Newspaper Page Text
"Coin's Financial School.'' rank Leslie Magazine. A correspondent in Genesee, Illi nois, aska ua to reply to a book call ed "Coin's Financial School,'" which he says, is making as many converts lo free silver aa "Uncle Tom's Cabin" made to the anti slavery cause. "Coin's Financial School" seems a kmart book to a person who is whol ly unacquainted with the facts of which it purports to treat. It's chief fallacy consists in assuming that sil ver has been chiefly, if not wholly, affected in its price by the act of Congress of 1873, dropping the standard silver dollar from the list of coins of the United States, and making the gold dollar the unit of American coinage. This is false and impossible, for so many reasons that a few of them only need be cited. Merely dropping a coin from the coinage of a particular country, or declaring that coin of a different metal shall be the unity of that country, does not lessen tbe value of tho metal of which that coin is made. Jefferson, when President, ordered the coinage of the standard silver dollar stopped in 1805, and none was coined until 183(1. It did not affect the price of silver. England stopped the coinage of innumerable coins at various times, and changed standards once or twice.India chang ed her standard from gold to silver in 183.J without affecting the value of gold; Holland, Belgium, and Portugal denied free coinage to gold between 1S52 and 1858, when gold was the cheaper metal, but no such act exercised any influnence over the price of bullion of either metal. To affect the value of a money metal something must occur which either increases or lessens the use of the metal, or its supply or its cost of production. Merely passing a statute may set in motion interests whose operation will in time increase the demand for the metal, dimish the supply, or lower or raise the cost. If either of these consequences occur as an effect of the statue, then these consequences may become the causes of a change of value. But in such cnee the pertinent fact to Bhow is tha very cause itself, i, ?., the di minished demand or increased sup ply; but to cite the statute itself is as idle as to cite the song of a black bird. "Coin" never attempts to show in what degree the act of 1873 lessen ed the demand for silver or increas ed the supply. Hence the author traces no sequence between the statute and the fall in silver.because there in none. In fact, silver had been worth from two to five cents more than gold from 1S53 to tbe enactment of the statue twenty years ago. Hence, whoever would haye taken silver to the mint to be coin ed durin that twenty years would have lost from three to five cents per dollar on every dollar he got coined. This raises a strong pre sumption that no person took any silver to the mint to be coined, not a dollar's worth during the twenty years preceeding the suspension of privilege. So far aa any was coined it must have been the act of the gov ernment itself in coining into new Americans coins some of the old foreign silver coins which it received in payment of duties. About five millions in eight years and only eight millions in eighty years had been so coined. Hence the privilege of free coinage of silver in the Unit ed States had not been worth a cent to the government nor to any hold er of silyer in twenty years, and it bad had no value which had influen ced or been capable of influencing, the price of silver at any time At the time its coinage was suspended America was on a greenback basis, and continued so for seven years thereafter. Silver was practically hidden out of sight by a double shield. The greenback (issues had kept it for twelve years at an aver age premium of thirty per cent over paper, and it wai so much dearer than gold that it was regared as cer tain that when we snould resume specie payments it would be in gold and not in silver, aa being the cheap er metal. TVe were producing almost so sil yer, and had no silver party. Mean while Germany, France, and India were all doing acta which tended to greatly lessen the demand for silver and increase he demand for gold. Germany had been through a great war with France in 18701, and had exacted