Omaha Daily Bee Newspaper, January 27, 1892, Page 5

SUALL WE AV UNUMITED SILVER COINAGE? Joint Discussion by Edward Rosewater and Jay Burrows, PART I. In the primitive social state men made exchanges of the natural products of the oarth and sea, the cereals, fruits, fow fishes and ammals by barter. The products of handicraft rudely fashioned from stone, metal and wood were all ex- changed bybarter. The relative value in trade of th commodities and produets depended not merely upon - their searcity or abundance, but also upon individual eaprice. As man became more civil found convenient to have a recognized medium of exchange. This medium, which performed the functions of money, wna always chosen from commodities or products that had a bartor value within themselves. Thus whoat, tobacco, furs, dried fish, fruits, horses and cattle con- stituted mediums of barter and passed current in various countries the same ¢ money does now. One pound of tobacco, for instance, exchanged for threo bushels of potatoes: one beaver gkin exchanged for two bushels of wheat or ten pounds of beof. Among American Indians horses were a favorite medium of barter and a dozen ponies were sometimes turned over in payment for one squaw. When men began a nomadic life sious metals were found to possess n 10r bavter value. They were com- small in bulk, indestroctible, readily divisible and not liable to depre- sinte in value by use as ornaments or mediums of exchange. They had an in- trinsic value, based upon the labor to mine, smelt, refine and polish them. When Abraham bought a plot of land for a family burial ground he paid for it with 400 shekels of silver, “‘current money. That is the first barter in sil- ver cirrency we have uny record of, and the value of this silver money was com- puted by weight. For greater conven- ience the metullic barter medium was divided into pieces of a fixed weight and quality and these pieces of metal be- came money. To protect people who used this metallic barter medium agninst fraudulent alloys and counterfeiting, mints were established under governmental supervision. Their func- tion was to coin pieces of silver and gold of uniform weightand quality and stamp them with figures denoting their value. This is the prime and only object of coinnge. The government stamp upon any coin merely certifies to its weight and quality but does not add any value to the coin. Outside of the countries which is: hem gold and silver coins oniy puss current at their market valu as metal. When a coin does not contain meta! worth in the open market the sum stamped on its face it is known as dobased coin. Debased coins have at various times been issued hy govern- ments whose treasuries were depleted by exhaustive wars and reduced revenues. Lngland debased her i in the year 1 and French, German and Spanish governments have ut various times is- sued debascd coin as a last resort when the tax gatherer was unable to wring any more contributions from the peo- ple. The issues of debased coin have always proved disastrous to the credit and prosperity of every nation that has resorted to such means to increase its volume of money. Of the two money metals always has commanded greater purc ing power, and its relative value to sil- ver has varied in proportion to their relative abund and cost of produc- tion. At the beginning of the present era one ounce of gold oxchanged for eight ounces of silver. When America was discovered, four hundred years ago, it required from ten to eleven ounces of silver to buy one ounce of gold. In the seventeenth century the ratio be- tween gold and silver fluctuated be- tween 15 and 16 to 1. In 1717 Sir Isaanc Newton, the master of the British mint, fixed theirratioat151-5to 1. In 1782,ten yoars before the United States com- menced the coinage of money, Itobert Morris, one of the most eminent finan- ciors America ever produced, advocated the use of silver alone, because in his judgment gold and siiver could not be used as a standard on account of the variation in the ratio of the two metals. After several years of discussion tho proposition to adopt a double stundard of silver and gold was carried into effect by Alexander Hamilton, the first secretary of the United States treasur in pursuance of an act of congress,which placed the ratio between gold and silver as 1to 15, Inotherwords the American standard silver dollar was to contain 15 grains of silver for evory grain of gold contuined in the American standurd gold dollar. By the act of 1793 free and anlimited coinago was decreed and the gold and silver coins issued® from thoe United States mint were made a logal tender. Indue time it was found cable to maintain the doubie standard or froe coinage of both metals. Early in the cantury Gresham’s law, which enun- ciutes the™ principle that “bud money drives out good money,” began to exert its influence on American coined metals. On the average gold was worth three por cent more as compared with silver than the value stamped onthe gold coin. Gold began to disappear from eircula- tion us early as 1810, In 1814 the gold coinnge of the United States mint was $77,000: in 1815 it was only $3,000. Three years later the cireulation of gold coin was almost completely extinguished in the United States. The first experiment in the United States with the free and unlimited coin age of gold and silver closed in 1834, In that year a bill was pussed by congrress changing the ratio. During the discus- sion of that bill on the tloor of the senate Thomas H, Benton is on record us