further. That is
only incidental to a remark to which I
wish to call the attention of the Senate.
The Senator from Nevada commenced his
argument with the proposition that he
proposes to increase by the coinage of sil?
ver the volume of the currency of this
country. What a strange proposition is
that ! Does not the Senator know that
the proposition he offers, if it should be
adopted and be approved by the President
of the United States and become a law,
would at once convert the whole of the
gold and gold bullion of our country into
a mere commodity, to be measured, it is
true, at a premium, but to be absolutely
excluded from circulation ?
The very fear which haunts the minds
of the business men all over the country
now is that a new standard is to be adopt?
ed. That has and will lead lo the hoard?
ing of gold and the making of gold con?
tracts in every case where it .is possible
and to Ihe issue of nearly all the bonds
recently or now issued by great corpora?
tions" payable in gold. It is the fear of
Ulis very stroke which is now aimed at
the business interests of our country that
still keeps the people of this country agi?
tated and alarmed lest the stringency
which came from the Argentine confeder?
ation, a silver country, which extended to
the markets of Europe,and finally crossed
the ocean and now lives with us here,may
be increased.
All the circumstances which surround
our financial condition are favorable to
the United Slates, They were never so
strong as they are today, and never before
in the history of the world did a nation
command a more lofty or noble posit ion
than the United Stales now holds; and yet,
sir, that position which has given it
strength and power and credit everywhere,
is threatened by this sudden change of the !
standard of Value.
Increase the currency ! Why, the most
fatal effect of this will be an enormous
diminution of the currency, because more
than one half of the currency of our coun?
try is now gold or is based upon gold,
and every dollar of that is demonetized
when this bill goes into actual operation.
Mr. Plumb: If the Senator w ill allow
Mr. Sherman: 1 hope the Senator will
allow me to ",'o on.
Mr. Plumb: I should like to know the
authorty for the statement of the Senator
that United Slates notes are based upon
Mr. Sherman: That is a dispute upon
which we shall differ; but 1 s n y nil our con?
tracts are now liased on gold values. Why,
Mr. President, we today buy silver bullion
at its gold value and issue notes only up?
on the gold value of that silver bullion.
With all our efforts to do so, as I shall
show hereafter?and lam just as anxious
to raise the value of silver up to gold
as anybody can be?we have thus far fail?
ed. The lull of the last session, which,
in my judgment, was a wisa bill under the
circumstances, was founded upon Ihe idea
that our values should be based upon gold
but that silver should be used to the lull?
est extent possible as a security for notes
and that it should be coined, if necessary,
into silver dollars and into subsidiary sil?
ver, to be lilted, if possible, by the power
and weight of oui influence up to the
standard of gold, for alter all they are all
founded on gold.
1 have before me a statement made
by the Secretary of the Treasury within
a day or two, from which it appears that
there is now in the possession of the
Government of the United States gold coin
to the amount oT $336,330,604. There is
bullion in possession of the Government
to the amount of $66,7011,000, or $393,000,
00(1 of gold in the Treasury. The Secre?
tary also in a recent report tells us that
from the statistics of the national banks
and from other sources the amount of gold
in this country is over $600,000,000, a
greater sum than exists in the treasury or
in the circulation of any country in the
Not only arc our transactions based up?
on this gold, but we have a larger amount
of tins precious metal than any other na?
tion in the world. Now you propose to de?
monetize this great mass of money, to
change the value to some other standard,
lo use some olher as the unit of coinage
and unit of value. This is the proposition
in ail e here.
Now, let us look a little further into this
matter. That this will contract the cur?
rency no man doubts or disbelieves. What
man who looks to his interest?and all
men are guided by self-interest in all mat?
ters of business?would exchange this
mass of gold, dollar for dollar, with sil?
ver, at if I for gold for 371 grains of sil?
ver'.' Will any man who possesses gold,
knowing that its market value now'for a
series of years has been far in advance of
the market value of silver upon the old
legal rutio, part with his gold for silver,
when for fifteen years every effort of the
government of the United States has been
ineffective to raise the value of that much
silver up to gold, at the ratio of sixteen
to one t
The very moment after the passage of
this bill that gold is quoted at one-half
per cent premium above silver, that mo?
ment it is demonetized and is stricken out
from our circulation, just as much as the
wheat, the beeves, the cattle r.nd the
horses of our Western country. The
very moment there is a gap between those
two metals, by a law rs infallible as the
law of gravitation gold disappears and the
cheaper metal takes its place. Therefore,
instead of enlarging the volume of our
currency?which I desire to do as much
as possible?it will decrease the volume
o?currency; all men then will be driven to
base their operations upon a standard dol?
lar inferior to the present one in purchas?
ing power as measured in the markets of
the world.
