Omaha Daily Bee Newspaper, October 3, 1892, Page 2

1 DAY ST ND_ UP FCR NEBRASKA The Most Prosperons Commonwealth West of the Mississippi. LAND, MONEY AND TRANSPORTATION Review of th m and the lm- and v o practicable Reform it Proposes to Inaugurate A grand raily of ropublicans of Polk and York counties was he'd at Stromsburg last Wednesaay. [Tho principal speaker was Mr. Edward Rosewater, whose romarks were substantially as follows: 1 appear baforo you today not merely as a reprosentativo ofone of the great varties of thoe country, but as av Amor inan citizen. There is not a man within the hearing of my voice, whother ho bo & republican, demooray, or iudepenaent, whatever may be his ereed,, in whatever clime he may nave beon born or raised. that is not proud of baing an Ameri- can citizon. Thers is not a man within my hearing who is not proud of the fact that the flag of tho unlon protects and dofends overy mun on land or sea who is a citizen of the great American republic. XU to our priue as Amorican citizens, wo ought to take pride in being citizens of tuis state. Nobraska s one of the most fertile and prolitic states within this great Ameri- can union. Many of vou have lived 1n N e- braska from fivo Lo twenly, or perhaps. even thirty years, but few realizo the magnitude of this state, 1ts productive capacities, its marvelous resources and the great future ich lies before it. Nebraska's W dertul Wenlth, Lot ma call your attention facts regarding Nevraska. bounaaries of this state there are 45,758,400 acres, of wnich 14,500,000 are 1mproved and 34,000,000 still remain unimproved. Eleven of the 34,000,000 acres of unimproved land belou g to the public domain and are still accessible to the homeless thousands who desiro to avatl themsolves of the bounties of the nation. At $IS por acre, which is a very low estimale, the valuo of the land under cultivation in Nebraska is 261,000,000, and the unimproved land, valued at only $2 per acre, would bo 855, 800, In other words the farm property of Nobraska s worth at the lowest estimate £320,516,800. Add to this $150,000,000 for the fnproved property 1n the various cities throughout the state and the real estate valaes will avgregate $470,516,800, The per- sonal property, ineluding cattle on the farm and the products of the mill and factor estimateo ut the lowest valuation at $150, 000,000 here arc over £50,000,000 on deposit today 1n the banks in the state of Nebraska; or very nearlv 0 per capita for every man, woman and child, so that tho total réal and personal property vaiuation of Neoraska will foot up §1,085,116,500. This shows that we have over #1000 worth of real and personal property in braska for every man, woman and child in the state, Against this we have a state, county and oity debt computed at £5.45 per cabita. This is a mero trifle as compared with the debis of other staces. The territory of Arizonu owes $46.35 per capila; the state of Nevada $28.80; Wyoming, $23.12: North Dakota $11.20; South Dakota, £10.04; Kansas, §11.01; gNow Hampshire, 85,035 Missouri, §.21; Mon- tana, $15.17; Colorado, $12.73, ana California, $0.46. 'I'he private debt, at the very highest estimate, will not exceed &0 por capita, which would leave about §445 per capita as the actual wealth of the pecpls of Nabraska. This does not ropresent the vast invest- ments in railronds. In 1500 there was not a single mile of raiiroad in the state:in 1870 ‘wo had only 705 miles; in 1880, 1,053 miles in 1885, 2,063 miles, and today we have 5,430 miles. At$20,000 per mile, which is about'the average cost in & prairio state, tho valuation of the railroads in Nebraska is 8108,600,000. The growth of our railway stem is a fair index of the marvelous de- velopment of our state But every citizen of Nebraska has other reasons for state pride spart from tho mero increase of wealth. He can Justly take pride in our educational institutions. ~We have in this state 239,556 public sebool children, with 10,655 teachers. The value of our school houses is coputed .t $,672,250, and we ex- vend annually for the education of the grow- lnr genoration over #4,000,000. This cer- nly Is @ very creaitable showiug. Populists, but Few Prupers. On thoother hand, Nebraska can make favorable comparison with olaer and wealthier states ) rogards the pronortion of her destitute and criminal population. Ac- cording to the last censas Nebraska has only 201 persons in her almshouses, while the state of lowa, with less than double the population, bas 1,621, and IKansas, with only 25 per cent mnors population, as 503 inmatcs in almshouses. Tho scate of Maine, with & to a few salient Within tho population of 661,000 “nas 1,161 inmates 1 or almshouses, and Connccticut, with a population of 746,000, hus 1,443 inmates; California, with a' population’ of 1,200,000, has 2,600 inmates. According to the census of 1800 Nebraska had only 218 inmates while iowa had 505; Kansas, 432; Maine, 302} Californin, 652. 'Tho numoer of inmates 14 the Nebraska penitentiary in 1500 was 801; in Kansas, 918; Connecticut, 1,235: Califor: nia, 2,051 Colorado, 526, and Missouri, 1,701, Nobody in_this audience will experienco greater surprise than I did wher 1 recently made a computation of the value of the pro- in her county jails, ducts of Nebruska for the vear 1301 In 1891 the farmers of Nebrasks raised 07,652,000 bushiels of corn, which, at 27 cants 8 bushel, agereguted $43.550.5 raised in tho same vear 18,08 wheat, valued at $13,195,583, aud of oats 45 - 590,000 valued at $11,177,607, making a toial of $67,965,702 for the three leading osreals, It 18 sufe to estimate the value of the rye, barley, votuto and hay crop at #5,000,000, so that the farm products of Nebraska for the year 1891 oxceed §75,000,000, In the report of the Department of Agri- culture for vho year 1501 1 find the following stausties vogarding the value of Nebraska live stock: 2, They 000 bushels of Horses and niules Qattle ... Ho s ... Sheen ... Total ) 00,724,556 With this magnificent exbibit before you 1 doubt whetber many of you will realize that the farmers of Nebraska during tho past year have gatherad more wealth out of the B0l of this state than all the silver producing states bave dug out of their mines during the suwe period 1n Lhe shapo of precious metals. Nebraska's corn was for last year worth over $48,000.000 while the product of all tho siver mines in Colorado 15 only worth $25,000,000. All the siiver mining states of America togother huve only yielded §70,000,000 worth of the white metal, ‘whilo Nebraska's grain crop aloue wus worlh 000,000, This 13 wn indisputabie fact think of it. Your corn aud wheat crop was worlh twice us much as all the silver dug out of the earth in Colorado, and your grain and cattle for this year wiil oxcced in value all the silver nud il the wold product of the whole United States for the same riod. Now, let me call your attention to another Nebi 4 industry that will soon assume a mguitude. With the exception of lfornia, Nebraska 1s tue only state in which the culture of sugar beets and beet sugar manufacturing hus been undertaken on & large scale. lu 1891 there was over 4,700 acres of land under cultivation in this state for raising sugar beets. During last year the Gruod Island and Norfolk sugar ro- fiueries turned out 6,000,000 pounds of sugar. 