Chicago Daily Tribune Newspaper, November 18, 1878, Page 2

THE CHICAGO TRIBUNE: MONDAY. NOVEMBER 18, 1875;. of the use of both metals haa been materialiy ntrengthened by onr change of front and the bitter With the officinl_asanr- tion, they Indoraed th ing that Ra wan & ch when our Commissfonare to the Iater- national Canference were Apooln e a majority; cannting Prof. Walkal ator Fenton for gold and G Were thie the first in mithout knowledge which the grea t have dircloaed in t the silver question, it might be a matter of wonder. ng SILVER VINDICATED. Bi-Metallism the Antidote for Fiat-Money. expericnce of German, ance of the leading natl tn tho Latin Unlon that they await the earilest moment when they can re- turn to fres mintago of stiver. 1t needs oniy a cesafal effort on the part of the United Siatea to brinz silver and_ gold someshere near their former relatlve vaitive valoes to MAKE THE U3R OP BOTH PERMARENT. Dat oncophonenta sar: **This would haro res sulled in the nnloading nnan us of tho silver of other nations." Suppose [t did. They would not d it wiil be ahown farther tnst @ direct change of aliver for anr gold le Latest Objeations to the Free Mintage of Silver Answered--World- Wido Bearcity of Coin, TIE LITRRATURE OF THE SURTECT, howerer, 1t shonid ha noted that the argument for gold, on the basis of its being *‘a miore rtendy measure of values,” is made mnch lesa of in En- pe than fn this conntey, Prof, Jevon, Ing nuthority on the slia af n mnala stan compictely saerendern thin part of the ease by ad mitting that M. Wolawski and other hi-metalliata are entirely correct fu claiming grester steadiness for a0 optional standard comuosed of two mainle. 10 tnia samission, our arch-ememy stones in some mieasure for the faultof raddling npun monetary sclence the unfortunate ** sinele and dauhle standard, The whole of Prof. Jevon's argnment for 8 gold standard conveys the intpreasion that he suspects 1ta faliacy, yet ciings to it throogh loyaity to Brit- Inh poltey: that Knlish capitalista will gain by de- monetization At tne expense of the rest of the aite us their wilver, What Might Have Been, Withont the Law of 1878.What Shall Be the Law of 18793, for with onr products, cansing an era of anick trade and active m difference In nattonnl savings betveen five years of proaperity and five years of atandstill, or retrogres- tlun, wodld amoint to many times any possible loss from allver depreciating on oar handa. rtance of having a balance of annnal savings rather than a loss of national wealth inalways un- From the statiatics of sus David A, Welln drawa the concliteion that if, as whois people, Industry shonld stop, #hould be content to tive on our former accimula. tions, ** four years would bo mors that sufMcient to starve three-fourths of ne out of cxlatence, and reduce the other one-fourth to the conditivn of seni-barbarism, " FROPIIACIES REFUTED, Tt defective as the law remonctizing silver may bo, {t makes & very tespectable showing of bencfte not the least of which is tho sis: bears whicti the prophets’ of, 1 1. Jtwan ciatmed that rerhanetization would send the preminm on gold back to the old fgurcs. and indefinitely postponc pesumbtion. clinnges were rung on this objection, ll:oltll-ow plain iHers nro some N quotatlons hafors and after Lhat dat ufacturing Indnstry. A Leotare Lelivered Boforo the Philosoph- Ical Soclety of Ohioago Nov. 2, 1878, by George N. Jacksonm. derestimated. an annual lncome af Ber from othrr nations; somo authorities place the amonnt &t much Nfiner Bgures, ‘That thie enor- mone Incumo grows from the demonetization of silver, 13 8 tremendous fact for molding the opinfons of even Enzlish cconomlical bhilosophers, Thia {4 simpiv haman nature; but no Deopie, intornationatly paor, shauld on maxims for ti nuch Uninuliels, P Jevon's objections to the usa of littlc else Lhan tho ** cumbrons This brings us to TIRE WHEELBARROW ARGUMENT, The politieal contest of 1878 has been controll« «cd by clrcumstances that placed tha advocates of & geanlne reform In onr monctary legislation at pe- Mad thabill for the remone- tlzation of silver failed to pass over the President's veto,n rtorm of indignation would have swopt aver ke country, which no pelitieal party, outside of New England and perhaps one or twvo other Fast- ern States, wonld have dared to face. question would have been the lesuw of the cam- Fiat money would have cot no fgure. new party would probably have been orzanized, controlled by men of character ana reputation that wonld have commanded the cunddence of the conn- try nnd given It An cany victory. old partien carried aState It ookl have been only as they outbld each uther in loyalty to siiver, . On the other hand, bad the Bland bill become & law, In the shapo (¢ originally passed the Houso of Representatives, with an additional featnre pro- . viding for the fssue of currency certificates on sil- ver balllon deposited at the mints for coinage, the resuits of remonetization have #o developed them: cullar diandvantage, poor comoliment o the faci cans overcome fricilon In the iransaction of Luai- ness (0 a9sume that, with free colnaye, thoy would be tuabie to avord tha frequent handling of la aAmonnts of silver; indeed, the open in the une of banx-note cates in the forin of bank-notes. _Silver may oo an fnconvenlence In France and Qermany, where 1f either of the *nates of amali denvtiinations have not come into : but in this country—swith the number nd guarters reduced to wnat 1t should be—we can bave frév coluage of the mil dollar withiout mucn, It any, more silver fu the 111l of the cornes-grucery than 8t the present time, Ellin- inate the bugbear clement from the objectiun to silver uy nccount of Ils cumbersomeness, and the question dwindles to the mero bullding of larger vuutts for baaks and tho Sub-Treasury; yeu this ubjection has beon punlied to absurd lenaihis by tho nonts of mlver, reaching & sort of facctious 1y from the pea of David A. W ells, venu say; **“I'ne wheeloacrow, in fact, will become the rontinl and possiuly the fashionable portemonnale for uil who purpuse to engage i suy consideravie moueyed transuctions. "’ b Prof. Walker sun These quotations'show a dropping off of th ga of the Stiver bill. up ta the thine Secretary Sherman helpod the banks 1o unlnad their sirplus gold by selling $:40, 00, 000 when it took & elizht upward nto half of 1 percent, near premium, after the pas for vood ar cvll, would ves by the apeningof the énmpalzn of 1878 an to have madg an issde on the repeal ur continuance of that law. npposed cases would have pre- litleal division on 4% per cent_bondls, Lirn: dropplug sy which point It has remained. otlon, even tho slow coinage of rovided forInthe Jaw bas proved & help rather than a hindrance, SECIETARY SHENMAN HAS ADMITTED THIS, and few peaple wonld venturs to deny It. 2, *Our credit ubroad wil be the price of our Guvgrnwment bonds will sulfer & tutnous depreciatiun.” Tlus was suother tngvear, to wulch o suMciant answer 18 found in the follow. ing London quolations of Uniled States Governe vomplied from the stock reports ecnted cienr-cut issnos for o the sunject of monetary legi: this, what wo really’ did get was a compromiss of the vital guestion, —the politiciar’s dodge for smotherlng live Jssncs likely to distarb old party wieriliced and TUE MALF-WAY REMONRTIZATION of sliver partially satisfled the conservative portion of its fricnus; and kept them from breaking away from thetr old political nmliationas while tne denisl of free mintage deatroyed the chance of srreating, by that menne, bustnees decression and shritiksge of values that has gon3 on with increasing momon- tum even after the nataral results of the psnicof 1873 hind deen exhansted. ed masses and vislonary reformers wern driven to #ank refiof from other sourced; the silver question deupped ont of sight for the Ume} wild schemen of fiat-noney became the platform of m new party, Possessing o superabundance of capital jn the shape of grirvances, but lacking cohesiveness, orzanizing Rolaty in s manavement, and a s'arn_Integrity of vurnose thnt prefers sic Yisfun of otlices, meat securitles, I'he suficient answer to Mr, Wel ng: h ont {8 that the bank-uoto has by Iwthis connection I desire to motice tho utter misconcepilon, o tae part of the opponents of wil- 1o the motivesactuating the [ricnds of free ige, whicl crops out in TITE SNEENING PARAGRATHS which every now and then go the rounds of the guld-moncpoly papsts, about the dificulty of get- tingtho new miver d 18 neediess to waste time in proving what evory une must s the paternal dollar obstinatcly refuses to LOXDON QUOTATIONA no: STATES GOVERXMENT 878, Hence, the discontents el 1 Féb. Bliyer it passed Feh, ulddocs, and no otter. These para- gravhs would indicate that the weiters fningine the fricnds of silver to be actuated by some rpecial love for_haudling ellver doilsrs In'thelr transace Of course, the editors of the New York Znes and the Boston Adcertraer know betlers but it aufts