say- ing: “The false valuation put upon gold hus rendered the mint of the United Sthtes s0 far us the gold coinuge s concerned & most ridiculous and absurd institution, [t has coined and that, at a large exponse to the United States, 2,262,177 pieces of gold worth $11,852800 and whero are the pieces now? Not one of them to be seen. Allsold and exported! And so regular is the operation that the director of the mint in his latest report to congress says that the new coined gold frequently remains in the mint un- called for though ready for delivery until the day arrives for a packet to sail to lurope.” * . . e ) “To go to work av the right place to effect the recovery of that precious metal which their fath- ors once possessed-- which the subjects of European kings now possess—which the citizens of the young republics to the south all possess—which even the froe negroes of San Domingo possess — but which the yeomanry of this America have been deprived of for more than twenty years, and will be deprived of forever, unless they discover the cause of the evil, and apply’ the remedy to its root.” It would thus seem that in the days of Benton the people were crying for the gold dollars of the daddies. The coin- age act of June 1834 fixed the legal ratio of gold to silver as 1 to 16 This was the Lirst radical depurture nr supe pact, eold impracti- ed it was | from the ratio fixed by Alexander Ham- ilton. In the sixteen years after 1834 the commercial ratio of silver to gold fluctuated from 158 to 1 to 15 9-10 to 1, consequently the silver as coined by the United States was relatively to gold worth more than its coined value, Gresham’s law again came into play and silver disappeared from circulation, The silver dollar was rarely used nas money after 1840, An eminent author- ity on finance wrote, in 1 4 would probably be safe to assert one-half of the citizens of our country born since tha | 1840 had never seen a United States sil- ver dollar, In 1853 tho want of silver currency hud become so pressing that congress enacted o new lnw to prevent the melt- ing down of the half dollar picces, which contained just one-half of the quantity of silver in the standard silver dollar By the act of 18538 the standard silver of the half dollar was cut down from 206 graing to 192 grains, with the smaller coins in proportion. No free coinage of these subsidiary coins was al- lowed. Their legal tender value was limited to Thus the act of 1 re- duced the ilver of the fractional coins about 7 per cent, and as the Iverdollar was only worth about 33 per cent more than the gold dollar all profit in melting the subsidiary coins ceased. At this period the silver dollar haad practic The total coi of silver dollars in 18; had been $17,500; in 1851 $1.300; in 187 $1,100. king contrast the total gold coinage of 1852 was over $56,000,- 000, of which 2,000,000 was in the little gold dollars. Why was there no clamor then for the doilar of our daddies? Simply because there were no buliion- aires and silver mine speculators inte ested in clamoving. By tho act of February 21, 1853, a coinage charge of 4 per vont was im- posed upon all gold and silver bullion presented by individuals for coin- age at the ‘mint. This fact incident- ally goes to show that absolute free coinage of both metals had Leen repealed by the act of 1853. In reality there is no valid reason for the free coinage of either of the two metals. The actual cost of coining a silver dollar is com- puted at 2 cents and the same expense is incurred for the coinage of every gold coin. While the expense of coining a twenty-dollar gold piece is no greater than the coinage of a silver dollar the owners of the metal, even if gold and siiver were on a parity at the old ratio of sixteen to one, ought to bear the expense of coin- age. The coinage of 1,000,000 silver dollars would, if free coinage were os- tablished, cost the government $20,000; whereas the coinage of 100,000 eagles ($10) costs the government $2,000, and 1 50,000 double eagles ($20), or $1,000,000, would only cost the government $1,000 to coin. When it is borne in mind that the United States mints have coined over 400,000,000 silver dollars within the past thirteen years at a cost to the gov- ernment of over 38,000,000, or $2,000 cach working day, the magnitude of the cost of silver coinage becomes very striking. Although the coinage of the stundard silver aotlur of 871% grains of pure sil- ver continued without let or hindrance from 1792 it was very limited during the first fifty years of the repub- lic. 2 to 1805 the total coinage of silver dollars in the United States mints was § 9,517, or $110, aye Computing the population at 4,000,000 the silver dollar coinnge amounted to less than three cents per year per capita. 