1o 1887, onlv live vears ago, the total beet sugar product of the United States was 400, 000 pounds. 'is year Novraska will very uearly double her product of last year. It Is estimated that the cousumption of sugar in the United States is on average #ixty-two pounds for each inbavitant. Ne- braska, therefore, consumes about ,000,000 poundas of sugar, which at 6 cents a pound would amount to §,750,000. Wby should not Nebruska roise sugar beets enough for her owa consumption and keep this vast sum of money in circulation at home! Sugar for All the West. Whay should pot Nepraska supply sugar for the people west of ‘the Mississippi river, who consume wany million dollars’ worth a vear! We are importing from Furope over $00.000,000 worth of sugar anvuslly. It is wmazing Lbat iu Nebrasks, with a soil spe- clally adapted for raising suear boets, any- body should Iay & straw in the way of hav- ing this state's productions diversified. Last yoar whon 1 travoled through Anstrin and Germany I saw miilions of acres of land under cultivation for sugar bests. On both sides of the railroads the sugar beet fields extended just as far as the corafisids do in this state. I[n Bohemia alone there are over 200 beet sugar refineries. Why should not Nebraska have twenty ot thirty such sugar refineries, or mills, and two or threo milion acres of land planted in sugar boets! In 1880 the legislature of this state voted a bonus of 1 cent a pound on sugar reflued In our mills. Now, 1t so happened that some of the parties engagod in sugar beet culture near Girana Isiand were dissatisfiea with the result. Tbey had struck a year of drouth and were not familiar with the method of sugar boet raising. Then they raised a howl against Oxnard, and the farmers wllinnce convention, at the instance of my friond, General Van Wyck, passed & rosolution pledging mombers of the logisla- ture elected by the independents to repeal the sugar bounty law and they did repeal it. It was anactof bad faith damaging to the state's credit and a check to her prosperity. This year the platform of the people’s party nas the following plank: ‘*We are opposed 10 the restoration of the sugar bounty in any form by tho state of Nebraska.” This also, 1am told, was inserted at_the instanco of Goneral Van Wyck, who is opposed to ail bountles on principle, but I am told cheer- fully pave a bounty to the rail- road that built a depot near his farm, Before the sugar bounty was re- pealed by the last logisiature the proposition wis made that the bonus should be paid to the farmers who raised sugar beots accord- ing to weight delivered at tho rofinery. That would buye given the farmers the banefit in- stead of the manufactu but this propo- sition was rejected, Aud yet every nation in Europe where sugar beets uro raised does pay a bounty for the sugar exported to for. eign countrics. Germany pavs a bounty of half acenta pound for all sugar oxported aud relioves the manufacturer from taxes on tho machinery and plant. Oursugar makers are not only obliged to meet tha competition of 20-cent w aay labor in Germany and Austria, but also tho bonuties and rebates. Whyshoula not Americastimulate a home in- dustry that would leave 30,000,000 to §0,- 000,000 1n eirculation in this country, and 1 the end cheapen one of the products that is used in overy family! But General Van Wyek suid last week at T “They huvo given you cheap sugar; ves, but you ot it only through your howling.” Such ciaptrap is very catching with credulous people, but what are the tacts! Tho Me- Kinloy bill, which repealed tho duty on Sugar, was pasaed long bafore the oampalen of howling in Neoraska commenced. The howls of tho people's party leaders had no more to do with the repeal of the sugar duty in_the McKinley bill than had last year's comet. Confined to the Penple's Party Issues. 1 propose, if possible, to contine my dis- cussion todiy to tho issues made by tho peonle’s party. 1 do not proposo to discuss the tariff or the forco bill. For a number of y this state and other states of the west situated similarly with Nebraska have been overrun with ~charlatans and political ruinmakers, who insist that this country s in & terrible conditrion that wo are on tho verge of ruin and bankruntey. Theso political quacks tell you that uniess you follow thoir preseription und swallow their nostrums and adopt rome- dies whichi past exporience and the good com- mon sense of manking have always proved,to be abortive your condition will become abso- lutely hopele: ‘They have put somo of their visionary schomes into rhyme. I have brought along one of the people’s party song books to show you bow itreads. I will not sing 1t, becauso 1 am not builv that way. |Laughter. | There are three thinzs that we much need To make a happy nution: "Tis money plenty, with free land, And proper transportition. LAND, God gave us all the light and nir And we can froely uso them; All nature’s gifts should be th But human greed abuso the sume, The land was made for pooplo's use And nian was but uponiv; We have no right to buy or sell, And surely 1oss to pawn it. Oceupancy should be your deed And use’your only titlo: Lhis simple law, 50 right and juss, Hus need of no recital. MONEY. Mouey. like our blood. is iife; By contructing oireulation You kill the powerof the maa And business of the nation. Byt give me money, pleaty, cheap, “T'will set the idie workinz, ‘cod the hunry, o'othe the boor, And leave no nesd of shirking. We have eight dollurs tax to pay, With Gve'in circulution; Tlhos policy "tis pluin to see Wouid bunkrupt any nation. S0 givo us money all we Uhen nothing can oppo And We Wi 1 ke the ieid piatos Lo blossom like the roses. TRANSPORTATION, Tho transportation of today, 1t really is onesided; They gather in the nation’s woulth And itnever gets dividod You send i full var load of erain Way to the eastern market, And after paving freizhton it, Why You'ate o0t of pocket. But if the people only owned The raliroats and iho stenmors, hero wouidn't be one-half the chance for Shylock’s wily schemors, Theory BBut No Practice. Yes, indeed. If wishos were horses bog- gars would ride. Woil, now, I will review briefly the things these poole want, Tk tell us that land should bo as free ns light and air. Notouly this, but they say you bave no ricut 1o land excepting such as you actually culuvate and use, 1 presume most of you are farmers and [ would liko to know how much of any of the land you now pos- sess you are wiiling to part with to somebody who is homeless, I waul to know how much of the lund that you have uot broken nor cul- tivated you are ready to givo to somebody who s willing to use it All those who have uny land that they are willng to donate to anybody hold up their hands. |Applause and laughter.] Now, what is the matter? 