tpuir purpose to write 4 If they belloved it, sad sucn paragraphy hiave theis Inlluence on people who are not pusted s to the facts, Whataver be thie objections (o sliver as money, they are known und weigned by the friends of fres mintage, a8 well =8 by the opporition, They ba- indeed, that the Jarger volume of - coined monuy, obtained by using batn of the mogey-miet- als for logal tender, alves greater steadiness to the muney unit 4s o depomination of values; bus thelr chiet reason for beink bi-u consequences that must reskll from adlcal chanye of toat munetary unit in ita eetablished ro- Iatton to il other thingu, 1r BILVER COULD BE BOILED DOWN and sugsrad oRt into gold—tle total namber of dollars remaining thd same—then the gnestion migat be discassed, on ite merlis, whether one or two metals are preferavle as a circulating-medinm; or, If the adjusting of prices to metallic woney Lall as large as the world now ossesses Cotld be hridged over ar brougut abont y sowe miraculous fat, then the oersonsl liking of the pevple for a smali or large volume of money —tor n dolinz that would buy one yvard of cloth, one day’ that “would bu; theae—cuuld bo loft to decide the question, and no After allowing for all the intricacies of London quotations, with interest Included, we find a v derable risa along the wholu line, on compa: f time, —abont thres months each, — pawsage Jf the Sitver bill, mustaleo bo constdered that this apprecistis our Government wocurities, obtained ) hard-money market in Europe, and disldyal and uncalled-for s onr pativuality, pat forth by ilver, rosident down. lop the refunding of onr bonds Into d thue proventasaving of §17,- o Buupose it had? t iz tho saving of 817,000,000 compsred with arfal shrinkage of property caused by tened enforcement of A GULD BTAKDARD, and the loss to milliona (Y) of idle hands, whose labor, If emoloyed, would ina few yeain produce vuough to pay off the whole ne & master of fact, the sales of 4 per cont bonds nave gufie&n Iaste FIE the of principle ton di- su negative elontenty the positive fault of belug in thecontrol of ad- veuturors and duappointsd politicians, and we Teudlly perceive that snch s party mast come short cven whon stariing out with ‘avertn national calamitv. The campatan has, therefore, been Sought out, not upnn the erenrdl toor of #ound o nelal princi- pies, but upon & platform of impractica Ju_ Dapure Tnoney theories on one slde, and ridicule of thoss theorios on tl:e other. The result whl indeed prove that capltal has lust ts contrnl of our monetary legisiation; Lut ae for particalar steps of reform ‘we nre practicaily shere we left off at tho last ses- siun of Congrese. WANT OF CONFIDENCE toguther with a profoand convic- contrul of the Government ought not to pees into the kiands of the Democracy, hi ket thonaaudd tn the llopublican rauks who othes Wise would bavo gladly protested by azuinst_the financial legialation of tho laat u yearw. The writer speaks tram pel uf at Jeast one voter on thia point, ‘Tne Repuoiican rrty was saved from breaking up At the vpemng of tha camobaign oply by the fulluences ery suggented fails to recugnize the fact that tho rij &re counlly descrving of reavect wit creditors, 1 will ceuse henceforth to be n power In national politics, “I'ie election aver, we will come agaln to the dis- cusslon of upeclle weasures, T dertaken with two oujects in view? 140 wore prominent ol o1 & nweep:ut victor an hunest pUrovse L z23 o oppouonts of nnal intorest. 1n the nes part Tun tat the fu tonal debt? Bat, the Bilver bill, tho Hast, We 0! 'y will get back what they have and no more joans: wili be made roperty.'’ This threat was heard on in Hoston Iaat wint with all the the assurance of 8 knock-down argn- ment, —as If the speuker bolinved It sufficient to crask out all Independent thinking on fnancial matters In the Woatorn 81 weil shown 1n the following extract from the res entate and loan article of the Ciittauo Trinuxe, 78: *4The characieelstics of the loan ‘market are the prompt payinent of interest. and of , end the lignt domand for raonal knowledge I At tta foture molicy L rae ttared How It worked la { 110 T Lo Secut fact cance whan Welghed agalnst ** thu terriolo cr tioschen, tnb most eminent’ Engiish Jer. admits must attend <o world's completo transition from o gold-aud-si}vur basie ta vue o: paner was nn- (1) 'Te answer Joctions ta the romonetiza- Hon und freo mlntuge of silver, ' tuat, winle tue conflict ubout mono-metallic and b mctaliic inoney may ¢o on as befurs, tho witimate Tesult of the controversy—when it renches a final setilement in the statuto book—mast be, for the United States at Jeast, either bi-motullic money or & curreney compused en ‘mataring obityations, new accommiodations, - EASTERN LENDERS, who notified their agents horo & yeae ay payment of Joans wien offered, ‘even | andnut to renew or make wew joans, aro now sceking fresh Investments in Chica, mach succees. " d, i Il not permit an‘cxamination-of the reasons given for TUR PALL IN SILVER, Thiasabject bas teen exhanstively dlacus 8 suostantial nnanimity uf opinion reached, ~that it 14 due sclely to hostile legisl: Ernest seyd cxpressed 18, |u hi nyiish Silver Comnussion, 18 drud cause Jepreciation of eilver ts ils demonetization vy law, and that alone.” i The roports concerning the fabulous production of wiver in the United Stat: 10 be indoed o fable; cxpocts 1o Indls instead of decllnlug, largoly ingreaved In 1870, and - reacued the highest point ever known in 1877, - IT 18 A COMMON MRuOR - to ssy that demunetization in the United Btatas had 10 effect uvon the price of silver, slnce wa wo oL usIng COIN & Lelgian monetary ducuments containing {he pro- go, but without ., **10 the 412%-grain sllver dollar Is coined, it will bu uta discuant ot 8 aor 10 per ceat, Rud will It circulates Just o _mmly nsgold, andisata dlecount of noiningat Now let s look for & moment at TIE MORALS OF TILE DOLLAR, Defore ¢harging tno bl-metallat with dishoneasty, you shuuld put yourself in his place.’ Assumo his udge the moralit from that standpoint. 1f his prem thiat {s 0 quedtion for argumiont, to bo decided by & dispavaionate conslderation of all the facts; but to ignore your opponent's premiscs, aAndassume to 61t in judzinent apon the hunesty or divhonesty of his 2 made-upcase of your own roly of papor. nuout an follaws: When of 1807 recom- as legal-tender v state Paris Monetars Lonlerem nded the ues of gold alon moucy, philusophers and bustnesy men wero allko vaacquanted with the practicat-results 1i follow n universal apvlication of th standord,” The {nflux of vold from Cahfornt Australla af flreg cre the proposttion w adopted. v demonetize gold and iunke sliver the But throuh the uperation of 1he French bi-metalile law this enormous amount of gold pavsed easily into the world's without any serfous “disturbance of values, anoreover. wrought su tue netter 1n 1ho worls not cireulate, ed such alarin In K made, and by sou premives, snd of ' hie position only legal tender, lcs &r¢ indaind, & wandrous chaoge for couditiun that & certain the novler metal couciusions, with oni at tue action 'of the Unlted States, though arcely known at home, excited abruad; fta welght was felt and acinuwlcdged in e decislon of the Latin Unfon to suspend the age of ailver. reahity, the depraciation of silverisonly Expressed befare you, Is not only an arrogant assumption of infallioility, but smacke a little of ke dianonesty which bas been freely charged npon the Rdvocates y Seem common« describes the method of Argu. Now, the gronnd-floorof the bi-metall Is r 10 year In the gtan winuie stancard of wilver had to give yurists, haviug adopted the : ndard of value,! comld of course sce nothing but abedratty in **n double standard*'; henze they were grawn with other suthustasts into allerance 10 the o theae theuretical Gnanciers seamed ta comy that whtle tho une of & singie-money tuetal wurz very weli In one of two natluna as long ns the rest of the world kept the lalance even between old, yai while tliero was not gold | thie univerual demonetization of wil- Yeu Sald not fail 1o work incalculable mischief. fue crusede ugainst sllveronce started, huwever, itailels uad”bankers were not long (0 alscaver- hut thetr interestn ls whatover nught bappen 10 del statement ma; been a d silver, Instead about 10 per cenl wincs 187, silvor pay under the control of leqislation, ¢l should ba directed to secure ateadiness of valucs, monay burrowed, and the money ro- resent, s near uired (o pay A 3 ) ,ln equal sacrifice 1d, mesnwhile, Of OVer 25 per cent tnat le: relatively bshin: sl | in atlver. abundant, tut 1 bave only liwe 1o vutlins & fuw salient olnts, both money-metals with a fAxed ratio betwern them, since the 1a valuma the grester ¢ un the wide of i ora'and b Toguat REINPONCED BY SELP-INTENRaT, ' were Laken on voth sides of the 10 manipulats legislation in favor of the hme, (he sticvitably effect of which must se 1o exact two dollars waere but onu wus due, by de. i, vuu-aall of the culned money ‘of the Iver) aud doubling the value of the other popoly of logal-tender lfl:l:“flfll;ln?