Evening Star Newspaper, December 6, 1898, Page 14

14 THE EVENING STAR, TUESDAY, DECEMBER 6, 1898—16 PAGES. Tuesday, December 6, 1808. Your Full Dress Attire. Have you ever thought that your Full Dress Suit should be as near perfection in fit as it’s possible for a tailor to make? When correctly fitted no other attire lends so much gracefulness to your appearance. We know these facts—we've impressed them on the minds of our cutters—and the wearers of our Dress Suits can invari- ably feel that they own garments that fit them in a man- ner which lends an even and regular contour to their forms. In other words, they are made fashionable—made with excellent tailoring inside and out. This is the kind you'll get from us at 25 MERTZ and MERTZ, 906 F Street. bbb bbb hd BEE EEE Ee EP EE EE EEE EE EE EEE EEE EE EEE bb Lid * ENE EEA EE EEE EE EEE EE EEE EEE EEE ETT EEE BRENTANO'S HOLIDAY + oe Jono Q-eBor de bocBoPacPicPeelneQoedoal 2, JrodeoBeeihoed ok Our stock is complete, and, as always, carefully selected. ake + . Z z 3 Book lovers will find at our stores all that is most desirable Be : ic « eee & the books and new editions of this season, in addition to = co) € general stock of standard books. = a. » BOOKS AT LES S THAN PUBLISHERS’ PRICES. Illustrated Books, French Books, German Books, Our Low Prices Will Enable You to = Save Money On Your Purchases. Our Stationery Dept. Calendars and Christmas Cards, Choice Leather Goods and Writing Desk Furniture in Great Variety, Fine Writing Papers. ENGRAVING DONE PROMPTLY IN FINISHED STYLE AND IN CORRECT FORM. will be interested in our display of New Shades in Writ- iples of the latest } an in our sz g Paper, + __Cor. Penn. Ave. and 11th St. G44 EEREATERTT TFET sSredeaqoesefeatoatenfeateeteetee Use cash where you must—but here the Christmas presents can be bought on Credit. tSelect what you want at once and let us lay it Pay as you're able—a little each week or month. Our great stock of housefurnish- i gives wide range for choice. Remember, we make, line and lay all Carpets free of charge. ‘ 9 Mammoth Grogan S Credit House, 817-819-821-823 7th St. N.W. Between H and I Streets, *. secteur ededbi Metetecute co & oe Sas Se a 3 + pe + + & pe ceeteep DEE Be EEE EE EEE EEE EEE EE EEE EE EE EEE EEE PE EE PEP PPP e |B bbb EEE EEE EEE EEEEEEEEEEEEEEE EEE EEE EEE CELE EEL EL EEE EEE EEE tobi WERE YOU EVERIU. S.. FINANCES TROUBLED WITH . DYSPEPSIA? lf So, You Have it Yet. RELIEF FOR A SHORT TIME DOES NOT MEAN A CURE. Why Old Treatments Are Not Successful. Ninety-four out of eyery hundred grown persons in the United States suffering from dyspepsia! Wh: lesson this report, en from medf ties, onght to teach. “Does st not prove be- \d-all question that the wonderful results claim- ed by the thousand and one cures for this disease re simply on pa Does it show that no cure has been found, and stamp as failures all the old methods of treating this disease? To those » Know that the two most prevalent kinds of 2 are so entirely different from each orber separate treatment, and that the remedy for one counter the effect of the other this ig not suy ly as all remedies advertised heretofor been mixed and given together. In the third and most dangerous kind of dyspep- (intestinal Indigestion), it was different; fer disease, caused by bacteria, there was no cure. A germicide which would destroy these Dacillt without killing the patient could rot be found, and it was not until the discovery of Hyo- met that the medical profession entertained the ¥ ssfully combat . Ex. nents were at once Y prep- tion, and it soon pr > in this as it had in the destruetfon of the bacilli of ca- tarrh and consumption, Having thus afsposed of ded of the three kinds ef dyspepsia, oth Co, sought 4 was accomplished and the result is that Hy: unlih ¥ othe eof the discase sia Cure, for each’ ph on rinicide: wn which will desi illi that cavse intestinal indigestion. ent treatments a i full directions as to how the 10 be every kind of dys woth Company of the curative this new treatment. tht every box and fe- i sold by all it of pei FREE! |. the new cure for Bi and Asthma, to be give y at the drug store of F Williams: week he nt De- the reme will spaper distribution : nufacty but an honest nducied by a reputable dinggist. SINKING THE MERRIMAC. Hobson's Story of How He Carried Out the Work. Lient. R. P. Hobson in the Century, arjous plans were considered. That of feigning a chase suggested itself from the fact that Spanish colliers were supposed to be on their way to Santiago. One had cently been captured by the St. Pav from her it was learned that other: soon cted. By this method the mac would approach by night eastward; when about five miles