The Butler Weekly Times Newspaper, May 16, 1895, Page 2

‘Coin’s Financial School.” Hrank Leslie Magazine. A correspondent in Genesee, Illi- nois, asks us to reply to a book call- ed “Coin’s Financial School,” which he says, 18 making as many converts | to free silver as "Uncle Tom's Cabin” made to the antislavery cause. | “Coin’s Financial Schocl” seems a smart 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} atandard 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 afew 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 the value of the metal of which that coin is made. Jefferson, when President, ordered dred millions marks in silver the coinage of the standard silver dollar stopped in 1805, and none was coined until 18: 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 1835 without affecting the value of gold; Holland, Belgium, and Portugal denied free coinage to gold between 1852 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 | 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 case the pertinent fact to show is the very cause itself, z,e¢., tho 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 is none. In fact, silver had been worth from two to five cents more than gold from 1853 to the 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 coined. This raises a strong pre- sumption that no person took any silver to the mint to be coined, nota dollar's worth during the twenty years preceeding the suspension of privilege. So far as 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 aay 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 Awerica 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 fissues had kept it for twelve years at an aver. age premium of thirty per cent over got paper, and it was so much dearer | than gold that it was regared as cer- tain that when we should resume specie payments it would be in gold} and not in silver, as being the cheap- | er metal. | the Garand fos poli Germany had jbeen through a great war with| France in 1870-1, and had exacted | the payment in 1871 of one billion sixty-three million doliars in gold. France had paid part and was pay- jing the rest when Germany resolved to withdraw one billion four hun- 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} thousand six hundred and ninety- | two tons of gold bullion and 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 long, occupying five yards in length for every team carrying two tons of silver. It amounted to a tenth ofall the coined silver in the world Germany's passing over from a silver to a solid gold basis kept her mints very busy from 1571 to 1874 When it began silver was dearer than gold, but by 1874 the premium on silver had disappeared and silver was ata 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 jnto 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 franes when silver was not at a discount, to offers of one hundred and 19 mil lion francs when silver had passed to aslight discount. This looked to France as if, as the discount grew, the whole flood of Germany’s cheap silver would be presented to her to convert into gold. France became alarmed at the quantity of silver of- fered her, and stopped the further free coinage of silver in 1874. Meanwhile, also, about a fourth of the world’s annuai product of silver had for the century preceding 1871 been drawn off to India in payment of the average balance of trade to that country from Europe, arising 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 and the United States both continued the double standard and free coinage, France might have checked the downward tendency of 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 Frauce had been drawn down to only seventy- nine million dollars, and this was more largely of silver than of gold Hence her supply of gold would 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 as the bullion. The United States could not have| held up silver by free coinage fora day, because in 1873 it had in the | treasury no gold coin, nor even any silver coin worth speaking of, to sustain free coinage with. It was getting customs duties just enough specie to pay coin interest | on its bonded debt, and no more. It will thus be seen that what “Coin’s Financial School” treats as i the whole cause of the fall in silver, viz. the act of our American Con- gress in 1873 dropping the standard silver dollar from coinage, did not \ Jessen the demand for silver by a} in i We were producing almost no sil- ver, and had no silver party. Mean. while Germany, France, and India were all doing acts which tended to greatly lessen the demand for silver and increase grain, nor increase the supply, nor lower the cost of production. It |no &ctual suspeasion of free coinage | Deac an Bios & ba Heavy Tin g or dead. to mee t th Ware been pass Groceries and Farm Produce tat Senate jafternoon the | “Section 1. Very Little Ice y for the Lightning Freezer, like- y. In fact, little | ur store, | ined ages anyway.2Z Beginning with Ice-cream Freezers, we keep everything that calls it atack. And its all good, substantial ware, too. You can rel Hardware isa nece: ,not a luxury eit should