5 to 1885, duving a period of thirty years, not a single standard silver dollar,” or any other silver dolla was coived in the United™ State: In 1836 only 1,000 standard silver dollars were coined. In 1837 and 1838 the United States miuts did not coin a single silver dollar. In 1839 only 800 silver dollars were coined. From 1840 to 1857 the total coinage of silver dollars was $1,328, n 1858 not a singlo silver dollar waz coined. From 1859 to 1873 the total coinage of silver dollars aggre- gated $5,285,198. The total coinage of silver dollars from 1742 to 1873, covering a period of eighty years, was only 8,054, Assuming that this whole stock of silver was retained in circula- tion up to 1873, which we know is not the case, and computing the population for 1873 to be 44,000,000, the circulation of silver dollars was less than 20 cents per capita. Toduy, in spite of the hue and ery ubout the alleged conspiracy against silvor, we have more than $6 per eapita in’ standard silver dollar: and this is exclusive of the silver certif s issued in oxchange for the silver bullion now on deposit in the vaults of the nationsl treasury. In other words, within the last eighteen years we have coined tifty standard silver doilars for oVl single dollar that had been coined during tho eighty years preceding, we are issuing more silver dollar certifi- cates for the siiver bullion delivered at the mint every vy days than all the silver coined by our mints from 1792 to 18 But tho clamor for unliwited coinuge is still kept up by the silver mine bullionaires, mining ‘claim spocu- lators and their dupes. Let us now go back to 1873, when con- gress struck the standard silver doliar from thoe list of American coins, Thut uet has been denounced by free coinugo advocates asa great conspiracy in the interest of foreign bondholders and money loaners. ” This is a fiction gotten up for politieal offect, The truth of his- tory contradiots it most emphatic- ally. In 1870 the Amovican silver dollar of 4124 grains was worth 103 cents in the metal market. These silver dol- lars had nearly all gone out of circula- tion, being absorbad in the silversmith's melting pot. The only metallic dollar in circula- tion at that peviod was the littlo gold dollar. In order to unify our monetary system, John Jay Knox, comptroiler of the treasury, recommended to congress to drop the 4124-grain dollar out of our coinage list and sub- stitute a subsidiary dollar coin weighing 884 grains in silver for home circulution. This recommendation wus ombodied in a bill that was pending in congrass more than three years. The bill was introduced on Apri , 1870, and did not pass until Februa ¥ 7. 1873, What is the true explanution? The fact is that in 1873 silver had demone- tized itself. The coin in the silver dol Lar was still worth a little more thun a dollar, and it has been cstimated that there were not, at that time, a thous- | and standard silver dollars in existence. All had been welted or exported. For tweaty-eight years the ounce price of silver had not fallen below $1.50, where- 48 its vatio to gold was $1.20: and 1n 1873 it still stood within one-tifth of one cent of $1.80. The silver producers were 1n- different as to the law of 18573 hecause, unbrokenly for forty years, silver had buen worth more than its coinage value, Beginuing with 1870 the gold product — begun to decline, silver product - began to increase euormously. Iu 1874 the Latiu-Union, Boticiug the downward tendency of sil- | heard | 1 the | [E——— THE OMAHA DAILY BEE: W) ver, withdrew the privilege coinage of the silver five franc pio to a moderate amount. lver in 1874 foll to #1.27 an ounce. In 1875 to $1.2 an ounce, In 1876 to $1.15 an ounce. Then, and not till then, began to be the cry of “the conspiracy of L Silver has been struck down, but not by the bill of 1878, nor by any bill concocted by man. The hand which struck down silver is the hand which will strike us all down in time the hand which nothing 1 withstaad, the irresistible hand of nature. Sily has been struck down by one of the natural forces, by tho great law of de- mand and supply. Mr. Burrows' Reply, I dismiss as immaterial all the history as to the origin and nature of money. The bare question we are to discuss is the expediency of the free coinage of silver, as it affects the welfare of our people. The real question involved is one of volume of mouey. This involves the question of prices, or the relative vurchasing power of products or labor, and money. In this issue the intorests of the money-lenders, or the fixed in- como class, or the creditor class, are at varience with the interests of the pro- ducers; the merchants, the mechanics, the debtor class. This is really the only issue. All the talk about silver being unfit for money, too plentiful, too cheup, is mere idle by-play. The quicker the real issue is understood by the people tho botter, Mr. Rosewater makes some statements in his history, however, which are in- acurate. In speaking of government mints he says they were estublished to protect people from counterfeits, and that *‘their function was to coin piecos of silver and gold of uniform weight and quality and stomp them with fig- ures denoting their value.” He then dds, “this is the prime and only ob- t of coinage. The government stamp upon umy coin merely certifies to its weight and quality, but does not add any value to the coin,” Theso state- ments are peculiar. As there was no ac- cepted government coin before wmints were ‘‘established,” and as there would be no counterfeits before there was a legal coin, isn’t it just possible that Mr. Rosewator hus made a mistake as to the function of mints? Law first fixed the amount of metal“in the coin, deter mined its form and the insignia or de- vice that should be placed upon it, and then coined the money to show to the people, as well as furnish for their. use, what the law had provided should be money. Tho function of the mint is fav different and higher than Mr. R. states. If simply amount and fineness were to be certified, bars would have done as well as coin. Mr. Rosewater says the government stamp **does not add to value, This we deny. If Mr. R. had said ‘“‘intrinsic value” we would have agreed. The least reflection will show the falsity of Mr. R.’s position. Take 3714 grains of silverina lump and offer it