the payment in 1871 of one billion sixty-three million dollars in gold. ranee had paid part and was pay ing the rest when Germany resolved to withdraw one billion four hun dred millions mark3 in silver from circulation and sell it as metal, and to coin up one billion four hundred and sixty million marks of gold. An idea of the effect of this transaction on the market may be formed when we say that it meant that Germany turned from coin into commodity twenty-five thousand three hundred and seventy-five tons of silver, and called in from the gold market one housand six hundred and ninety- two tons of gold bullion uud convert ed it into coin. This is no idle work resting in mere printer's ink. It is hard, concrete tonnage of silver thrown on the market, such as could not have been drawn by a procession of oxen and carts thirty-six miles ong, occupying five yards in length for every team carrying two tons of silver. It amounted to a tenth of all the coined silver in the world Germany's passing over from a silver to a solid gold basis kept her mints very busy from 1S71 to 1874. When it began silver was dearer than gold, but by 1874 the premium on silver had disappeared and silver was at a slight discount. Owing to this discount the thirty six miles of cart loads of silver she was releasing and putting on the market for sale as a commodity began to come over into France in large quantities, to seek re coinage into French francs under the double-standard system which France had always maintained In one year (1873) the offers of silver at the French mint rose from an average of eleven million francs when silver was not at a discount, to offers of one hundred and 19 mil lion francs when silver had passed to a slight discount. This looked to France aa if, as the discount grew. the whole flood of Germany's cheap Bilver would be presented to her to convert into cold. France became alarmed at the quantity of stiver of fered her, and stopped the further free coinage of silver in 1874. Meanwhile, also, about a fourth of the world's annual product of silver had for the century preceding 1871 been drawn oft to India in payment of the average balance of trade to that country from Europe, arisii from the fact that India sold to Europe more than she bought. But in 1871 the great loans which Eng land had been making in India so increased the interest due from In dia to England on these loans that no drain of silver to India was called for. This also lessened the demand for silver in Europe, and the two metals began to widen seriously in value. Had France aud the United States both continued the double standard and free coinage, France might have checked the downward tendency o silver by submitting to have her gold drawn away from her by grad ual exchanges of her gold for the silver of Germany. In 1871, how ever, the reserves in gold and silver together of the Bank of France had been drawn down to only seventy nine million dollars, ana tuts was more largely of silver than of gold Hence her supply of gold woulc have been drawn off probably with in a year, and she then would have been reduced to buying silver bul lion with her own silver ccin, which would have sent her silver coin to the same discount aa the bullion. The United States could not have held up silver by free coinage for a day, because in 1S73 it had in the treasury no gold coin, nor even any 6ilver coin worth speaking of, to sustain free coinage with. It was getting in customs duties U6t enough specie to pay coin interes on its bonded debt, and no more. It will thus be seen that wha "Coin's Financial School treats as the whole cause of the fall in silver, viz., the act of our American Con gress in 1S73 dropping the standard silver dollar from coinage, did no! lessen the demand for silver by grain, nor increase the supply, nor lower the cost of production. It wan as powerless to hurt silver as a chipmunk. But there were causes operating in other countries ade quate to depress the Talue of Bilver Terr greatly. These the United Deacon Bros. & Co, Heavy an.l Sheif Harlwatv. Cutlery and linns Tinware :and fetovea. Field and Garden Seed, Baggies. Wagon., and Farm