Omaha Daily Bee Newspaper, November 22, 1892, Page 5

PADDOCK ON THE CURRENCY | #ensible Views on the Question of National Finano: INSTRUCTIVE AN ARRAY OF FACTS Strong and Foreefal Views Showing the Sen Fall Accord With K nd Money the Founs dntion of Prosperity. The following copous notes from a speach deilvered by Senator A. N. Paddock Verdon recenily will interest to No Draskaus ut this Ui Mr. Chairmun: 1t would for anyone 10 WrIe & correct country for the past thirty ticularly for the period ferrca, which d not a faithtul trouicie of nd prenomenal achievements of the repub. lica party. O ho grandest chaptors of this history must alwavs be that which records Lhe wise, judicious and honorable mwanagement of the national Hoances vy sil repuulican administrations Jjtwiil not be forgotton that when the Jamented Lincoln eame into the orosidoncy in 1861 the conntry was in a most deplorable e cinl conaition. Under the operations of the tariff of IS4 Aua (rom other causes chargeablo to the demo- cratic party our industries had failen into u Stato of paralysis, One of the most disastrous financial crises Kkoown to any period of our histors had 1 I'he consequences of this on of those which followed terribl crisis of 18¥ Our banking institutions, wn p existonce Was Lased upon stato laws, were universally 1N @ $TALO Of AYICOPE OF WOrse. Spocle pave wents had been suspended Their note is siles, which were the sole paper currency of the country at the tme, were cither alio ner worthless or so generally aiscredi % 10 be neatly valuoless as o currency “Thousands of munufacturing und other business corporations, firms and individuals nud veen foreed into bankruptey A largo number of the subservient tools of the slave POWEE Wero representing our government in the forcizn service, and thousands of oth held executive, judicial, legisiative and mil itary positions at hom And wherever am- ployed thoy wire diligont iu the uso of their ofticial as well as their person ntluence to croate a senliment of distrust and ap- prehension. They prociaimed 1o tho wholo world everywhere, and on all occasions, the intention of the southern states tosecede from the union and to make war, if neces- sary, to destroy it. The puvlic credit had become so thoroughly 1mpaired bLy these threats of disunion that it was impossiblo Lo raise sufficient money from the natural re- sources of the government for its net orai- nary oxpenses, and it was nearly impossivle 10 borrow. A attempt to mak @ small loan in 1860 resulied 1n success only by Lhe pay- mentof & rate of interest which, taken to- gether with the jarge discount from par for which our bonds wero required to_boe sold, amounted to ncarly 12 per ceut. No presi- denty ever assumed the reins of govornment under circamstances so difficult and 5o seri- ous. The threat to dissolve the union and break up the gosernment had at length be- comea tervible remlity. Great leaders in this movement left the olaces held by them s mombers of tue supremo and otber federal courts, left their seats in the two nalls of congres U their positions fas officers in the army and navy (for which ico they had been educated by the government) and went back to their several states to organizo rebellion and war for the destruction of the infon, Finally, the general situation was imply thi ‘There was 1o money in the federal treas ary. ‘I'ne government had no credit. There was no system of revenue which woula pro- auce money, and one of tho greatest rebel- fons known o histery was alroady organized ad armed for 1ts destruction. President Lincoln at once summoned to his id the ablest men in statesmansoip, the W st men 10 finance, and the best military plent at. his command and entered upon his Jcrent task of saving the union. But it is not my purposo in this connection to review gonerally nor i detail the great WOk in the way of legislation and adminis- tration of the war period. And the only ob ject I have in view ot the present moment is to recall in a general way only so much of the financial history of republican adminis- trations, begiuning with that of the martyred president, as is necessary to show the re- markable resuits of their wise, courageous and patriotic servico in this behalf. And 1 hope to be able 1o snow, what I beliove, that the greatest possible injustice has beon done the republican party by those who have sought to discredit and condemn its financial policies generally for partisan