‘] operation in . ‘Thu Luited Statys stouped the coluage of fall le #al-tender silver fu 1874, nod demoueiized 1t com- letely Wie Tollowing year, nroveals natione have also doe thelr share of the most spproved ~—ghowa a fall \n the prices of rosvntative {tles frum 1872 ‘Yoo premium oo Rold waa three-eighths of 1 per ceat iore in May, 1872 than 1o May, 1874, Loadon Keouons from an Kuglish was much larger, TABLES OF COMPAKATIVR PRICE4 might be mantioned shuwing oq n prices of comwodities, Boue peoply have v .d pork and pig 1F0i a8 tho best Feprosen verage prices the worid over, Inatablg of York wholesale wlcu far nny‘in Hon, J. M. Rusk, of quoted Jan, 1, 181{.5 a ponding price Uet. ., 1, 1873, ndard: we recom- mend two metala wherewith to co; paying snd voluaiary money. 2l o exactly described by the term ing, the bl-metallist xacs that A PAL] halt (vold) by giving it s Sich_a chang Germany in 187 L. M not rea), but relall oniy when comp 0 saes that tho le haa aleo caused an eguxl Or greater change in 3| Valges of alf kiuds o| Increase in tha burden of o 1 do not charge that thio advocatos of mono-met. alllem ore dishonen d n Europe, becane such cutbuslusts for if Lility of gold ™ that they conld sew wnly vl Nutl do charge that the seif tercat of capltaliet was the moviog power of | ard from s Bue-spun the- standards, which csn free mintage to sllver, Now, 11 tho bi-metatller really secs things as tley are, It mast require s (wist in the woral vis- lon of aven & Doctor of Dividity to discov Ioanlug fowards dishonesty ia hils_couclusions, be ls wrong i Lils premisce, it will take something dideront from the style of argament adopted py hu Easiern preas 1o a0t hima right. Ax to thore belng no dislionesty In paying debts according 1o the strict lotter of tha contract: no viulation of tha spirit of the coutract—no scalng of deote—~by payiug i silver dollare when thuss doliars wilt buy more of the world's gouds than an olu dollars wuuld boy ln 14° zialation whit legisia: poluts Lave been d by restoring Adding different dates, snd we have 85 Criusuce, bushiag it fo t oty ta leglslative enacy As the schemo Jleveio) tained fer enough to b acut, slaeraoly wore , bed, and tho serews wero Mr, Faweett's book, ‘‘tloid aad Debt.," glves egih_ the squeezing ot of coutiecuted dullurw, the people of the United States awoke ta the mtuation, aud den soded a restora- tiun of the old stlver dolar. Now TUR MUNETARY FOWRR KNEW very well thal remonetization and free mintage of BilVer Would relux their grip, howerer, 1o figut the question ou its werits; the reul laste wiUst be obecured Ly & talso one; s0 & cloud of duet was ralved about the vl in *‘chiuped dolla » rulniug the public eredit,* etc. 'The advocates of rowonctization were pu ‘wrungfully cunfuunded with {utlations was uvl‘:m ht. New England papers. particuarly, became such vlgomn-fiuu- tucowers ue to blind Teacti; but (he viaton of the Bllver bill becaine 8 law, tboush shorn of sume of ay ek Sfln the 'fim atep, nm- aud (he pasedgo of even tuta mod. itled tall hag arrested the unn‘x‘u'.' ! ward wouo-metsllisw, and set v tide in the oppu-~ »ite direction. RUSULTS OF REMONETIZATION. I it be ciulwed that the working of the act ru~ wilver s 0ot altogutuur whitite friends , the reply.is that the | whiat ul-metaliinte Intbe Seoute left it almost powerle: diste ¢flect upon deprec aining the featurew duut were ba a ureach of natlonsl koou falll. wuetatiou of e JAw Lbu at 302,10 gold, Iron and pork s an sceurate representation of e univursal averago of all commadities, 18 udicates o fall in prices of nuoul 60 per coutin Hve years, Fle price ol nces pprk ds to-day tn New Yurk $7.75 per. barrel, “The lowce, point reached sluce 1425, pray, 1t would ol do | cqual naubor of 10 fujustice o wus tion hus wrongfully dunu; those Lan dei nn-ln{od that It 18 negd| Enough that opposition to tham before tha dise payment of 4 scareity dn the world's —Juat vafurs t0e Jniux frow Califorain bogan. UI course, Ju comparing prices, ur _even varla. tons of price, of ullercnt ariiclas in diferens coaciries, Aliowancs must be tnade for local cir- transportation, guod or bLad cropd, €16, eic. i 10 1w this that makes it s0 diicuit Lo waa viriusily throwa out of courl cussion ciosed in Cougress, THE OENERAL PRINCIPLES of Li-metallisin are set turth In leading suthorities on Fulitical Ecunomy, but nous of th uus 8t f4aue, siuce 8t the as pot 3 promincat sub- Li-incuallic money was 3 the natlons using guld alonwe wote al b l:hnn Mwited Lo sibver; the 1 f all within theie L was cicar, and the ure clan wople {nto the abaurd idea that gold never chaoges 1 uld weasures wil otber comuwodities, ber cominoditice muel ru expredsod In terma of sHver tag Cianges woula attach to gold, and silver woald ve the metal that never seemny Lo change, For tais reason ISDI1A- AYPORDS TUN BEST FIELD tor nflm‘nnl the sctoal varialions of the two ever, toat cut, bt on tha same ween goid and 3l the balance of value sliver was averibrown, the h befors was & sheury only, bas bacoms WOMEDLOUS IMDOFLANCE, Feaching to the howe of workinguan a8 well ws capitalist- la the ‘The uvideacy aod srgomenta for bi-metallic wouvy which can be found iu the S0oke 1 sball not atlewint W Teproduca bere, uyen Lo yy seen wautlug se s I prices, but at the saue time obilzed to connder the relative valae of gold 11 thels rausactiony with tae Home Goverumeut. ¢il uf Indis, lu & minate aopted Sepi, 22, 176,90 the subject of s 3 **"Poa prices of couinudities and prucious maetals in London aud India witness to 3 considerable ris i the value of guld sluce March, 1574, snd eypo cially stnce Decewoot fall in the value other than goid. ™ Al & later date the Governor-General wlvgraphs U mplets statéwent of the Tho subject la exhausiively treato weitingy of Wolowskl, Lavels, Seyd, in **Silverand Gold report of the Silyer Commisaion Uuu uf Monuy™ by A. J. Wi speecaes Of Senator Souca. baok, bowever, on TUE MONEY QUESTION, particularly for saca readery a¢ o 0ot - care to go through the sxteuaive Jtoralure of tho eubfect, 1o ¥rof. Froncis A, Walker, of Yale Collcgu, —ous of oyt Commisiionens to the M isa cunuu fact dhat when ad, & . 1t was roviewed by e Eostarss prees 14 ind 00t uuw uf them that Mugls excoptivn of the g an 1o buve discovord that the bouk, Io Its exLaustive rescurch and Judic cial ruviow of ovidence, ts one of the strobgeat ar- vor of the remonetizati bly father, Prof, A fuu cortiicates, it would bave brou, Bosituf (wo or thres bunared o Suto the tuiuty, and e lssuo theselor of the beat ke the place of bauk-no world weuld lo & par with gold on the rato of 16 o ©r, wure properiy stated, woald huve brougtt gold writy with sliver; whelher we 1w thero would ‘dupend upon other uations for & bi-wetailo Ceruuschl, Erneat 8, D, Horton, the **'the Avprecla- arncz, aud I8 the llious of silver certificatea—to of silver,™ 17 we Lake real catate and labor, —~Adam Swith's f8voriw weadure of the valu rise [ the vatus of guld is this brauch of the aabjuct I must coateut wyself by slwply gviag. Sensior Jones' estimate, réached afier & very exbauetive divcusaion of ‘taules of ricos and other data. 16 ayu: **1 ug lu saying thal under this crucial cuwmparison 1t will ba found Lpit wold has very quite, doablud ip value withis the It is frequently said, ** If allver dollars axe to be cotned atall, let us have A FULL-WXIGUT DOLLAR, oue that shall be worth as wuct as « gold dollar at vrescnt bulifon prcce.” Waiving fur 8 miomens Lhe QUsLOoL Whsthine ahanlutu \ualice docs not Fu- ml sliver wp L Yuluce duwa Lo'a could Lave Kepg 1 the Co-operalion of or uptivaal etandard. 3 1 ba said 1oat, after we had absorbed all the 14 carsy I our circulstion, Wt bulion 1d bave zuin falien, the reply la: Dot stius uf silvee bag atil) yone on in ivuy, aud that besbown by recent events Notwlibataudlog the tary Couferenco, tls buok wus drat publi the nioat Datiering berw. uearly, it oot Last dve years. uuless dygnon 10 be bighly wurovaul cunards derogatory of siiv Leing b6t 200t Iu the Lelegrams of dui Lat pushic scutiuent fo Euro 0m At afght, withoat know. £ witnees against them. anlre that the gald dollar alinll be made small £20,000,000 sterling ($100,000,000) every year, rather than the sflvar dnllar larger, let us {ook” at | murely to keep up tho existing volome of gold, if the practical side of the qnestiun. 1t we aee to | thia be coereet, the total stock of coln fn_Karope maintaln bl-metallic money, ft mast be Incon- | and America fell behind laat yesr aver $00, 000, - Junction with nomé of the Euroncan nations, The | 000, i Tatio between sliver And fold in Eutope (s 153 to | * Yatat the very time swhen éhostock of the pra- 1. There Is litile probabillty of these nations ha- | cions motals In thus rapldiy growing less and less, ing Induced to lower their vaination of sliver, ince | onf monn-metallic wiscacres would havo aliver de- it wonld reqnire recoinage at lmmenen cost. * Cer- | monetized, 1lad such a thing been proposed in nuschi asya: *UEither tho ratio (of 1319) {afrre- | 1852, when the prodnction of gold wes 100 mili- ¥ocable of bi-metallisjn cannot stand.