Machinery, wagon, wood-work. Iron. Steel. NalU, Sa'.t.JBarb Wire. 15u?gy Panits, Machine Oil. Groceries and Farm Produce Very Little Ice It is necessary for the Lightning Freezer, like wise very little money . In fact, very little money is needed when yoa come to our store, anyway .3 Beginning with Ice-cream Freezers, we keep everything that calls itself hardware, down to tack. And its all good, substantial ware, too. You can rely uon it. Hardware is a necessity , not lnxnry, therefore it should be what it Is claimed for'it. Deering Ideal Mower. The man who fails to examine tiiis mower be fore he buys, ia going to miss it, and miss It badly Like the Deerinsr Pony Binder, it runs on roller bearings. THINK?!!! Why dorit Thy lilTfe Deerings Roller Bearing Make r'.T Virifer dhtfa on rhif Sft.Roiierawight Draft SS5r And save VXflK'Ta Mr Horse flesh Will you Roll or Will you Scrape? Groceries. We turn over very fast, Thns we can always fnrnish fresh. Country produce always wanted For trade or cash. DEACON BROS. & CO. Low l'rice Hardware and (i "ocery House. States could not have controlled even by continuing the free coinage of Bilver until compelled to suspend it. i or so to continue the free coinage of silver she must have had a stock of gold coin on hand suf ncient to purchase hII the silver ottered for coinaure. Ia default of this she could only have offered coined silver fur uucoiued. and this would have driven our stiver coin to the same discount as the bullion Free coinage of the trade dollar. which was legal tender up to five dollars, was by the act of 1S73 sub stituted for tree coinage of the standard dollar, and so continued until October, 1877, only five months before coinage under the law of 1878 was resumed at a rate never i t - i n it i ueiore equaieu. xience mere was no t.ctual suspension of free coinage of silver dollars of some kind except for five months in the winter of 1S77-S, at which time silver had fallen to forty six c-mts per ounce. and the bullion value of a dollar to about eighty cents. xnere are many otner iamcies in n i . it 1 1 - "uoins financial dcnooi, sucn as that demonitization of silver occas sioned a contraction in the volume of money, whereas the volume of silver money has never in tbe history of the world increased so rapidly as since silver was demonetized. Its actual coinage since free coinage ceased has amounted for the world to thirteen hundred million dollars, addition of nearly fifty per cent to the whole Bilver supply, and for the United States to about five hundred and flfty-eight million dollars which is sixty fold as many standard dol lars as we heve coined in a century Hence, instead of a contraction of silver sending down prices, we have had an enormoua inflation of silver fully adequate to send prices up and make times prosperous if silver would do it. To meet this known fact the doc. trine has been invented that price s of commodities so far as affected by money, depend on the volume of money of final redemption only, in stead of all means of payment trail able for the purchase of commodities. It is sufficient to say that no such a doctrine has ever been held by any economist of great or little repute, living or dead. 'It has been invented to meet the known fuct that we have been passing through a vast inflation of coined silver since the free coinage of silver was suppressed, and 'hence on the theory that prices are regu lated by volume o; money, prices ought to have gone up. FKLLOW-SEKVANTS. Senate Labor Committee to Report a Railroad Bill. Jtfl'erson City, Mo., May 6. This afternoon the Senate Labor Com mittee, by a vote of seven to three, reversed itself and reported an ex clusive railroad fellow-servant bill, radical in its nature and conforming absolutely to the term3 of the Gov ernor's call. The bill reported reads: "Section 1. Every corporation in this State owning or operating any railroad shall be liable for all dam ages sustained bv anv emplove thereof result'cg from the negli gence of any other agent or employe of such corporation while engaged in the service of such corporation. "Sec. 2. No recovery 6hall be had by any person by this act when the person injured shall be guilty of negligence directly