1 do not seo a single man put up his band. T oxpected that at least o haif of you would be willing to part with a por- tion of your farms and I was ready Lo take down your names aud bring some new seutlors hore Who aro not very far away and are will ing to gt as much land s they can and use it his proposition to divide tue land has not been confined to a sentimental song, but has been netually put into the plattorm adopted at Omaha, on the Fourth of July, by 1,776 men whose boads haa been turned by Bel lamy and lenry George, Luat plank reads as follows : *The land including all the natural re- sources of weaith is the beritage of all the people and should not be monopolized for speculative purposes. Al land now beld by railroads ana otber corporations in excess of their actual need aud all lands owaed by allous should be reclaimed by the govern- went and beld tor uctual settlers only." Bellamy's Theory unctured. ‘'bis is according to Bellamy, who wants all the people in one househotd und to make vou all feed out of one trough, Bellamy is running #s one of tne Weaver and Mield electors in Massachusetts, and he iaterprets the platform to mean that all the land must soouer or later be nationalized, that 1s, must bo held vy the government for the use of all the people. Now, I want to know whether Bellamy's theory is correct. 1f be is correet, then every farmer should part with all the land that be does not use, aud when that day comes Nebraska will get & good many new settlors, In France the average farm bas not much more Ul thirty acres, and even some of that land is uot in use, 5o that I can truth- fully say twenty-five scres apiece would be abolt all you would e entitied to own under this piatform. All'those who are iu favor of a division of the land manifest the same by saying “Ave." [Se /eral mon in the crowd shouted “Aye.” | Mr. Rosewater—Come up aud let us take down your names. |Nobody moved.] Now, let us see about auother part of this land scheme. I presume that you all agree that you do uol mean to part with any land that you huve already got, but you ask that the publie domain shall ba held for actual set- ters only. That 1s really the luw today The republican pariy, which gave the people of the Uuited States the bomestead law more Lbao tbirly years ago, has revealed all the laws that enabled specuintors to get bold of public landas. The! pre-emption laws And the tree oulture law, 1 take it that the demand for the forfeiture of railroad land grants was intended to in- clude ali the subsidy lands forfeited by the railronds that have failed to comply with the requirements of their charters. Such & law has already been put on the statute books by the Fifty-first congroess, which was repubii- 0 1u both branches, I'he act for the forfeiture of hmd grants reads as follows *Saction 1. That thore is hereby fotfeited to the United States, and the United States hereby resumes the title thereto, all lands heretofore granted to any state or to anv corporation to aid in the construction of a raiiroad opposite to and co-terminus with the portion of any such railroad not now com- pleted and in operation for the: construction or benefit of which such lands are declared to be a part of the public domain: provided, that thic act shall not be construed as for. feitine the right-of-way or station grounds of any railroad company heretofore granted.” Coafronting the Facts. This disposes of the forfeited railroad land grauts, but tho independent platorm says that the government 13 to reclaim all the land owned by the railronds. How can the gov- ornment do this! The oniy way you can ob- tain property in the United States is by pay- ing forit. Theonlv way the United States can ropossess its lands patented to the railroads 18 by havine them appraised amd paying for them. How much do you propose paving for that land?! When Letand Stanford und Jay Gould proposed som s ago to deed back all their unsoldland grants between Nebraska and California at .50 an acre, the proposi- tion was denounced in all parts of the coun- s @ huge job, and thousands of people protested, and congress did not dure to do it. I venture 1o sav that there aro at least from 0,000,000 to 40,000,000 acres of railrond land in Wyoming, Utah and Nevada, mostly sago brush and alkali lands, not worth 25 cents an acro. They would be utterly uscless to settlors, but if congress should decide to have them reclaimed from the railroads the corporations would have them appraised at ten times their valioand unioad thom on the government. 50 by the time you have examined into this land reform you will find it is an impractical schemo, The proposition to divide the land among all the pople is like the single tax proposi- tion of Ienry George. His proposition is that all taxes should be levied upon land values, Any inteliigent farmer must realize that if this were doie the land owers would be taxed 50 hizh that they would finally be obliged to part with their land, and the ma- jority of the farmers woula becoms tenants .of Uncle Sam. This is certainly not in nccord ‘with your own notions of tha ownership of land. ‘It T know tho temper of American farmers I know that such radical changes in laud ownership will not take place without a fight. It will take a great deal of blood- shed before the American farmer will part with his land to have it divided up and dis- wibuted amoag the landless If laud is to bo as free as air and you aro 1ot to pawn it how are you going to got even a2 per cent loau on it from the sub-treasury ! The Life Blood of Commerce. We all agree that money is the life olood of commerce, and we all agree tuat it would be a good thing to have