™ The offi- | fons and sllver40 milllons, thars might have been cial oplnjon of fhe Latin Union, exnrersca atall [ some foreo In the argument: out now, with the their conferencea, (a that the deprecintion of sliver | annual praduction of gold dimintsned ncnrlg ang- ie only temporary, and they look forwanl to the | ti.al: with demand enormaualy increased by en- tima when they can resume free mintazo on tho | Irged commerca aud papulation: with an expart old ratio. Now, the coinage of a full-welentdol- | of siiver to Anis oxeer ilng In some years the 1ar by the Unlied tatea would be to fly in tne face | annual enonly of golds with the world'e volnme of of vur nitaral allles, and tosay that the present | tnnded dubta axeseding 3 thousand miillons, most depreciation inust i permanent. Any eo-opera- | of It conteacted in the fluah times of & rapidly in- tlon under auch circumistances wonld of conrse be | cteasing volome of the precions metals, —at such & fmposatnte, A it was, the fact of onr remonetiz- | timo an this & craanda Aeninst silver I8 not s blun- inzon the old ratio.of 16 to 1, instead of 151, was 'y but su muach of a vice the only thing that reasly endangercd tna holding Asto be hated needs hut to bessen. of the Monetary Conlérenca, J THE CIICAGO T Had cither of the prapositions of last winber for |'a¢ 15 oy of October calia for an explanation _of coining full-weight dotlars become a luw, we world be In Just this ditemma: Firat horas 17 the | Ihe reatona why silver han falten in the London Latin Unfon rerurns to free mintazo our dolinis, :l"vur'l‘:fr'.:"'::\::: ;'-':.;.'lfc"n'mf 1’.‘.‘2'\32\?: ml':{ ('k?u"n':;: belng undervaluod, wonld leave tw a9 they did bes | 11000 Tt S0 upan which sach’ predictions wors fore 1873, and we would be the laughing stock of based never passed, Free mintage and bulllon tho world for vainiv atiewpting tocheapen one of | PORGEDEYSF Paied | Ures mintage and bultion our most mportant ,productions. Second hen: | STHICHER 1 NG SINEY feeliea 0, ereate f Rl It all Burone demonctizes slivor, permanently, | yiRiumand fof siver of sagh propostions fe to A#)a munt follow il Then the terrible economie | FHGERY el WA pRice, TRus tecont (ait 10 the crials which Mr. Goschen predicts will ba npon asg atlon, Airst, in the fack that there has heen sliver will lose it vilue ne money ud bocoms | p'yngzpucted failing off of the exuort to Indta. merchandlse, The difference beliveen 8 Full- | kopiye st moven months of 1878 thie falling elyght dallar and aue of 41215 geaine would be- | o(f'iyan 321, 1110, 000 - over ane-hslf compared with come of little ncecount| we would have to l\'n!nn the corr n;,m";,! nontha fast year. Thisamounta miver altogether, or coln_our dollara by the | (5 myrs than the now demaud created by the slow bomd and ke ~*tha wheelbarrow and all.t | 2 Fofe than Thac thers can bo no I lm-‘_ <Ty Slaimed by Prof, Jovons and othera | donht of the oxport to India resuming Ita old pro- e il e (noUly S aaRlnor N 11O | nurtions ay noon ns tha effects of tha famine wede Shver, dt woulg wuill, bo ured as money i Il | ot “Tie tide has been toward Indis for centuries, {inn, Wnd perhaps Alnprica, which wonli paifce | wiin comparatively allaht ductuapions, Thé salay Bt e e ort tn. | Of Mliver by Germany will alea soon bo over, and T L " oy Sanyie he | Jhen the slow demand for our calnage will begin to tenable by lexding bi-métaille guthorities. At the | {UEL U, alow dempiid tosaor eainne will begle 10 recent Monetary Conference Mr. tosehen, while point to Tho Alivee Intereat by fizing tho limit for Siaming credil for Fugland tor malntriniag the | snbeidiey colnage t 15 insiead of 10 marks per Miver cuteancy 0f Lidia, mulds oy Shropasandstor | inhanitant.’ But silvee Is nowrising in price, and, Samlvereal o, manlsid might, {ates Neq 10,022 | an won 3y the v (alirien In thinyescy orod: Decome mono- metaio Asia miat follaw aults then | 4EL 18 felt it the inarket, “thera will donbtiess be Europo must give pto ia Asiaticr n ahiare of ior e Rl B e e i e ten i | Tt will bo notlce thit I tiave dlacussed the sitn- the compression of all property vaines. Ation from 168 world-wlds bearings, giving hut lite el tle pace to Lae various focal distarbauces, each of 1t fres mintazo of sliver bo ‘c micted. our sehich, intarn, has been hernlded as tho case of i her - OUF | all our Gnanctal diMcuities, As Lo the panic of (87, rold will fly abiroad; feaving ue 10 coin but aliver. 1*% extenvazant Tvin “Ville premtum on gold, " In nrzing this objection our vpponents ook | 11 SXEARRERL AR,/ olhe peemiom on SO0, ‘wise, anu refer to Greshnin'e Jaw, a8 if nuoody but ‘ated curioncy, " otc., they are, of course, not (0 be themnelyes had atiddicd ite gverntion, "It in truo | CACETONcYs Sl they are, of course, net {b be emough that the cliéapkr matal usnally—not always ' EIIRS 18 SGORATIE I8 e Brasteavion of Hatle ~deivas ot the dearcr, and tnat the- debtor paya |11 PREIRKSES P Fajnel TOst a0k placo hnfnell: in ll:.u cheaper mo:nll; uu:‘ the ereditor nl-u“lfinnn however, am, that In A new conniry 1o ours. With B e o i kot ranea meq | 18 wondorfil rucnperativo’remanircen, such causen oo barcoresth oter 1o (ho heaper one: are not aduquate 10 the prolunged doprasion we -inatallic law, acing 11ko a connoction sutwean |-"iho “panle of 1873, messared by the history of {ira budjes of water. provents any long-continued | pyevions panies, expended Ita forco within theea e e ot thar amrvoranl Bemetalitsm 16 . |-Y€ara. We hiad'a gund busincss year In 140, and t yet the panfe of 1857 was worso than 187, aince potsible, Wl I¢h b ussumo tho wornt state of | Juterric? e wall an- €t thes want (o piecon Minge now Hiccly {0 Mapoen; admit that Eagland, 1 While In 1478 currency wan uninjured. Dut just (Gormany. and sumé minor European Powers mick [ 5y'w hoa abont recovered from tho natral resuita 1o a single motal, and, 1o keeptnels supply 0f Kol | of paule,—say at the begiuning of 1877, —and B i (et rICe et SHOURD o0Lo CUER! | might ave startol in a now carecr of prospority, metallic ratio to draw-away all' our atock. ‘This anathee malten {nfience begine to Sperate, —nat loss of Rold, far & ime, may be nupleasant, Butit ) bocaliar to the Unitod States either in Ita urigin or T m"“:{‘l‘- ta ‘mmm —l’hn m;nl‘lle»'l::lln'ul w!ngl},n‘"llm;‘.‘ 2 o our trans| m from the ening grasp of e o In thug connectlon, Ia to assume that wiile wa re- | fanifine uroup of ‘evils: Inio iha chitencs of this main internationally voor we can koep Any 18120 | yow pawer has Leen quite impercoptible, What I)mo{mllut l!mrl:‘l in cieculation, even if we adoptthe | (e havo had to enduro slice 1876 wo share I com- single standard. Onr gold going away under the natara operntions of trada, goes whore \bwill do us the most wood; whon §4' gots abroad |t lightons forelgn monoy- markets, sdvances prices, and createn a market for onr prodactions that cuulil not exiat while the gold remaned ot home. Forcln nations will have what they need of our products to meet tho bafe necessitice of life, regardless of tho flow of preclous metals, 1t la our interest Lo cnlarge our market abroad 50 88 to incinde mannfaciures and articles of luxurr, tho export of which depends, upon, rather thao controlp, tho monoy-markot. For thie purpose ont gold § of more Lenci 1o us (as long as there 14 8 scarcity in tha world) when sent sbruad, than |4 can ever bo.wboen kept at homa for cur- rency narposes—a service can justns well by rundered by siiver and paper. 