to your creditor. Will it pay the debt? No. Take exactly the sume number of grains in the form of a coined dollar and offer it to your creditor. Will it pay the debt? Yes. Ared7l1} grains of silver which will liquidate a debt more valuabie than 3714 grains that will not? If T under- stand the term value, they are. What is the difference? One bears the evi- dence that the law has said it shall pass current for a dollar. The other does not. Consequently coining has added value, Take the case of the nickel 5-cent picce. Has or has not minting added value to the metal? Mr. R. now innocently says, “outside of the countries which issue them gold and silver coins only pass current at their market value as metal.” True, and wh Because the fiat or legal power of the countries which issue them does not extend beyond their own borders. Within the countries which issue them they pass at the face value put upon them by law as money. Outside they pass at their commodity or intrinsic ilue. Mr. Rosewater plainly refutes himself. He now utters another reckless state- ment which shows how superficial has been his study of the subject. He says: “When acoin does not contain metal worth in the open market the sum stampod on_its face it is knowu as de- based coin.” A debased coin is a coin which con- tains less wetal than the standard amount fixed by law. This may be caured by abrasion, or by fraud of the ruling power at the mint. But in the nature” of things the value of the waterial of money has nothing to do ith its legal value. The latter value determined by law alone. Asa mat- ter of policy it may be desirable to have the nominal value of coins correspond with the value of their metal in the open market. But a coin cannot be said to be “debased” unless it contains less metal than the law requires. Suppose the silver and gold coins of this country should be diminisaed just one-half, what would result? Prices in this country, measuved by our coin, would be doubled, but it would have no effect whatever upon our foreign trade, Gold and_ silver would pay balances on exactly tho same basis as before, viz: Their commodity value. These slips of Mr. Rosewater are not very important, as no part of the argu- ment hinges upon them, nor upon the long history reviowed by him. Wo merely quote them to show how loose his analysis of the subject is, Beginning at his fourth pavagraph, Mr. Itosewator quotes a great deal of the early history of coinage in this country; but the exact application he wishes to make of these quotations I am unable to say, unless it is to try to show that any double standard is impracti- cable, f’! that is his object the argu- ment is as much in favor of silver as gold. The supply of silver in the United States having increased 50 por cent in the last ten yeurs, and the supply of gold having de- eased or remuined stationa it would seem, if we are to have money of only one metal, that silver is the bost for that purpose. As a matter of fact, whatever deductions My, . would muko there can be no historical parallel in monoy matters drawn between thé wnte- bellum period and the present time, only in the fact that then asnow the intricate problems connected with coin- age puzzled statesmen and bafiled schol- urs. But that a double standurd ata lixed ratio can be maintwined with a greatly varying supply of both metals, with & searcely appreciable variation in the coin value of either, I have ample historic fucts to prove. 1 quote from the address of William P, St. John, presi- dent of the Mercantile Nationul bank of Now York, delivered before the Western Commercial congress al Kansas City, A\Lll‘il 17, 1891: "acts, road together, report experienco especiully telling s to' France, After 27 years of widely varyiug wverago relative Pbrices of gold and silvor, under nioderate va riations of relative production barely sveray- ing 3 per cont, the miuts of Fraucs aloue, for # period of sixty-Lwo vears, 1o 1865, under va- riations of relative production exevoding 19 per cent, walntained a practically ubvarying average rolutivo price in market for gola aud silver in spite of divergent - coinage luws all elsewhero. Thus, in coin valus, W 1510: “roduction, 76 per cent silver; relative price, 1561 to 1. 1n 1855; Produckion, 18 per cent gold; relative price, 15.36 10 1, Under equally freéo coinage for gold and sil ver, owners of either bullion sought ibe wiuts of France at a value fixed for tnem, price paid for thew in purchasiog power de’ oreed by law. In cousequence iu the period 1531 to 1540, $442,000,000 of the world's abuw | ment by which Frarcs single-handed and for | | sixty-two vears, " b 4 SSDAY! T8 of free | dant silver was weleomed into the legal ten- dor silver oo _of Krance. In 1N (o 1860, with gold almost aidtHingly abundant, 816, 000,000 ot gold waf minted into the lewal teuder coin of Franos.o, Under such widoly varying conditions thefree mints of France maintained the average roiative market prico of gold and silvor for the world betwoeen 1 to 5 and 1to 15807 Thus effectually by rance alone, the v#lue possessed by cither metal In its scarcity, was bestowed upon the other in_abundance, by dectee, Such wore tho moans sho adopted, such the achieve. but f dollar’s worth of sil ver in the dollar," sand maintained it co stautly at 100 cents, ,, Unaer such automat operations of hor continuously open mints, in spite of the extreme yariations in production noted, France thus obtained so great a vol- ume of colned money in circulation that no embarassments were possible from occasion al