an ubundance of good money, but we do not all agree as to what constitutes money, and in the next . what good money 1s. The funetions of money are two-fold.” It is a measure of value and at_the same time must ve & species of wealth. You all will admit thal wealth is not the creature of law, bat is ‘the product of labor. No law cah produce wealth. Every dollar’s worth of wealth on this globe has been produced by labor. Wealth is’ the unused surplus of the earnings of labor. It is stored energy, convertibie ito labor. Money is simply crystalized wealth so di- vided as to readily perform the function rs- quired 1n_exchunges of one commodity for another. In other words, money is a com- mouity used us o medium of exchango. in colouial duys ’'coon skins, tobacco and hides were used as mediums of exchange at fixed values and performed the functions of money. They were the produet of labor and when, for iustance, a man exchasnged five pounds of tobacco for twenty pounds of fiour or fifty pounds of meat, the tobiacco was to all intents and purposes.the samo as il 1thad peen mouey. Gold and silver have fo - cen- turies performed the functions of money be- cause they are commodities that require a given amount of labor to produce them and because, moreover, they are portable and readily divisible. When fashioned into coin they become a couvenient medium of ex- change, bul the gold or silver coia does not decive its value from tae stamp upon its face, but pecause it takes a cerlain amount of labor to dig it out ot the earth and refine it. A piece of gold without any stamp what- ever will exchange for another cointodity of the saw:e value in any civilized country as the sume piece with the imprial of Lhe mint on its face. When tais government was ofganjzed con- gress was given power to coin. money and declare the valuo thereof, and gold and silyer were decreed to be tke mediums of money with which our people were fo make Lheir exchanges. Mind you, it was coining money and declariog the value thersof. What was tue ovject of coinage! To certity to the weignt and fineness of the metal contained in the coin, have repealed the matertally modified Pass Current for Money, We have, as_you know, other metals that pass current for monoy. We coin ponnies out of copper aud five-cent pieces out of uickie. Novody bas yet proposed 1o the i government of the United States that the owners of 100 pounds of copper or nickle shall enjoy the privilego of having iv minted at the treasury at the expense of the govern- ment and with the right to circulute the same. The power to ao this was reserveda to the goverument alone, because in coining these buser motals as token-money the gov- ernmentassuined the obligation within certain limits to exchange the same for roal moncy. Our pennies and nickles are token-money and 50 is our paper currency. My friond, General Van Wyck, understands this just as well as 1 do. Heis a first-class busin man and has expericnce as Lo the functions of money. When we were campaigning in Nebraska ten years ago he uever advocated the fiat money schemes which ho now advocates. In a speech be made in Indianapolis Jast week he declared: *'Stamp a piece of gold and you bave wado it $10; stamp a pieco of puper not worth a dollar aud you can make it §20." He new very well that any piece of goid that could be coiued 1o $10 would bs worth $10 without the stamp in any country. it caunot be coined into 310 unless it contuins the prescribed quantity of gold and is of tho proper fine e knows as well as [ do taat u piece of paper with a stamp of §20 upon it is not 20 in money, but simply an order for £20. It is an obligation to pay wmoney. It would sav on its face: “On demand the United States will pay to the vearer twenty dollars.”” Mark you. the gold coin hus stamped on its fuco *Ten Dollavs;” the pa- per money has on its faco u promise to pa; you Tho one is the real thing, the other a mere obligation to pay the real thing. Tuece never nas besn paner currency issued by any governwent on the face of the earth that was not an evidence of debt, ory paper bauk uote, every greeuback aud every silver or gold certificate that passes current for money is merely a promise o pay the amount ou its face in real money, Our government cau ot 1ts own option in- crease its debts eitbor in bouds or bank notes, but the government cannot croate wealth; not a penuy of it. If it were in the power of Lhe government 10 issue paper imoney and maintain it st all times s 4 me- dium of exchanges for all commodities on a fixed standard of values what would be the use of levying tax2s und burdening the peo- ple with import duties, revenue and -postago stamps! Why should pot the government issue paper money 10 pay Its running ex- pouses, the armv, tho navy, the men em- ploved'in ship building and 1 ouilding post- ofices and custom houses! What would be the use of having an army of salaried officials collecting taxes when the government can Just as well make all the money it uneeds as we go aloug { Exporio co of Frai I tuflation, The clawor for wore money ib order 10 1mprove the condition of ‘tha producers and the scuomes of paper woney inflation advo cated by the people's party are by 0o meaus novel. ~ The idea that you can mako the peo- ple of any country richer by increasiug the volumo of paper money has long siace exploded. ~ Away buck in 1716 an Eoglish financier by the namo of John Law came to France, just after the death of Louis XIV., when the regout, the duko of Orleaus, was coufronted with & national debt of more than ,000,000,000franes, which mude uational ban k- ruptey imwinent. Law laid down the doctrine that the prosperity of & nation depended entirely upou its circulating medium, and that France by increasing its capital would cnovmously inorease its wealth aud re- sourges, pay off its debts snd begome the richest nation Tn the world. _How covld France doublassiyy. capitalt ~ Why, easily enough. All itehad 10 do was toissuc money on the basis _of ¥ tho ! actual properts of the state. Biils ahsucd on land, said Law, are in effoct, cofnad land, Any goods that have the qualies; neocessary in money may be made monevrqual to their value. One ounce of goid_is_equal in value to §2), and Ay, D8 Made mopeg o, Lkt valus. An dofe of land is equal m #100, and_van _bo made nioney equal to, value; for it has all the qualities noc"s\;'n;f n money. The governy of France adopted the h)nu proposed by John Law. As « beginuing Law had notes 1o The amount ol #550,000,000 struck off andewculatea. They wero re- ceivable in pavgient of taxes, nominally re- deomable in coin gyd made legal tender for all debts. 