Omaha Daily Bee Newspaper, August 28, 1890, Page 5

: & ply and demand, operating upon the mon as it does upon all other commodities. The production of gold in 1589 was a trifle THE OMAHA DAILY BEE, THHURSDAY, AUGUST 28, 1800, SILYER AND GOLD. f'he Btandard Money Metals of the United Btates. HOW SILVER WAS DEMONETIZED. E. Rosewater's Exhaustive Review of the Eilver Question. ANALYSIS OF THE DECLINE IN PRICES, Universal Trade Depression Due to Indus- trial Revolution, VOLUME OF MONEY AMPLE FOR BUSINESS, Towa's Corn Crop Worth More Than the Nation's Silver® Crop—Pro- ceedings of the Second Day of the Farmers' Congress. The second day's session of the natlonal farmers’ congress convened at 9 o'clock yes- terday morning at Dohany’s opera house, Council Bluffs, at 9 o' This was an hour earlier than the pre grammed time and as a result butas number of dele tators was pros- ent. The early call was @alning time on the pro, up the business of the « day evening. Itwas oviginally intended to hold a session on Friday but this was ch on account of the excursion to Denver During the first hour the delezates and visitors kept coming in, and at 10 o’clock the ory comfortably filled. When the convention was called to order prayer was offered by Rev. N. W. Taylor, and an opportunit s given for the dele- gates to present memorials for reference to the committee on resolutions, In the absence of Hon. Milton George, editor of the Chicago Ruralist, who w billed to speak on the subject of the farmers’ alliance, of which he the founder, Hon. y Wheeler of Ki presented the first of tho morningsession. His subject was *gislation for Farmers,” treme men,” he said, ‘“have assumed that all depression in farm interest has been caused by unfriendly legislation. Some of them have afirmed that all national legisla- tion for the last thirty years has been against the furmerand in favoref the corporations. A glance at the legislation of the period com- plained of shows the fallacy of this allega- tion. Within that time the homestead law, the donations of lands for agricultural col- loges, the establishment of experimental sta- tions, the interstate commerce law, the tax on olcomargarine, havo all been passed by congress and are all for the benefit of the farmer and the agricultural interests, The farmers’ alliance platform demands the abol- {shing of the national banks, the free coinage of silver, the abolishing of trusts and option dealing and the cutting down of the tariff. It is & question whether such legislation would El‘odnn‘,\hl) desired remedy, * * * I am onestly of the opinion that the only legisla- mimne so as to finish ation on Thurs- tion that can help the farmer is the protective policy, so as to diversify our fn- dustries. We ougzht to manufacture more at home and import less from abroad, and thereby increase our home consumption. The Ristory of protection shows that the farmer and the business men have both prospered under it. The hard times of low tariff under Van Buren's administration is a matter of histor During these years of protection the prices of manufactured articles have been larged reduced eswecially in farm machjiuery. In view of thase facts there is 10 estaping the conclusion thatthe protective policy is the only kind of legislation that can give permanent prosperity to the farmer.” Mr. Wheeler's specch aroused the opposi- tion of the free traders and tariff reformers and anumber of them mdulged ina wordy crossfire which was finally checked by Pre fdent Koly, who called time and introduced Ton. E. Rosewater,editor of Tre Oy BEE, who delivered an able address on “T'he Silver Question.” HON. ROSEWATER'S ADDRESS, Mr, E. Rosewater being introduced, ad- dressed tho congress as follows : Mr. President, Ladies and Gentlemen : 1 feel highly complimented by the honor conferred on me as the substitute for Senator dohn P. Jones of Nevada, to deliveran ad- dress before this body on the silver question. M( views are perhaps not entirely in accord with those of the senator but they are given froman unbiased standpoint affer mature reflection, ‘Tho constitution of the United States em- powers congress to coin mouey and declare the value thereof, and silver and gold are desig- natod as the metals from which the money of the United States is to be coined. Having clothed silver and gold with this important function us the measures of value and medi- ums of exchange the founders of our govern- ment doubtless intended that the equilibrinm as fixed between these money metals should be muintaed and all fluctuation and dis- turbance of our financial system avertea by judicious legislation, ‘The problem that has confronted our states- men from time to time Las been to so regulate the national finances as to carry on coinage of money with due regard to the demands of comuieree, keeping in view also the interna- tional meney standards, which neggssarily must be taken into consideration in_estab- lishing the value of American coin. Within the past twelye years a material decline_has taken place in the price of silver in the markets of the world, 'This decline is partly due to the demonetization of silver by jeraiany and other European states, and largely also to the excessive production of silver ond the relative decrease in the production of gold. In 1570 the total product of = silver in the United States was 817,320,000; _gold, &13,750,000; a ratio of two to one. Inl1STithe product aggregated $19,024,420; gold, 405, which was still two toone. In 1870 the production of silver had reachod §59,202,924; gold, $42,886,035. In 1877 the silver ' production was =~ #5,840,100; gold, $44,8%,208. In other words, the silver pro- duction was greater in that year than the goid broduction. In 1856 the silver produc- tion was 832,156,851 3 gold, $20.551,424, or S0 r cent morv silver than gold. In 1888 silyer, K'(:L\,l gold, §20,987,702, In 1889, silver, $04,805, and ‘gold, §52,507,061. This is a trilang proof of the inexorablo law of sup- fess than in 1870, while the production of silver had risen from $17,000,000 to &4,000,000. Divested of all partisianship and senti- mentalism the stern reality remains that the m.Muchuu of silver in the last five years has ) out of proportion with the production of €old, while the demand for silver has. materi- ally decreased abroad. Gold has, therefore, appreciated and silver has very materially depreciated fu its relative value to the old standards of sixteen to one. But notwith- :l.