It must be remembered, although this
Senate is great and this Congress is
powerful and the people we represent are
stronger far than we, yet there is not
power enough in Congress or in the peo?
ple of the United States to prevent fluc?
tuations of value. You may mane laws
which will have a wide-reaching influence,
hut you can not regulate or fix the price
of wheat or a grain of silver or gold.
This value is fixed by the opinion of man?
kind, the market value of the world meas?
ured from day to day in exchanges, and
when you now by this sndden leap sub?
stitute for gold, which has been the stand?
ard of our country for years, inferior
money, you drive out of circulation all the
superior money and you cause it to be
hoarded or to be r-er.t into foreign coun?
tries. Silver then becomes the only stand?
ard of value, and 371 grains of silver will
be the unit of value, worth at the market
price for the last fifteen years any where
from 10 to 30 per cent below par in gold.
You substitute silver coin, silver bullion,
and require the Government of the United
States to issue iis promises to pay based
upon 371 grains of silver instead of 2">.S
of gold.
But these gentlemen very often remark,
" we have a large amount of silver in cir?
culation." So we have. We have more
silver in the treasury of the United States
now than gold. Wc purchase more than
the production of the United States,
amounting to 54,000,000 ounces of silver
annually, and are constantly adding to the
supply. We purchase it at its gold value,
issue notes based upon it, and maintain it
at par in gold by redemption.
Silver is hoarded in every country and
used every where to a greater or less ex?
tent, but not as the measure and standard
of value. Now, you propose here to make
it the standard of value and do what
France has not done. You substitute this
metal for the other on what pretext? That
if will increase the volume of the moncv
J have shown that it will demonetize
nearly one-half of all the money of our
country, and degrade lo a lower value all
the balance, of it. and will drive out of
circulation and thus diminish the volume
of the circulation of gold as money. The
dollar will be measured in purchasing
power by the market value of 371 grains
of siver, and this for years has been less
than 25.8 grains of gold. Who will pay
out tlir gold dollai when he can purchase
the silver dollar for less) What a wide
reaching influence that will have upon tin*
contracts of our fellow-citizens God only
knows. You diminish the money of this
country nearly one-half ami require our
people to fulfill their contracts with in?
terior money of a volume only one-half as
great us our present volume of money.
Wc have now in circulation?1 have not
the figures before me and am sorry 1 can
not In-exactly accurate?in this country
1,470 odd millions of money w hich is legal
tender and passes from hand to hand.
The whole of tbat money is now based up?
on the gold standard. The whole of that
money will purchase as much in the mar?
kets of the world as the best money issued
by any mint in the world. But suppose
you at once adopt tin's new standard. Take
the present valuation of the silver bullion
in the dollar at about .-0 cents on the dol?
lar, and I believe it is less than that, what
will be the effect of that upon our foreign
exchanges? All contracts of our people in
Europe are based upon the gold standard.
T'n: immediate cfV>.-.? upon the standard of
value would lie that instead of A'l sterling
being equal to $4:86, ?1 sterling would be
equal to $0' of our money. So that our
citizens in paving balances to Europe must
send $<> of our money instead of $4.87,
and so with all other foreign contracts
using the gold standard.
As to contracts made within the United
States, they were made substantially on
the gold basis, and although gold and sil?
ver have always been in circulation as
' money here, we have always maintained
both at the gold standard. Our laws de?
clare that the relative value of one dollar
shall be $4.86.4 to one sovereign of En?
glish money, and proportionate rates for
coins of other countries. Suppose on our
bonds held abroad we should undertake to
pay them in silver at $4.Hi of silver to the
pound sterling; is there a man in Europe
who would not feel that he had been cheat?
ed by the United Slates? It will not do
for you to point him to your law which
says that silver and gold are alike the
standard of value and that silver money
may be paid. So in this country if silver
is tendered, it has been maintained by the
government up to the standard of gold.