7They iWere, moreover, based upon the national domain. This ineluded not only tho kingdom of F'rance but aiso all ber colo- nies. You may be surprised to learn that Jotin Law’s woney had behind it all the land i0 tho state of Nobraska, This stato was at that time part of the provinee of Louisiana, which renctied all the way from the Guit of Mexico to the British domiwions in the north. and Louisiana bolonged to France. Beginning of the End. A great wave of instantaneous prosperity soemed to rash over Krance. The national bank, which was charged with issuing the new land money, loaned the king 1, 200,000, 000,000 of irancs, or about §2,500,000,000, to pay off the national debt. From all parts of “rance men poured into Paris to speculate, erybody seemed to bo getting richer and novody geltiug poorer, ‘I'he National Land bauk kept pouring forth paper money untilits issuo amounted to 3,071,000,000 franes, and the 1ssue of bank shares when the craze was v its heght was 12,000,000,000 of francs Law himself reaped a collossal fortune in paper, which heturaed fnto Jand as fast as ho could. He bought no less tuan fourteen titled estates in Fraace, a fact whicn iy cited as ovidence that he had full faith i his own schomes, carcely had his schome beon plote when the inevitable collapso began to threaten. Prices of all commodities rose enormously and gold went up to a very high prewium. Then Law tried to save his paper money from destruction by severo edicts, It was forbidden to convert the notes iuto gold and silver and it was also decreed that they should bear a promium over specie, It was decreed that coin should be used oniy in small payments and that only a smail amount of coin should be kept in the possession of private persons. Anyone having more than four or five hundred francs in specle was to be fined 10,000 francs, Tbe wearing of jowels and diamonds was prohivitea. Nothing mado of gold was to weigh over oueounce. Old specle was confiscated and houso to house made com- searches wero ordered to discover it. This was less than two yeacs after tho founding of the land morteage bank. When all the violent eaiots failed to stop the depreciation of the currency the government decreed in May, 1720, that the bank notes should bo reduced one-half in their faco vaine. This was tho end. T'ne great bubble collapsed, for credit had been completely destroyed. The mortgage bank stopped payment and the whole nation gave usell over to rage and despair. - The bank was abolished, its notes were reconverted into the public debt, leav- g the debt just as1t had been wnen the bank was started. - Law's estates wero con- fiscated mud by November 20, 1720, not a trace of the bank remmaed. Of all the industrial values praduced und Law’s fin- flation system uothina remained desolation and bankeupicy. Rhode Istand Fries the The exveriment made by France in the early part of theeizhiecuth century was re- peated in Rbode island 1n the latter part, after the close of, the American revolution. "The war had seripusly crippled the trade of Rnode Islana and the people began to clamor for a paper baok., A fter a great deal of agi tation the bank schqme was carried into poli- tics and won a supprising victory. One of the firsy acts of the logislature in 1786 was the passage of a law estaolishing a paper money banl: of $2,500,000. This cur- rency was to be loaned to the veople on the land vank prionciple. Every merchant or farmer who came ‘tb borrow moneyv must pledge real estate for double the amount de- but ruin, xpertment, sired and the?/joan “was to bo re- paid ab’ the ‘end of . fourteen vears. (3reat expeetations wero entertained oy the farmers of 'tho boneficial results which were 10 tollow from this' new influx of wealth. Many availed themsclves of the Opportunity to mortgage their farms. No sooaer had they obtained tho money and sought to make the first payment than they found that a neavy discount was taksn from the faco value. The depreciation of the ncw money began almost with its Hrst issus, ILvery merchant aud tradesman 1u the state refused 10 recoive it at its face vaiue and the holders of it refused to muke any dis- count. ‘The logislature came to tho relief of the farmers by passing a forco bill. Very sovere penalties were im- posed to compel merchants and capitalists to accept the paper- monev. It was enacted that any person refusing Lo accept the money was to_bo disfranchised. Lvery per- son holaing ofice and every candiaats was obliged to take an oath binding bimself to do bis uLmost 1o support the puper bank and to take its money al par.. Ship captains were forbiaden to enter or go out of port, lawyers were not allowed to practice, men were not allowed to vote and politicians wera not allowed to run for oftice uutil they had taken the osth. In spite of all those stringent measures the papor mouoy remained at a nheuvy discount. Tu January, 1757, the logislaturo repealed the forcing ots and took the first step toward the repudiation of the state debt by ordering the treasurer to pay off one-fourth of it in the depreciatod monoy, which at that time whas cireuiated on i basis of six toone. Tho last installment of the debt was ot rid of by a forced sottlement whon the paper money which the nelpiess creaitors received was ouly worth one-twelfth of gold, Turoughout the eatire struggle to make money valuable by statuto, by callitg it a dollar and saving that it represented two dollars' worth of land, the bills had remained almost exclusively 1n the hands of their tirst takers, Noone else was found who would receive the woney, save those whom the state comvelled o' take itor forfoit their ust claims. A bsolutely nobody haa beue fited by the experiment, oxcept tuo state whicn had got rid of its debt by gistonestly refusing to keep 1ts obhigations. Industry and trade of all kinds, as well as the stato’s good name, had suffered incaleulablo injur) and the state's material progress huu becn retarded so seriously that it requirad muny years 1o regain what had been lost, ‘Iho uded people who borrowed of the bank on their laud as collateral, realized tueir de sira of having more money in their pockets They have boen scheming for a larger per capita eurrenoy in woich they should sbaro, but they veiy soon tound that nons of the benefits whiol they foudly imagined would follow were dustined to appear, 1n the Argentine Republic, The latest attein it to lucrease the general vrosverity by incredaing the volume of cur rency wus made by the” Argentine Republic within the past five vears, The Argentite Republic 1s & coutittyy vory iike the United States, with vuSt patural resources, whose development within a fow vears hus been mazvelous. 