‘alndlnr lhli&l dis, fiity in the relative market (value of gold and silver our government has fecn able to maintain the nil:‘(:r dollar on a v with the gold dollars in all domestic urchases and for all commercialuses, This is argely due to the heavy accumulation of gold «oin in our national tredsury,and the excess of lour exports over imports, which sent a stream to( gold from the other side of the Atlantic to this country by reason of the balauceof trade palng in our favor. 1 was ut Washington twelve years ago |/when the bill was pending to remonetize the |silver dollar. 1 was daily in communication 'with Senator Jones of Nevada, and actively terested with him in the passage of the silver bill, of which he was then the fore- mast champion, but I was convinced then t tho legislation proposed was insufficient restore silver to its old ratioof 16to 1. I convinced that the ouly way to tove silver to its old position was to create & demand as would raise the prico of wetal aud keep it from ing for to come. 1 u Senator Jones then nd there to draft a bill that would require wll national bauks to substitute for the bonds deposit in the national treasury as a basis their circulation siver bulliou a! its war- ket value. At that time the national banks had something like §350,000,000 of currency in circulation and the purchase of $350,000,000 of bullion would not only have exhausted all the visible supply of this country, but also all the surplus that could have been procured from the other side of the Atlanti In order to prevent a corner in silver 1 suggested that the banks be allowed to with- draw 10 per cent of their bonds every six months, which would have given them five years to substitute silver bullion for the bonds. Such a gradual substitu- tion would, in my opinion, have been practical, and certainly would have sent silver back to its old ratio, but Senator Jones pronoun ed the scheme altogother too radical. {e thought that congress would not listen to such a proposition and the matter was then and there dropped. Six or seven years later, after silver had been receding more and more every month, the silver certificate was created, which, in art at loast, is based on the same principle. still belie lion that the substitution of the bul- basis for the bond basts that now sup. al bank circulation, would ve_been preferable to the pu the roment of the surpius bullion of the ry. It would have given us a le basis for an elastic currency and left the own- hip of the bullion with the national ban instead of the government, The banks could increase their 0 when there is a_de- mand_for the supply is greater than the de sguld surrender part of their cur ith an_equal amount of bull m the national vaults. But T have put the cart before the horse. Let us o back to 1573, when congress struck the standard dollar from the list of American coins, The demonetization of the standard silver dollar by the act of 15 cen rise to o vast amount of wild t me have gone s0 far as to denounce it t crime of the century the int of the for money | ers. The tr dicts " this most emphaticall; 1 American silver dollar or ins was worth 103 cents in the silver metal market, These silver cireulation, swith's m dollars had nearly all gone out of being absorbed ‘in the silver- ting pot. The only metallic dollar in circulation at that period was the little gold dollar, In order to unify our monetary system John Jay Kuox, comptroller of the treasur recommended to congress to drop the 41%%g grain dollar out of our coinage list and sub- stitute a subs y dollar coin ehing 354 grains in silver for home circulation, This recommendation was embodied in a bill that was pending incongress nearly three years. The history of bi-metallism in the United States by Laughlin has this to say in regard to droppiug the coinage of the standard dollar, “In 1873 we find a simply legal rocognition of that which had been the immedlate result of the act of 1853, and which had been an ad- mitted fact in the history of our coinage dur- ing the preceding tweniy year 53 i had been :d to accept the situation by which we had come to have gold for large ts, and to relegate silver to alimited e in the subsidiary coinage.” On February 12, 1578, the bill containing a provision discontinuing the coinageof the silver dollar became a law, but this fact did not become generally known until two years 'r, when silver fromn various causes com- °d declining below the old ratio in the world’s markets, The standard silver dollar is a time-hon- ored landmark in our monetary and financial system, but its coinage was very limited dur- ing the first fifty years of the republic. During the first twelve years from 1792 to 1805, the total coinage of silver dollars was 81, . F'rom 1505 to 1835, during a pe- riod of thirty years, nota single silver dollar was coined the United States. In 1836 Dlllf’ 81,000 were coined. In 1537 and 1838 the United States mint did not coin a single dollar, In 1830 we only coined 800, From 1540 to 1857 the total coinage of silver dollars was $1,328,823. In 1855 not a single dollar was coined. F'rom 1859 to 1573 the total coinage of silver dollars amounted to 5,285,195, The total coinage of standard dollars for cighty years ending with 1878 was §3,054,8: During the four years follpwing the demonetization of the standard dollar, namely 1574, 1875, 1576 and 1877, the United States mints coined 24,581,350 trade dollars, or three times as many silver dollars us were coined in the eigbty years previous. In the year 1575, after the