1ixh prices abroad and moderats prices At home, for movable com- modities, aro the beat assurance of nctive tradg and rising values for real eatato and all other fAxed property. ! ; But evon Aresham's law has its limitations; it does not prevent France from keeplng gold In cir. calation niong with $409, 000,000 worth of legni- tender silver, althougls its mintage value ls worth about3 per cont Irsathan ours, We hinvo cojued avont 20,000,000 of the new *'D0-cent dollars,” Dt a8 st v 100-cont doliars have roportod them- welves drivon out of thé country. Before tho dears, coln can bo_displaced, there must bo cnough of the cheapor to 81l the total demand for coln, 1 clain- ng with beck alone nce of resl Journala of eir treatment of the, misleading terms 3 3 cconding to Kenest Seyd, 30, 000, 00 from debls due arger as pold rises in valuo cit own pollcy st the fect of magnificad nltly dismeters! It {s & ity witn which Amerl- o way 1o alioady nd zll\erncerull- Ing mystem a8 well 8- bank- lly disposes of such trash oliars Intu cireulation. ~Of who aiadies tho vrovlem, mon with ail the nations of Europe, —~the samo 5 FALL IN PRICES, LOW WAGRS, dall trade, stopping of manufacturing establish. “ments, the same uncortalnty of futuro values, and the sams hoerding of capital that shoald be em. barked fn Indnstrial enterprises, giving employ- ment to an idle popnlation, —all theso canboshown t extst In nearly overy civilisad countey, France, with it large aupply of coin in proportion to the »poniiation snd volume.of busineas, has been com« paratively properos but oven thore reaction from othor conntries is beginning to toll noon in- (dusteial pursuits, it will be n echief to us will \uo o rellef to them, and thot rellef can only come ‘When the money of tho warld conses to decreasa in volumu and rlag fn value, It wounda very pallosonhical and savea the labor of investization to ntteibuto all onr woes to a** de- precinted carrency '3 bence the evils arlaing from this saurce have been greatly exageerated, Itesumption of epocle-payuientamay be desirable, but 1t will nut urove L bo-that universal panaces winel has beon clsimed, vut will be found'to bave its disadvantnges aa well as bonofite; smong the former fa that of raudering onr fnances sensltive to sll the fluctuations of the Englteh money mar- ket, from whicn, under & doprecintod earrency, wu have beon comparatively axempt. Since En- gland extablbed o 2uld standard in 1816, whe has suflcrod a dinustrous Anancial panic each decade, ‘wna‘ fnterventng ureles of quits upprociable me vortance. .. Nurcan our inconvartible paper money ba sct down as tho chief rcason for ** want of confi- denca " which overybody buwalls, and so few com- prehend, vaults'* for preclsely tho same [llsta Is the fearful volume ol TIH18 CANNOT RAPPEN IN THRE UNITHD STATES— #f wo are fo maintaln a convertiblo currancy— without creating wuoh & domand for sliver aa will advance {ta bullion, pricc so near to that of gold Ba 1o brinz ‘ihem both within the contrul of biemetsliic equiltbrlum.’ It fol- lows, ~ then, that the United — States cannot be entirely ‘doprived of gold excopt upan the umuolmmi stuat there lanat gold enough in the world to .0i1 Ihe domands of - such Intarni= tiunally weaithy natious e insist upon & guld stundard, 11 ‘usls migbosition bs dsde, wecanuut rotaim the gold, evea \vith & goldsstandand, et pt by auomitting fo sacrifices beyond tne endurance of a peoplo who huvd n thelr bandy the aiterna. tlve of flut money, -1 Lint they say, “* It'we ndopt free mintage France will send hior_sllver gver hers und exchange it for our gold,” Sho hay"D00, 000,000 siiver fye-franc pleces, of which avont 150,003,000 are (n tha Haok of Frauceand the restn circulation along with gold, It has bean peralstently. ropresented (hat France will soon udopt a told standard, and is anxious to unlosd her sliver. 4 ; 1119 18'NOT THE PACT, but let ne Jook at thewituation on the assumption thatitis true. We'will nlso assuino that the Unitod States rosnmd spécie payment and adopt freo mintage, —tho €wo conditiuns admitted to e reqalaite fof'Franda to get hold of one wold. It runet oo noted that Feance has suspended the colns ngo of allver, thus limiting the amount in circalae tion, ~As long his continues a sliver five-franc pioea is worth at home Jnst as much 0s a gold onc; they circulate alde by stde and esch is excbange- aolo for the otber at.fho will of the holder, Weo suppose the ownorrof a thousand silver five- franc pleccs wende them o the Uuited States Mint, wet them. colned into dollars, converts the dullarwinto gold, and takes tho gold 0 hushel of whoat, lator, or s dollsr o, perhaps thres' or four of to Indlvidual or clase, ; FOR ILLUSTRATION, Jok us sunposa the caso of a capitaliat proposing to cmoark {n 8 manufacturtug vulerories in 1870, .when tho preinitin on gold was 10 per cent; lot him assumo Brst that thero must bo n shrinkege of +10 per cent In property valnes, —equal to the gold ,n(fim!wn. 3 llulwauld mllen\u u‘.& ot of Ix!; plang nd the ainount uf oparating eapital required; alen -':n‘fl‘lhrec\ml bn;‘(h:"'" ‘ the Iatter w;‘m suticient to Justify the undertaking, after allowlng for & “shrinkswo on his Investmout, to cowne frum the wiping out of the premium on gold, no c ahead with ?unl aa much sssurance of succe he \wouldliave lind wore old at par, and bis investment ,10 per cent Jess, Tho real difliculty tu this cuse, 08 1v every other, comes from Lho fact that, after .alluwing & manan suflicient to cover. the apprecia- ition of money, ho finds a now elemont in the problem,—n constant rise fn tho valus of gold “tiroughout the world, and a corresponding shrink- aze in the value of othar proporiy the meassure of .which no man knowauth. . . in othar words, whtle tho shrinkaga of proporty in this conntry was slowly ralsing tho vatne of tno ‘lmnnhntk to the level of yold, goid Itvolf waa golng Jfigher and hlgher In the world'a valuation, ag that, at tho polut wlhiere the grosnback dollar wouly *rcaten up, ™' it would bhave s groater purchasing power than the gold dollar gunl when tho ra bepani commodities meanwhilo sulferinz a doubl shrinkage ana debts growing doubly burdensome from thia two-fold change of Lade.” Under siich circumstances is It any woader that our supp: titlous capitallet of 1870 **re: rv:uuu, inod the fnvestment? Tho trogical part of this littlo ‘stary 1a, (hat the active man of Lusine 1 d and ation. .Or, a1 1dence before anve been proved ho time, A exumination of the i3 Unlow Conferencod wili show great intercst 10 torms of gold thers Las i Dack with 24, 157 graing of vl i Xlous it 1he purchating powar of | DACK 10 Prance; he gets back with 24,137 grains of | o by engaged In some industrial entarorise, did not old. But lie migut. have deposlied his: silver | ‘dectine the Juvestment, but wont In L of falllng o, bas actuaily focroased [ 53000 5y {ne Bank G £ance ana clieckod. out an | eqamiped w e B Ui et «1ind myvell obllged to omit some quotstions .and atatistice relsting to the depression of trade, ‘law wages, ana BUARCITY OF COIN now oxisting iu Kurapvan nations; hat §t 1 warth while W not» the diminutive amousnt of r ves In Englieh bauklng for the current year, The Lon- don Econamial, Augt, YL, wtaten the Habilities of saventy-two English loint-utock binks at the be- ‘gllmlnz of the year at $1, 122,805, ¢ the cash on and and 1o the Hank of Englam! was anly 18% percent of thte amaunt, But it e the eun‘)m of thedo banks Lo carry ouly coln ciough In tauir tita for ordinary daily transactions ; all the rest 1 depodited In the Bank of Enxland, which nank i turn loans out lis doposite, kecping & ‘resorve lu g binkiwe llo“urlmnnl of about Jdig wper cent, ‘Ilita rescrve during the month of Au- 2ust last amounted to only L8, 500,000, azainst an ayeraxe ln other veara for the corresponding nonth of about £ 000¢ in_tE7d tho amonnt was, for Augist, HU3,000, Of tuly rescrve, abaut DU ner cent I# 10 tth own nates, ‘Ihe great bulk uf O b thy bank 1# lucked up in the 1swic depart moat uy secunty for fhose notes. Dy rafeing e dllacount rate (rom 254 to U por cout tho Lang man- ‘ajed to lncegasu ite geavrvo about £, 000,000, but loat nearly wll of 1% on tho sciare over (e faljure of in «,Tnl nomber of gold 5-franc ploces containiuz , 882 graine, 1o thorefuro dnds himself out 753 grains of gold, worth’155 frunce, or suoul 339, and 4l the expopses of vrakerage, which woaid be at least as much mote.”* This comes about in conse- quence of he diferent ratius between sliver and au\g.—uur valuation of silver belog lvas than that of Franco, B 1t e evident that mo Individual will emoark in such a lostng specnlation. The Aext quostion la; Wil thie French Uovérnment do i1 1t would bean lately necdless oxpesse, Bhid cun reach b yold basia Juet a8 well by vimply continaitig er rafunal to coli stlver, and [égving what ulio hus in clrcula- tion until It weare dut, or dlsappears by natural processes, The Uovernment itscll need nos 0¢ ag the expense of & singlo franc to elfect a trunsition from & bi-metallic tora gold vusls, 1L 1s safe Lo way 13t uo olier European Uuvernment will repeat Gerwany's coslly espepimont of suiliug bur wlivee aud baying gold ia forelgn watkets, Lut Uor many had the excusly of dustnog to ot ridof u wized cuinoge, vriginating in the various petly Htates that united to Jorm the German Emplree, THE WOLLD'S 8TOUK OF COIN AND BULLION Is vatimated by Ernuss Seyd sa fulluwe: d tides the expre: Kvidence on this puint tables of prices published by the May 18, 1870, ~made upou tha plan, o1 doiucing an_ avsrans of I o 1870 of 1 per cent, commcnting on - thess tabl indpuiot, said the depreciation Many other 1 or greater fall onein, | fin $14,70 per barrel, 1874, wus $3.05. i ] k of the City of Ulaagow. No wonder En- $45 per ton; Uct, 1, 187! Total... o .