loss of either motal in_international trade. France was not a producer of gold ana ver. Iho United States is without a rival asa producer of silver, and usually rivals aoy producer of goid. India invariably a creditor among tho trading nations, assures us lier giant support for freo coinage of sil ver. At one period 70 per cent of the world's total production of the money metals was sil ver; only 50 per cent is silver now. Strictly without tho aid of India, France asked no support for gold free coinage when 18 por centof tha production anuually was gold. the foreign commerce of France was then much less than ours at prosent. Her dom s- tic trade is not to be compared with ours to day. Her population thon was littlo more than halt our vresent population, her torni tory one-seventoenth the area of the United States, I find no argument in favor of tho sin- glo standard in Mr. R's paragraph 7. It is true by a change in |||u weight of our gold coins in 1837 the ratio of gold to silver was changed from 154 to 1 to 16 to 1. It is truo that probably on account of a varying ratio, gold at one timo and silver at another, disappeared from cir- culation. These changes, mark,wore in the gold coins. While the weight of pure gold in the gold dollar has been twice changed, the weight of pure silver in the standard silver dollar has neve been changed. It is the same unit as the first standard coin minted in the United States. While our circula- tion of gold and silver varied. both metals without limit were at that time in uso as moncy somewhere, and hence it made practically no differcence in the value of coined money whether both kinds cireulated equally in every coun- try or whether one country used more of one and less of the other. All there was of both metals was in circulation, and ail there was of both metals po- tentially money everywhere. Bimetal- ism consists in the right to use both metals for money. (See facts about sil- ver.) The above 't is a sufficient answer to Mr. R.’s question at the close of paragraph 8. There was no diserim- ination “about either metal. Coinage was free and any one having bullion could take it tothe mint and have it made into money. So, no matter what form the metal was in, it was potentially money. Mr. Rosewater quotes historical statis tics in the most appalling and reckless manner. T can only explain his fearful misstatements in regard to silver coin- ago by supposing that he has accepted the work of some naccurate author as authority, and copied it verbatim with- out any ‘investigation as to its reliabil- ity. Inote a few iof his inaccuracies My authority is the (United States Stut- istical Abstract, awork prepareda under the direction of the secretary of the troasury and published by the United States.” The coinage statistics in this work are compiled from reports of directors of the mints from the pussuge of the coinage law until tho present year, and are officidl and authenti In paragraph 8 he savs, ‘‘the total coinage of silyor dollarsin 1850 had been $47,500; an 1851, $1,300; in 1852, $1,100.” ‘ The facts are that in 1850 the coinage of silver dollars was $1,566,100, and of minor coins, $44,467 in 1851, the coinage of silver dollary was 3774, 97, and of minor coins, $99,635.43; in 2 the silver dollars coined were $900,- 110, and of minor coins, $50,630.94. Isn’t it strange, also, that in stating the gold coinage for one of the same years Mr. Rosewater should he correct? In paragraph 10 Mr. Rosewnter accu- mulates quite a number of these inac- tatements. Ho says ‘from 17 to 1805 the total coinage of silver dol- lars in the United S or $110,732 a year.” The fact is that in_the period named there were comed of silver dollurs $1,761,014.20, and of minor coins $178,- 73.4 Rosewater says ‘‘from 1805 to 1835, during a period of thirty years, not a single standard silver dollar, or any other silver dollar, was coined in the United States.” The fact is that in the period namod inclusive, there were coined #$41, in silver dollars, besides sevi lions of minor silver coins which have not taken the trouble to compute, Mr., IR says, **in 1836 only 1,000 stand- ard silver dollal vere coined,” The fact is that in 1 #3,606,100 in standard silver dollad % minor silver were coi Mr. R. says, “in 1 United States mintsdid not coin a single silver dollar,” In those two years the United Statos mints coived $4,4 in siiver dollars and $119,285 in minor coins, Mr. R. says, *‘in 9 only 300 silver dollars were coined. The fact is that in 1830 silver dollars were coined. Mr, iR, says, “from 15840 to 1857 the total coinage of silver $1,328,823, The fact is, that in that period, in- clusive, there were coined $57,772,726, Again, says Mr. R., “In 1858 not a single silver dollur was coined,’ The fact is that in 1878 silvor dollars was coined, 000 in minor coins. Mr. R. says, “‘from 1839 to total coinage of silyer dollurs aggregated #5,285,108, " i The fact is thut i the above period, inclusive, there were coined in silver dollars $27,043,5¢ Again, snys Mr, Rosewater, accumu- lating all the ubove little tornadoes in nd eyclone pf ines nuge of sifver dollar covering b poviod of eighty , Wits only #8,054,538,” ho fct is nccordng to the unim peachuble officig# authority I have quoted, that in th@feriod named there were coined of silVel dollars $147.500,- 897, and many, many millions of minor siiver coins, which | have not taken the trouble to compute. “Falsus in ubo, The whole i on which Mr, Ros yea us in omnibus.” & fulse deductions ator bases his state- ments whicn pro not