silver dollar had been restored, the United States mint coined 500 standard dollars an excess of more than half a million in one year over what had been coiued of the dollars of our fathers n the eighty years previous. In the cleven years since 1878 the United States mints hive coined over $50,000,000 standard silver dollars and 85,000,000 trade dollars. In a nutshell, since 1573 we have been coining as many silver dollars every four mouths as were coincd in the whole eighty years previous to the demonitization of silver, and we have coined forty-one times as many silver dollars during the past twelye years as were coined between 1792 and 15 In 1573 the whole stock of silver mon the coun including fractional currency, was computed to be $130,000,000. On the 9th of August, 1500, the silver coin of this coun- try was computed as follows by the treasury department: Silver dollars coined, 371,098,- which $50,614,000 are in circulation and 315,254,000 are held by the treasury; subsidiary coin in the treasury, $22,267,000; in_circulation, estimated, $35,000,000; total stock of silver’ money in’ the country, $179,- 265,000 increase of “silver money since 18 340,265,000, In 1573 we had $3.60 in silver per capita: in 1560 we have §.31 per capita. There is as much misinformation in regard to our gold colnuge as there is with regard to that of silver. In a speech delivered pefore the Commerciul club of Providence, R. L, in 1856, ex-Senator Hill of Colorado asserted that the gold product of the world was nearly all absorbed by the arts and the demand for jewels and ornamentation. His speech, re- cently reprinted, contains the following: With an annual consumption in the arts by Europe, America and Australia of 831,000,000, the absorption by India of 0,000,000, the total yield of all the gold min swallowed up, not one single dollar is left for monetary uses, to repair the waste and loss of coius, to expand the volume of money in corzespond ence with the enlarged commerce and e changes of the world.” These ave facts that we cannot wet away from,” says Mr, Hill, Now, what are the facts? According to the report of Mr, Kimball, director of the United States mint, the United States mint coined »s of gold coin, of the value ef in the year 185 0,044 pieces, of the value of §25, year 1850, 'For the thirteen years beginning with 873 and including 1856, the total g inuge of the United States mints ), (03, The coinage of gold in pleces, valued at’ §25,543 coinage of sil er for the year 15 904 pieces, valued at 0, including minor coins, so that the total coinage for last year in round numbers was $31,000,000. Does that look as if every dollar of gold was ab- sorbed in the urts and not a dollar was left to expand the volume of money ¢ By the actof 1578 the standard silver dol- lar was restored to its old place in our coin- age system, and made a logal tender for all dues public und_private. 1t was thus habilitated to all the functions that ite poss In addition to that cong creed that not less than two million n four million silver dollars be coined mi ‘ T coinago sinco 1878 annum, or fully one-half production of the metal in this ace by the ces, aud the difference between metal vulug and face value of the siver dollar very properly accrued to the benefit of the goverument, which means the peopie. The heavy pur- chases of silver by the goverument were, however, inore than offset by the rapid in- crease in the production of the white metal, and the curtailed demand from abroad, where wold had been established as the uniform money standard. It became obvious that nothing shoit of the remouetization of silver by Germany, France, and the Latin Urion,or the absorption of the entire siiver product of America by our govermment would bring sil- ver back to its old ratio®of 16 1o 1. The prescut congress has grappled with this problem aud, in my judgment, hus applied the safest and most effective remedy. the act which went into effect within the past month, the .ccmur! of the treasury is requived to' purchase 4,500,000 ouncos of sil- ver every mouth and coin or store the motal in bars in the troasury, issuing therefor silver certificates that are made a legal tender for all dues and exchangeable for other money in the national treasury. This will absorb the entire silver product of our mines, unless the stimulus given to silver miningshould in- croase the production beyond all expoctation. The beneficial effect of this policy has already becomne manifest by the very marked rise the price of silyer bullion, and its rapid ap- Bmloh to the old standard of §1.29 per ounce. ut the bullionaires and bonanza kings de- mand free and unlimited coinage of silver. There is no doubt that free coinage would add of the entir ‘ country. The purchases of silver government were at markev p many millions to the wealth of these mine owners, aud stimulate spoculation in mines and mining stocks, but its expedioncy is ex- ceedingly doubtful nuless tue leading Euro- pean nations can be induced to join with us in an mternational agreement a8 to the bi- metallic standard. Free coinage is the rizht of any person to taie the bullion to the mint and have it colned without charge. Unlimited coinage meins that any owner of bullion may off at the mint in limitless quantit the same coined at the expense of t can people. Now why should cofnage be free toan body! Why not ask the government to pri bank notes “froe of charieto anybody will present bank note paper at'the Unite States treasury! Even the national banks have been compelled to pay | per cent on their circulation to compensate the government for the expeuse incurred in printing their bill and that tax has already amounted to 78,000 000 since the passage of the national bank ac Why should not the government establish United States mills and grind the wheat of of the American farmer into flour free of charge. Why should not the government have the benefit of the seigniorage on coins ! But we ave told that silver should be put on a