But now by the free coinage of silver,
without limitation or restraint, we-fnvite
all the silver from all the world here to be
coined not at its gold value, but a valua
tion that vihratcs daily at 10 to 30 per
cent, below gold. When you come to use
it and pay it back again to the country
from which it came, it is measured by
the gold standard. Your dollar formerly
received at 4 shillings is only taken as 3
shillings, and 3 pence.
It will only be accepted as an acquit?
tance upon the gold standard at its mark?
et value. The same fate will befall your
paper substitutes for money. They are all
now redeemable in gold and silver coin,
but coin maintained at a parity with each
other in accordance with a public policy
you have more than once declared by law.
All these forms of money have been re?
ceived and paid out as tin: equivalent of
gold coin not only in the United States
but in every country of the world where
the flag of commerce floats. If this prop?
osition becomes the law all this will cease
and our money will be measured by the
daily fluctuation of the price of silver
bullion. Who will pay out gold when a
money always less valuable than gold fills
the channels of circulation?
The sudden revolution caused by this
change in our finances could only be com?
pared with some of the great revolutions
in the history of the past, when some fool
king undertook to change the standard
of value or reduce the quantity of precious
metal in a given coin, or to add additional
alloy, and it was nevertheless called a
pound sterling or a Ii vre, or florin, but
it was measured every day, and day by
day, as it was issued, by the people of the
world, at its real value, the market value
of the metal contained in the coin. So will
ours be now.
The fourteen hundred and seventy-odd
millions of money now outstanding, all of
which is worth so much in gold, and every
dollar of which can be presented and con?
verted into gold, when this new standard
is adopted that whole fourteen hundred
and seventv-odd millions is onlv worth
about $1,100,000,000, measured'by the
standard of 371 grains of silver.
To show that I am not alone in my
opinion, I received tins morning a letter
from a very intelligent gentleman of Ohio
in which, speaking in reference to this
identical matter, he says:
It lias seemed to rac lor a long time that the business
Interests of ihe country are jeopardized by the issue
of even (be present amount silver coin per month and
that the free coinage of. sliver would likely cause the
greatest commercial panic In America ever known In
the world. Of course I can see bow the free coinage
tit silver would temporarily ut least, create targe
protits for tbe few people who own silver mines and
add to tbe gains of speculators in silver bullion, bnt I
can see no reason, or even a shadow of it, for putting
nearly everybody else into bankruptcy.
The free coinage of silver, if an Inmost effort was
made to put 100 cents of value into each silver dollar
would perhaps not he a serlpos Injury to tbe country,
but it Kenia to tue that wx- have gone quite as far as is
sate without tbe co-operation of Great Britian and tbe
leading ^continental nations, and now is a very op?
portune time to secure qtteh co-operation. A
great outcry has been made about the demonetization
of silver, which was done when silver was not in
actual general circulation, but compared with the
demonetisation of gold, which will follow frco coinage
of silver, Its power fur evil was as a <lrop of water to
an ocean of disaster.
Then he speaks of an article printed
below, taken from one of the New York
journals, carrying out the same idea. That
short extract from a letter to me by a gen?
tleman in Ohio whom I know very well
gives the exact idea which a business man
will form of this proposed revolution.'
What good can come from the proposed
amendment? The very moment this bill
passes the unit of value will be 371 grains
of silver bullion. Who is benefited by
that? The present policy of the govern?
ment of the United States is all in the
interest of the silver producers. It has
maintained and advanced the price of sil?
ver from time to time. That policy lias
been always based upon the idea that gold
is the ultimate standard of value, and sil?
ver has been advanced in mnrket values
by the effect of our laws now in force in
this country, and by the desire also of
France and other nations to advance the
price of silver.
The beneficial effects of these laws are
felt all over the world, and I do believe
that if our silver friends, or those who
represent states where silver is largely
produced, will only be patient and take
time into the element of their account,
the policy of our Government, together
with the policy of France and the use of
silver in the South American states, es?
pecially if we can bring about an inter?
national ratio with some of the commer?
cial nations of Europe, will lift silver up
again to the standard of gold, and that
will give them gold rabies for their silver.
But if they now reject the gold standard
and take the silver standard alone, then
all property will be measured by the sil?
ver standard, and the result will be that
silver will go lower and lower as measured
by its market value.