+ $4,750,0.03) v : e prices of thuss twa By statist AM0rato Lo be wiotud hero, Jarelat aeurivpscldof ko EXPOIE 0¥ GOLD TO TIE ONITRD ATATES, \which must come fu payment for tholr deficioney of breadatuflfs, dud that the Loadon 79mes of Uct. J& says ol tho lirst shipment, thiut the question of Mr. Soyd aad othera reach the couciu demonetization ol of the wori .76 for ing off uf cone u that the yar nioana tae caiting down [ cul 4 walllun alwost or B3 & fur 147H, —a a0 One-hall, yuile one-ualf, ~Uat*the actual decre: of voi- g watua'af $10 10 dracnvucis tu Uctobsr, 1675, | uie woula by mo mosss be the Vull mussira of ts o e MY conaamad 00t et wiuid ave advugce 1n value or opreclativn uf pri Y T b ot % Bo far as this syerage varlation of price on pht- | Lhls polut ' adijrably stated by Uvn. Lis Tho' Avouomist of Oct,” 10, “Juit rocelved, hav ‘eianorato Lables, shuwing thu'condition of thy Ko. ‘(jll:h vanky. It pives |;:3 bank dopoilte of the nited ), 00U, 000, ~ But since all tUeso hanke, de stalud -aBove, kuop tha maust of Yhais reservestn the Hank of Eagland, toe virtual canli rederve of Mile t superslruclure of erediy ona bal bout '.»0 ) ) Biaingt $3 750, 009, 000 of Jlabile Buch au attenuated I 3 b uoakible ouly in & very Weal nation, where, 4 ordiuary ties, o vast prepondorance of tho puper discounted cons! ¢ **real iile " of prumot con- vertibility ; and where secommodation paper Is g:nuu:‘li nured. 1f our accaptance of &+ pold standand** carrica with Jt the Euzhish binking wys- ‘tew, we had 1wuch better stick to s depreciated suttency, Adecrease W the quantity of gold, causing acarcity, requirus & greoter sacrifce of uther com- ywodities 818 expressed 1o 8 cuoeral fall or pricca, but thereal fact isarise [n the valuo of kold. * Now, 1116 evldent that, wero the volume af guld In 1ho world gouble what it is, tho greator ruluwme would be less guscoptitly (o dlatnrosng dn. fuences, ‘I'v8 vauio Iy truo whon silver ¢ yoked tu guid vy dzed ratlo; the volume of sliver thus a J‘Jn the worll's stock of colu belug sbout yluduflnllnz lfia yolugia'of gold, Wiea 0 dre 3,000,000 bushule of wheatia the Cuie 450 clevaturs it Is quite vossiule for & comibina- ton of Board ar ‘frude ulin to got up & corner; but, 11 tua goautisy b 4,000, 00 oualicis, a curacr 1s beyoud the power of Dy probuble comvination, Ho with coini If thu tel L to (taul(, the eupply is (ar wort of the uormal demand. Natlons wust resors to-duconvertible papar wouey o thols mouuy warkels wust by la a chromc stabe of scascity. 'Fhls isa constant lowptation W vrokers and bankers o ruy s cormerat iho expeuso of & world-wide ulfluflr{. ¥ 5 Without reslly fuicnding It; tho United Statos {a Jusb mow ranuing such u curaer by locking up Bearly 150 wiitlions of &nla \mumw{ 10 rusB100- twa, * Bince Uerwany deusopotlzed yilver, snd the Latia Uclun atopped coigiug 1t, the supply-of guid Bas bean suort of thu dewsad, oven if the wlivle weta svailauly for the servjco of gold-ualng na- tlons; but woen tho Uulted States lucks up this tinwruse hoard 16 1s no_wonder that the dark cluud of panic hauge over Europe. - Low Values and duptesscd Lrade aro just now mighty udyocates for oi-metallic money In Europd. A Largu cluge of far-scetay Eugilab ccanvably, like Alr, Gusclien, have giscoversd shis face, It Wil 00t Ly lon? vefors Britiah prejudices i favor of & wold-standara are baliy puzien up. TUZ MONETABY CONPELENCE. When the Silver Uil becaws 4 Jav. watls the Al 20U wacuduieut broviding! for favitziius o @ Warner, as followe: **The first sllect df o diminution ta the volame af wouvy 3 shawp in ine falling Gl i the nags ol credis vspadionty, which ordinarily, anl esbeclally with nisiy g pricee, »o largely supply tue placo aud pertorm (e fanctlons of niuney. “Fhis sgain b followed Ly o rapidly-increased butenaily o (he deoand tog uoner, o - L L e de creave In tae Hank ol Kuglaud notes sud the notes of private banke was sbaat <3 per cenl, belween 1518 wud 1n2l-—-the perivd of resutivtion; but the Fius J Vulue ol bani-oolea wis aboul b0 ‘per cent, a¢ hueated by & (a1l fu prices of 45 10 60 pet cent. S ‘I'ne sunual production of yold Is subject to vast. 1y greater varlatione tuawsitver, Hliuce the year 1800 goid haa comy o perlods of Jarge and sinsil supply, sanging all the way frow 0 o 103 wihe Juns sanuatly; whilp tbe raoge of wilver progact In fue warld, Jor the sawe (imo, was within 18 il Juus for tue luwestyear aud 72 willfoug for tue Ligh- vat,—a gradudl pcreaso, out lille wmore tnan keoping pice with population, thus waking Awelr 4 ideal of & Dporfecs cur- reacy us far as thy pite uf productivn ls concarcd. It 18 true that sluca tuw dlscovery of tne ioasnia wiues the world's snuual sypply bas consideragly Juccansed] bt uothing 1ike Wpab bas buey feory- sented, A range ul suuudd, productlon Lebwesn U0 and 70 miliions Lavicad uf. 40 sud 50 wilifons 18 the fuil measury of that Uuguear. The bruduct ' ol the Cowntock wines Shis yeur will (all o vge- Litlf, and the whole product of the world bids tair 10 ba conaideradly less tha tu 1877, 3 ‘The anaua) guld areducs now rsnzes from 00 to 100 wulious sunually, ~a 1aling-08 of nearly onv- balf comparod with the Jusn ' tings fu Catiforois and Awsiralla, - ; in TUR $PATISTICS OF 1877 Ate significant 8s L the futoro of the preciogs metals; 7 Eatira product of goid for'18f7. Kauire product uf ljvgr Loe 1677, Total. 10 ibo present year, wes in w York whoievale price was 8 wus the poriod of great stock of tho precions matals, 11 the value of money, and leads eaanse woidd, If our bas un Judusinial popul 2 siiver valuca fur cx 2 tovernur aad Coun- iver, make ths stulement: & . 1873, uud 40 nut show any ‘o silver maxsured fu comuioditice Prices I Jadia 4o ot ebow any fall of coutuditics—ihe 1l more wppazent. .Ou ALrasiod of coli.iem., Estiinatsd lous of i abrasiou, sod espoti Lo La. .. Total. $172.00 L1 Not los Lo the Weatera Worl rock of colu mnwmuu.:““ i1l 2ok zaom These estiviates of loss by sbrasion aud cops SUWPLON (1 thy artd are derived fum the Bunkers Muyazuie. A writee du bie Bigiskh Suturday wleT of seot. 7, 18T, it [T H feronce of Natinnw, p that no fizat-claas B wemid liaten to the call. —tno apeclal organ of fritish capitalints Conference **wanld never reach: 8 healthy In- And an throughont ita whole histoty the (onference has heen the viellm of misroprosanta. tion and ong-sidod reporte, shown by a compariron of telegramain Englizh and Amierican papers and tho later detalled reports. Jtik not fair to assame thit the Canferonce a fallnre becauss s trenty for a blemetallle ratio WA not Al ofice entered dito. proventing that are by no means fndieative of a dlsposition to abandon siiver by the lTeading States of the Latin Union. Tiut it 44 cortainly & great step forward to get the subject well placed for fatnes consl to nase deawn out the ofiicial aasnrance of France And Ttaly that bl-metalilc monev, and not zold, s thelr goal; and that they awalt the earlicst moment when they can retarn {0 the PRBE MINTAGR OF SILVER. ‘The London Economist evidentiy rider tho Conference a fallitre, If we may judge hy the disappointment shown In {ts Articla of Se) position of France, itself pnzzled to aceonnt for what it calis the change of position of Lean Sny, {ntor of Finanee, from **a p: a single standard of gold becuming a neceasity for France'! (o **a hankering after the bi-metallio hercey, " it says - **Onr readers will anderstand from the above quotation from M. l.eon Bay's specthof 1870 how wite a zalf tnere 8 hetwenn it and the protpect that seems to ho beld out of France—if wa are to eredit the renurt of M, Leon Bay'e statement o tho Congresi—neing sincerely and at heart bi-motailic af thy present thne, Able thiny if; having made so near an approgceh to A sthgle atandard ns Franco has récently done{ that turng back again to one formed of iwo the anti-slver uropean nation Thin could ba easily The apecial reasons After cunfeml tha_French Min. Ive espectation vt Tt will be w remark- nomlst may nd some other Europesn sincercly and at heart bi-metallic ™ ho- fard thay get througl the exlating cdmmercial de- COST OF PRODUCTION, I8 the argument for bt rnpuorted by tno eatadlisticd principies of pulitical ecunomy, that the ndvocates of & single atandard ignore Lhs later authorities, and retrea behind an exptoded theory of Ricardo; that **1t cust of production, which muet uitimstely reguinte the price of com Tilis_doctrine, {0 re teast of ail opurative In the case of the precious whero the sccumiluted the nges Is constantly un nand, producilion of any one year s etallic money, 1ot snpnly and trua anywuere, Is sek of* ol And to which tha gt an inalgnificant Botthe fticardian theory of value is not truc as a umversal law of ecognmical aclonze; y ussalled by Malzhus, L by 11, Maclend 1 hie Heonamical Philoson! his demunstration of ite failacy witl ‘Tt apparently accounts for rosults in many cases, und, thareforc, may kmpows upon the une Eut 1t s o' dangerous and sedacing error, utterly false in princiole, and udiated snd rajected LY thove who study ecunom- a in e trua wpirit of science, " **unwary thinkera" who hay pushed oxtronio |9 Mr. Heney V. most and reasons 1t was succensf, **Princlplea of hy’*; ho cloves h this sentences loctrIng 1o an abau; , tho man who doymatl the Jeaet of any one who haw published & book on the subject of moner, Not coat of production, batthe relation of supnly and demand. I the soie rogulator of the value of Dut to speak of gold and milver