be what it is elaimed forzit. If hardware, | gence of of such cory down to 2 “See. No such injury. | any fore he buys, i going to miss i badly Like the Deering Pony Binder, on roller bearings. — Wy it it runs | for damag j benefit of j may bei {his adu M Deerings Roller Ge Bearing Decatur, And save Horse flesh Will you ~ Roll or “Will you “> Scrape’ Ind., | | | er, r is poor farr {all girls. | : ja fri they Groceries. We turn over very fast, Thus we can always furnish fresh. Country produce always wanted Yor trade or cash. & CO. | Grover | DEACON BROS. coinage of silver she must have had} tary of St Free coinage of the trade dollar, which was legal tender up to five dollars, was by the act of 1873 suts| 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 the convention. atarate never Denver, before equaled. Hence there was | of silver dollars of some kind except | for five months the winter of | 1877-8, at which time silver had fallen to forty six cants per ounce, | and the bullion value of a dollar to about eighty cents. There are many other fallicies in | “Coin’s Financial School,” such as | that demonitization of silver occas- in 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 silver supply, and for the | United States to about five hundred | and fifty-eight million dollars which | is sixty fold as many standard dol-| lars as we heve coined in a century | Henee, instead of a contraction of! silver sending down prices, we have | had an enormous 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 prices of commodities so far as affected by | was as powerless to hurt silver asa chipmunk. But there were causes operating in other countries ade- quate to depress the value of silver very greatly. These the United money, depend on the volume of money of final redemption pale in- stead of all mesns of payment a able for the purchase of aa THE It is sufficient to say that no such rover and Colo. Gwillin, aged 23, employed as driv- er on express has received word that! he fallen heir to $600,000 by death of a distant relative in Eng- land, and that a letter so notifying him inclosed draft for $11,090 to en-| able him to reach home. }a third class ticket through to Lon- don this morning for $43, and left on the first. train. la pickin has ever ee held by any | |economist of great or little repute, ought to have gone up. FELLOW-SERVANTS. Every corporation in} | this State owning or operating any railroad shall be liable for all dam-} thereof resulting from the negli- other agent or oration in the service of st had by any person by this act when | the person injured shall be guilty of | negligence directly contributing to Any contract by which | person may any right he may have under this | act shall be illegal and void as | against public policy. | | “Sec. 5. In case y per rson in-| jured in the manner prescribed by | this act shall die, a right of action | hall s heirs and such action} tuted by his executor or} \north of here, gave birth to triplets, Acting on a suggestion of were | Frances and Ester, and in a rude | but happy manner the father wrote Cleveland telling him of the event, and christening of his babies, and asked him to buy delegates in the state convention, so jthat the gold men stand a very poor show of making any fight at all in I am expecting that | the State convention will declare for free silver without a dissenting vote.” z : PRICE sioned a contraction in the volume} bet of money, whereas the yolume of | REDUCED. silver money has never in the history; SIZE of the world increased so rapidly as | INCREASED. THE SUBSURIPTION PRICE OF THE KANSAS {CITY TIMES HAS BEEN REDUCED TO $4.00 A YEAR. $2.00 FOR SIX MONTHS; $1.00 FOR THREE MONTHS. This is nota campaign rate, but a permanent thing. THE } SUNDAY TIMES enlarged to! 24 pages. le a day fora first-class tropolitan newspaper. Every one can now afford to take a daily paper. once. The Times always leads ddreas, KANSAS CITY TIMES KANSAS CITY, MO. lg | ba vast intlation | goo: nce | cati hop: The jlack of Labor Committee to Report a) eontined to bis bed. Railroad Bill, Jefferson City, Mo., May 6.—This Senate Labor Com- | wor ing tot |had rin, the by any employe employe while engaged h corporation. shall be not recovery bill. waive in advance} | survive for the Ww coi May weeks ayo the wife of Albert Zerkles 6.—A few jing three miles named Ruth, we each a new| jdress. I » the father’s surprise Low Price Hardware and G-ocery House. on eS one day last week on receiving a States could not have controlled | Check for $500, signed by Grover It even by coutinuing the free coinage Cleyeland. wi os Seen an of silver until co bepeited to suspend Silyer in Ulinots. = it. For so to coutinue the free} Springfield, Ill, May 8.