Newspaper Page Text
DECEMBER 24, 1903.
12 THE NEBRASKA INDEPENDENT Independent School of Political Economy FALSE TO MARX. Perhaps it may be because J. A. Way land, ediior of the Appeal to Rea son, was once a member of the peo ple's party national committee for Colorado; or it may be because A. W. Ricker, one of its associate editors, was high up in the people's party councils in Iowa some years ago but at any rate, the Appeal is guilty of socialistic heresy and treason to Karl Mark. Proof: Read the issue of De cember 5, 1903, page 2, column 4, this item in "Queries and Answers": "ABOUT MONEY VALUE. How is it that while at the banks gold and silver are at par, the monied men tell us that the silver dollar is only half the value of the gold dol lar? J. E. Greenwood, Chicago Because the LAW says that the two coined pieces shall have the same power in the paying of debts. If the law said that a piece of copper the size of a cent, which it coined, should pay as much debts as a. gold dollar and would be receivable by the gov ernment for all dues, might circulate Just the same as gold in all transac tions, though the gold would liKely be used more in export business and might itself be exported. But the bus iness transacted with the coppei would be Just as much transacted as if it .had been done with gold. Nearly all transactions are now done without either gold, silver, copper or even pa per moneyit is done by a transfer of CREDITS on bank books. If the gov ernment should issue a paper money and refuse to accept anything else than that money for dues to the gov ernment such paper money would be at a premium over gold, if gold were thus depreciated. For if one had to pay the government, and ro other money but the government money would pay it, each" person would have to get that money, as they once did gold, even if they had to give two gold dollars for one of such paper. The commercial valueof silver and gold has nothing to do with its MONEY yalue. The commercial value of gold, measured by articles of wealth, is very small in Klondike Although stated somewhat crudely, this is a populistic explanation out and out. Those who have read Cap tain Ashby's "Money and the Taxing Power" will have no difficulty in see ing that the writer of this answer had a glimpse of the light. But those who have read Marx's "Capital" will be in clined to doubt the Appeal's claims of being a teacher of socialism. Let us look at the socialist theory. 'The value of a commodity is the amount of abstract human labor em bodied in it." (Student's Marx. d. 2.) "Gold is now money, because it was previously a simple commodity.", (Id., p. u.) uoid has become money in consequence of all other commodities expressing their value in gold." (id., P. 22.) "It (money) is a commodity like the rest, and its value .is deter mined by the labor-time necessary for its production, and, is expressed by the quantity of any other commodity that costs tne same amount of labor-time (Id., p. 22.) Of course, a populist paper like The Independent ought to .agree with the Appeal and not with Dr. Aveline's Student's Marx; but how can a so cialist paper thus repudiate one of the fundamentals of socialism? How could the "law" have anything to do with the matter, if Dr. Avellng Is correct in saying that "gold has become mon cy In consequence of all other com uiuuiiit-s expressing ineir value m gold," especially in view of the fact that "Its value Is determined bv the k A lauor-ume necessary for its produe tion." Could the ' law' tako a piece Of copper (labor-time 2) and make It pans on an equality with a plwo of gold tiabor-timo &)? And. by tbe way, where do tlu;e "labor crystals" com In? I low uli a piece of paper containing only cue oi mese ie made to pass current with a piece of gold containing ten? tlx planatlon of the explanation Is surety a oruer, Mr. Appeal to Kcason. STANDARD OIL'ECONGMY Pew !UkrIU' rlrltjr i'rfs trs til Kr WrlHe Mat J. Lawrence Laughlin, proctor o political etnoiny, University of Chi rnr. rontrlbutre a pKr on "The Currency Situation" tit IU Novemhe number f "Tn World Today, " which It thtranifrlstic j4 th man ou pwUl pleading Intended to foo the ateritge tuaa Into believing that "asset currency" notes are not funda mentally different from ordinary bank credits, popularly known as "depos its." Of course, all will agree that when A "deposits" $100 with Banker B, the latter becomes debtor to A in the sum of $100, agreeing to repay the same on demand or at a stipulated time up on A's order." Again, all will agree that when A delivers to Banker B his (A's) certain promissory note for $100, due 90 days after date, with interest at 'steen per cent, and receives in ex change therefor ten elaborately print ed notes of Banker B, each for $10 