purpos The books of tho treasury show that at the close of the war of tne rebellion more thau $0,000,000,000 had been expended in cash on account of the expenses thereof. "'ne ascertained dobt of the government in 1865 was 82,766,431,671.43, dn 1880, under bo of be impossible of tais ars, and pa w0 which 1 bave ro A Lho sAte tme ve thn splendid record histor repe: ho | #is00 the splendid management of republican ad- ministrations, this enormous debt bad been reduced to $1,019,326,745.75—a reduction of £547,104,5825.08, Aguin, in 1865, according to the oficial statement of the secretary of the reasury ot Qdato July 1, 1850, tho aunual fnterest charge on the nafional deot was $151,000,000—in round numbers—and in 1580 it had been re- duced o $79,210,951, which was a reduction of ubout & 0,000,000 in the annual uterest charge 1o fifteen years. And now the last treasury statement of tho present year stows tho further phenom- enal reduction from 18s50—about twelve yours—ot $1,54,200,363.75 in tho principal of tho pubiic debt, and 55,595,245 in the unoual interest enarge' thereon. And hero s another & 1u 1570 the annual £115,184,060 34, of which estimatod Y atifying vesult interest charge was mount 1t was then what $60,000,000 went to the foreign nolders of our bonds, showing that more than oue-haif of all the bonds were then hold by foreign owners, It is safe to say that veavly all the bonded indebteduess of the United States is owned now by our own citizens,und that interest payments to foreign owners amount to merely a uowinal sum, Or, stated more exactly : ‘The result of this magnificeet work in the way of reduction of the iuterest-bearing public dobt, as shown by the treasury state- ment for July of the presont yeur, is that the principal thereof has been reduced from $2,750,481.571.45 in 1865 to $585,040 1502, ana that a corresponding reduction of interest from $151,000,000 in 1865 to 737 has veen made, Or, 10 bo even more specific: ‘Ihe prineipal of the public debt in 150 £03.50 per capitn, aud the interest cnare was #4.57 per capity, whereas in July of the presont vear the principal of the public aebt per capita is $0.25, and the iuterest is about i) cents per cupita, ana our bonds represent- ing Liis aebt are almost exclusively owned our own country, There is auother very remariable fact, Jand that is that this conscientious observ. lauce of all our financial obligations incurred jon account of the great war of the rebellion, both in the letter and the spirit thereof, has nuot ouly resulted in this enormous reduction of the priveipal and interest of the public dobt, but it has at the same time operated to pormunently establish tho low rate of 2 per cent interest—thus bringiug the avorege rate on wll our interest-boaring debt, which 10 1870 was 5.80 per cent, down to apout 8.75 per cent, soon to bo 2 per cent all around, while at tho same time tho average rate of interest realized Ly tho owuers of these bonds at the average current price thereof in the market during the month of July was ouly 2.04 per cont And 10is +u. gests another phose of this subject to which I wish to call the attention of ex-soldiers : Supposo the fat mor by the rbackers then and the sllisnes louders now bad been adopted 1 place of thogrand business policy which 1 bave de. seriped. ‘The national debt could not have Leon reduced and tho interest churge must biws invariably ucreased. But suppose 1he sterest ohavge bud remaived at §131,000,000, fas 1t wiis in 1365 —our present pansion system would bave been impossible. Let me give you somo figures o support of this state- ment. When the war closed in 1565 the pension rillcharge was $5,500,000. The aggregate of interest and pensions was $160,000,000, ‘Fbe peonsions have, however, increased Lo uearly $150,000,000. The iuterest and peasion charge logetber for the past flscal year were schemes advocated #174,156,000, less Lhan $13,000,000 of which is lnterest charge, &s compared with the pay- afient of $160,000,000 fu 1805, at the elose of whon the interest ohargs was 000,000, If the interest oharge had [remained at $151,000,000, with the present requirements of wbuut $150,000,000 for pensions, it woula have taken §300,000,000 to cover these two items, or more than thres.quarters of all the revenues of the governmeut, making the present liberal pension payments an utter impossibility. A areat deal has bsen nUMArous AdvAntages resulting to the na- tional banks from the privilege given tuem 10 Issue currency notes, I have had pre- pared by one of the ablest experts in this state a comparative calculation as tn the profits resulting from the use of $100,000 by anationsl bank under this privilege or it used in genoral snort tima commercial loans. 