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DECEMBER 24,' 1903.
THE NEBRASKA INDEMDENf" 15 1666 entirely failed to realize any of the expectations that were held out in its title or preamble. :It did not in crease the coin of the kingdom, -, but on the contrary diminished it. It did not ease the ting, but on the contrary robbed the, state of its prerogative of coinage and the profits it would have made by the- Indian -exchange; it did rot promote the. trade and commerce of the kingdom, but only that of the East India company,". It did not even .answer the " expectations of , Barbara Villiers.. . -.. for . she was - soon.- after supplanted in the king's affections by the Duchess of s Richmond, and she Uarbara) thrown aside as a broken toy." ;. - ,. "- . So was instituted the system of pri vate coinage, usually called , "free! by which government . loses all -control over the, volume., of circulation. - The "melting pot" can .be applied without loss to the owner of the coins and the j.ot; he may have his bullion coined "tree," and just as freely afterwards export or melt down without loss the coins so made for him. What differ- erence does it make, may be asked? Simply this: Every dollar coined and added to the circulation has the effect of lowering the value or pur chasing power , of all the dollars in circulation. This is. shown by an in crease in the prices of commodities, by an Increase in the price level Conversely, every dollar melted down or exported and taken out of the circulation has the effect of raising the value or purchasing power of all the remaining dollars in circulation. And this is shown by a decrease in the prices of commodities, by a decrease in we price level. Now, no one will melt down an American silver dollar today, for the purpose of exporting the silver, be cause it means a loss of 50 to 55 cents on each dollar so melted. But one may melt down as many ten dollar gold pieces as he likes, and the loss is practically nothing. If he does not care to export the gold, he may after viard take his bullion to the mint and have it recoined. Hence, the govern ment has absolutely no control over the quantity of gold coins in circula tion. No more than a passing reference can be made to the Crime of 1742, whereby the Colony of Massachusetts vas tricked into passing an act which demonetized its "colonial bills" and deprived it of the blessings of paper ir.oney; to the Crime of 1868, when August Belmont, Manton Marble and Samuel J. Tilden wantonly slaught ered Horatio Seymour, the democratic candidate for president, in order to promote the schemes of foreign hohl ers of United States bonds an act of perfidy which cost the American peo pie half a billion dollars or more; to the Crime of 1870 in England and its counterpart, the Crime of 1873 in America; or to the Crime of 1900 the latest, but not the last, if we may judge from the actions of our leaders in congress. ; Every populist in America should tave a copy of "Barbara Villiers;" it will strengthen him in his fight against plutocracy. , Subjective Valua Editor Independent: You will find enclosed $2, which pays my subscrip tion until May 12, 1904. . i don't know where I'm at political ly. I desire to support the party that sunds for individual liberty; that makes no unreasonable demands of auy; and that enforces no arbitrary taxation cither small or great. We had a little man in our town the other night. He told the boys how it was and gave them to understand that his expenses were paid, and charged them 10 cents for the privilege of be longing to his party; promised to keep up the charging monthly and left them. Now, what do you think! Some, day we will start in life and eurybody will be rJch? No, sir! People place values on things, that is, temporal things, ac cording to different rules. One man counted them "but nothing" one tmi. IX) wo think he would have fonsworu himself and bound him If muhT a enrao that ho would neither at nor drink till he had voted out. struck out or killed out the rich nun? No, ilr. Why then? Simply bo cau h dl not nvet their sllvir, fold or apparel. Valuta are only rl atlve; that J, we know of the valu of thl pupvr In a common way by valuing It with something else. We talk of a "standard!" No two turn will valu gold rut lly alike-wo th.nk and wo fori sure that they will not If one HWjt'4, thi and the other has none. Solomon, f think, rays: "It In Baar.ht-lt U nauf.ht-nayrth' th buy tr, but when he gooth. then he hout- will not value it extremely iiigh till he has some in his possession. Then he glories over it and boasteth over, its value. ; .'. ." So we are here reminded of the pro verb: "He "that thinketh himself rich generally is so; he that thinketh him self wise is generally the biggest fool." T. D. WALKuft. Sod.dy, Tenn. ;. (Mr. Walker's comments on "value" call to mind the teaching of the . so called Austrian school of , political economists. - The ; first mouthful ,-of bread eaten by the hungry man -has the highest utility; each . succeeding mouthful has less; utility, until finally his hunger is satisfied. The utility of the last mouthful is. -said to be the "marginal utility.1' Now, the "value" of every mouthful of that bread eaten is exactly equal to the yalue of every other mouthful eaten; hence, the "val ue" is determined by the marginal utility, . , . - : . This "value" Bohm-Bawerck. calls "subjective use value." . When men meet for the purpose of exchange, each makes a mental appraisement of the "subjective use value" of his - own product; he does the same for the product of the other. If any exchange is effected, it will be because each ap praises the I'subjective use value" -of the other's- product higher than he does his own. Hence, the explanation of how both parties to an exchange may be gainers. Subjectively, the man with a lone five dollar gold piece, is presumed. to place a higher valuation on it than would the millionaire spendthrift. For the one it may mean escape from starvation; for the other "it is naught." Yet viewed objectively one five dollar gold piece has no greater "value" than any other; It Will' buy no more and it is in this sense that The Independent uses the term "val ue." Associate Editor.) MARCUS A. HAIIIIA The Rich, Popular Senator From Ohio Would be More Than Human H He Were Te PUT AWAY AMBITION With a View of the White House Con stantly Reflected From his Personal Mirror, Marcus A. Hanna was the victim of. more abuse in the first McKinley cam tnign than any public man who ever before conducted the affairs of the na tional committee of any political par ty. He has outlived the cartoons, the jibes, the slanders and the meanness es of political strife. Twice his state has vociferously voted him the sena- torship. He stands today smiling and serene, a most renfaTkable product of our political system. When he made his tour of Nebraska, the BANKERS RESERVE LIFE iook occasion to speak of him as a man who had grown immeasurably in public esteem. At the same time this young and vigorous western In stuuuon invuea nim to "stand pat' a brief period and note what loyalty to western life insurance companies was doing for the western people. Now mat ne is tne cynosure or ail eyes, and especially of all elements and persons inimical to Theodore Roose ult, the Bankers Reserve Life com mends the good sense of "LET WELL ENOUGH ALONE" aa a campaign war cry. It Is not so sure that the sentiment will fill the bill where ambition Is unsatisfied and thre are other fields to conquer. The Bmkerg Reserve Life is not natisfted with $7,0i00O of business, phenome nal aa its record may bo. Next year the touipfuiy will have J 10,000,000. A IIO.COO.OIH) company safely anchored, conservatively managed, and argr Ively artiv. will have $'nooo.o,)i) In ten more year, and even tb-n will not m aatUnVd to Jet well enough a'ono, bntis the life Insurant field of tho central wt In good for (, 0M,oo of the best buslnM ever writ ten. If you havo any Interest In the iubjTt, rail at Mtt'ague building, the home ffl of thw Hankers Ueono Ufo, and see TWELVE REASONS WHY YOU SHOULD USE HIGHEST AWARK TO. l 1 Tf TTT Ptgsq L AJX 1898, at The Transmississippi X International, exposition, -. O M AHA.U.5.A Only Whiskey Sold With $1,000.00 Guarantee of Ab solute Purity Never Sold in Bulk a Is Gaining in Popularity Over All Other Whiskies 1st BECAUSE it is a happy combination of best qualities of ALL, without the fault of one. 2nd BECAUSE it surpasses in delicacy and mellowness of flavor anything and everything heretofore put on the market 3rd BECAUSE it appeals equally to the fancy of the connisseuer as well as to the delicate taste and 3tomaeh of women and invalids. 4th BECAUSE it superior quality, taste and purity make it the favorite of the physician, of the family, at the bar, as well as on the fride-board. 5th BECAUSE it supplants and excels all other whiskeys for making a hot Scotch, a hot toddy, or a high ball. Gth BECAUSE it is the only Malt Whisker offered by its bona fide distiller; ia never sold in bulk, but only under the distiller's bottling and labels. 7th BECAUSE it is distilled at one of the largest distilleries in the country, whose trade-mark is the best guarantee of high quality. 8th BECAUSE it is the only whiskey Fold under a substantial guarantee of pur ity, offering $1,000 oo to anyone who can detect in the same any impuri ties or artificial coloring, flavoring, etc. 0th BECAUSE it is properly distilled from the very choicest materials, and never sold until fully matured in government bonded warehouses. 10th BECAUSE it is sold entirely upoa its merits, without tho aid of fabulous Buois for advertising, which must be added to tho price of the goods and for which the consumer always pays in the end. 11th BECAUSE it is offered not as a patent nostrum claiming to cure all incura ble diseases, but for what it is worth a first class tonic, a rational stimu lant, and a concentrated food of the highest poible value. 12th BECAUSE it it sold at a small legitimate profit, warranted by it manu facture and tale in eitraordinary quantities by a distillery paying over three million dollars ainually for internal revenue tax alone. Willow Springs Distillery Capacity 15,000 Gallons per Day. DUtlilera of (lolden Sheaf Pure Rye and Bourbon Whiskey and ILER'S EAQLE OIN t that whatever you buy under the trale tnnrV of IVwITlwrnDwF iWtk (?n the Willow Hr-ftngs DUtillery U guaranteed to be flrtclai in every reKpoct. A I that uncrupulou dealer will Invariably recommend something I Cfj Jut an good or better," simply became they make more profit on 4 the other. of dealers who ray their elerki a jh'UI roinmlwdon X work olT profitable eoUtitute. loUlou llcr'a Malt ami you will be eure of what you get. For Mte by all tlf4t cUm druUU an ! li nior delr. (If not obtainable la your locality write Willow Hprlngi DUUIlery, Otuaha, Neb,, and you wilt be refer. Beware Uh." So the man who hat no gold I D. H. llOlllSGN, PRESIDENT. , 4 10 iae proper faruc.j