contributing to such injury. Any contract by which any person mey waive in advance any right he may have under this act shall be illegal and void as against public policy. ''Soc. ''. Iu case any person in jured in the manner prescribed by this act shall die, a right of action for damages shall survive for the benefit of his heirs and such action may be instituted by his executor or his administrator." (hovei ami the Triplets. Decatur, Ind., May C. A few weeks ago the wife of Albert Zerkles a poor farmer, residing three miles north of here, gave birth to triplets, all girls. Acting on a suggestion of friend, they were named Ruth, I ranees and Ester, and in a rude but happy manner the father wrote Urover Cleveland telhug him of the event, and christening of his babies, ana asued mm to uuy eacn a new Iress. Imagine tbe father's surprise one day last week on receiving check for 500, signed by Grover Cleyeland. Silver in Illinois. Spriugheld, 111., May 8. Secre tary of State Ilinrichen, chairman of the Democratic State committee,said to-day that twenty counties have so far held conventions, and withou exception they have declared for free silver at the ratio of 16 to "These twenty counties," said Mr, HinrichseD, "have 463 of the 1,07 delegates in the state convention, eo that the gold men stand a very poor snow or making any ngnt at ail in the convention. I am expecting that the State convention will declare for free silver without a dissenting vote. Denver, Colo., Miy 9. Thomas Gwillin, aged 23, employed as driv er on express has received word tha he fallen heir to $600,000 by the death of a distant relative in Ens land, and that a letter so notifying hiai inclosed draft for .11,000 to en able him to reach home. - He boujjbt a third class ticket through to Lon don this morning for $43, and left on the first train. PRICE REDUCED, SIZE INCREASED. THE SUBSCRIPTION PRICE OF THE KANSAS jCITY TIMES HAS BEEN REDUCED TO $4.00 A YEAR. $2.00 FOR SIX MONTHS; $1.00 FOR THREE MONTHS. This is not a campaign rate, but a permanent thing. THE SUNDAY TIMES enlarged to 24 pages. Think of it ! About lc a day for a first -class me tropolitan newspaper. Every one can now afford to take a daily paper. Subscribe at once. The Times always leads Address, THE KANSAS CITY TIMES KANSAS CITY, MO. Secretary Gresham's Condition. Washington, D. C, May 6. Sec retary Gresham ia still a very sick man, although it is said he passed a good night and was somewhat im proved to day. His various compli cations, including pleurisy, appear I to be yieldiug to treatment, and hia j friends are encouraged at the favor- j able symptoms. Dr. W. Y. Johnson j is now m cuarge oi iue rase, aim is hopeful of a steady improvement. The Secretary is very weak from lack of nourishment, and is still confined to his bed. He is unable to see callers, and is carefully guard ed against all causes of excitement. As soon as he is able to stand the journey he will be taken to Fortress Monroe, and to some other near-by resort. Willielm'si Life. " Berlin, May t. Two Anarchists were arrested on tne evidence or a woman wiio overheard them discuss ing the eae with which the Emper or might be ussassiuated on his wav to the Temple llferfeld. The woman declared that they had buried explosives in Friedrichs- rin, but tne ponce found notuing at he spot indicated and obtained no evidence confirming the woman's tory. The Government papers are not likely to get much capital out of he affair to help the anti socialist bill. FOR THE BLOOD Just now everybody is thinking about taking something for the blood. A Spring medicine as we speak of it. Ana it's a pood thing to Jo, but you want to pet the proper medicine. If you consult your physician he will tell you to TaKe GOOD LIVER PIEQICIKE and that, because the liver has every thing to do with the blood. If the liver is sluggish the system is clogged, the blood becomes impure, and the whole body suffers. Every medicine recom mended for the blood is supposed to work on the liver. Then get at once the King of Liver medicines," Simmons liver REGULATOR It does its work well, and tones up the whole system. It is'" Better than Pills," and can be had in liquid or powder. USEB SUITES' INK A. S. Barnes A Co., ,v; E. lih St. N. Y. w antod-Salosmen Local and traveling, Good pay. perm anent Experience not neceRsarv. An. ply quick. Established over 40 ye erg I'ha-nlx Jfcursery Co.. Box li'l", lsioomington. 