parity with gold with regard to coinage Gold coinage has been free for a number of years, and why should not silver also be coined free? Ia the first place, very little gold is coined free of charge for anybody, Gold bars are worth just asmuch coin of the same weight and fineness, and the bulk of the reserve mow held in gold by the treasury is in gold bars. There is not ing to gain in having gold bars stamped into coin unless itis wanted for circalation, and there is nothing to gam in having silv turned into coin unless it is wanted as a cir- cula‘ing medium. Of the 871,000,000 of sil- e dollars now in existence only 50,000,000 in active circulation; the balanceare ng dead in the treasury, Why should the government be put to the expense of eoining more silver doliars when they are not wanted as a_circulating medium, and when silver certificates serve all the purposes of money in amuch more economic and useful way! Why should our government, or rather the people of this country, pay any bonus to bullion owners above the face market value of the metal! Is the bullion owner any bet- ter than the farmer, or artisan, or merchant? But we are told_you reduce silver to a com- dity when you' refuse to give it the same gold now has as o colnage metal in uulimited quantities. This may be true; but gold as well as silver1s a commod- ity and always will remain so. The value' of money depends upon the amount of precious metals it contains or can be converted into, Paper money is valuable only because it is a promise to pay in gold or silver coin, If gold and silver were not com- moditles of intrinsic value they conld perform no functions as money, If the theory of those who deny that the intrinsic value of gold and silver adds anything to their value as money and those who claim that the fiat of the gov- ernment alone gives value to the circulating medium is correct, it is poor economy 1w re- tain gold or silver as money. The coin of the country mignt all be of copper or iron and all of the same size; the stampof the government could indicate whether the coin was 1 penny or 0. Or better still, we need have no me- talic currency and use paper altogether. But if gold and silver are commoditics as I con- tend, the plea for free and unlimited coinage falls to the ground. Gold bars and silver bricks duly stamped with their weight and fineness placed on deposit in the national treasury as a basis for silver or gold certifi- cates would serve all the purposes for which gold and silver are held in the treasury, and only when the commercial demands for gold and silyer coinage bocame imporative and the fund of coin is running low in the treasury the coinage of these metals in quantities lim- ited to the wants of trade would be justifia- ble, Nothing could be more acceptavle to the business community than certificates issued by the government for gold or silver bullion.” They possess all the advan- tages of the gold and silver coin and pager currency, They represent the full ntrinsic value of money called for with the advantage of the easy handling of paper cur- rency. In them the reliability and the conven- ioneo of paper money are united. Thier issue can never unduly inflate the currency solong as the bullion remains on deposit. Thier re- demption on demand is assured and they can never depreciate, But it will bo said that the more we in- crease the volume of our currency the greater will be the value of all other property, and the more readily will the debtor class be able to dischargo its obligations. This is also a fallacy. If it were true that the increase in values in property equals in ratio the incrense in the volume of money in circulation, then nosacrifice on the part of this government could be too great to increase the stockof its money, Let me illustrate. The stock of money at present in this country including bullion and coin in the national treas aggregates two billions, or theréabouts, Our property inround sum, including @ll the money is about sixty billions. If by increasing our stock of money 50 per cent we could add 50 per cent to the grand total valuation of all our property, what a splendid speculation it would for the government toissue one billion in bonds, even if it had to pay 12 per cent interest, sell the bonds abroad at a discount and add twenty-nine billions to the aggegate value of allour property. Carried a little further: Why not issue two billions of bouds, double our stock of mouey and add fifty-cight bill- ions to the aggregate valuation of all our property ‘And who says that the volume of money in this country is not sufficient aow to carry on its business. Has any chamber of commerce or board of trade so declared! Has any large body of merchants or manufuctur- ers who carry on_business with money peti- tioned congress for an increase in the stock of money? Is it not a fact that 95 per cent of all the business done in the clearing houses and fully three-fourths of all the business done by merchants and manufacturers is by checks or draftst But irance has £52 per capita and Awerica only #2.90, Just so, America has 11,000 batiks, and everybody does his business through the banks, France has less than one hundred and tfty banks, aud nearly all the transactions aro done_with ready ~money. How about England! With the same popu- lation as France England does three times the business of France and carries on her commercial affairs without friction and with half the per capita of currency. This is because the English transact their busi the same as the Americans do, while the peo- ple of France still adhere t the primitive way of carrying on their purchases and ex- changes with money. The unprecedented disturbance and depre: sion of trade, commerce and industry whi first manifested itself in a marked degree in 1578 and has prevailed with fluctuations of in- tensity up to the-present time, has been inter- preted by many as the natural result of the disuse of silver as a money metal by the lead- ing nations of Burope, Some