then A and B have swapped credits, to the advantage of B and the disad vantage of A. In either case Banker B is debtor for $100. In the first the evidence is recorded in 'his bank ledgers and In the customer's pass book given to A. In the second, the ten handsomely en graved "notes" are evidence of the debt owing by Banker B Now, it Is well known that, in the first instance, Banker B might loan to C $75 to $85 of the hundred received rom A, retaining the $25 or $15 as reserve." C might in turn "de posit" the $75 with Banker B and get a little pass book. Then Banker B could loan D $50 to $60, who in turn would "deposit until . Banker B could be owing $400 to $700 to his 'depositors" and have no actual coin but the original $100 received from 'A, but having "customer's" notes to make up the difference. If instead of using pass books' as evidence of his debts. Banker B had simply issued his own artistic notes n exchange for those of his custo mers, Mr. Laughlin argues that the re sult would be nowise changed. Bank er B would owe no more and no less; his customers likewise, but they would use bank notes instead of checks In making payments In their own busi ness. All of which is true in a meas ure, but purposely misleading. It must not be forgotten that no check is in the remotest degree a "le gal tender" in payment of anything. t is in no sense "money," but an or der for money. On the contrary, bank notes usually carry some power of le gal tender they are receivable for taxes even if not good as against Judgments. No banker would think of paying one of his customer's can celled checks in payment of one In coming; but he could pay out and re pay, time ager time, his own notes as they kept returning to him. Let us see what difference there could be under "asset currency." Given .. a bank with $lf0,000 capital fully paid up in gold coin. Without a dollar of deposits to begin with, the bank could loan that hundred thou sand (less what was used In fitting up the bank) to customers. In the very nature of things a large portion of that gold would find its way back In to the bank vaults, as "deposits." In course of time the deposits would greatly exceed the bank's capital. So far there has been an v inflation of credit due to customers borrowings and deposits and the use of checks instead of actual coin in exchanges. But Now, the "asset currency" feature is Introduced. The bank's capital has already been converted into "assets, which is a convenient term for custo mers' notes. It may now Issue $60,-- 000 In printed bank notes and loan them on customers notes, the bank notes being a first Hen upon the ''as sets" of the bank. As these bariTc notes would carry some of the legal tender powers of money, they would. In fact, act exactly the same In ordl nary business channels as if the bank had been given without cost $00,000 In rold coin. And n'l the borrowing, Joining, depositing, chfcklnq; out. etc.. whh took place with the orlelnul lino.nno of thft ban':' capital could bo repeated with this $GO,noo of asset not1. May we Infer that a noon as the ItanV hd 1wh! It $l'",non In tet nnt.-s thftt Its deposits would ahrlnk fr..ftoo? Tbut l whit Prof, laughlin wtnt u td think, b'tt he li too nhrowd to nv eo In f mnnr word l'nl''i there should b a nhrlnatre of a dollar in dnlt for r my ddUr of nt rote hied. th! thft Inevitable Infnflon tnt W splice. ThoretlcUy the wwtMlltlen would be that a f.rt per rent Inftstlon could tiv pure; but practically tM U not IH'I. lf nlth !. rnrrenry will iome a retirement of I'm "rreeq hie .' and irhup a rel (femonetlu Hon of th !ver dolhr, th obwt h lm? to rr?Jie thie In the circulation by r t bank nnict. Prof, Laushltn it working hard for his Standard Oil masters to "pervert the egoism" of the American people. He is doing a good Job of it, too, if we may Judge of the number of mul let heads who will read his lucubra tions and sagely remark, "Yep. That's so." . Write a postal to C. Q. De France, Lincoln, Neb., for prospectus of "The Old Guard of Populism." A Wild-Eyed Republican When Representative Hinshaw, of Nebraska, reached Washington at the opening of the session, fresh from the state so lately redeemed from pop ulism and whiskers, some wag armed him with a card admitting him to the spectators' gallery. This card he ex hibited to the doorkeepers, and, be ing a new member and unknown, was promptly directed upstairs. It was practically deserted when he entered, and, as he looked down on the busy scene,' he felt aggrieved that his mem bership card did not -entitle .him to the privilege of mingling y with the members on the floor. 