awa would be discovered by the blockading ves- C= were Me from the y she tee |S archtights would be thrown toward | 1 fir being t alt ad fire oper yeing taken to Y | tire wide and its in front ard ¥& | on the sides, to show sh of striking Ke | projectiles. gy | The Merrimac, upon discovery, would he bear in toward the shore to within about y | 2,000 yards, apparently to seek the shelter 3 $REEERE foeteesenreaceesentensntce of batteries; fires to make forcing to the toward the entry he would throw pitch on the would hi turn full the course for entering the channel r whistle in blz s of fri, The se would OSs show a Sp: sh flag at her peak, On approaching, the lights would be thrown on the entrance to facilitate her navigation, but carefully avolding resting upon her. The shore batteries opening on the chasing vess would be replied to z kept diverted. If they opened on the Mer- archlights would be thrown in the ACES, rimac, gunner However, an examination of the chart showed the difficulties of navigation to be sO great that no in would at- tempt to take in < night or u cireumstances that did not admit of utmost deliberation. It was known that tugs were used by single-screw vessels of any size on account of the turn in the channel abreast Estrella Point. The seemed to 1 t the enemys deceived, and navigation depending s would entail chances of failure. This plan and various other pl in- volving the co-operation of the fleet were discarded in favor of the simpler plan of going in moonlight, just before the moon should set. Surprise, under any condition, could be only partial z since a certain amount of light lutely nec ry for navigation. con- ditions for surprise would be more ‘av se toward daybreak. Moreover, a flood- tide must be chosen, that, case of breaking the anchor gear, ihe vessel would be set into the channel’ and have #mple time for sinking before the ebb could tend to throw her out, while the chances of heing carried by the tide through the whole length of the narrow channel into the in- harbor seemed improbable. he “establishment of the port,” or time of high tide, was about eight hours and a quarter, so that the tide would be running strong flood as the moon set. The moon was then appr ching full, and calculations wed that it would set at Santiago about Yon Thursday, June 2. We were speed- ing at about thirteen knots—the Oregon had demonstrated her ability to maintain that speed—and we would therefore arrive off Santiago carly Wednesday morning and have most of the day and night of Wed- nesday for preparations. ‘Thursday was therefore set for entering, though the ad- miral expressed the oF 1 that it would be found impossible to complete the prep- arations in time. ‘The special advantage of Thursday was that there would be an interval of darkness of about an hour and a quarter between the time of moon set and daybreak, while on Friday this inter- val would be reduced to about half an hour, and on Saturday day would break before moonset. Jt will be understood that an interval of darkness, though short, migit be found of advantage for completing the work or for making escape Preparations were therefore r the greatest amount of ¢ the process of sink ooo oo An Opinion, begun tail bei required for “Do you think there's any chance of Spain resuming hostititic I should think not. The Spaniards of this generation have had the war fever and they ought to be immune.” Babies Thrive On It. Gail Bordey Eagle Brand Condensed Milk. LITTLE Book“ INFANT HEALTH” Sent FREE, Should be in Every House. WY. CONDENSED MILK Co. n029-tu-13¢ —_—_ (Continued from Thirteenth Page.) their new relations, and from the enter- ng commercial spirit of our people. A wide difference in the rate of exchange, oc- casioned by the use of a differing and unre- lated currency, is a;serious obstacle to the transfer of capital, as it is to legitimate industry. The obstacle can and ought to be removed. Te It is therefore suggested that, at the proper time, action be taken by Congress to assimilate the currency of Puerto Rico to that of the-Unitéd States, so far and so rapidly as this can be done without unduly disturbing existing conditions and contract relations in Buerio Rico. This, ft is be- Heved, can be accomplished by making cus- toms dues in the island payable in Amer- ican money, yet receiving the silver pesos and centavos at a fixed relation to our dol- jar. The limited amount of Puerto Rican money would thus find an important ave- nue where a uniform value on the basis ar- ranged would be realized. This avenue would probably be broad enough to give the assurance needed to keep the peso and its minor subdivisions current through the ts- land at the