of the most prominent public men in America, notably members of congress from silver-producing states, have taken this view of the phenom- enal and universal decline in prices. It can bardly be said that these partics are disinter- ted, or in other words that their conclu- ons have not been biased by their anxiety to unduly stimulate the silver industry and b the hbeavy profits which the silver kings and bonanza mining millionaives expect to reap from a storation of unhimited silver coinage. Those who have taken the pains to look be- neath the surface and study the problem in all its bearings ascribe the decline of prices to multifarious causes. If a comet had ap- peared in the sky in 1573 and remained in sight within our planetary system for the past seventeen years, there would doubtless have becn any number of scientific fakes who would ascribe to tho presence and proximitv of the comet all the cyclones, the drouths, hailstorms, floods and epidemie di eases that have occurred during that period. And there would have been millious of people credulous enough to believe in the terrible effects of the comet upon our system, and nobody could dissuade them from that belief. It is so with the financial fakirs, who charge every disaster that has befallen the financial and ‘commercial world within the past se enteen years to the divergence between s ver and gold and the disuse of siiver us | & money metal. This decline in prices has | been universal, affecting natious that had been involued in war, as well as those which have ma.utained peace, those which have a | ased on gold, and those stable currency which have an “unstable currency based on promises which bave uot been kept: those who live under a system of free exchange of commoditics aud those whose exchanges are restricted by protective duties. The decline in prices has affectod alike England, Goer- many, Australia, South Africa, the East Iu- dies and California. The poverty in Aus- tralia was reported as more extreme in 1555 than at any former period in the history of the colonies. And Austrulia had §12 of money per capita. Does it stand to reason that = the restriction in the coin- age of silver alohé' was for this universal depitssion! Is not the true cause to be mllg?r in the great indus- trial revolution that fias been in progross ail the world over withiri ‘#he past quarter of a o Take, for instance, the trad The war in exacted of Fran responsiblo mnit »in 1 Re ¥ which had been made Germany flush with mouey. capital became so _abupdsut that bun stitntic »at beggad for opportunities to | pla ans, and’ fnterest rates foll as low as 1 po t. Asalogitimate result the whole country projected. and engage erof now (ndustrial and financial en- ses. In Prassia alone 857 new joint companies were founded during the al of 431, n all stock year 1872, with an _aggregate cap 00,000 The sudden growthof industries, the temptations of ~cities and towns which assumed 8 rapid and un. healthy growth, induced hundreds of thousands of men and women to desc farms and seek employment in trades, action and disaster came with great sudden- ness, In the fall of 1873 great fortunes rapdly melted aw: industry became paralyzed and the whole of Germany passed at once from a_condition of great prosperity to a depth of financial and industrial depres- | sion never before Sguall In the United | States the crash of 1573 was preceded by sovoral years of high prices, large profits, large importations, 8 railway wania, ex- panded credit, overtrading, over-building and high living, The failure of Jay Cooke & Co. precipitated the crisis. Withio_twenty- four hours after the collapse of the Northern Pacific balioon nineteen banking houses had failed, and o succession of baukrupteies fol- »d which, within thr ars, aggregated i bonds in default grogating ¥7 depression and dec until 1 Great Britain the ces did notset in aud they were largely due to the commercial sympathy that prevails between England, Germany aud the United States Thereis o very general agrcoment that in England and on the continent of Europe the years 1870, 1883 and 1856 were the worst that ave boen’ experienced in the period com- mencing with 1873, A subject of such tran- scendent importance and affecting so inti- mat the material interests of nations and individuals naturally attracted great and continually increasing attention throughout the whole civilized wor! Iuvestigation un- dertaken by committees of congress and by royal British commissions ascribe the general industrial depression First, to changes in the distribution of wealth; second, a natural ten- dency to diminution in the rate of profit con- sequent on the profir ssive accumulation of capital; third, industrial roduction and impairment of indus- try consequent on bad seasons and the com- petition of the products of other soil which can be cultivated under more favorable con- ditions. The loss in British farming lands is computed at over $300,000,000, In France the principal causes assigned are excessive spee- ulation prior to 1873, followed by bad crops, the great falling off in the production of wine through the destruction of the vineyards, which is estimated at over $2,000,000,000, a sum uearly double the amount of the i demnity of 15871, and a general over-produc- tion of manufactured products The concensus of opinion among the ablest writers and thinkers is, hows , that the clief cause of the depression within the past quarter of a century must be traced to the marvelous changes that have taken place through the introduction of machinery and the appliances of steam, electricity and natural gas to the production of articles in every branch of industry, the consequent displacement of vast numbers of workmen, aud last but not least, to the cheapening of transportation and increased tacilitios af- forded for the conveyance of products from one country to the other. The romotest parts of the earth have been brought near to each other by the steamship and the railway, and