1t is as follows 815,00 sald avout the invosted at 10 per cent produces $11,500 investod at 4 per cent bonds will prirchnse #100,000. {ncome Will enrn . L] Ciroulating notes #1000 Loss 5 per cant deposited with U. 8. Tr. for re. demption tund 4,000 $5,5 0 nt 10 per Total annual fre s ation tax on cireuation ost of printing. ete annual - reduction ant incon and cireu- 900 100 Not income W 10.4 Net loss 1,028 Other small items of expense nre leeiti matoly chargeablo to this funa, such as fees of bank examiner, cost of printing and pub- lishing five statements each year; the fees of an agent at Washington to witness the de straction of circulating notes unfit for civ lation and King anoual examioation bonds in treasurer's ands, etc This statoment explains why it is that a very large number of national banks have surrendered their circu'ation and most, if not all others, are anxious to do so And now, Mr. Chairman, I piss to the our- reney tranch of this great rece Phiere huve been periodical prove that this part ot tbe financiul poliey of the republican party has bLad for its object contractions of the currercy for the bouctit of the cavitalistic cluss, at the expense of the mnss 0f the pooplo, always siice t of the war in 18 o my notion a i injustice has never been dore any political party in the world than tais, Tho most notable of these efforts was in the panic year of INTH and n little later during the resump- tion period from 1875 1o 1850 and the racent T may sav tho present one, because its forco has not yet expended itself. Itls o siznificant fact “that the same arzuments which were used in 1850 to sustain the green- back policy, then & serious menace to the business interests of the wountry, are now vaing employed in_ support of the” theory of our friends of the alliance organization i the same direction, I desire, therefore, to bring into comparison the state of the currency in these several periods lo show the utter falla of this clum, In tho regular oMeial statement of the secretary of the treasury of date July 1 1880, hie placed the whole volimo of tho ci rency on August 1, at 0 $42 56,080 compound interest nc gregating in round numbers §236.000,000, con- cerning which he saia that ‘‘these issues cntered into circulation but for a few days, if ot all.”’ Deducting these, and_we have, aceord to this statement, $746,000,000 a8 his ostimute of the volume of curreuney for that time, as against 737,721,580 the year before the great panic. Butit1s to be remembered that greonbacks were only worth 1o 1505 70.4 per cent, and vlacing the volume of the cur- rency at $083,000,000, which includes, stated in round numbers, the two years uotes and the compound iaterest notes, the whole purchasing power of the currency 1n 1865 was only 502,000,000 in round numbers, and in 1873, when the panio came, which at the time was directly charged to contraction, the purchusing pawer of the currency was 91 ver cent ou the dollar, and the aggrogate value of the currency was therefore in round numbers §711,000,000, an_increase, or infla- tion, instend of coutraction, of fuily $20,000,- 000." In 1850 the purchasing power was 100 conts, and the volume of the curreccy in round numbers was §735,500,000, making a still further increaso 024,000,000, or, to be more detinite, an increase of 41,000,000 from 1865 to 1880, without counting the golu which was then rupidly returning into the circul tion, and had slveady practically increased it by the addition of nearly £500,000,000 as the rosult of the resumption of specio payments, makicg the currency volume iu the treasury and in the circulution for that year about $1,300,000.000, and it has con- stantly increased since. The recont stato ment of the secretary shows a grand total on Iebrua 1592, of §2,220,377,074, of which &l ,251,since incroased over $16,- 000,000, was in active circulation, a constant and unvarywg increase i the per capita circulation” from $10.23 during the second year of Lincolw’s administration to §2 Pebruary 1, 1802, The per capita circuiation of France is placed genorally at $45, but tho mass of the K'rencn people use cbecks and draf's to a very limited