boing aubject to the same laws as other commodities, is to state anly lalf te case. metals hecome monoy they take on 8 now use and are subject to new laws; pat e T MONRY PUNCTION upon any other commudity, ani it woald pass from under the laws of merchandisa to the |, 4 Among theso (aws 14 that of aroiteary (overnment; it would in- Ity, but one whoso second- ary use—to bo excbhanged—had become its chief not of courrs by bne na- tion alone), by s@ecting the demand ‘for the come cxeris A prepotent When the precions control of domand b, deed still be 4 comm uge, and *'leylalation Iniluenco upon Its We may leave the mono-matallists of the day to- enjoy tnelr oxagwarations of tho lalases Jaire dotrinc, but o ust protest sgainst thelr ond silyer as merchandlae, when 1 & commudity is s when it {3 a jeia what would ve the objec- (reating of thom as inune ust Lo sumo tonder as whon [t 18 no tion (v demonetizing uold an well as aliver? trade 10 allver and gold cannat be the same thing on, copgar, or cotton, 80 long ne a worth anyfhiug to the y possessing it, and It evldentiy 1s worth something, olse it would not he an ubject of deslra WUAT MIGHT IIAVE BEEN, BAD TIIR LAW OF 1878 NEVER 1ASSED. In the July-August number of the Nor(A Amerts can Herlew (also in a book published about the same time) Mr. lienry V, our hav & papur object of which is to show thut the act:of and not tho act of 187, was tho one which placed the mation on a muno-metallic busts of gold; *4that the nct of 187)) prodnced no change in tha monetary coudition of the country, except Lo re- move sii obsolete provision from the alatuso- It bad n0 other dusign than to t the currency to the convenlouce ana wania of the coustry, the drubplnz out of he sliver dollar betng one uf the least imporiant of the measuros to be accomplishad. "’ The basls of this.astounding claim b that but fey dollnr colns wera In chrealation at the ting. piud vut of the siiver goliar, *produced no_cnango in the as frev traae in the fact of lexal-tender Now, if ‘‘tho uro| by the nctof 1x7lu. mapet: tiog of thy LaicAast SRS H woilld have gune ou 1n subsequent same au they did with tno law of Tho act of 1853 slmply reduced the weizht of wllver colng of lees denoinination than $1 frum tho standard of 4 to the dollar; the coins of losd than 8L noi to bo logal-touder Ju paymonts exceeding $5 at aay ono i wraine to S84 gralne NO OITANGE WIATRVER mada In the status of ths doliar colns it loft tandard 41244 geains dollar, ge before, o full tender with the privilezo of freo mintaze. Ing then the fact that when tho law of 1874 stopped the colnage of silver dollare wud guing on at tho rale of oyera milllon ay 1t fu clear taat a4 Jony as tho law provided for the freo mintage of fail logal-teader silver dollai d coiie tho country was ** effectu on u bi-mettullic bams even If not a wingle ¥ waa in eirculution all these years. The dul- lars did not siay with ue, it ja trav; thoy were o ported becauso under fhe wnetallle law in France (L valoed by 'ome ratio of 1 Unitod Hiates any tho less a bl-metallic natiou? Every ounca of silvor in the world had a right to cane to this country and e cotned into dollars; it did not come because it was worth more some- A **Dollar of the Futhers" existea otuntislly In vvery 412315 graine of standard siiver atllon in the market, sud thero was nceded anly a fall of two or thrue pence pee vunce to set the bulllon lowlng toward our mluts, almost as muct inthience in kecping up the price of "y OF, in uther worde, pruventing & riae jn gold, a3 {['slivor doliars were 10 general circulation. ' T'his was (ha situation until Fav, 12, the law was enacted witeh **produced no change In the monetaty condlition of the cuuntey, haps not that wonth or et yeur; but suppose tue bad pever become o law, what wauld have beon the result fn 1874 and the yoars fullowigg? In consequence of g * DRMONKFIZATION OF SILVER DY ERMANY the price of wilver bulliun had fallen In London by the Ueglnning of 1674 10 57. rice Lhere would hive L0 this country for coliuges such o move- weht woudld heve at uyca sst in, and from taat time on the coinagu of wilvee dollars would have boen lluntod ouly by the capacity of the milits. tuls capacity ut 34,000,000 13 oasily tudl, —thu et of January, 1874, d have found us with 100 milhun r cither In circulation or 1n e oveniug of 3 Luw Inar, er would uadouotediy have arrested fta deote- ciailun, ¥o that inatuad 0f aroppingto 40K pyuco as 1t did la 1873, 1t would have fodnd has atadiod the will venture 1o e dominaut ratlv of bie 553) they wore u. This fact had uCe Dor ouucy, en & prols o ehip. L fur thiy wtock of v I mavowment of the peecioile dony that this Would have been the rosult bad not e aet of 187U becom a luw, amounted to **u cliange i the monctary condition ULt b evidont, oven 10 wueh as Mr. Henry V. Poor, TUE SIUNIPICATION, And what woutd this Yery sng: baye been " hava sienilied [ortus Worid aud fur ue? in the downward price of silver dsdvance in uld, snd coasn: nrinkave of values in every country Bf0 oxpresscd In terms of goid. s o denoulinator of viiue, having our greenbuck woull have wishiit early in 1577, wiping out our and arresilog Taat it would have of tug codniry ™ on S unwary thinkend wiive **might H vud to_ advauce, rewmiaim 0u koid, uyo of values at the pojut where the fucta of the paulc of 187 were uxtiausted. B, Wit the aid of tole large stucs of sijver dollars we would have dnfted easity suto the do- slred bsven of specie payimouts, without tae srd ielation, ab least @ year in advauce of the day Dxud by tha act of 175, = 4. Whatever evild w3y ba finagiued to como from wich 8 large wlock of miver coin, would, up W tnie tine, thel Frauce, wuich has franc bleces, Bud woerd un unintesrruplod pe- ¥ bas followed bor sovero ba- les of declining values, pros- tiated Inddstry, staguaus commuice, and & popus waut of employmoni! Puor woull bave ue be- out ol tha sl it et e f B ccowplisued by the law or 187 As to thu r4ore luivoriant of tae measur that uch, ho duws uat deizw to ¢ have certalaly ax y al:z0d ua '-nh:;‘men- . that would Justify wuc thuy sre yot o cowa, ¥+ A oud Miylsters " of Flusnce {"dxlan e VAPER NONEY, 18 doeg uot (81l within the purposa of this cssay to attack or defond the claim of infatiounists that the predeat voluwn of paper money fu tue Laited havu been 1o worde ol 10, 000, VU0 sliver Ove- riod Of proapetit] uonal dldsterd 6. Twp yoars during frow the 4 Al . accomplished by euligulen U4, of wwployed in commuecial centics proyes tha volume of money supergbundant, It doce uo much thing. t 4u vxceas of biood lu the bralu. the patient. Accumyiat tal at thy mousy cealred show onlv thit tho vx- tremities of the comniarcial system 0ry In a0 uus healtay condition and du nul absorb thel Tho origiual duvanw way o As weil urguo In uf uoempivyed capt- | thg **curculetivn. may not bave bee fndatioa. upon acrumulations uf wouey, while the di raglug. roves only the 1uasklity of lie suthor to cupreacud 1o Lawe uf wou L Qhcatlun OF Tadk 23 1y £ [FRECIR TS was not a contraction af the euereiicy from 14y TA77 liws heen 1 rotifal suhject. of coma 3! 1t b2 not propomed to go o¥e: the gronng l.m”'" caure, geanting that nn' sucl contrar e place, the cwscntlal points of thiy ailll hoid good. ‘Indenendent of ' the' mmeht sonrca of valne, —imitalion of Yoluine, —qnr M7 maney has maintained & cortain rati, roltt goll, denendent upon the Brosnect of tha oo, ® backs boing redeemed or made canvestibyy jore coin. 1 gold 18 the only coln, and that cojy o hanced " in vaine by the monopoly eraniey’ ity Kriropo and thd United Blaten, then botn prga st £old 0 up in_valus taxether,' In 114 wayan i} ACk and bankenoten hata tncrersed in s vower without decresse of volnma, The v p 2k of praverty values and the bunien af deygrsirs been made greater, jush the aamio an if ot Larse® mnined_aiationary in vaiic, and the volaie of oc, inconvertible currency had been lnrgely contra oy 11 reanmption 16 10 be & success Lo convertinyjiy of onr paper momey Wi keep Its nurchasing payen equal to kold, and the valua of old will b vy ed by fte xcarcity in Etrope. 1€ reanmption foy paper will azaln be st & difcoont fof kold, hoy \ny disconnt wiil be small unlens it volume shonlq 1 atly enidrged. OHe PRDOT manor, thereri will continue tu be tied to the enhanced and coy stantly rigtog yalae of nld, unlean wo bring ahouy a return to the uee of silver, or cit loose from glq altogethor by the fsane of at monev, the faet § ml:‘ 'H'HE‘D;!('USS,O.