custom house valuation. If any doubt should arise as to the sufficiency of such a provision, it could be made the duty of the Secretary of the Treasury to give American coin in direct exchange for the Puerto Rican coin at the custom house ratio whenever in his opinion it should be necessary so to do in order to maintain the ratio established. _.From information fairly to be relied upon, it appears that the island coins have had a value in domestic exchanges and in the purchase of sterling bills considerably above their bullion value, measured by the world’s price for silver. It would seem just and wise to adopt this local value in the establishment of a fixed ratio to the United States standard. To adopt the bul- lion value of the currency in fixing such a ttio Would seriously disturb exis ions in the value of wages justice to contract relations ors and Creditor: Subject to a correction from a_ better knowledge, I think pronig meet in giving ot to the peso—that the peso be maintaied at the value of 6v cents, first, by receiving it in payment for custon that price; second, by giving for it, when required, Amer n money at tnat rate of exchange. It is by d ar process that our own silver mon has been kept on a parity with our gold coir The present Puer ‘ to Rican coins car the emblems of Spanish sover Whether or not additions to the coinage be made, y coins should be struck, of the same i n which should be n emblems of our new rela- tions, and these should be substituted for the old. By melting up the old as they come in and by paying out the new, such a substitution sasily and quite rapidly y, custom and use would ican money, whether of gold or paper, as the medium of e ge and payment. Then it may be exp ent Puerto Rican mor imprinted prope: ted that the pres- will not be called and American terms. and ment having super- those now in use. Then, upon the government—cither of the island itself or upon the United States government, as may be determir the loss will fall resuit- ing from the mption of the Puerto Rican coins at an overvaluation. If the z rated at 69 cents, as herein sug- 1 if the bullion in the coin re- S pres [ the erred to be corree 000 pesos, 00 Amer ultimate the grievous ills of the silver mone estimated at 5,2 he loss would amount to $1,10t nh mon his would be the land from ney system, fits would ‘be immediate, and, it , Would be continuous for all when it began to be would be di-tributed over a ries of by pre ars, and might easily be cov r appropriations from the rey f the island. I hav r spoken as if silver coin were the only medium of excha in Puerto Rico. Such is not the fact. The Spanish Bank of Puerto Rico, holding a franchise from the Spanish go privileged to issue of three times its capi the note issues of this bank at one time outstanding have been 2,500,000 Under the clrcumst Ing the notes of the or, and it is not improb that its affairs will be lqui- dated. This being so, the function which it has In the past zed should be as- sumed and prosecuted, within proper legal limitation: by some one bank organized with ample capital, and with the right to establish branches at convenient points, and to issue {ts own ni to circulate mone: Or. if this should not be favorably constd- ered, then an act extending to the island the rights and privileges of the national banking system might merit approval. CURRENCY AND BANKING. In submitting my report, I feel it my duty to Impress upon ingress, as best I may, the important subject of currency and banking reform. It is the misfertune of evil conditions to produce derangement and hinder progress, which, if long continued, so accustom the to subject of them to their € stence a create in him apathetic indifference to n ful and healthful refor Indeed, it is a fliar fact that individuals, famtiles and tions {gnorant under the illu- source of their affliction for good. our financia this has marke: thirty years. Making progre: all obstacles and emi merce and industry, we ment to the causes wh pered and disconcerted the forward and upward movement. With a financial system condemned by the judgment of the most experienced and wise, both at home and ad, its evils illustrated In daily bus and emphasized in recurring panics, , with an obtuse timidity, to face the questions which must be met and rightly solved before industry and commerce can be established upon enduring conditions of security. to com- dvance ly ham- The arguments against government issues of paper money as a medium for commer- cial exchanges have been fully made and need not be peated in detail. Its jgidit its failure to m demands where demar is most urgent, the dependency of the whole industrial structure upon