countries separated by great oceaus and thousands of miles apart are now competing actively in the marts of the world. Let us take 8 glance at some of our own gmducu. It is to be noted that in very few ranches of productions have greater im- provements been made and adopted in recent Jears than the growing of wheat. On many large ranches in California steam plows are used and on others gang plows which turn six furrows and are drawn by from eight to fourteen mules, Not infrequently plows are run in straight lines & distance of from six to eight mwiles. A patent machine for sowing seed is employed by means of ‘which it is claimed that one man and a team can sow one hundred acres of grain in a day. Under such conditions wheat cau be raised in California at a cost of 70 cents per hundred or 42 cents per busbel. In 1851 the two Dakotas with 150,000 square miles did not produce a siugle bushel of wheat for export. In 155 Da- kota exported 30,704,000 bushels, or nearly as much as the annual export from India since 1830, which bos been primarily responsible for the decline in wh in recent years for the world’s average price of wheat. In 1887 Dakota’s crop was 500,000 bushels, or one seventh of the total wheat product of the United States; in 1885 Dakota crops went down to 87,000,000 bushels, but this was owing to a shortage in the crop. Australia and Now Zealand aro becoming sharp competitors in the wheat market, hav- ing changed their sheep ranches to wheat lands, Previous to 1573 India exported little or no wheat to Europe, owing to the high cost of freight and export duties; in 1881 the freight from Calcutta to London was 60 shill- ngs per ton; in 1886 freight had declined to 30 shillings' per ton or 87% cents per 100 pounds. That brought India into active com- petition with the American wheat in London. Laws of supply and demand naturally are the prime regulators of prices. From 250,- 000,000 bushels of wheat raised in the United States 1n 1872 the crop of wheat steadily ad- vanced until it was 512,000,000 bushels in 1534 and 477,000,000 bushelsin 1856, In 1549 the Uunited States produced 43¢ bushels of wheat per inhabitant; in 1839, 51-20 bushels; in 1860, 7 bushels; in 1870, 91-10 bush- els, and the same in 1884, In thirty-four years from 1840 t0 1885 the in- crease of population was 141 per cent, the in- crease of wheat production 410 per cent. That explains why the price of wheat has been adually receding. There is no doubt, how- dvance in the price of n of the India wheat grow less and a ma- es will be realized by our farmers, for the r m that silver is the money medium of India aud the British dealers in grain were able to buy silver in ican market at a discount and dis- pose of itat an advance in exchanging it for the India wheat. The same will also apply to_cotton. Mr. Leroy Beaulien, economist, states that search that the cause in the decl has been unmistakably due to an increase in cheapening of products, aud believes that even in Europe the supply of food in recent years has increased faster than population. The world's market has conformed steadily to the supply of the world. If those who take a despondent view of the great industrial depression and m d de- cline in prices would ponder and refiect they would discover @ silver lining behind the dark cloud. The generdl decline in prices all the world over has placed the wage-worl within the reach of articles and commodities that formerly were luxuries only within the reach of the wealthy. While prices have gone down 50 per cent, wages have only gone down from 5 to 10 per cent since 1373, and the laborer can save more on present wages than he did during the inflation period after the war, and his money will go further than it everdid before. The savings banks in all our large cities attest the fact that the wage 'worker has not fared baaly by the drop in prices, and the laborer is vitally concerned in keepingthe l»uu-lmiu; price of the-dollar as large as it s now, unless ho can segure an advance of wages to correspond. The cheapeningof food, clothing, furniture, fucl and reuts have en abled the men of small means to live comfor ably, and their savings go a great deal further than they ever did before. The decline in prices enables men of moderate means to carry on business with smaller capital. While the farmer has been seriously affected | by the decline in food product prices, he also | has had the benefit of cheaper sugar, cheaper cofice, cheaper clothing, cheaper furniture aud the cheapeniug of all commodities he bhas v tho compe! will graduail l advance in_p the eminent French to buy. The fall of 30 per cent in the prico ~ of all commodities the world over has also enabled the commercial and industrisl world o do business with one-third less currency. In fact, the rapid exchanges that now take place by ri press und the telezraph in the mer world have materially lessened the d 'wenty years ago it took a first-class dry goods | ; uow co ut 4 ceuts a yard and all merchandise at one-fourth of the wa prices, the dry goods merchant is in @ pos tion to make & splendic lisplay on a ver: abd 80 with all As anatura lor ‘volume of is now needed for the trausaction of busiac | moderate amount of capita other classes of busiucss. sequence, @ much s than whon prices woere high, Abundance of the eirculating modium doos not always rep. resent prosperity. The Argentine republie, with two millions of.people, had six millions of metallic money and 819 millions of green- backs in 1550, of #150.70 per capita; butat the end of nine years her greenbacks are al- most worthless ‘and the country is in a state of general bankruptey. Great stress has been laid by eminent pub- lio men upon the bearing which the precious motals have upon tho woalth production of this c and the im ion prevails ver that gold and silver exeoed 1n vi : United States. This, ho Ly vor in the United States as computed by the diroctor of the mint varies from £45,000,000 to §50,000,000 per ann Of this amount 