Lo be facts falls o the ground with his fucts. Lam amazed thut a man of Mr. Rose- water’s penetration should be led into such imexcusab o biunders. But thoe fact is that the war on si.ver from its inception to the present time, has been based on unsound finuncial theories ana bolstered up by the most unscrupulous falsehoods. My, IR his chosen the side of the strouger in the lght, and vhen accepied without inquiry the false prin- cinles and false statemonis put out by that si In pa ph 11 peals w0 cong Mi Rosewater ap- sional history, and denies that the demonetization of silver wus the result of a conspiracy in the i terest of money loanois | M, | 0it has not been cluimed this controversy that sitver was demon etized hecause it wus growing cheaper, and becoming on that uccount undt for usk JANUARY 27, 1 iask him if, at the time the | 5 | fiatory of that nw 1 000 through all | 92, mone first bill was introduced striking the dollar from the list of American coins, | Iver had in fact depreciated at the markets of the world? He | very well that it had not. | Mr. R is rather chary of his nces to the history of demonetization; but as far as he dips into it bis facts ave | ae delusive as his ligures ing. Hoeays, “in that period John Juy Knox recommended to g ' ok (See paragraph 135.) 0 give some explicit points in the January 6, 18¢ John Sherman introduced u bill in 1ation to the coinuge of gold and silver. This bill, in section 2, discontinved the cotnage of silvor dollars. It wlso made | foreign gold coins which conformeda (o certain conditions of weight and fine- ness legal tender inall paymonts what- soever. This bill failed to become a law, and was followed by Mr., Knox’s bill, introduced in the senate by Mr. Sherman December 19, 1870, bill passed the senate January 10, 1871 It demonetized sliver by omitting the dol- lar from tho list of coins, May 27, 1872, this bill was passed by the house and sent to the senateg The faet that this bill demonetized silver wus not devel- oped in the house, and the bill was passed under a suspension of the rules, without debate and without being read. The debates about it and the manner of its passage show conclusively that it was passed by a conspiracy, and that only two or three members of the house knew its nctual provisions, As “foreign bond holders and money lonners” wore the only ones to be benotited by its pas- sage, it is fair to conclude that thoy wore tho ones who promoted it. Inthe senate, Decomber 16, 1 Sherman reported the bill from the committee on finance. [t was again up January 7, 1878, and January 17, 1878, February 6 it was considered by ference committee, February 12 it was °d to by each house, and” approved v General Grant the same day. (See Congressional Recor . No questicns had been raised in either house upon the limitations of the legal tendor of silver nor upon the stoppage of the coinage of silver dollars. The owners of gold bullion might deposit it to any extent to be coined into le, ten- der currency. Tho owners of silver bul- lion could deposit it to be coined into trade dollars or bars, The proof that up to February 12,1873, thero had been a conspiracy is found in the subsequent fact that after the silver unit had been declared by that Jaw to be a nonentity, n clause was' smuggiod into the revised code of 1874 without thoe knowledgo of any man who dares avow his consciousness of it. The act adopt- ing the codo was passed June 20, 1874, The following clause, which had no ex- istence in any act which had passed prior to December 1, 1873, nor subso- quent thereto, was surreptitiously intro- duced into the revisal, H “'Sec. 8,586, The silver coins of the United States shall be a legal tender at their nominal value for any amount not oxceeding 35 dollars in any one pay- ment.” Thus was a conspiracy by which the silver dollar was thrown out of our list of coins and its legal tendor quality de- stroyed, accomplished. John Sherman in the sonate and Mr. Hooper of Massi chusetts in the house were in the con- splilr:\ry and knew all the contents of the bills. Mr. Rosewater’s statement that the cry against demonetization of silver was caused only by the decline of silver, is refuted by the fact that it was not until 1876 that it became generally known that silver had been demonetized. Iean prove this by presidential messages and proposed legislation and debates in con- gress, did time permit. It took many years for the people to realize the fraud that had been perpetrated,and then pub- lic clamor compelied its partial remone- tization. 1 dismiss the question of mint charge. It is immaterial who paysit. «It is of vital importance that coinage of the precious metals ta unlimited, and that both be on the same basis. If the coin- age of silver be unlimited its price will be fixed by the mint valuation. 1If it is limited the part excluded from coinage ay bear u different price. To coin simply the American product would leave silver for Indian export to be fixed by British council bills as ut present. In paragraph thirteen Mr. Rosewater admits that the first decline in silver was in 1874, one year after its demone- tization. The parties who had insti- gated the conspiracy against silver knew all the fucts. 