extent, whereas ull but about § per cent of tho business of this country is with suoh paper, which would make practically & per capita of $25 in o rency and $230 in cnecks, aggrezating $255 per capita. Frunce cannot therefore be properly used as an example for us. As [ have before said the same argrments which were madein 1880 by our greenback frienas are now beiug repeated by our alli- ance friends who think they would be bene- fited by radically revolutionizing our cur- rency, which, a8 to its form at least, has ©co1we 10 be cansidered by the who'e world as avout the safest and best ever devised by human wisdom. Our greenback friends told us then that the volume of the currency was largeron the 1st day of Soptember, 1565, than 1t ever has been at any ono time, and 1 will give you a statement or table which was widely pub- lished in one of the text books of the green- party, and is adopted by our alliance friends now. Undoubtedly many of you have seen 1t. It 1s as follows: Unitod States notes . Practional eurrency. Nitlonul bank notes 4 Compound Interest lozal fer Temporary ionn cortificates. . Certificates of indebtedness g Troisury notes, lutorest bearing & per cent ¥ O Troasury notos past due. .. State bins notes. Lust asue 7.0 of atlempts to sater 1,000,010 Total Ssptember 1, 1865 .........81,006,078,770 1u apswer to this statement, I say 1t Is sus- ceptible of proof, uuder the wmost liberal ruie of estimates that can be possibly made con- sisteut with the facts and the record, in the interest of Inflation, as I bave before indi- cated, that the true aggregate of the volume of currency in actual circulation at the time named was considerably less than $00,000,- 000, instead of §1,%6,075 as stated in the taole which ‘I & read to you. In order to muke up this last enormous aggregate the 7.50's, $330,000,000; the certifi- cates of indebteduess, in round numbers, £5,00),000: the compound interest legal tenders, 1n rouna numbers, $:17,000,000; the temporary loan certificates, $107,000,000, and tho b per cent troasary notés, £32,000,000 (I state these last two items in round numbers also), all uterest-bearivg, are brought bodily into the calculation, when it1s & well known fact that they were ail largely bold by 1o vestors, and out of circuiation. It 15 true that a part of these issues bad thy legal ton- der capacity, and s0 has gold this character- istic alwavs, but when gold is at a premium of even a fraction of 1 per cont it is not found at all in the currency, And 8o it was ina large degree with Lhese several evi- dences of indebtedness. In 1805 compound 1nterest uotes and 7 80's with acerued loter est were at a premwum, and for every reason were much less likely to ve used @s currency ‘han even the 4 per cent bonds now are; for the higher the rate of lnterest of a time evidence of indebledness of undoubted character the more liable is it to be hoarded by investors, particularly if the accrued futerest is considerable and it is shorily to mature. It is prabacly true, bow- ever, that 1n 1505 the vanks held somewhat of these issues as @ part of their reserves as required by law, but the report of the comptroller of ithe currecey for that year showe that the total amount of the bank reserve was only , 704 Undoubrediy, wo, they were paid out to some extent im- mediately after their first issue, but as soon as aoy interest accruod they weut nto the haods of investors, und tneuce were funded iow long term bonas. Kven Mr. 4. G, Spaulding, who used to be quoted by our greenback friends —bimself a rigid contrac- tionist —whken arguing agaiost tntlation, made the stroungest statement possible for nim to make as Lo the excossive volume of the cur- rency, and yet be oulystated it at #350,000,000 in 1565, If it had been possible for bim to tave wade it §1,000,000,000 he cortainly would | pear to e permanently THE OMATA DA done w0 to strengthon his argument aeainst inflation. He (belioved the volume of the currenoy then oo large, and wanted it reducea by re tiring the greenbacks. In the finance report of the secretary of the treasary for 1865 Mr. MoCulloch says the papar ciroulation of the United States on st of Octover was substantially as fol United States notes tonal currancy . Notes of national banks Notes of state banks, outstanding lssues onverted into bank notes and frac- 154,218,008 20 185,000,000 00 fnoiuding of state banks nation Total . § " o addition to th ited S there wero also