I can see how a great many honest peo?
ple, good people, farmers and the like,
who do not study the mysteries of finance,
think a dollar is a dollar, of whatever
metal it is coined, or that a dollar with a
stamp of the United Slates and the great
eagle upon it is a dollar all the world over
without regard to its intrinsic value, but
when you adopt a single standard of silver,
as you propose to do in this bill, that
dollar will be measured precisely as all
other silver is measured in the markets of
the world, precisely as the United States
now measures all foreign coins. Our own
good people may be misled and deceived
by the expectation that they will get more
dollars for their labor products, and so
probably they would, unless Ihe natural
effect of a reduced and diminished coinage
he counteracted by this sudden contrac?
tion of the currency, whirl: may probably
defeat this beneficial result.
But what would be the purchasing power
of those, dollars that they would receive
in exchange for their horses and other
products? Tt would be the purchasing
power of 371 grains of silver as measured
by the markets of the world, not as meas?
ured by the Congress of the United States.
So they would be deceived and misled.
The purchasing power of this silver will
be just the purchasing power of 37 J grains
of silver in gold, and no more: and all
the laws which Congress may pass can not
change this unalterable rule.
Mr. President, this debate comes upon
me, as I said, rather by surprise. J do
not think the people of the United States
desire to have this matter treated slightly
or as if it were an immaterial question,
coming up to us in the ordinary course of
business. It is thrust upon us here. 1
thinkT, unduly by our friends who repre?
sent Stales largely interested in silver;
but when this question is to be acted upon
it must be acted upon with deliberation;
and I fell my democratic friends that if
they take the responsibility they cannot
shield themselves behind the fact that
they are in the minority on political is?
sues, because if they choose to vote with
those on this side who do not agree with
me in opinion upon this subject theirs is
the responsibility for this great and sud?
den change.
A Prominent Married Man of Nashville
Witnesses the Suicide of His Mis?
tress und Tries to Kill
Nashville, Jan. 14.?Married men who
frequent brothels doubtless shuddered
to-day when they heard of the sensational
circumstances surrounding the suicide of
Cecil Ilubbell, alias Johnson, at the noto?
rious resort kept by her on North High
street, about two o'clock this morning.
The woman was a beautiful blonde, about
twenty-eight years of age, ami very
popular. Her resort was most patronized
by those of the fashionable young men
who frequent such circles.
She was born and reared in Nashville,
and was a neice of Win. Norinwi, the well
known gambler, who was shot and killed
by Mel. Walker, two years ago. From
evidence before the coroner's jury this
morning, it was learned that at the time
of her death the woman was in her room
with Fred F. Cummins, who has been vis?
iting her for some time past. Mr. Cum?
mins is one of the most prominent young
men in the city, being a director in the
Capital City bank, and a married man. His
friends have endeavored to have him break 1
off with the woman, and this morning he
had gone to the place to break off with
After stating his business he requested
that she give him a photograph of himself
that was in her possession. The woman
returned the photograph when Cummins
remarked: "As all is over between us, I
might as well tear it up."
"If yon do I'll kill you and myself,"said
the woman.
Cummins tore flic picture in two and
told her to shoot. She ran to the mantle
and seizing Cummins' pistol, turned the
muzzle to her head and fired, falling to
the floor a bleeding corpse. Cummins
called for assistance and its several men
entered, he attempted to secure the re?
volver but was prevented.
He seemed to be frantic, and he implored
that the weapon be given him that he
might end his life. The man who had
secured it, however declined to give it up.
There we're a number of prominent men
in the house. The police were notified
and Mr. Cummins removed to one of the
hotels until the meeting of the coroner's
jury at 10 o'clock this morning, when,
after two hour's session, a verdict of death
from a pistol inflicted by herself was re?
turned. The ball entered her head and
ranged upward.
A Desperate Fight Between the McCoy?
and Hat?elds.
Cati.jtsbcko, Kv., Jan. 15.?New? reached here to?
day of another fight between the H.ttfleld-SIcCoy
factious, which have been quiet lor some mouths. The
adherents of the respective factions fought on Hart's
creek, In Logan county, W. Va., and six men were
killed. The names of the killed could not be aacer
I talned, and the informant, who lives In Logan county,
was unable to say which faction lost, moat heavily in
i the battle. _
Hurletta and Xorth Georgia.