‘ @ fact is nored hat the mod inetriments of crodit savo the vao of rx‘n‘u?;:;t::‘ supply Ite placo in a larga praportion of the wor(g'y commerce; but this crodit aystem e stantly rofers back lo coin A%t by, of value, and will be continued wheir we umc 'one or both metale. It 1 e Aviule, {n this connection, howeser. o noties twy signifcant facts: (1) If the wrowth of thiy enor. m. has been equivaient 1o a cop. t aystein st continuo to exvand, of 14y ng o grow will. be equivalent to s fading.og of tie production of gold and sliver. (3) [y ratlo of substitates for money, in provnrijog gy rual monay, han already becomodaugeraasiy jucgy, oven In murfl\mu\ with the volame of both g and stiver: It silver Is demonetized thie danver iy dotibled, fn times of panie, the credit system wudddenty breaks Hown, and monev (s left to do ity own work; then the evil of an undae proporiion of substitutes for the thung iteolf bscomes pan. fully apparent. In this respect adepreclating yoi. nmo of Junney operates much tie 8amo ad o pro. lonzed panic. . YOLUMR OF PAPER MONET IN THE WoRLD, 1n considering the ralaitaa of price ta volurs of money ona Ibyportant fact Is usually overlovked, £0 vast han.hoan fhe extension of cummerce, (hy accumiilation af property, and conscquent increiy In vdlume of tranadctions, within the preunt can. tury, that tho stock of nietallic maney hay utierly fatled to keep paco with the demands of busingss, though aupplomented by the dangerons extensin of snatrumants of credit, Ernest Seyd sliowe that the flood of pold fronm Callfornla and Auatrnifa from 1818 (o1 thoark increasing the world's stock of coin less ‘than 20 rer cont, wns the direct cause of mote than fonr. ol Increase: in the ontward cammerce of Fa. .gland and some other countries, llenco the ravid extension of tho use of paper. ‘money. -lNoferring again to tho estimates of Ernest Soyd, wo find thu total amount of bagk. notes and Inconsertible paper-money—reduced to gold valucs—In 1874 wan = lttle over 3 billiog dollars; nadine this to the stocks of coln and ball. luu—nnurl{’l billfone—and we have in rourd nan. bors 10 blllions as the total volume of moneyfy the world, to which the pricos nf property of 1l kinde were then adjusted, and the vast structare of credit ullt vp. 3 1t s nnneunnrlr to dlecass dlatinction between paper-moriey and coin, since tho basle of pa reate nittinately.upon. coln, and a change jn m yolumie of colt works an equal or even gresler relative chango In the purchusing power of thy total volume ot paper money. A GHIM SATISPACTION for tho defeated party to watch the growingcon- sclousness in the minds of the victors that they liad, a]l tho while, been playing luto tha handy of tha advocates of fdeal money. Indeed, pavoral of the ‘lesding advocates of mono-metallism in Burope, foresecing the fn. evitable shrinkage of valucs that musi result from a diminishod volume of metallic money. have i roady uroposcd tu conple with the demonetizutin of silver, echwmes for **tho internationalizativa of tho bank-note;" **a temiporary extension of ihe forms of credity' . or ns Joscher expresscs it *+ that & dearth of metallic money wmizht neces. -sltate xud Juaiify an fssus of papvr moner 1 Another flinstration of this dlspositiun to sheink from the wotursl conscquences of thelr own theories In to bs foand Ju the suggestions of N, Maunequin, a prominent Fronch odvocate of mono-wetalllsm, Jle proposcs **a apecial lawis revisg thosa contracts, whatovor thoy may be, i length of duration or bindiug nature of whicu es pust one of the contracuing partles to the incon- venlonces of tho variationn of moncy. Wit good faltl, with tho assistance of an equity court, such ruvision would not be difiicult,” " llera then we have s cowprehensive rcheme for tho scaitng of dobis;™ not an outgrowth of aliver ceaze,” but from the brain of oneof fue spostlos of the *‘gold-standard "1 AXOTIIBR OF THESE ILLUSTIATIONA is to be found o Prof. Jevon's **'Fabuiar Standant Yaltte, "—a propogal for ehifting the function of **measuring values™ from coined moncy 10 the ‘avarage pricos of ou artificial table of a multiplie ity of commodities. Thin doctrine 18 uvgeful for Er A e BT i 0 Avpms (K pon, o} "%lfflfl%&fi- M ity of Miandard. v T - Tnis phase of tho paper-moooy (uestion, anl the methods sageested hy mona-matalliata fag lar Ing the dust they have themsoives kickod np, ouxbt to gu aleny way toward establishing ono of the contral povitions of this essuy: thata aolutlon of the ftnancial vroblem 13 Nwited to one uf tucse threo reanits: 1. A return to tho froo mintage of sllverby all, or nearly all, natuds, 2, A gold standard enforced outll the shrinsary of vulucsand growing burden of debts drives the people of dilferont nations into rovolution, repodl: lon, or Comnanism. . An cacapo from the sccond alternative by the substitntion of paper for metalilc money, 1f tho wold monopalists comprebend the sits- tiou, they will censo their sulcidal war upon wil vor.,nm?unuu with it4 frends na common 1t of midtalitc muney againat Ideal moncy, DETAILS OF LEGISLATION. A proposition in Congress to establish fre miuntage will, of courss, be wnct by thu ofd vijec- tlon about the difforency between tho bullion pric and the coin price of silver going tuto the hands ol bulllon-holders as an unjnstprofit, It uught not tu be such & very dificalt matter 1 understand that, with fres iniutage, miver isof the same value, whether colned or uncolncd. The **unjust profit"* came In when tho dollar was 12 cregned in size by demonetizing wilver, —Fris mintage, fustead of giving a prot to bolders o balllon, would restoro the dollsr to fts norms alze, and canse **tho pruflL'* tu appoar in th-ea: hanced value of oll Kinds of property except money, No vabid objeciion, therelure, (an 82 m-ez{ agalnet 8 law setablishing free mintage 3t oncul yet, as thls bugoesr snoui *‘s speculava i rilver** frightens so muny honest hup shon: slghtea people, nolitical expediency wonid e gosk-te drawing of a Lil* in such torm as would Aronse tha fedst OPpUIILIOR andt yut uceomplisi i ubject aenired, 1 b respectfnlly sugzost the Toilow: ths outlines of vacls a Dilly . the purchasen of wilyer by the lres: nry fur coinage from the soant pow requirad i way, 38,000,000 por mobth: thls Lutiwu 1o 4 coimicd as fust as pussivle, berbaps wita the e temparary mint; 2, Whenevee a market prico of siiver Lullia in New York par with colned sliver, Jel 54 Preshiont by vroclamatlon ostablivh ez and utol tha 1moutaly purcaass of siiver uu Uer erument uccount. 4, Authorizo coln certificatos, payabla to bearet) makinz no diatinction botween aliver and gold, (4 Treavury 10 pay In wither ut its own wption. L AN U auCUrly againes posaino ludstion make tne notos of Natioual Banks rodvenddit ouly fu colu, Toese LAROEL PURCHASES OF SILVER— beyond the rate of praductivn—wuuld not valf sidvsnce s peice, but would vetanlish u mivet markut i this country, & bulng 3ocratary Shermid cannot o by hix petty purchiases under tue pred eht law. Morcover, all tae *'prufits accrulad from tha low prica of bulljon—as loui a4 bt lasti= would gy Into ths haids of $ue Goveromens, 18 beieved, bowever, Inat tho law would oot b2 1y operation wany imonths huforo stiver ballion wod advaaco Jn London sulicleatly to wipe val l‘il ujifercnce botween its bullion valug and coln val : uuder our 7atio of Mixtven o one. Tus uliferes 18 uow about elznt pence pur onuce. % . The situstion b uue that deulands herale tredty meut. Hali~way mosesres do no good, aud IUI;' only to'orng siiver Into awrepute. * 1f wo navel nervo 1o g forward and da thu ona tulng nurl‘fll; L0 restory,mibver b0 by legitimate positjon 1o retanos to gold, we need bave po fusr avout Lae Lllnl: Union jolulng us to make bi-metallic woaoy Suturs ruls of the world, et In couclusian, § venture fo predict shat If eil " political parly inteeprotd the olcctions of this 1=" B4 Justifying 4 new crusade agmingt stiver, it % 2l 318 Owu desta-warrant, ‘ihu tiredhback pertfs uider It prosent argauiation. way nut uurvive b8 campdign, for te regvon that ltscalod itsun b 7 by comailtting jleelf Lo the abaurd extremes o' g wmaney; but ha causes that prosoted te Kroes stll remain, sad will ad sxpes 1on 1 vulsl; uch vxpresaion is pousibie thls year in the Feo thruuyn eitner of thy old polilical partied. HA tue £ast, where tha macninery of Uols parties a2 tho haude of the gold-ciigys, reaction ! financ Lal Jowtalutlun of the lass e yoars S 0 only outlet thryugh the Urgeuback pmr-“m 4 nn- ?Mt mll {I:ui\'“l:‘ morg Rotic thu East than fn the West. < 1€ the opousition L elives could bo latd uld"‘.‘r:; » full return to o bl-metallic pusis be aecediy the conatry, ik ls quite certain un proved eitaatiun Fesultiug therefiom, (8¢ clal quosiivn would DROP QUT OF POLITL 4. On the otijer huud, this whch ke certain: muv!]{ woao-netalliam telumpt, It eictoey will Towed by bard Himew, greatly accuicratad io ;;v;f;!‘; e eading § i reaction that way o the ki monoy, or It may be an era of fevolution 88 wrul repnudiation. bare. Avuo-meldt uaiversat, meavs the arbitrary radttfidii oy, rmutfl]. 80 tuat une class—iliose Dow h\{m.“ motiey Or debls payabiy du & souclde BEOTE dollara—shali abuorh” thu propersy of deutic g sccuniulat ll tuinge to dself. Oua wd? B8R0, sl 11 it worklnz, but the otler b BOREEG ¢ dishonest, —the claws ore thece $ust 188 %5, thouzh Bldden b Cie veivot of & xadtle S3 oy Kutsed Opuration. Khe way pasb cacd By evila 13 throy :b ol-m sl e moncy acd 8 14 U TULLT aLLL (0 taGustary Yaiues