the state of the venue and public expenditure—these are important links in that chain of argument. Even in a state of foreign war, the civilized demand of both contestants is for due re- spect to private property and individual contract relationships, How much more in a state of peace, in a fr should ivate rights and contract relationships be from th given immunit incidental, though serious, effects now suffered through per- turbations in government finances, The to our domestic affairs, al urring from a threatened change ried on, and our foreign been a companion evil—per of the two. : The cure for these evils is not difficult to find. It lies within the ¢ nge of con- ional action. > Nor to inflict even temporary pains or penalties on the body pdlitic, The healthful, stimu- lating effect of right action in these dire tins would be experienced with the first sense of assurance that the desired end was to be accomplished. ‘The proposal to substitute bank issues for government notes is opposed with many honest prejudices and assailed by bitter de- nunciations. The first arise from a failure to comprehend the true philosophy of a pa- per currency, and must be patiently con- dered, The latter obseure the question by kless statements, charging that all prop- ions for currency reform are bank con- spiracies to exploit the people. Referring .0 such proposals, an eminent speaker r cently warned his uninstructed hearer: “These banks will become cormorants to eat up your substance, control your poli- ties and warp the political views in all the communities. Send a man to Congress to help defeat this great evil.” Such tirades against reason, and such appeals to preju- dice and ignorance, the statesman must op- pose by the simple truth. Is a system of bank credit currency, in its ability to meet the varying wants of am industrious com- mercial people, superior to the Sssues of government paper money? If that question be answered affirmatively, it may be safely left to time to show that the nature of the banker differs not at all from the general nature of men in other callings. As every other man who gets an honest living must lve by service rendered in the sphere of his activities, so the banker must perform faithfully and well his function or fail of his fair reward. The motives for his action are the same. It 1s not for the benefit of the banker, or any particular class, that the plea for currency reform is urged; it is urged on behalf of the whole people, who will be the recipients of the benefits there- of. And it is on this ground only that the claim is entitled to consideration, I shall not be outside of my duty if 1 gr the remedy one venture to point out, in at least one portant respect, the advantages to poorer distri ly constituted bank currency. It done by fairly describing the course of the financial movement as it now goes on, and by presenting in contrast the movement as im- the s of the country of a proper- may be it would go on under the conditions advo- cated. It is a familiar fact that, In the period of harvesting ana crop moving, the currency is strongly drawn from the cen- ters to the country districts. When this movement is over, the currency again tends toward the cente: The currency flo to the center to pay loans occasioned by its use and other general indebtedness, and also to secure the benefit of interest to the country banker for a portion of his funds which in a dull period would otherwise lie unemployed in his hands. At present, the currency so sent consists almost entirely of legal tender notes and treasury notes—that is to say, in the money which the law re- cognizes as lawful reserve. Thus received by the banks in the money centers, it be- comes a reserve for deposits in the relation of one to four. Now, deposits may be in- creased by loans as well as by the deposit of cash. A loan for $10,000 or $100,000 goe: to the borrower's credit upon the bank’s books, and swells the deposit account by so much. ‘True, tue borrower may check against this fund, but his check may also be deposited in the same bank, in which case it is a mere transfer to another ac- count; or, if it be deposited in another bank and paid in money by the lending bank, it is still a transfer. The total deposits of all the banks are swelled by this original loan. In confirmation that this expansive move- ment !s fairly described, I quote from the New York Herald of November 18, as fol- lows: “Comparing _yesterda: (clearing house) statement with that of five weeks ago, it appears that the banks hold thir- teen millions more money, and have ex- panded their loans by the surprising amount fifty-one and a half millions, the tn- in ‘deposits’ resulting from these two items being no less than sixty-six mil- lions.” It can be easily perceived that this possibility of increasing loans against an inflow of reserve funds in the proportion of four to one is a temptation to Which the city bank is likely to yield. It must be re- membered that this inward movement of curreney from the country occurs at the time of year when commer activities are t st and the general ments for © use of loans in the interior are the smalle The effort of the . their loans causes ers to incress est to fall. ‘The fall in the rate of inter causes interest and dividend-paying secur ties to rise. The rise in securities induc: ative the buying. The speculative buy bank’s borrowing customer. thus enabled to “put out his is apt to term it, though } does no such thing. He keeps his but, in the way described, he swells y until his funds on hand ble to the rule of one or 25 per cent really funds, his deposit Habili are made ans cash to four of Mabilities, against his “deposit It is in the condition with varying degrees of regularity and tensity, that the financial status is found when the crops in the west and south ay proach harvest—that Is to say, a maximum of loans and deposits; a minimum in cash reserves. During the season until then th’ country banker has found that his drafts and checks on his eastern correspondents, distributed to his customers, supplied their above described, needs for instruments of exchange and Payment; but he finds that for the pay ment of farm wages, the purchase and transfer of farm products, such instru- ments are not adequate; cas for these purposes, either In me or paper curren This forces ; him make requisition in the form of money express on his eastern balances. more: if crops be large and prices good, is forced to supplement his own resou by borrowing for a period at the cente His ¢ center, in mee ing his © money due his country customer, is obliged to take it from what had before constituted his legal erve, This disturbs the equilibrium of lationships. To recover his position, he s upon the street and in mn of his loans. If the interior ban hus calling for the balances due him. addition for a loan, the elty ban’ n obliged to inform’ him that “mo! and he cannot accommoda him. It must be noted also that the effort of the city banker to restore his impaired reserve by calling money from the et does not accomplish that direct res: There ts no money “in th street;"’ It fs all in bank vaults, and the total stock cannot be augmented’ ex by inducing it to come in from wi What does result is-a forced liquid , a fall in prices of interest porti osks er securities, a rise in sufficient to Induce outside money to come in. In this process the merchant and the manufactu find it difficult to negotiate their credits. They also are told “money Is tight,” and that they must withhold applleations for discount favors. I forbear to follow into further detail the unprofitable and vexatious movement. Gradually, after more or 1 mn and anxie: ometimes bordering panic, somet fs se dom forced from the producer's hands w little regard to price, because of his ne bility to borrow from his local banker—mov to the seaboard. ‘The strain on the country is relaxed. Again currency in the form “reserve funds” moves to the center. Ag one dollar thus received becomes effecti reserve for four dollars of Mability. Mor is quoted easy, as the prospect for summer dullness becomes assured. “The street breathes easier, stocks and securities | come “flrm,”” and the movement toward an expansion in loans, with it nt phe nomenon of an Increase in deposits, is again observed, to be again followed by restriction and probable distres: a ¥ son in productive industry and trade again ap- on iting in pantie, a readjustment rops from the interior—not sel- h has followed this al movement, cd , with the facts which are thus po: » OUght not to have trouble in pei ing that the bottom cause of the irreg- and deranging effe described is found in a fixed volume of pa’ money clothed with full pow of a le tender. Upon this money—itself a credit obligation—other credit obligations, in the form of bank deposits through bank loan! may be built up in the proportion of fou to one. With the volume of paper money thus fixed—with no natusal movement toward its retirement when not needed in legitimate trade—the tendency to bulld the four-stor: ure upon it as a permanent base Is irresistible. The withdrawal of the base by those who really own It causes the structure to vibrate and threatens it with a fall Con: ineation of » who are ular to be ider, now, as briefly as may be, th practical workino of a bank note currence non 1 tender—{f