I Atlanta, Ga., Jan. H.?To-day an application was
, before the United States district court for the appoint?
ment of a receiver of the Marietta & North Georgia
railway. An order was passed requiring the com?
pany to show cause on Monday next why such receiver
should not be appointed.
Why the Northern Furnaces Find it Im?
possible to Ran, Except at a Logs.
(From the Iron Age.)
The most significant event during the
week has been the determination ex?
pressed by the great majority of the fur
nacemen of the Shcnango and Mahoning
valleys to suspend operations, unless the
cost of putting their product on the mar?
ket is reduced. The furnaces of the val?
leys work under nearly identical condi?
tions. All of them depend upon the Lake
Superior district for their ore and upon
the Conncllsville coke region for their
fuel; only a few of them using cinder to
cheapen their mixture for forge grades.
The ore was contracted for at a time, when
prices for pig iron were very much higher,
and when the outlook was very bright in?
deed. In fact, quite a number of the
furnace companies arc credited with hav?
ing made a good deal of money during the
advance early lust year, because they had
stocks of cheaper ore from the preceding
season. But during the second half of the
year the market slumped persistently, and
with contracts for high raw material the
cost remained high. The situation affected
alike those who were producing forge and
foundry grades and those who were run?
ning on Bessemer metal. The latter has
been affected principally by the moderate
business done in steel rails and the
wretched outlook for that branch of the
trade during the coming year, in spite of
the tremendous increase in the make of
soft steel. The foundry and forge iron*
hare been influenced chiefly by (he compe?
tition of ihe Southern makers. That
competition has grown more severe since
the financial stringency.
* * * # #
But while it is a fact that valley fornace
mcn producing foundry and forgo grades
for the open market are struggling against
an exceptional condition of affairs with
their competitors, it is true also that they
must have relief more permanent in its
character. They know that soon their ore
will cost them much less, but they must
have assurances that there will be a low?
ering of freights and that coke will be
still cheaper. They have nothing to lose
and much to gain by idleness now. It is
estimated that if prices on ore and fuel
and rales of freight are reduced to a fig?
ure which leaves a very good profit to the
ore and coal miners and to the transpor?
tation interests, then the cost of run of
furnace can be reduced to $1:2 at the very
best equipped plants in the valleys, and
wc need hardly add that the majority of
them are modern installations. It is this
very fact, which is only too generally
lost sight of, that the iron made of Con
Dcllsville coke and Lake Superior ores
bears burdens of profits which arc not
equaled in any part of the country.
Summarizing the latest special tele?
graphic advices, wc may state that in the
Shcnango valley there are out the Alice,
Ella, Ncshannock and Raney-Bcrger,
while there are already banked the Claire,
Mabel and one Stewart. Spcertnan and
Keel Ridge report that they propose to go
out of blast scon, and we are advised that
tin: others "ill suspend operations by the
Kith inst. The only furnace which will
continue to run is the one Stewart. The
monthly output of the furnaces in the
Shcnango valley is about f)0,000 tons, the
December product having been 43,900
In the Mahoning valley, one each of the
EI im rod, Bubbard, Bricrhill, Mary Huzcl
tou and Mahoning stocks are out and
Struthers is banked, Hannah and Grace
were out, and the second Hubbard will
stop on the 10th, as will all the others
with the exception of tho Falcon and
I'iio'iiix furnaces of Brown. lioi:il?*ll &
Co. and Thomas at Nile?. The furnaces
idle, or about to stop, represent a monthly
output of 37,000 tons, while the three
which will continue to run may be rated
at 10,000 tons. In other words, the ca?
pacity idle iii.the two valleys will aggre?
gate 87,000 tons per month, while tho
plants which will continue to run make
monthly 12,000 tons. In all, twenty
three furnaces have signed agreement to
stop by January 10th, and to remain idle
until the majority of those signing the
agreement resolve to resume.
The Phenomenal Athlete to Sail for Eng
liinrl Soon.