1 In order to boow. itheir lauds by muking woney cheap and pleaty, they started a na- ional mortgage bitre, Whose main objoct was to make loans on &l kinds of landed prop- erty. Auy porson owniug land could secure u loan for hall its value, which was to be fixed by 1ne bank appraisevs. The bank gave him 8 mort@aké bond, which was to run for twenty-four yeuvk at from ¢ 1o 8 per ceut interest, payable quarterly, lo 1557 a system of branch banks was started, forty ipcmumber, iu conjunction with the mortgags vauk. They started with o capita) of & o 1hum and began Lo issuo paper money, 5000 Went up 1o pre- mium wnd the nrmmum continued to » notwithstanding the efforts of Lhe govern- ment to check it. The bank notes soon ran down t025 cents on the dollar, The por canita circulation was $100 for every man, woman and ehild, but the peoplo found no ofit in tho abundanea of the cheap money. Tho whule country plunged into a wild do bauch of speculation, which ¢ bled that through which Pranc the sume financial experimeut was wade by Johu Law. All kinds of property acquived a fictitious value, aadl all loans were maue on @ basis of iutlatea values. The busiuess of spaculating 1ngold became evormously profit ublo aud privace baoks mude fortuies, In 1550 the natfonal deot and the paper money issues had run ap to &08,500,000. This has since been increused to $772,500,000. As tho population of the Argantine Republic 1s ouly 2,800,000 the debt is over $203 for every in Nabitant, Under this mountain of debt the ine Itwpublic is bankrupt, bhaviog weither mouney nor eredil. Men who were beileved to be worth millions fiud themselves paupers, and the people who have disposed passed when B O TOBER of their farms have nothing out & worthless ourrency on their hands. Our own experi- ance with wild eat currenoy ought to teach its own lesson. After the Orash of 1837, Aftor the financial orash of 1857, which was brought on by over speculation and reck- less financiering, more than K00 banks were swept out of existence, Thoso banks had put out alarge voiume of curroncy, which had no better basis than falth 1n the landed securities @ven by its stockholders. There remained an immenso load of debt duo by individuals, to relieve whom conzress in 1341 passed a bankrupt 1aw. The oper- ation of the (aw relieved 30,000 persons from dobts to the amount of $141,000,000. The disasters fuvolved the failure of soveral states with an ageregate deot of §100,000,000, The banks that wereliquianted had an aggre- gate capital of £200,000,000. Thus the record of losses within very brief period sgere- gated §741,000,000, The debts that were sot- tled without the iitervention of the law were supposed to be equal to those legally dis charged, but nobody ever will know just how much of privato debt was repudiated After the collavse of the banks millions of acres of land were pressing upon the market, and the distress in the cities attending the subsidence of building and other employ- ments drove thousands upon thousands of workii.e people upon farming land. The ten yoars between 1841 and 1851 were an era of great depression. The recoipts of the foderal covornment in consequence of the revulsion of trade had fallen far behwnd its expenses, Congress in 1541 passed an act levying 20 per cent duties on a large list of articles which had been beforo fres, and in 1842 the dutios on imports were raised still higher, in ordor that our revenus should meot the necessary expenses of the govern ment, [The couclusion of Mr. Rosewater's ad dress will appear 1 a later issue of Tur B, | E— ASSOCIATED CHARITIES, Prins Writes Concerning President 1 Tts M rahip N | Oxana, Oct, 1.—To the Editor of Tur Bee: A8 you know, the Associated Chary ties of Omaba was orgauized in Auzusy last, with several prominent citizens as incorpora tors and with a board of ally strong in charact sity of interest renros well qualified exec the detal work the organization to do the nece sary charitavle work of tn city onu bewter and more scnsible plan. Thio organization and its proposed methods nave met with words of commendation from all airections. This is very gratifviog and necossary to successful work, but another mMost important requisite for this work is monoy. We have beeu or. ed w month, and, during that time, reach every family in the city with ment of our plans ana methods Our membership has not fully come up to our exvectations, We have had very few refusals, but at the low price of memuersh trustees oxcontio of names ana diver ited, and also with n tive committes for Tho object of 03 ull know, s, niz ave endesvored to a state- it was hoped to secure at least 1,000 mem bers, which would mean that many are at least mterested in the work. To get the number named it witl be nocessary for those wishing 1o belp iu this work to send in their names and subscriptions to Alfred C. Ken- nedy, treasurer, Board of Trade builaing, and 00t wait for some one representicg tho association to call and personally solicit them. At n meeting of the board ot directors last evening it was decided to practically suspend tho office and other work of the association uoul the membership could bo sufliciently swelled in numbers to justify the board in planning the winter's work on the lines the trustees have in mind. Special efforts will be maae during the next fifteen days to secure membors. May we ask overybody to assist yours truly, ASSOCIATED CHARITIES OF OMATA. By A. P. Horkixs, President. = o LEAGRAPHY, J. J. Hall of St. Paul is at the Millard, ‘W. H. Jones of Chicago is at the Paxton, E. A. Compton of Curtis is at the Arcade. H. St Raynor of Sidney is at the Puxton. H. W. Scott of Holdrege is at tho Mur- ray. W. i.. Butler of Boone, Ia., is at the Del- lone. D. C. LeRoy of Seward is at the Bruns- wick. 5. J. O'Niell of Chicage 1s a guest at tho Mercer. 8. C. Smith of Beatrice was at the Murray vesterday. C. E. Awmslary of Clarks is registered at the Morcor. R. A. Clark, of Creston, I the Millard. L. M. Kinney of Friena spent Sunday at the Brunswick. Ed Thompson of Stromsberg was at the Paxton yesterday. Honry Seobors of Weoping Water is a gquest at the Arcade. s a guest at W. H. Hope of Hustings was a Suuday guest at the Arcado, 3 B. F. Terrall of Kearnoy i among tno euosts av the Murray. 