—Secre- jis ne Berlin, were arrested on the evidence or might be The woman “KING OF Secretary Gresham’s Condition. Washington, D. C., May 6. ot ‘It has been invented | retary Gresham is still a very sick vwn fact that we have | man, although itis said he passed a and was somewhat im- His various compli- ous, including pleurisy, appear d night regu-|to be yielding to treatment, and his 3 J prices friend e encouraged at the favor- able sympt De. W. W. Johnson | ow charge of the case, and is eful of a steady improvement. Secretary very weak from nourishment, and is still He is unable rd- in is | to see and is carefull jed ags s of excitement. | |As soon ashe is able to stand the | journey he will be taken to Fortress mittee, by a vote of seven to three,| Monroe, and to some other near-by | reversed itself and reported an ex-/ resort. clusive railroad fellow-servant bill, | |radical in its nature and conforming | jabsolutely to the terms of the Gov-| jernor’s call. The bill reported reads: | Wilbelm’s Life. May %.—Two of overheard them discuss with which the Emper- man wk the eas feld. ared that they | buried explosives in Friedrichs- but the police found nothing at he Temple Ho de spot indicated aud obtained no; evidence story. contirmi The Gove likely to get m ng the woman's capital out of | the affair to help the anti Socialist | Osice over Bates Coun FOR THE BLOOD ant to ¢ msult yo TaKe e000 LIVER JNEDICINE and that, because the ies has every: If the liver is clogged, the nd the whole dicine recom- s supposed to en get at once the EDICINES,” lo with the ork on the liver. LIVER !? SIMMONS LIVER REGULATOR does its work hole sy dcan be tones up the r than Pills,” powd wel SEBARNES INE A t End Pay ticu May 9.—Thomas the CLARK, Pres’t of the U ever offered to all who want profitable A good Agent in this vicinitycan earn $100 8 month. Free Outfit, and Exclusive Territory. &CO : tate Hinrichen, chairman of A. S. Barnes & Co.,56 E. lin St. N.Y. a stock of gold com on hand suf-| the Democratic State See t 1ocratic State committee,said ficient to puretase «ll the silver Jav tk : 7 ati anted-Salosmen as : ns er | to-day that twenty counties have so Local and traveling, Good pay. Perm- ollered for coinage. In default of| far held conventions, and without ae this she could only have offered exception they have declared for | S¥tery Co.. Box 1215, Bloomington, Il. coined silver fur uncoiued, and this | free silver at the ratio of 16 to 1.| WANTED—A Few More Book Ag’ts would have drivea our silver coin to! «ppese trrenty conn ties? eoniaNte: in this and adjoining counties for the same discount as the bullion. | pinrichsen, “have 463 of the 1,076 OUR JOURNEY AROUYD THE WORLD bran new book by REV. FRANCIS E, ited Soc. of Christian e best chance to make money work, eavor. 1 rDistance No Hindrance, Freight, Give Credit, for We Premium Copies, par D. WORTHINGTON lars write to A , Hartford, Conn Chiciester’s English Diamond Brand. NNYROYAL PILLS les,” in letter, Ly return Matt 008 Testimonials, | Name Paper. [Chichester Chemical Co, Mad}, Druggists, He bougbt Path, Think of it! About | me-| Subseribe at Weak Langs, Dente 1 oo Never Pails to Restore Gray Hair to its Youthful Color. lures scalp diseases & hair failing. Sic_and $1.0 at Drugs Parker's Ginger Tenic. "It cures the worst Cougs, gestion, Pain, Take in time. cts. fatist ae al aaron ears ists, of HISCOX B CO, NY nh were 3,134,934 Packages of Hires’ RooTBEER sold in 1894, | i which made 15,675,735 gallons, | ©F 313,494,700 glasses, suffi- | | cient to give every man, wo- || man and child in the United j glasses cach—did Besure jj 4 States, five you get yourshare? and get some this year. A 2% cept partace mates 5 gallons. Beid everywhere HIRES’) a assassinated on his way / nent papers are | Bates County Bank, MO. BUTLER, cessor to National Bank. Established in 1870. Eates Co. Paid up capital $125,000 A general banking business trans- acted. (F. jJ. TYGARD, - - - President. Ke J. B. NEWBERRY Vice-Pres. J. C.CLARK - - Cashier “DR. F. M. FULKERSON DENTIST. | Southes ast Corner Square, over Dea- 1 Bors. & Co.’s Store. | BUTLER, - - MISSOURI Sar. SMITH THURMAN. LAWYERS, Natn’l Bank. Butler, Missouri. AWW. Trenaan G RAVES & CLARK, x ATTORNEYS AT LAW. Office over the Missouri Stat#Bank North side square. Silvers & Denton ATTORNEYS AND COUNSELORS AT LAW, BUTLER, MO. Office over the Farmers Bank. T C. BOULWARE, « Surgeon. Office north side squaye, Butler, Mo. Diseasesof women and chil- en a specialty. Physician and DR. J. M, CHRISTY, HOMOEOPATHIC PHYSICIAN AND SURGEON, Office, tront room over McKibbens store. All callanswered at office day or night. Specialattention given to temale dis eases. C. HAGEDORN _ The Old Reliable PHOTOCRAPIBER North Side Square. Has {the best equipped gallery giv Southwest Missouri. Ally Styles of Photogrphing executed infthe highest style of the art, and/at reasonable prices. (:c:¢r Work A Specilty. All work in my line is guaranteed to give satisfaction. Call and see samples of work. C. HACEDORN. ‘fin Poor Health means so much more than you_imagine—serious and fatal diseases result from trifling ailments neglected. Don’t play with Nature’s greatest gift—health. If you are feeling out of sorts, wea and generally ex- hausted, nervous, have no appetite and can't work, begin at oncetak- ing the most relia- bie strengthening medicine, whichis Brown's Iron Bit- very first dose—# won't stain your teeth, aud it's pleasant to take. It Cures Dyspepsia, Kidney and Liver Get only the genuime—it has crossed red on the All others are sub- BROWN CHEMICAL CO. BALTIMORE, MO.