substituted for the pi per money issued by the government. Ver fication may be found by those who will look for it In systems now current in Frane: Germany, Scotland and Cana own records be preferred, the N system of forty y ago, or thi Vogue In Indiana, Iowa and Louisiana, will ually good examples. Under such a sy! tem the financial movement may thus be described: Commencing as before with an inward movement of funds from the exterior to the centers, the money forwarded would then consist largely of bank notes. These r ceived at the centers would not, like the legal tenders of the present, form a base for expansion. The desire to obtain leg: money in their place would cause the banks receiving them to push them home for redemption in legal money, but the gen- eral effort in this direction would. neutra ize, to a large degree, the effect des Bank A, sending home the notes of Bank B, would be met, not by a payment in legal money, but as an offset by the presenta’ of the notes of Bank A. There would be a mutual retirement of their respective bank note liabilities. Of course this precision in offsets would not be the rule, but the filus- tration shows the general effect to be the temporary retirement of a currency when it cannot be circulated in the service of the country’s trade and exchange. Observe this: The power to lend is not thus lost it is temporarily suspended. When, with the recurring needs of the interior to han- dle its products of the farm, the factory and the mine, the power to issue circuiat- ing notes may be summoned into use, then the needs of industry will coincide’ with the profit-moving motives of the banker, and the full value of this Jatent power will be experfenced, not in the centers, where bank notes are not needed and will not circulate, but in the interior, where —— Will not Scratch W718 THE FINEST CLEANER MADE, YET WILL GUCAM THE DIBTIEST SURFACES EASILY. THE COMPLETION OF A Great Biography No series of articles, in any maga- zine, ever had a greater success than Miss Tarbell’s artities on the Earry Lire oF Lixcoin. As soon as these articles were ended, subscribers be- gan to write asking when they might expect the series promised by Miss Tarbell on the Later Life of Lincoln and such inquiries have continued in great numbers ever since. Miss Tar- bell was resolved that no important new material should be overlooked; and by her rare industry and talent and her exceptional connections, she secured such an abundance that to bring it within the practical limits of magazine publication has been a long labor. The article s begin in MeCiure’s Maca- zinEfor December, and contain much new material of exceptional interest and importance, including The Story of the Writing of the First Inaugural. Unpublished Lincoln Letters Recently Discovered. Over Four Hundred Lincoln Telegrams. The Personal Side of Lincoln’s Life During the War. Lincoln’s Body Guard at the White House. Lincoln and Grant and the Presidential Nomination in 1864. Lincoln with the Army. Lincoln’s Daily Life in Washington. BEGINS IN THE D BER NUTIBE OF McCLURE’S Now on Sale Everywhere $1.00 a Year 10 Cents a Copy THE S. S. McCLURE CO., New York City the } eels of shop and factory certify that | labor wages are to be paid. The power of the bank note, so tempora- rily suspended, will always be restored in ch: in raw products are raised, and where full upon the call of industry. The po" of our present currency, on the contrar; motive must be difte ing forces of healthful and helpful to the In my last report I ventured upon sp ae a r the professional man, be the employment of his p the motive the banker from society, whose ntiate her work mmendation s. T is not suspended. It is, as pointed out, |7 inevitably misdirected. It artificially stimu- _ ——— ormul lates speculative activity in securities at ty Seinton. be can ithe exits the centers. It periodically absorbs the | i Seger » bills les g credit powers at times when they shou'd | Suscce eae ee of measures 1 be made serviceable to the whole country. | tsa nanr merited ey | It ministers to the speculator, It prejudices | carerul study by expe aa estes “9 the producer, the merchant, and the man-| men, With some modifications che coe ufacturer, though, at last, all suffer from | crait of £ » — its deranging influences. believe ) come These are the reasons, the more impor-| mend 1 38 banking system | attentic ‘ormed and made effective mmercial and industria! needs; and th to WAR TAXE me reasons, with others not here set | report of the commissi Hi for the elimination, in a safe and | ternal revenue possesses pecul Proper way, of the injurious interference in | indicating, as 1 dors, the operation