111. WANTED A Few More Book Ac'ts in this and adiolntnir counties Tor our jocimy a non h the would A bran new book by REV. FRANCIS E CLARK, Pre'l of tbe United Soc. of Christian r-naeavor. The best chance to make money ever offered to all who want profitable wort A good Agent in this vicinity can earn )m i month. r-Uistance No Hindrance, for We ray treiirht, Uive Credit, Premium Copies, Free Outtit. and Exclusive Territory. For par ticuiars write to A. U. WOKITUNUTON iCO., Hartford, Conn. k rfeteiaertrr'n F.nclUh Diamond Hrand. rENNYROYAL PILLS -K7v nfl aa Only 6ealae. y rc. ajvari rrlUbl. udiii ul Draralrt lor CkirkaUft Mntfuk In ,tond Brand in Kr4 tad Cold ntuliic' Imm ether, tirftue daneei um mubtiti Ibexn. nkd with blM ribbon. T.L. in stanp for prttlmra, testimonial an ttons and tmttofum. AtIrnristt,rMn4 4. "Keller Tor Indira," ra letter, Lr rrtnrm MalL 1 r.fr0 Tettimool!. Sawm SM tr ul Imal ImuiM. Aklia4jL. vil PARKER'S M HAIR BALSAM ClMtur and tmutifw the hj Promote! a lavuriittt ffrowth. Never Fails to Bestore Gray nur xo ua iouuiui i;oior. Cure wm;p iiM- & hair laiiiig. It, end 1 1 m at Drugrwu I r Parker's Ginger Tenic. It cure, t.ie ari Lujt:i, Weak lmr. IrbiiitT, Indirection, Pain, Take Is lime. 6u da. HINDERCORNS. The onW aor rare tor Coraa. Bwpa a-, Ira. 'irui JJc at Iwutfta, or HfSCOX fe CO.. N. V. Mil"!! Ttlrr wrr 9 T rl 4 Tirr vrrim rf ' Hires Rootbeer sold ia 1894, which made 15, 675,735 gallons, or 313,494.700 glasses, suffi cient to give every man, wo man and child in the United . States, five glasses each did yon get your sh are ? Be sure and get &ome this year. a eeat vaefcae aata 5 tallaaa. tma r-ertwaera. MIRES' tootkeei. I Ota. K. I IIECTKIC TElEFJIOrlE j ooaK, wvi'vm aa aaca. Irnairt inaaaa iiimux lad ht mima 1 -- 'yr - Bssssaa a saw t ail tk The Best Spring Medietas HtHJ 9 THE Bates County Bant BUTLER, MO. Successor to - Eates Co. National Bank. Established in 1S70. Paid up capital $125,000 A general banking business trans acted. F.J. TVGARD, - - - President. HON. J. H. NEWBEKm Vice-Prea. J.C.CLARK - - Cashier DR. F. M. FULKERS0N ijivr.rissT. Southeast Corner Square, over lea- co liors. A: (.'s Store. KUTLKK, - - - MISSOURI T. J. Smith. A.;W. TlUUMaN SMITH THURMAN. LAWYERS, Ortice over Bates Countv Natn'l Bank. Butler, Missouri. QRAVES & CLARK, ATTORNEYS AT LAW. Office over the Missouri StattBank North side square. Silvers & Denton ATTOBSETS AM C01WB8 AT LAW, BUTLER, MO. Office over the Farmers Bank. 11 C. BOULWARE, Physician and .Surgeon. Office north side squae, Butler, Mo. Dlseasesof women and chil en a specialtv. DR. J. M. CHRISTY, HOMOEOPATHIC PHYSICIAN AND SURGEON, Office, front room over McKibbens 6tore. Ail callanswered at office day or night Special attention given eases. to female dit c. The Old Reliable PHOTOGRAPHER North Sitlts Square. Hasthe bent equipped Kalleryin Southwest Missouri. All Styles of Photogrphing executed ii.'the highest style of the art, andat reasonable prices. ( I f Work A Specilty. All work in my line is guaranteed to give satisfaction. Call and see samples of work. C. HACEDORN. In Poor Health means so much more than you imagine serious and fatal diseases result from trifling1 ailments neglected, y Don't play with Nature's f greatest gift health- II yon are feeling out of sort 1. weak M aim Reneraiiy haasted, nervous, have no appetite and can't work, J Degin at once tak ing the moat relia ble streftfftheniuc medictne.which ia J a. . , ti -. nou n a iron ren ters, A few bot tles core benefit comes from the very 6rt dam it , ana n pleasant to take. It Cures Dyspepsia, Kidney an Liver Neuralgia, Troubles. r Constipation, Bad Blood lria. Nervous airmen t Women's complaints. riavt Mllv ItA U Lu mmA M n wrapper. Ail others arc st- W V (wtbrt va BU m, jari4 sa fltltHfM aTa fltlf fta atn rfi as kaf u . M f of Tm aWasrUM World's raw Tiitf aad book free. SIOWN CHEMICAL CO. BALTIMORE. MO. HMiEDBl : Browns Iron : Bitters P. HaniM A C CXra JO, Caaawbwltl