1. Schminke of Nebraska City the Dellone yesterday. Mr. Ben Burrows, of the Union Pacifin pussenger dopartment, went to Chicago terday on business. R. A. L. Dick left last night for Maryland. whore he wiil deliver a numbor of speeches was at for tho ropublican national committee. His first date is at Cumberland, October 5. Crieaco, I, Oct. 2, —|Special Telegram to Tur Hke.[—The following Nebraskans registered hiero today: Great Northern— A. Nuribut, Lucoln. Graad Pacific—W, S Kimball, L. M. Sornacher, J. M. Griener, L. J. Drake, Omaha. Sherman—\W. G. Tay lor, 13, L, Maginnis, G. 1, Speakt, Omaba - NENWS OF YESTERDAY. The steamtittors of Philaaclphin on astrike for i nine-hour day. A row at a Moxlean dunce at Kyle, ulted in the doath of three men. The Order of Pente, a get-rich-quick order, has gone the way of all such jnstitutions and its afluirs ure In'the hands of w roeiver. A furious gale swept the harbor of Port 1. vien, Tex., Saturday night. Much damige wis done to shippiog and several small erafts With their crows are missing. Rev. Alex Vanco of the Pittsburg diocoso s been orduined to the priosthood at St Auzustine’s Protestant Episcopal church by Bishop Whitehoad of Pittshurg are out Tex., re- roret Smalipox hus broken ont in the general hospital ot Toronto, the vietims being two nurses. Tho S0Uree 15 unknow The Brinsh stoams foln a from Cardif for Malta, has foundored near the Serlly islands off the coasc of Cornwa L. The crew were sived Padre Martino has boen electad Jesuit gon cral. 1o bs a native of Bourgois, fs of humbo parentaes and s 44 years of nge, Hels a dis- tinzulshed theotogian and selentist, The Popols Romano states that at ing of the [tadan cabinet esuncil F Mintster Granaldi annonneed that the {efielt would bo covered w burdensome taxation or lu dubt. The viceroy of India has been that u committoo has been Mr. Horschol as prosident, t perinl gove) Lon the exp fylnz the Indian currency Michnel Davitt, i an g d ho believe ovenient 1o giv teh and Welsh furmers the proteation of judiciul loases and land courts for the rovision and reduc- tion of nonrents Ca hou meet Anew udgot hout resorting o vusing the public informad ointod, with advise tho im- dienoy of modl dress to Irishmen in Vs Tipe A'\‘U‘l‘ INT S, Farnam b//u/ Theater No Advanc Popular Prices, A Great Success, Crowded to the Doors. 11K H\S;IR‘I)I\\\TJ-)-I-;I;“ { 00 ETHUSALUM RA DIAVALO Monduy day Nights, (o Wednesday Ma Wednesduy au suturduy Nig Thursday Night, Friduy Night, ., BOCCACCIO Saturday Math JHOHMEMIAN GIKL MUSICAL EVENT OF THE SEASON, | PRINCE EVOLUTION OF THE FLYER How the Well Bred Horses Have Progrossed in the Fight with Time, VARIOUS ~ PERFORMANCES ~ COMPARED Naney Hanks, Pointera by S ¢ Flying Jib, 4 Others Set Down Side o Thelr Work ¢ Contrasted. Mascot, Hal nd Ostama, Oot, 1.—To the Sporting Bditor of Tue Bre: From 1883 to 1881 the pacing record of 2:10 was below anything that the trotter hud done. 1u 1884 the second horse, and that a trotter, traveled in 2:10. Tho samo year Johnston pacod in 2:0614 and set a new mark for tho trotter to reach, Beforo the elght years had passed, which the trouter reguired to reach it, the pacer had lowered it to 2:054 ana the trotter, not to be out- done, reached tho same mark, and thus both Raits had tho same record for a fow brief days this summer, But bicyele sulkies and better bred horses nocessitated a still better record and again, strange to say, the trot ting and pacing records are alike and at 2:04 o figure we of the prosent generation thought our successors might see, but we never. Only five horses, under irregular condi tions, that is with running mates, have vve travelod below 2:10. They wers all pacers and aro Namo =% T Frank 158 (1n A raee) 208 W Wiy Theg oy Minne it it s oy Only nino trotters have traveled in 2:10 or clow, and they uro Maud & T 2080 Moguott ¢ 200 Falo Alto ) 30w Of these nine the best four are mares, the rest are all stullions, excent Jay-Eye-Sce. Only fifteon pacers have traveled in 2:10 or butter and they aro: Nnme ) Tim Hal 1010ty Direct 2 Johnatot )ty Of these fiftoen the top bures ace as are eight of the fiftesn. There ar mares and tive Untit this yeal had ever travele a quarter of a mile 10 a raco or_against v in thirtv seconds, I'his year Fiying Jib, moteor, first went o quar thirty sec ouds in his went ber first g darter in her famous 2:05 milo in thirty seconds, Thoa Nancy THanks again made a thirty-second quarter i her 2:0715 mile, and lowered it to 2% seconds ber most famous 2:04 mile; but Muscot vaced even faster, und showed the third quarter of his 2:04 mile in the lowest of all ords, 201, seconds. Flying Jio did the tirst haf mileon the 20th of S ich is one-nalf of a re ot tember his 2 in 1:00 second faster than v Haok's best half mile, and only on of a secoud slower than Mascot's f. The most marvelous thing to be these records 1s the records of Jay g is horse. who in 1534, when 6 years old, first of the trotters, touched the mark of 2:10, was couveried when L& yea old into u pacer, and stands sixth i ooth as a pacer and a trotter. w The Chicago Tribune gave on yesterd what purported to be the ‘‘pacing record’s reduction,” but it was very incorrect both in dates and nam Lbo oficial records @ive this list only as the correct list showing the Evolution of the Pacer, Name. 18- Unknown 1852 Pet. 1953 —Pochahont 168—-Bily Boyee 187—loway Boy I870—Sieepy Tom ISS—Littlo Brown J 1884—Johnston Insi—Johnston . 8 il . 15 Laris. ue and Originnl Table of “1Lits” in the Big Batties, Prof. Jim Conuors, iustructor of the Buffalo Athletic club, who attended the big fights at New O-leans, bas propared a taole of the punches landed by the contestauts in the heavy and lightweight contests. The wrofessor bofore each battle bad vrepared dummies representing each of e pugilists registered each blow as it landea abulated, the result of this system of tallying bits reads as folows Corbett vs. Sullivan. MceAulitfo vi. Mye He jody. H B, 11 I( 1. B 1se (500 gl Shegiten und o i i rd 0 0 0 ith 0 0 [ 1 Hth [ B 0 4 1 oth 1 1 0 h 1 Tth 0 ARETE fth 0 4 2l i3 i 1 [ s Weh..... 1 7 0 [ 0 Nt .. 1 1 0 5 3 12t 1 0 [] [ Lith i 0 5 2 Hih [ 0 i i) Hth 2 1 3 [ 1tn i % 1ith 1 - 1 I8th 0 4 . . 