835,000,000 rep- resent gold and 10,000 sl In 158 our silver product was computed 747 and the gold ;m du ay 82 1850 the product of sily r 037 and gold was 7 coods by ten millions the' product of precious metals within any single your since 1570, baser metals a not more useful. The iron pro computed at $107,000,000, our coal mines during the same year at over 200,000,000, In 1588 Pennsylvania alone 0 coal valuedat 50,000,000, or the value of all the gold 1 States during the same much asall our gold the same year. But the products of the mines will not compare in value to the prir aples of the farm and plantation. of the cotton erop of the United States ranges all tho way from , however, moro valug ty for the pr mined anthrac two hundred and fifty to four b lions of doilars per anuum, annual output of all the silver mines in the whole world is o computed to be £210,000,0 The wheat o of the United States wil from three to four hundr s a year, or double the v of the ent dand sil- ver product of the world, And the_corn crop of America has been in excess of £500,000,000 per annum for the pa years, The corn p of the sta 0 ne was estimated at 530,000,000 bu n 1854, which at 20 cents abushel would 56,000,000, s means that the ¢ wiuct of the state of Towa, when pri 2 the lowest, is ater value than argest crop of this country hae ever produced. Last crop of Nebraska at 15 cents a bushel was rth more than all the gold and silver mined in Color: in 1880, If silver were not one of the money metals its impor ance as one of the leading American products, would be comparatively secondary. It is ouly when it becomes a measure of values, and is employed asa part of our currenc as & basis for our currency, that silver sumes & magnitu Proportion to the agaregate value roduct. Its relative shrinkagein valu >mpared with gold, and the effect of this decline upon prices of other commodities, has been unduly m: fled, and the advantare which the debtor class would der from its unlimited and free coinnge has been grossly exaggerated, About three w 0 Senator Don Cam- cron made & statement on the floor of the United States senate that the passage of the i bill had aleeady raised the prices of farming lands in Aw 20 per cent, I ask v farmer in this h T v farming 150 1nds have advanced 5 per cent cent. fictions ane free and its advantages to the nd workingman that it would be ut- terly impossible for any man to refute them in a speech of two or three hours' length. I concede from the start that we want to main- tain a bimetallic »m of money and that we should maintain the old standard of six teen to one, but I do not believe that it is es- sential to coin any more silver dollars to bring about that result. I do not see that it is necessary o coin any more dollars than we need. Ifsilver is not wanted for actual cir- culu{'lnn. why not leave it in the shape of sil- ver 1 l{\‘ Voice—Why have a metallic basis a4 al Mr. Rosewater—A metallic basis is neces- If weo were isolated and could build a wall around the United States we might have any kind of money. Bat when you come to make exchanges with other countries you need something more than paper money, A an propounded the question to mo a aago: “How uid I know that the per capita at the present time is $22.001 Now, of course, 1 have not examined the con- tents of the United ates treasury personally. 1 have to take the reporis Of the tréasurer as c The report of the treasurer of the United States shows that we have in circulation on October 1, 1839, $1,405,018,000, and on March 1, 1500, we had 1. ave consta > ningsilver certificates y month, o of the surrender of the national bank bonds has been ceded y new silver certificates issued by the asury, Now, on August 9, another statement. was made, which shows the aggregate ecirculation 10 be $1,450,000,000, that is to say, the money actually in circulation. And the gold and silver held in the treasury, counting the cer- tificates as money and counting the gold bars as if they were coined into money and the money that is out, would give us 2,000, bank notes, a severe contraction of our cur- rency has been effected, which is paralyzing our industries, crippling our commerce, and depressing the price of all kinds of property. The facts, however, do not sustain this urgu- ment. ince March 1, 1873, there has been no con: traction, but on the contrary, a very large ex: pansion of our currency, as will appear from the following statement taken from the books of the treasul T In eircalation In circulatton March 1, 1875, March 1, 15W. “increns The follo increase in wealth that the United States has (‘Ni rienced since 1350, “The assessed valuo of taxed propert our actual wealth at different decades has been : ow [ want also to ! fallacy, and thatis with rezard to the cheayp- ness of money pro raia with its volume, It has been gencrally asserted and is largely believed, that wheén monoy is abundant, thit when there is & very large volumeof oney, money is cheap. W hen times are dull and cverything is depressed, then the volume of money is small, and money is dear, that is, interest is high. 'This is, however, incorrect, notwithstanding that some cminent peoplé hold contrary opinions, The British his torian, Allison, said that the contraction of which attended the resumption meut by the bank of England in as much 1oss to meney capitalists by lowering the rate of iuterest us to | s by lowering the prics of commolities. Senator Hill of Colorado, one of the chum- s of free coinage, said in one of the urti- os written for the North American Review, A glut of loanable capital and low rates of interest ave the inevitable and final accom- paniments of a shriuking volume of money and a consequent decline in market vaiues, rendering investments in property unprofit- able aud hazsrdous.” Now what does that mean? Tt means that wher iuvestments in any kind of undertaking are unprofitable o large amount of capital is on hand ready to be loaned out at a low rate, the curren [Continued on - When Baby was slck, we gave her Castorls, When she was a Child, she cried for Castoria, ‘When she became Miss, she clung to Castoria, ‘When sho bad Clildren, she gave tiem Castoria, PO Sunburn, Chafings, Eruptions, Sore Eyes, Sore Feet Mosquito Stingsorlnsects, Inflammations, Hemorrhages, AVOID IMITATIONS. POND’S EXTRACT CO., 76 Fifth Avenue, New York. A Packag No Trouble. Ask your Dru 1o othe Made by C. The Van Houtk digestion and develops in the highest degree its deli Itisan excellent flesh-former, fifty per ¢ than the best of other cocoas. Vaw Houtews Cocoa “BEST & GOES FARTHEST.” 