New YonK, Jan. 15.?Louis Cyr, the
modern Samson, has found a backer to
tin- extent, of ten thousand dollars, and in
a couple of weeks he will sail for England
with the intention of challenging Sandow,
Hercules, Cyclops, Abbs, Ajax, Polydor,
or any other of the champions of the
world. His championship challenge will
cover seven points?lifting 4,000 pounds
of pig iron with hands and back without
harness; putting up to shoulder a 265
pouud dumb-bell with one hand and then
pushing it up at arm's length; shoulder?
ing a ."j'Hi-pound barrel of cement with one
hand without artificial means;lifting with
one hand a woman hanging to a ladder
and then holding them on the chin in a
perpendicular position; lifting with one
ringer a man weighing 150 pounds, a 232
pound and 150-pound dumb bell, all at
the same time: lifting with his back a
750-pound platform on which there shall
be twenty men and 250-pound dumb-bell,
and, finally, holding out in a horizontal
position a 100-pound dumb bell with one
hand. Although these feats seem incred?
ible. Cyi is willing to stake against their
performance his ten thousand dollars and
the heavy weight lifting championship of
the world together with it.
He Carries the Democratic Caucus by a
KUlng Vote Without Opposition.
Raleigh, N. C, Jan. 15.?AtS:30 o'clock
last-night there was a Democratic caucus
in the Hall of the House, Senator Turner
presiding, the object of which was the
nomination of a candidate for the United
States senator. Senator Picket of Anson,
nominated Zcbulon B. Vance, who, he as?
serted, was the greatest southern senator
and the peer of any man in the country.
He eulogized Vance's public life and
his unswerving devotion to the people of
North Carolina.
Tho nomination was seconded bj Sena?
tor Ardrey, of Mecklenberg, the county
which was for many years Vance's home.
By a rising vote Vance was then nomi?
nated. There was great cheering at the
annouccmcnt of the result, in which all
the members and the great crowd of spec
! tators joined. Vance iras called for and
I was esoorted to tho hall by a committee
composed of Messrs. Pickett, of Anson,
Long, of Columbus, and Ardrey, of Meck?
Left HI* Wife nod Creditors.
HiDDLASsoaoi'mr, Ky., Jan, 15.?C. H. Waran, con
tractor ami a coal dealer, absconded leaving bis wile
and debu behind Mm, amounting to several thousand
dollars. It Is clsimnd ho baa tied to California,
whence he originally came. Waran did a flour?
ishing business here and realised on all his invest?
ments before leaving tor parts unknown.
It Apparently Hound the Two Countries
to Build the Interoeeanio Canal.
Washington, January 16.?Tne compli?
cations between Nicaragua and Costa Ri?
ca, growing out of boundary disputes af?
fecting the Nicaragua Canal Company's
concession, were discussed again today by
the Senate in secret session; and the com?
mittee on Foreign Relations was instruct?
ed "to inquire into what steps have been
taken under the act of Congress entiled:
'An act to incorporate the Maritime Canal
Company of Nicaragua,' approved Febru?
ary 20, 18S9, and what arc the present
conditions and prospects of the enterprise,
and consider and report what in its opin?
ion the interests of the United States may
require in respect to that intcroccanic
The Senate also made public the treaty
signed December 1, 1884, between the
United States and the Republic of Nicar?
agua, providing for the construction of an
intcroccanic canal across the territory of
that republic. It appears that this treaty
(of tho ratification of which there is no
evidence) bound the United States and
Nicaragua to build the canal.
In his message accompanying the treaty
President Arthur said:
"The negotiation of this treaty was en?
tered upon under a conviction that it was
imperatively demauded by the present and
future political and material interests
of the United States. The establishment
of water communication between the At?
lantic and Pacific coasts of tho Union is a
necessity, the accomplishment of which,
however, within the territory of the United
States is a physical impossibility. While
the enterprise of our citizens has respond?
ed to the duty of creating means of speedy
transit by rail between the two oceans',
these great achcivements arc inadequate
to supply a most important requisite of
national union and prosperity. * * I
may add that the canal can lie construct?
ed by the able engineering corps of our
army, under their thorough system, cheap?
er and better than any work of. such mag?
nitude can in any other way be built."
The treaty itself is made up of twenty
five articles. The first and second ar?
ticles arc:
Article I.?The canal shall be built by the United
Statesot America ami owned by them andthq Republic
.of Nicaragua, and managed n* hereinafter provided.
Article II.?There shnll he perpetual alliance hc
twecu the United Slates Ol Ame rica and the Republic
of Nicaragua, and the former agrees to protect the In?
tegrity of the territory ol the latter.