ontstanaing 32,50 cont treasury botes and $173,012,140 com- pound interest notes, of which it would un qoubtedly be safe 1o estimate that &4),000,000 weru in circulation as cusrency. The paper monay of the cou ively in tho cireu lation Ootober 3, was, therefore, 34,218,0088..20, Of all'the v \tes notes W0 & per v able men who in those wrote upon the subject of finance arguing weainst inflation, and who would tave nat urally stated the case as stronglyas the facts would warrant to justify their contention that the volumo of tno currency was then too large, not one placed the same in 15v5 so high, into $1,000,000,000, as do our grcenback friends' in the statement that I nave given you, of about $2,000,000,000. Neither Spaulding nor Fawcett, although the statement ot tne iatter s most liberal of all, nor McCulloch, nor Fessenden, nor Greeley, nor Cary. 1 do not mean to be understood by this statement as going furiher than to endorse the republican policy of debt-paying and currency-protoction s wise and necessary under the cirenmstances in wnich we were then placed, and to show that it did not re sult in u coilraction of the currency As | have before stated, the ereatest lead ors of the party cuarged with the conduct of administration realized the importance of strengthening in every possible way the national credit, wiica bad been 80 Se verely strained by the war domands. They Kuaw that it was necessary to brine down the interest rates on our enormous publiz debt, which was a great burden to the peopie. They understood also very well that the lower the governmont intorest the stronger the trend always to lower rates for the individual borrower. I'liey kuew that the SUrest way to gain & strong credit was to religiouslv observo tho 8| it ns well as the letter of Il contracts, pacticuiarly as to the churacter of the money 10 which payment was to be made, and when- over thers was anv accamulation of surnlus revenues 1o apply them to a reduction of the debt, whether due or mnot, ‘Their honest eflorts in this direction, 8s 1 have shown, hbave at length kiven us a tinancial standing second to no otiernation aud reduced ourintorest account to the munmum in both volums ana rate. ludsed our success in reducing our public deot, priveipal and interest, has won for us the admiration of all nations, whilo at tho same tmo it bas incrensed our own pride of country, our national contidence and self- resvect, Our_currency had been demoralizad for a long time, The demands of the war period for vast sums which we did not have bud compelled us to borrow. and when ~ we could mot borrow to munufacture money, We bhad no way (0 make it except by the use of paper and printer’s ink. This was an easy metnod, both asto the labor aud tho material em- ployed—indced, it was dangeronsly easy, dangerously cheap. ‘This currency ~was al- way uncertamn, both as to volume and character, and it was sure to become very 8000 au utteriy valueless measure of values if adnerod to, Certain bankruptey wad ruin were abcad of us onlya little way if we should guceumn to the suare and delusion of fiat money, which had taken possession of tho minds of many and was a coustant menaco to the country. The wisdom and courage ot the republican policies in that period of doubt und un- cortainty, when thero was a strong popular inclination to continue and enlarge indefi- nitely the volume of our irredeemable cur- rency, suved the country from baukruptey. "T'he republican partv was dotermined then, as it is now, to h ave a currency, every do lar of which' should be recognized all” over the world to bo as good as any other honest dollar. By this policy it hus saved thousauds of willions directly and inairectly to the gov- crnment,and to the peoplo in their individual financial transactions, This, in my judgment, has been a greater soervice 10 the agricultural than to anv other industriai interest. In support of this view 1 desire 10 read briefly from an agricultural address delivered at Fairbury by me in 1873 when the greenback craze was on and A great opposition to the re- demption of specie paymonts had arisen. Staundard of Value, Ot all the people in this bread land, no one is more interested in the stability of the standard or measuremont of valués than those who are engaged in azricultural pur- suits. Take Nebrasks, which is swrictly speaking an agricultural state, for an illus- tration, Our products are principally bread- stuffs and