1ts decline was caused by its demonetization. If its uso us money had not been destroyed it would never have declined. notwithstanding the Australi nia discover- ios, ulways ined its market valuo at par with its coinage value for the simplo reason that its coinage value fixed its market value, as it would of silver today if coinage was freo und un- limited. Lot mo state here one or two impor- tunt facts on which theve is widesproad misapprenension, The United Statos demouotized silver first, by act of Feb- 12,1878, ‘whe act of Germany in 1871 did nov demonetize silver. On July 9, 1873,Germany decreed the single gold standard, after the examaple had been set by this country. Mr, Rosewater, in his conclusion, claims thut silver was “'struck down’ (demonetized?) by nature, **by the great luw of demund und supply.”” I supposo ho might have said *'providence,” and expressed the same meuning, Now if Ishow thatthe demonetiza- tion of silver was against the natural law of supply and demand—that in spite of the increased production of silver the material for money was diminishing in- stead of incrensing, and that that de- crease has continued and been intensi- fied to this day, L shull have won the contention on this point, In 1873 our gold product was dimin- ishir For the term of seventeen years, from 1856 to 1872 inclusive, the product of our gold mines was $500,77 000, Kor the term from 1573 1o 1559 iA- clusive, it was only #600,775,000, a de- crease of about $200,000,000, Our ine crease of production of silver at 1873 had not nearly compensated for our loss in gold, to suy nothing of increased ro- quirement for mouey by increuased pop- wation, agriculture and manufactures. Our production of gold hus gradually decrensed since 1873, though the de- crease is ot so marked as between a6 and " Our iucreise of silver produc- tion since '73 hus been great, but not anything likeour increase in population, manufactures and agricultural products the ineresse which demands more money to effect our exchunges. Our silver product in 1573 was $36,000,000. In '89 it was $64,646,000. This is an in- crease of ouly $25,646,000 to offset a de- crease of $200,000,000 in gold, or an & tuil detrease of money metul of over #170,000,000. In the period between 1873 und 1890 wo have noarly doubled our population, Wo have increased our production of pig ivon from 1,000,000 1o 7,000,000 touns; our iron and steel from 500,000 to 1,500~ Wus, our cotton from 3,000,000 te 7,00),000 bales; our wheat from 280,000,- 000 10 500,600,000 bushels; our corn from 0,000,000 to over-to 2,000,000,000 bush- our petroleum from 7,000,000 to 21,- 000,000 barrels; our sugur from 125,000,- ) to from 70,000 to 167,000 mi all in knows con- Mr, %, our hor from 9,000,000 to 14,000,001 from 16,000,000 to 4 from 32,000,000 to our eattle )00,000; Our swine ,000,000; our eereal | mary exchanges are made were misload- | 1pro- | ro- { all, under Mr. 7,000,000 pounds: our railroads | crops from 000,000,000 to #1,500,000,000 in value. And so on and so forth ad infinitum, through tho whole list of ex- changeable products. When it is re mbered that all with pri- actual producers and debtor classes are paying today for the use of credit money which is indispen- suble to do the business of the country atthe rate of #) for every dollar of metal and paper money in existonce and when it is understood that the price of all produced wealth is fixed by money volume, the extent of the crime that “nature,” or providence committed when iv “‘struck down™ silver may be faintly appreciated. Unloading national sins on providence is conveniont. Its impropriety comes home to us only when we discover that providence refuses to pay the penalty. The Standard Oil company, the railroad pools, the foreign land syndieates, may Rosowater's benign phi- losophy, come to bo accepted as provi- dential inflictions. - Home for Aged Wom On Wednesday, Jauuary 27, at 2 p. m. tho quarterly meeting of the Nebraska Home for aged peoplo will bo hoid at the Young Mon's Christan Association hall, Al are invited to attend. Eria L. Rigton, Recording Secretary and that our No body aiver. tises that his blood madicine doesn't amount to much, The o all of them ‘ the best.” But_there's only one of them that's good enough to quarantes — and hat is Dr. Pierce's Golden Med Discover, that, if it fails to benefit or cure, in‘any caso, you have your moncy bac It's a medicine that en caused by a torpid liver or impure blood. It's not liko the sarsaparillas, which claim to do good in March, April, and May. the year round, with equal bonefit, i invigorates, and builds up the 1t you're bilious, ** run-down, ySpeptic, or suffering from any blood-taint or disorder, that's the med 0 you need. For the worst forms of Serofula, and in the most stubborn Skin and Scalp Discases, such as Salt-rheum, Tetter, Eczema, Erysipelas, and all kindred ailments, nothing can equal it as a_perfect and permanent remedy. Tho genuine sold for §1.00. Beware of spuricus imitations or dilutions, offered at less pricos. NO OTHER LEAVES A DELICATE AND LASTING ODOR. Forsale by all Drug and Fancy Goods Doalers or i unable to procure this wonderful soup send 85¢ in stamps and receive a cako by return mail. JAS, S. KIRK & CO., Chicago. RPECIAL—Shandon Bolls Waits (tho populnt Society Waltz) sent FIRER to anyono. onditig. s "nro0 wrsppers of Shandon Bolls Soub. @ HUMPHREYS" VETERINARY SPECIFICS For Horses, Cat'le, Sheep, Dogs, Hogs, AND POULTRY. oy tment i cations, Inflam: witin, Milk Fever. Rheumatism, and ¢ cunes § Fovers,( AAL B. wmonia. Bellynche. rringes. i Disenses, e Disense [ es of Digestion, Paralysis, Bottle (over 50 doses), - - .60 Stable Case, with Spectlics, Manual, Veterinary Cure Ofl and Médlcator, ' $3.00 Jar Veteriunry Cure Oil 1.00 by Druggsts; or sent prepaid anywhero and In any Iptof price. v 11 a113W) HEUMPEREYS’ HOMEOPATHIC SPECIFIC Nn.28 Tu use 3 years. Tho only successful remody for Neryous Debilty, Vital Weakness, and Prostration, from’ over-work or other causes, 1 per vial, or & vials and lurge vial powder, for 85, B 1y Drugpiat, or se id on "recaiit of price. HUMPHREYS' MED, 0., 111 & 118 William St., Now York, " For Suffering Women. ? DR, MILES’ ew York, Restorativa N ERVINE. cunEs: Sloeplosaneen, Nervoun Prostra: tion, eick and ner. vous headache, fits, etc. After four years treatment by the best doctors in the land, but without any reliof, havo used yons Nervina for ono weelc aug have ot hud n attack since.