of our currency system by the legal-tende Se SeUABISE ck OF Sees SE ii aoe paper money of the government. egy mpi epaaentn tbat If it be conceded that the I-tender | @ute clearly th ee eee mon ssued by the »vernme loes not b deriv om will form a sm. ° possess the qua lons to make it a prop- | total than mated by the more sine er factor in the country’s exchanges of | guine of its support products and manufactures; if the fact alxo | The commissioner's estimate of $100,000. be admitted that ft is 2 anging and dis- | 000 from this source seems to be fairly juse turbing factor in its relation to industry and | tified by the results to the treasury during merce, then the time has come to sub- | the period from July 1 to the pres time. it a currency which will ade-| His report goes also to show the ion , economically and safely meet the | and embarrassments which have arisea evergrowing nce the country, rapidly | from the need of ting obscurities i developing, as i in the power of pro- | the act itself, and the application of sucia duction, he number of its people, and | interpretation io specific cases coming une the impor e of {ts domestic and foreign | der the same general } yet differ: te tra ed Can a bank-note currei ant particuls ny complaints which will be adequa arisen from those < led to = safe, and thus serve, in a terpretations or is now served, the public needs? Limi by space in this presentation, I point d from each other by more or less imj we! balanced expenditures n between might be well to cone the countries before named, where th sider the propriety of repealing some of the conditions realized. Our neighbor on | M0re Vexatious features of the act. Until the north, Canada, may be cited as a near- | More settled conditions, 1 or, ax to exe by witness In the same direction. With cate s for the army and power to issue notes as profitable empl navy are reached, even such repeal cannot be ment for their use in productive industry can be found, the power has never been overtaxed or exhausted. The rates of in- terest have varied but little between the richer provinces of Ontario or Quebec and the sparsely settled districts of Manito! substantially as t as to The terms of interest a favorable to the farmer of the wes' the merchant of the metropolis. While these conditions, in contrast our own, which stimulates the opera s and starves it at the with fon of verbal amendments, making m« intentions of and representations in this direction be made the subject of a sepa ication to Freedom of recommended by this department Congress, are to be ngr RESTRICTIONS Fields Extended @ Gunner. REMOVED. ' Lo credit at the cent Mr. A. Y. Lakenan, chief clerk of the Dise circumference, are due in part to other | trict engineer department, returned <3 features of its banking system, the inf from a hunting trip In Vireinia of ten dare, rtain it is that were bank-note i He states that when he first started ovt om law by restrictive as Canada repressed they are with ug, and if the field of circula- | acre of ground for many miles tion these notes now occupy were filled With | posted, and he was ple the legal-tender notes of the dominion, the : his hunting ex dition he found that every facilities of banking now enjoyed on’ the | fame as a huntsman had prec frontiers would not be afforded. The same = also informe he would be charged tendency toward congestion at the centers | 10 cents a pie or every bird killed by and scarcity in the outlying districts would Senki bor abbit, 50 cents for be there, as it is here, plainly observable. It is not Intended by anything here said to offer the Canadian system as a model from which we should make exact copy. In y a delegation ¢ him that, having witnes urkey an ting it is But after one day'@ t he was waited upon who informed fe they his efforts, certain particulars It would not at present | were quite willing he should shoot whierece suit our different conditions. The right of | ang ea tannins rd = . on ae =, the Canadian banks to issue their notes | Dooycned to Kill anything, no chares would without any special pledge of security for-| 0 "nade against him. thelr redemption; the law which gives, to cee the note holder, fn case of bank failure, & = = Be priority of claim over the depositors, while ‘The eee in ead ag ES invert a 3 not operative to percelved injury, under | transparent glass varnish, which they 1a their system of large banks with small | over sculptured rocks to prevent (hen branches, might, if adopted here, with a | weathering. || ng teas daated | multitude of small banks, each independent oer. while the roc peneath « of the other, result in an unjustifiable in- | comb vasion of the equitable rights of the de- = = _— pesitor. The dangers in this regard are ably discussed and fully illustrated in th The wolf of annual report of the controller of the cur- starvation reney. To his argument nothing need be uk oe oe added. While the question of terms fs im- ccm ar ae a subor- portant in itself, it is nevertheless dinate one. i ets set forth by the controller re- usively to the proposition that the 8 a failed bans. shall ee aa nee at je ol he assets for their fu’ jue be Tone on y rights accrue to other creditors. 