Other articles provide that the canal
shall be of the largest class of ship canals;
that the United States shall have the frco
use of Lake Nicaragua : that the United
States shall pay for private lands used;
that a strip of land 2kj miles wide lie set
apart for the work and owned by the two
contracting parties: that no custom house
charges shall be imposed by Nicaragua
upon vessels passing through the canal;
that Nicaragua shall protect the canal
employes; that the United States shall
furnish the money and build the canal,
railway and telegraph lines and equipment;
that it shall have exclusive, control of the
canal construction and that the canal shall
be managed by a joint bonrd; that the
profits from tolls shall go. one-third to
Nicaragua and two-thirds to the United
Status;that the canoi-ehall be begun in two
years and be completed in ten vent*; that
the United States shall aid by ils good
offices, if desired, in securing the union of
the five Central American republics; and
that the United States shall lend Nicar?
agua $-1,000,000 to make internal improve?
ments, to be a lien on the canal.
Deuipsoy (Jets it In the Neck on the
Thirteen! Ii Round.
New Oar.can's, Jan. 15,?Dempscy was
knocked out by Fitzsimmons on the thir?
teenth round. Tlie fight took place in tho
Olympic club bouse. The principals en?
tered the ring at 10:10 last tiigkt ^nd soon
began the terrible mill for the $1:2,000
Just under the square of electric lights
stands the ring. It is exactly twenty-four
feet square, on turf, and of river sand just
loose enough to be springy. The ropes
and stakes arc padded, and it is alto?
gether an ideal place to fight. Four feet
from the ring is another enclosure with
barbed wire instead of ropes. Between
the two rings are chairs for seconds, and
a wire fence insuring pugilistic parties
from outside interference. Besides, the
genilc hint of hands off conveyed by sharp
wire, the fence is intended as a humane
measure, preventing accident to the prin?
cipals from too close contact with the
crowd, and making it impossible for the
mob to shut off air and help from tho pugi?
list should he be hurt.
Fitzsimmons was the first of tho con?
testants to reach the club. He appeared
in fine condition. His skin was clear,
his eyes bright and his'good nature-..sur?
prising, considering the occasion and his
long training. Carroll and O'Oonncll,his
trainers, kept giving him hard rub-downs
at intervals so as to keep his weight from
increasing, the big fellow having very lit?
tle to spare, especially under conditions
insisted on by Dempscy that tho weigh
iug-in be at the ringside in fighting
Dempscy arrived lalerjind bore his us?
ual, of late, serious look, with an occas?
ional knitting of the brows and grim
smile which showed that he had made up
his mind for desperate work. He and
Fitzsimmons are the same age, twenty
eight years. Dcmpsey is trained down as
fine as a race-horse, his muscles are long,
pliant, supple and well developed. His
legs have all their wanted strength and
he moves around as easily, gracefully and
quickly as if no effort was wasted in
his going about. He weighed 147 pounds
last night and he did very little work dur?
ing the day so as to pick up a few pounds
by night. Although Dempscy looks per?
fection, for hie inches, he is markedly ov?
ershadowed by the ungainly, awkard-look
ing giaut with swinging arms who op?
posed hi in.
Kansas Farmers' Alllaue? Men Drive off
Officer* who Attempt to Foreclose.
Wichita, Kas., Jan. 15.?A body of
Fanners' Alliance men yesterday resisted
Sheriff Dobsou, of Harper county, In "an
attempt to sell farms. The officer and
the attorney for the Johnston Loan and
Trust Company, of Kansas City, had or- ,
ders of sale on property against which the
morgages aggregated $27,000, and when -
they attempted to dispose of the farms '
they were surrounded by a band of Alii- ;
anco members who ordered them to de?
sist, and threatened them with personal
violence if they did not leave. Being ua
freparcd for such an emergency, they left. !
n talking of the matter last evening, an ?
Alliance loader upheld the actions of his
associates, and said the organization was
prepared to follow the same course
i throughout the country.
Big Attachments.
Uazaxd, Kt., Jan. 14.?B.P. r>cnca,o{thtacouuty, '
has attached the mineral lands o( Lather Koaatft c4 *
New York, the baaker, to secure a ?lab? et ty^QOO
which French hltegat Udse hUB tor ?mjalSotofl?,

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