2~ VAN HOUTEN'S COCOA (“once tried, always used™) is theoriginal, pure, soluble ed, made and patented in ¥ aroma, world." Ask for VAN | DRINK HIRES BEER. ‘The Purest and Best Drin Appetizizing, the Best Blood Purifier and Tonic. EVERY BOTTLE Guaranteed. wi hites, MOST APPETIZING NS process ' in solubility, agreeabl ROOT | Delicions, Spar ng il , mokes 3 gallons. Easily Made, Try It | or Grocer for it and take you get HIRF st S + THE ONLY GENUINE. E. HIT Philadelphla, Penn. OMAHA, Rector, BISHOP WORTHING TaE REv. ROBERT DOU THE 27TH YEAR BEGINS WEDNESDAY, SEPTEMBER 17TH, 18%0. Foroatalogue and particu—ars apply (o the Brownell Hall. SEMINARY for YOUNG LADIES. Corner of 10th nd Worthington § - - - NEB. TON, VISITOR TY,8.T.D. RECTOR. The Tinet: 7 chanical Engine under 1 equipments. third Ses: TULSDAY. SEPTEMBER 0. —FULL COURSES I3 m Will Open on iealand Civil E Thorough ecial ad vantage partment and of the I mmercial Course. are ofiered to stu partment of Me- Kdwards Hall, for Boys ring. St ars, I8 unique in the completeness of its Cataloguo will be sent froe on application to REV. T. E. WALSH. 0, 8. giving full particulars, , President., NorRE DAwE, IND St. oquippe for ¢ MoTHIR Daw 0., 81T Too1 10 2 ture. Art and for out-ds some. MARY'S ACADEMY. T tory, Senlor ana Classical ( aste Dep ment, on the plun of the best C: tories of ope, 15 un Etadio mod Drawing and Pa Phonography an With fire oscape. lldren under UPERIOR, ST, MARY 'S CHRISTIAN emale Colleg umususlly fine oot of Profestc wmbia, Mo., in & 20 acre park Yorest trees abou om0 of school e xoell s ibe freedom and wi ¢ Write for eata W. A OLL (ONE MILE WEST FROM NOTRE DAME UNIVERSITY.) “The 70th Academlc term will open Monday, Sept. Sth SCHOOL OF ART AND DESIGN. Conservatory of Music. The Aeademic Course ts 1n the Propara- 0 and the antique nt. Buildings to department for catalogue to ACADEM Y NOTRE INDIANA. Apply OSERH COUNT Establizhea 1860. on of WoMEN. An or 189051, Literas wpecinlista. Location Col. st north of eity limits, n abundance of gpaca yme buildings. Morsl home with all well ordsred Addross, Prosident, COLUMBIA, MO, usic Llue grass, Opens Se ments for Sclence, Mus MONTICELLO. 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ARTISTS (] B0 ARTIST REP IN THE FOLLOWING OIRE} Luo Sunday and Wednesdav, “The Queen Handkerchief;” Monduy, Wednesday nn Friday, “The Brigands:"™ Tuesday and Sata day matinee. “Nunon:" Thursday, “krminie; Saturday, “The Mikado™ or **Doroth y As the cngagement is for one entire week Only Regular Prices for Seats Will be Charged, Dime Eden Mus.ee_ WILL LAWLER, MANAGER. CORNER 11TH AND FARNAM STREETS. Grand Reopening Fumay, Augnst 23d. THE WORLD IN WAX Being a lifelike reproduction of the erowned heads of Europe in their robes of st KEMMLER ELECTROUUTED; A falthful portrayal of his death, TWO STAGE SHOWS De Alvina Zan-Zic, the Famous Maglcian. Goorze Ed the fumons Comedinn, Lite tle ATl Right. and other stars will appear, 20 ,GIEASON'S DOG CIRC 20 TWENTY CANINE ARTISTS. One Dime Admits to AllL OPEN TO THE WORLD, OMAHA CITY RAGES, IN CON TION WITH THE Douglas County Fair, OMAHA, NEB, Septembar 2ud to4th, 1890, Tuesday, September 2nd. Trn_gnling‘—l‘ ils of 1888, mlle heats, hest trotting 50 cinss, 16 he: Running—imile dash > Wednesday, September 3rd, Trotting—Foals of 1857, mile heats, A5, Dost 8'in5 inb. Trottng Trotting: Running—mile and repeat. ... .10 Thursday, September 4th. Trotting—Toals of 186, mile heats, best 3 8 ol 1ile cLiss, il close August 5, 15 nnd 10 pe r cent of purse. d by the A srein Lo clos: eding the race, uouneed. Daniel’H, Wheeler, Prosident. Omah D.T. Mount, Superintendent, O John Baumer, secrotary, 1l Omaha, Neb. ERRORS OF YOUTH, SUFFERERS FROM 4o nz— Running. T Tock on the even unless otherwise un- Nervous Debility, Youthful Indiscretions, Lost Manhood, Bo Your Own Pllplclaul Many men, from the effects of youthful imprudence, have brought sbout a- & b 1 1o geeneral ays- oo almost every otlier disase, S real cans of {ho rouble scarcaly ever belng yuspeoctod, they are ductored for eversthing bt the'Tigte i Xiin Thatanding the many valusile Mieiea that medicalsienes hasprodied " e = 18 Clams of patienta, nono o ordinary modes Of 1 reaitnens oiTecta Care” Durin dur sxtensd ve collegs and hia: Bl praces e VG xprimeiied wit End b vored new i conntitraicd roms: The aecompanying Bt s gerialn an ek of R s AT Texiored 10 partect. A ither ruodies faliod: by Puro . R b ol s e rejechtion of 5 preacription B8 Eryihroxyion coes, 14 drachm, L TuSein, 1 drashin {lonias Diotoa, 12 Grachm. St Enalltamarm (alcoholie) grains xi i aamar (alooho Bt Fptaniva, Jmcrupics hyertuol g s Mix aak s yilia: Faketpfi) atsp. m. andin: other on foistk s bed |15 80mb eases 16 wii Delvcenstry 167 o pauiend (o sk o s 2% badtima makini {he Bumior three & GAY: Thie romedy 18 adapted to every condition o Rervous defAl 1y A woAM e it bF ey 250 cueciaily o taoue cases resaliing £rom; Impradence, The. recyperative powers of ik rostorative aro trily atonishini ud (L Tt continned for & shore tie chagiees the Tatiguid, debiliiated, uerveless Sondition Lo 5 s, by rvm(‘u b3 vee . o "olniaining 0. piiis, earetul sunded, will be sent by telarn mail fr F privido Jahoratary. ox vo il farm o which will Cur 18028 Cased, £0 ‘sddiens or call om 24 Tremont Row, Bost Comprisrht, 1968, by ¥ 4 Deinrborn Sty successtul pracioss Speclal fucllition A, 20 yenm w0 publicity. U msny states.