'Say," remarked the new fledged representative, as he sorrowfully de parted, from his lonely vigil, "how long does a new member have to be in congress before he is entitled to the privileges of the floor? I want to select a good seat and get to work." Explanations and apologies followed and Mr. Hinshaw was soon bustling around the chamber... His feeling of homesickness has gradually disap peared, but whenever he glances up at that particular gallery he finds It necessary, to repress an involuntary shudder as he recalls his first experi ence In the national house. New York Tribune. Burr ft Burr, Attorney NOTICE To Robert C. Baym'ond, non-resident defendant. You are hereby notified that on the 4th day of TWwnnKa A li ltitt fnthrinA R&VCQGnd filed a petition against you In the District Court of Lancaster county, rueurasnn, ijjc uujcli u prayer of which are to obtain a divorce from trtii f Ka n.nimil that tTfill hflVA formed tllO habit of drinking Intoxicating liquors and that you have become and now area habitual drunk ard. Yon are required to answer said petition on or before Monday, the 25th day of January, A. D. 1904. CATIIRINE RAiMOMJ, . By L. C. Burr, her attorney. tfam'l B. Ham Attorney NOTICE ' In the District Court In and for Lancaster county, Nebraska. In the matter of the estate of Catherine Clark, j . Tl.lo nandA AamA on fAr Knartncr nil IliP rpt 1 t1fTl of Y. James CoHgrave, administrator of the es tate of Catherine Clark deceased, praying for licence io sen 101 uuuiucrvu umc v nu . bered twenty-three (Zi) in tkmrh Lincoln, nu auuiuuji i ' ...v w.j " - County, Nebraska, or bo much thereof as should oe necessary to pay ine oems, uuu .niifusra m adm nlstering wild estate, tliero not being guf flHpnt Tiprsnnal nronertv to nay said debts and expenses.' It is therefore ordered that all per- eons interested in saia esiaie appear ut-iure uio .it ih mnrt Viniica In thoHtv nf Hnrfiln. Lati tat ILI L V UV'inv ' ' J ii i. caster county, Nebraska, on the 1st dayotteb- ruary, A. V., jam at W O ClOCK B. in. ui nam uaj, to show cause why a license hhould not be trronto.l (n tial.l nH ml n t r t ClT tfl Sl'll Pfti(l rC'Ul estate to pay such debts and expenses, as In his saia pennon prayeo. it Is further ordered that notice of such hear ing be given to all persons interested in said matter by publication for lour consecutive weeks in The Nebraska Weekly Independent, a news oaoer ot ceneral circulation in said Lancaster county, Nebraska. iatea tnis lotD nav oi uecemoer i. i. i-jvk. EDWAKl) Y. HOLMES, Judge oi the District Court. SPECIAL MARKET LETTER FROM NTE k BUCHANAN CO.. LIVE STOCK COMMISSION MER CHANTS, SO. OMAHA. NEB. Cattle: There is a decided reaction from the low market of last week and if feeders will hold out and make their cattle better and not get scared it will boost the market up to where it belongs. Feeders and stock era still keep firm. Fat cattle 20c higher than last week. . We quotfe choice corn-fed steers at 14.40 to $5.00, fair to good $3.50 to $4.30, warmed-up down to $3. Choice heavy feeders $3.30 to $3.40, medium $2.90 to $3.20, common grades down to $2.30. Yearling steers choice $3.50 to $4.00, others $3.00 to $3.25. Good fat corn cows and heifers $2.40 to $3. Stock heifers $1.90 to $2.40. Oanners $1.25 to $2.00. Milkers and springers $20 to $35. Sleer stock calves $3.50 to $4.00, heifers $1.00 loss. Veal $4.50 to $5.50, bulls $2.25 to $3.25. Sheep market dull. Killers Feeders. Lambs $4.50-5.50 $3.50-4.25 Yearlings 3.80-4.25 3.25-3.40 Wethers 3.45-4.00 3.00-3.20 Ewes 2.50-3.00 ,2.00-2.40 Hog market stronger. Range $1.30 to $4.50. A Winter in Florida Why not arrange to spend your winter in the land of sunshine and flowers? The cost of a winter so journ in Florida ia so small compared with the benefit you will receive, that you cannot afford to risk your health in the cold, disagreeable winter of the north. Do not get the Idea that you can find first class accommoda tions only at the high priced hotels As a matter of fact, there are hun dreds of medium priced hotel In Flor Ida, where first class accommodations can b secured at rates of $8 per week. and up. In arranging for your trip, do not lose sight of the fact that the "Dixie Hyer" route offcra you more In the way of a scenic trip from St. Loula to Jacksonville, Fla.. than any other through car line from the west No change of cars between St. Louis and Jacksonville. Fla. The "Dixie Flyer ro'ite reaches such points a Nh vllle, Chattanooga, Lool out Mount vln. Chlckamauga Park, Atlanta and Ma con. i.eavio si. ivouia on me even Ins train via Illinois Central, you raoh JacVKonvllle the erond morn In. In time to make direct connections In Union depot at Jrfcsonvlll, Fla., with all dlvrrrinft llr. FptvU! round trip winter tourlit tkku. which permit ptopoTrri W rolnf and rfturnlnjr, are now on Ml. rood for rrturn up to and Including J n 1. r.H)t. Writ if for handfom! UluMrat! booMM