4 sands of men who are well & to do and sun x) rounded b i. lenty uf. SF health, in the ore an a majo fore any te of notes upon the general as- oe es aby @e) ts of national banas may be made per- pA rae iiag id fectly secure without the requirement t Ven 9 BoE: Pure an the notes be a first lien upon their assets. 1, phic simple t It would only be necessary to award to the anv . means that Tt wenolder the same ratable proportion of dpi (ucr body, brain the assets which went to other creditc LY nerve, bon and to provide that the amount required t a x and sinew are pay the difference be obtained by an asse 4 : improperly of ment upon all the national banks, ¢ insufficiently nourished. Improper, insufe ratably in proportion to their share in the tion of this charac The question is, What percentage of assessment pon this cireuation would be required in order to cover the losses to note holders in the case of faile. banks? ‘Che experience of the national banking system demon- rates that the assessment would be in- ant. ei Fhe total cirenlation of failed banks out: standi time of failure, up to Octo- sence at eas $20,903,827. Thetoss upon ‘notes, if the security for them had me degree wr Or other liabilities, would have igs or an annual average of W).' ‘Phis loss would have been by a tax of about one-twelfth o: made go00 per year upon the circulation of cent banks. -- tax of one- the font upon the average circulation of Pet National banks since the foundation of the system would have paid such losses up {o October 31, 1897, amounting to $5,379,165 and left a surplus of about $9,000,000 in the guaranty fund. thes i been impaired in the s security been $S. about $163. ficient nourishment is starvation When a man’s head aches it is because the tissues of the brain do not receive sufficient nourishment from the blood, or ree ceive impure and unhealthy nourishment, When a man gets nervous and means that the blood is not properly nour. ishing the nerves. out with blotches and pimples and erup- tions, it means that the skin is being fed upon the impurities of the blood every known disease is primarily due ta improper nourishment through the blood, which is the life-stream, Golden Medical Discovery is the greatest of all blood-makers and purifiers edge to the appetite, corrects all disordera of the digestion, makes the assimilation of the life-giving elements of the food per- fect, invigorates the liver, tion and excretion, and vi body. does not make corpulent people more core pulent. It cures 98 eepless, if When his skin breaks Almost Dr. Pierce it givea Tomotes secres izes the whole It makes firm, muscular flesh, but cent. of all cases o vheth reference be given to the note of lingering cough: Trouchial, throat and nowien, Ma In Canada. or he be made to take | \indred afection which, if neglect: his share of risk with the —_ tor, as in| Jead up to consumption. It is the best Germany, France and Scotland, or whether | a1] nerve tonics and restoratives. Kept by holder shall be protected by the the iat pledge of security as now provided jn our national banking act, these consider- ations affect the question relatively, not absolutely, Under either of these condi- tions provisions may be made which will furnish to the country a paper money ade- quate to commercial needs, economical to the people, and safe In its general work- ings. in the nature of things, the banker is the proper agency for operating this important function. He must have motive for his action or he not exercise it. Given this motive, he will, like te laborer, the mer- Hog. of sip south J Street Taco bey 13S rect, una, Wash, Sika inn doctor and he came three times. said I was bilious but I k took a cough so that I coul —F propped uj in yoy di It was ing to die. Se cea made me sound and well. all medicine dealers. “I was taken ill in February, 1892, with heads back,”writes H. Gaddis he getting worse: I a not sleep, only by in bed. My lungs hurt me, hat I was just skin and bone, 1 used two bottle: iden Medical Discovery and it It saved my life.” No remedy relieves constipation s@ quickly and effectively as Dr. Pierce's Picasant Pellets, They never gripe,