10t 1 1 i 2 a0 7 2ist v 2 4 Totuls., 1 i 45 0 L] w10 I'fus it cun be scen that Corbett was hit toral of 55 times; Sullivan 155 timos, M Auliffe 53 times, and Myer 119 times, and that 10 took 143 hoad and 45 body blows to kuoeie Sullivan out. Corbott must huye rained blows upon tho big fellow, for the It ter was pounded 27 times in the last round, ouly 4 of which were on the body. No won John was batterad up, It will by no- that in the seventuenth round ed only three hits, which is ac the precedin Subivan dolivered bis fiest powerful right hand blow, which staggered Corbeit and made bim cautious, In- the fifth the cham- ou began the sluggivie by banging Sulliv eloven times on Lhe mug, drawing first blood. In the above tuble it cun bLe seen that Myer 190k consi torablo punish mont be fore succumbiog to MeAuliffo, Corbett ounted round dely for by the fact that in Montague Knows More Now. Mike Boden, the 1*hiadelphia trial horse, andan aspiring pugilist of Surpy county named Montague, fought to u finisn Sunday morning shortly after midnight in the vacaut buildiog formerly occupied by the Bogloy saloon on the Bellavuoroad south of Albright aua just over into the county of Surpy, T'he fight was for & purse of #100 uud soveral sports were on hand to see the battle. Bodin weighea 205 pounds sud Montaguo 157, Iroin start to fuish Boden had his ants, uist at bis werey and pounded him around ] AMUSIEMENTS BWYD’S riapie .\.’f'" ] AUESDAY AND WEDNESDAY, OCT. THIS DUFI OPERA CO. L AND D the ring at will. In the fourth round Mon- tague was put 1o sicep and Boden was ao- clared the winner. The fight was & bloady one, both men fighting savagely. Montague was badly punished and was no match for his bulky adversary. NATIONAT GUE, Commie's Crew Takes a Patr of Falls from dor Prowns Cixcisyar, 0, Oot. The first gamo Was won by the Reds in the ninth inbing after a magnificont fight against great odds. The second game wis an easy viotory for the home toam, aarkness preventing further play after tue fifth tnning Aitendanoe, 4,500. Weather mild. Scoo: Cinelnnatl 12400010 4=12 St. Louls 80200000 0-10 JHits: Clnelnnath 17 8t Louls, 10, Errors Cincinnatl 11 St Louds, & Farned runs: Cly Cinnat, 71 St Louls, 1. Rattories: Sulllvan loakin and Murphy: Breltenstoin and Buc lev. econd game Clneinnat! “ 1130 0-4 8t Louis, 0010 0-1 Hits: Clneinnatl, 8 &t Louls, 2 Errors Olnclnnatl, 0; Ulnelnnatl, 1 Murphy; Uar NN i 1 Barne Btterios: Chamberlain thers and Buokley Standing of the Tuns and an Wwonoro Clevoland .43 19 7 clnnatt Boston W feago ... 0L Pltesbure. L lsw atavll Now York Haltimore irook 812t Lo Phundelphin. . 8 52 52.2) Wi Western Amateur Field Cames. The ataletic championship mesting of the Wostorn Association of Amateur Athletes will be held at St Louts, October 9. 1ol lowing ure the avents: One hundrod run, 220 vards run, 440 yards ran, ond mile run, one-Lalf wile ran, 120 yards hurdle, putting sixteen pound teen pound hammer, weleht for neieht, bigh jump, ruuning vault, tug of war, f snot, throwing six wrowing fifty-six pound one mile walk, running hop, stop and Jump, pole & men 1o a team, weight to the toam, ku and anv further in brtained of Mr. J. C. Moy Iues committeo, U Fourth stecot, St. Louis, Mo, ‘I'hiy ises to be the largest amateur athletie meeting ever held 1n the west. Entries closo October 5, not 1o exceed 930 pounds tries can be made with, ation may bo chairman Trish Crickoters Behind. Prianeireima, Pa, Oct. 2. —Between 10,- 000 and 12,000 pooplo were presont yesterday at the international cricket match between tho Irish team and the Philadelphins, The tter went to bat when the play bogan yes- terday morning for their second mning, The inning lasted four hours and when the las) man was retived 181 runs had been scored. With the 1 0 their first inning this gives the | Iphias a total of 338 for their tyo innings. The Irishmen’s Hrs inning resulted for 122 runs and when they weat to the 1 the afternoon they needod roruns to win, Whea time was called 15 they had scorod 75 toward the total they wanted for tho loss of threo wicks. 10 brilliant repertoire of new operas | TUESDAY, Oct & A TRIP TO AFRICA.'— WEDNESDAY, Oet. 6, & double Uil Muscugnl's celobrated work —CAVALLIRIA RUSTICANA."- For the first tme o this city, sad Glibert Bulllyan's —“PRIAL BY JURY @ masis iniial many of the | § urtiat of thecountry wid 52 CHORUS no Box s open Monday Morniog SJANE Next attraction Tips for Today. Here are the hovses to which the propuet hias pinned his faitn for today GLOUCE . 1. Katio ( fesman 2. Neod ida— M serv L v ational—Elmstone. & Rhuonu—Mabe & Mohiean—Nataile 8 6. Greenbay—Koystone. MORILS PARK. Oxtor i Parvenuc—stonenell 3 Balnnce—Rightaway 3. Miss Muud—Lustre. 5 Banquet—Dr. Hasbrouele 6. Alcalde—Hy Dy Wilrny. Athleties Defented. Tne South Omaha Athietics met defeat vesterday afternoon by a score of §to 10 at the hands of the Acmes in a sharply con tested wamoon tho grounds of the latter. Pugh, Dunn and Harold wera in tho points tor the Athletios while Thiessen and Fox officiated for the winners. ‘e home run of ‘Pniessen was the chief feature of the gume, Tho same teams will play at Syndicate park next Sunday. Lacroxse Saturday. Quite a ood turnout of plavers attended the practico at the fair grounds Saturday afternoon. Yesterday at i p. m. there was a scratch match between pickup teams. The mor.thly meeting at the Paxton tonight shouid be attended by all lovers of the sport. Chicago, Kearney and Lincoln clubs are all wanting a mateh, Chess Prizes Awarded. NEW Youg, Oct. 2.—The masters’ chess tournament, as playedunder the auspices of the Belfast chess club, bas resvlted in the follcwing division of prizes: First and sec- ond prizes: Blackburn and Mason, exequa, 5l each; thira prize, Bird, 5 wins; fourth prize, Lee, 2 wins. nanda Paistey For many years an osteemed communicant of Trinity Episcopal church, Newburgh, N. Y., ways § ¢ Thank You? to Hood's Sar- saparil s suffered for years from Kezemn and rofula sores on her fic nd 104, Tk her deat nearly ayeal aflect- Ber skght. To the surprise of her friends U(staparllla cure nnd she ean now h v full particnias of e 11000 & Co., Lowell, Mass. 5 effec sweilas ever, 1 0 ¢, 1 HOOD'8 PILLD ara i, o per oTion Wi GHPEATINes 14 YEARS Suflering cfNervous- soss Curad by 4o Boftlos o DR. MILE® DR, MILES RESTINATIVE S {A " . Restorative NENV'"E. NEHVINE Sars AL K. Stark Penn Yan, N. Y, 10" yrs. of Sl Hondache (e by two Hottles, o l'IIn;l Nurviue Is the quick remedy for oatratton, Epliepsy, St orvons Dyspopils, arilysis, oty Ottawa, Ohio. w8, Nervous ¥ Oppium Jih Blonplenss Vitus' Dune ia, Cotvuinions, 5 Ne ottty rinl Tottin, sigant Book giste; Mles Modical Co Elkhurt, Ind Forsvia by uhn & ) Oorl3 & Dougls T Pota Girdie lound About the Eardli. Locke Richa.rdson In Shakespeare s Comedy of “phe Winter's Tale.” Tho Lininger Art Gallery, Tuusday Evening. October 4. lekbts, at Chiaso & Eddy's. DRUNKENNESS AR :‘.fl.u,,.u Ry Rhdaaee 2 VSR 2 i el p ldrn frée $orteot oura T Ono¢ 1 pregn Witer imposei bty ., Ol 1, o, "0 T had Gf uhin & o, t5th wnd Douglas St I5th ant K i Sis. Wholosw ko, Hruce & Oa - chdraeon DrugUo, Owelie. Mol