and dUUM Information re gtrdlng ratM. hotel accommodation!. tlntranr of a trip. etc. W. II, imiLI nit. rai Art.. Illlnota Central U, It . Omaha, Neb sAMX B. IIAM8, ATTORNEY. Articles of incorporation of the Pythian Sun beam Publishing Company. tie H remembered mat tne nnaersignej, jhcuu H. North, Samuel H. Hams, Kent V. Running- ham and Frank J. Keiiej oi uie cuy oi jviucmu, r nnonator ennntv. Nebraska, do hereby in pur suance of the statutes ot said state of Nebraska in such cases made and provided associate our selves together in business as a ooay corporate in the manner and Jor the purposes hereinafter mentioned, do hereby adopt the following arti cles of incorporation: Art. 1. The said corporation shall be named and known as The Pythian Sunbeam Publishing Company. Art. I. i ne principal pmce oi irnuantuus mo business of said corporation shall be in the city of Lincoln, Lancaster county, Nebraska. Art. 8. The general nature oi ine uusiness io ha trnninrtod hv this corporation shall be the owning, maintaining, conducting, publishing and editing a fraternal newspaper devoted to the interests of the order ot nuigmsoi ryimas and for such purpose may purchase, own, lease, sell and convey such property, personal and real, as may be necessary or Incident to the main powers of the corporation. Art. 4. The amount of the capital stock of this corporation authorized is the sum of One Thousand dollars, to be divided into two hun dred shares of the par valueo five dollnrs each. At leasi sixty percemu nui mun-Bum, uc scribed and shall be fully paid up at par upon the organization of this corporation and fully paid up shares of said stock shall be issued to the stockholders thereto and not otherwise. Art. 6. The highest amount of indebtedness tn which this corooiation shall at any time sub ject itself shall not exceed the sum of one hun dred dollars. Art. 6. The date of the commencement of this corporation shall bethe (3th d y of August, 1903, and shall continue for the period of thirty years. Art. 7. The ailtiirs and business oi mis corpo ration shall be conducted by a board of at least tour and not over nine directors, one of whom shall be president, one the secretary, one the treasurer, and one the manager. The board of directors shall be elected by the stockholders lrom among their own number. Art. 8. The first meeting of the stockholders shall be upon the day ot the organization of the corporation, and tnereaiier me rcgumr meet ings Bhall be held at the office of the corporation in the ci y oi Lincoln, Lancaster count' . Ne braska, on the first Monday in each and every month. Art. 9. The officers of said corporation or me first year are Jacob II. North, president; Samuel B. Hams, secretary; Kent U. Cunningham, treas urer, and Samuel Y, Lams, manager, and any two of said offices can bo held by one and the same person. They snau noia ineir oruces ior tne pefod ot one year anu uhui wi-ir nuuL-cMur mid aualified. Should a vacancy occur in any of said offices or on the said board of directors, the same may be filled by the re maining members oi tbe board ot directors, such appointee to hold until his successor is elected and qualified. Art. 10. At all stockholders' meetings each share of .stock shall be entitled to one vote and a vote of a majority of the shares . shall in all cases control. Stockholders may vote their share In person or by proxy duly authorized ia writing. .... ... Art. 11. The board or directors snau naveiuu power and authority to make all rules and by laws ior thei.urnose ot conducting the buslnewi affairs of tbe corporation and may alter and amend the same at pleasure. in testimony whereof we have hereunto affix ed our signatures this l:h dy of Auvusi, Umim. KKNT I. t't'N M N'liilAM, r'KANK J. KKLI.KY. PA MULL H. HAMS. JACOB It. NOUitl. In the prwnce of I". Ja . Cos rave. State or Nebraska. Lancaster County-. lie It remembered that on IW l.tih day of Aug tut. IVU'. bvior me, a notary public. In and !r l.nrtrr county. Nebraska, enme Jucub II. North, Samuel It. ilams, Kent l Cunningham and Krank J. Krlley, la me known to be the identical pc?ii a he naiutt ar- affixed to the lorrrittng articles oi Incur- oration, and they severalty at know lr.teH (he rxrcutlvn of th same in be tlu-lr voluntary act and dtred for the purpost-e In said anklet e prel. In tUttny whett-nt I ir-tmto iulrrUi my nam and !ftt mr otIW tal ! Uie day and year Ul above wrtum. ' I'.iA't.tO-MiUAVr, (al.) otary 1'uWle. nomeseeVcrit and Settler Rates to the 5uny South On first and third Tueaday of each month to and Including April, l'.H. Write Jno. M. livall, A. tl. V. A Mo bile 4 Ohio U. H . St, Loula, .ro., stat tii to hat iilnt you who mica. Snd a list of ' heart of oak" popup lU to C. Q. IH r ranee, Uutola, Ne.