—Hunn C Buacus, Heathville, Pa. Your Nere vine has cured me com pletely for neryons troubles, J M. Tavion, Lotty,0. Trial bottle {reo druggistd DR. MILES MEDIOAL Co, Elkhart, Forsale by Kuhn & Co., 15th and Douglas. HARD DRINKERS Suffering 1n mind. body and purso from DRUNK- ENNESS or DIPSOMANIA cal o u sofely aid speedily cured by tho wonderful new specitin CHLORIOCOLD ut hirm or in: o und by & uors. or owlodge, or L enti be amo fiuis. with o Ssnnd n eadieal eure Bappinuas. Fribhd in tegs ¢ food without ' tikon by the Kb rantde of ub i elihor with ¢ within reachy of il oniy Can e hid oF 01 e, Thiphiots frish Sduntin M AT Propristors Chicigo. FOR SALE IN OMANA. NEB., BY Kuhn & Cor Cor 1500 & Dotigias te T Fule 401 & Dougian Sta, A.D, Fonter & Co, Council Buft. Ta. " VE AND BRAIN THEAT- for lysteria, Digziness, Fits, Neu ous Prostration caused by ul- efulness. b | Boftening of the brain, it aused by O f the ver- Indulge s tre P KUATALOO L) e issued unly by A. 8 irugglat. s0lo ngents, = K. cor. I6th and Farng ta. Omiahia, Neb, BOLE KILLER s KIDD'S GEIM ares all descases becauso 1t kills A retatled i 82,85 a0 here pro- gunr Tho publl . pliod Ly the Kins or Drug ( Melchor, Howard Moyor and K Owaha: A D Fosternad 11 J. Kiile, Counelt Bl s Iomedy 10r Catarrn is the Eeat, Easiust 10 Use, and Cheapest. by mall, Sold by druggists o o R Tadoit\ae, Warrea, Fa e, Sciatica | Promptly Cured. Brarnicr, Nen., Nov. 6ih, 199] Abont the middie of Augusi the wriiee was prostrated with An acute attack of Scintlen, For two months was scarcely able to walk across the room withont as #istance; tho pain was intolerable. The wsual remedies only gave temporary rellef; becamo about discournged. A fricnd who hiad visited, and been treated for rheum. tism at Excelsior Springs, adsieed moe to give the waters a trial. Did w0, remaining At The Elms sixteen days, drinking the Sulpho-Saline and Regent Waters, taking Not salt sulphur batlis daily n one week the pain subsided; from that time on have fmproved rapidly, gain. fng strength every diy. Walked abont the wh wnd over the surrounding hills of lsior Springs Am convinced that with any type of rheumatiem, will be it not complefely cored Excelsior Sprines. Scarce- 1 bo kaid i praise of the Elms and their delightfal sur ns aMicted 1y can too waters, T roundings (Signed) FRANK BARCLAY, Sn, The waters are bottled only by the Ercel. #ior Springs Company Excelsior Springs Write o mpntat, Missouri Blchardson Drug Co., Agts., Omaha, Neh, NEW PUBLICATIONS, Harper's Magazine FOR FEBRUARY. Chic>go—-The Main Exbib t. By JULIAN RALPIC Showlng that olty as it WLl appear to visitors to the Columbian Ex- position, From the Biack F. rost to the Black Sea. Part L By Poveesey BGkLow. With twes ty-one Hlustrations from Drawings by At RED PARSONS and 1. D, ML Night in Venie. A Poen. By Jons 1iA Llustration by W, With (frontisploco) MEDLEY. Old Shipping Merc™ an's of New York By Gronae W, sn With Thirtoen 1= lustrations by ¢ Athe wold. A Play. By AvErte Rives. With Bight THlustrations Tae Little Maid at the Door. A Story of the Salom Witeheraft. By Many B WILKINS, Tlustrated by HowArb Py, The Royal D :n’'sh Thoeat-e. By WiLtiam Arener. With Nine Hlustrations Marie. A Canadian Habitant Sketeh. NNAN. Llustrated by €. “A Skin for a Skin.” By JuLtax Raven. With Twelve Hlustrations by FREDERIC REMINGTON. The romuantio story of the Hudson Bay Fur-trading Con pany. By WiLuiaw L REINHART, Personal Recollec ions of Nathaniel Hawthorne. Second paper. By HORATIO duivaE, U.S Fin de ficcle. AS(ory. By Ronent C. V. MEvERs, The Stone Woman o” E-stern Fo'nt, A Pocm. By ELizaseri Stuant Py An Introiuction. ‘ull-paze [lustration By GEORGE bU Mau- e Editor’'al Depsr mots ducte usus dito 's Fasy Chair, by : WiLLIAN € Aditor s traw conducted by CHARLES DUDLEY WARNER, Subseription Price 84 00 a Year. HARPER & BROTHERS, PUBLISHERS, NEW YORK CITY. THE North American Review reskuany Cou.tains : HOW TO ATTACK THE TARIFF, By tho HON. WM. M. SPRINGER, Chairman of the Wys and Means Committee, Russir., de Safer t LY T COMPTROLLER OF T1H1¢ CURKENCY. Fires on Trans-Atlantic St By 1k R, Hon, Eak The Daty and Destiry of England in India, By S1k Epwin Aknotn. TAMMANY HALL AND THE EMOCRACY, By THE HON.RICHARD CROKER. AT Business and the Remedy, By i How, Hisiy Canor Lo Railway Accidents, By H, C The Opera, By Epnusn C h Lotteries, By Awtnoxy Cosstock. THEOLYMPIAN RELIGION—1. By the Rt. Hon.W. E. GLADSTONE. ‘The Flour of the Future, LRASTUS WIMAN, Jewsin the Usion Ar SoLb by ALL NEWSDEALURS, Le Francais. crench Magnzing. Send for frew sn BEWLITZ & €O, West Mudinon Squir BACK There known is no medy that equals wooD's It 15 not asters. Wood's is the power Lo dilate the € 10 th PLASTER penct seal of pain. fo] Chicheater's h Dismond 5 vue NNYROYAL PILLS cnul Yul.h' SOLD BY DRUGGISTS BVERYWHEKE N.¥. Depot, 92 William St P n',‘ffr.‘;.‘ r (a AL v ugtats. or hond e linclals. wud cher. by returm Naind Tuper: Ay Diugeiae A