meats. Ior these gold or its equivalent is paid at the foreigu commercial centers whence these articles are dis- tributed for consumption; ovut neither this gold pald by the foreign con- sumer nor its equivalent s ever seen by us if our ourrency at home, upon which all our transactions aro based, 18 de- preciated. By just o much as it is depreci- ated do we receive less than the aciual value of our products to the consumer, for before it _resches us it bas to be sifted through the coin sieve, and there is left for us only de preciatod greenbacks, out of which we shall nave first paid in the cost of production from the time the grouna is prepared for the seed through the season of pluuting, cultivation and harvest, ana for the transmission of the resultiug pro lucts, in whatever torm shipped, 10 the consumer, through the hands of many middlemen who chiefly profit vy such prem- iums, the discount for gold charged on such depreciated currency. Whatever the di count muy be, the farmer has tinally to pay carly or quite all of it. The shippers and the commission men 1o protect themselves against the constant fluctuations in currency values always charge the proancer a little more than the discount itself costs them. Every irregulurity in the exchanges gives them au excuse to add a littlo more than the relative increase of cost resulting therefrom, which generally increases their profiv ut tho expense of the producer, The chances in- cideut to the element of variablenoss—al- ways a characteristic of an irredeemablo currency—uie nicely calculated for the pro- teetion of the middlemen everywhere: and this csiculation slmost always results in these chances running against the farmer, as the blauks iu & lotiery always run aainst the ticket holders. *In addition to this, the farmer has to pay on everything he buys—nis coffee, his Len, bis sugar, his clothing for himself and family—the discount for gold which the merchant and wanufacturers are first obliged to pay on & depreciated currency, aud afterwsrds for that reason compelled to churge over agaiust tho consumer. Now, I st if ours and the countries to which we nave been selling could all nave been hela toa uniform standard of values for the past few years, witn our our- rency at par with wold, the farmer in No- braska would bave received at bis farm as much in '30“1 or its equivalont as ho really bas roceived during that period in ereen- backs, and 0 suved the premiums charged everywhere all along the extendeda line, from the time the ground was prepared for the seed o the delivery of the product, and the retura Lo him of the money paid therefor by the foreign cousumer, besides very many dollars of currency discounts paid every year on the necessaries of life purcbased for tho use of himself and family, “There 1s yet another consideration: Capi tal will not cease to bo hoarded, particularly will 1t uot freely go into real esiate, 5o long as there is any doubl whatever about our currency. S0 (Ong @s the currency may ap- at a discount for gold, capital will be witbbeld from such in- vestments. Capital is t'imid. You cavmot conviuce its owner, whether he bas 81,000 saved as tbe result of his industry and torift, or $1,000,000 amassed by a life of great effort and equal economy, and the former is a capi- talistas well as the latter, that there is not yet a lower depth of distress—-lower values yet to come for everythiug, until the country bas fairly and fully ana squarely struck upon a coin bottom. When that point shail bave beea securely reached confidence will be fully restored and there will be a rapid appreciation of the values of real property, as well as & natural, * healthy, permavent ap- preciation io Lbe value of lavor and all its products. Already we have proof of the cor- ractness of this proposition in the experien e of the present year. Proportioually as the difference between gold and grevnbacks has uarrowed down, each duy bringing the date ILY BEE of rer nmption nearer to us, real estats in- vestmonts in our state haveincrensed, Thous- | havd gone into farms, into ands of dollars imoroved lands And lots~tr Nebraska, this year, that would have not been so invested but for the great change Ih our fseal condi tions resulting from' th# comparative cer- tainty of rosumption in mfow months at the latest. Many enterprises all over the coun tey have been inaugurated this gear that would notand could not have boen com menced but or the chaanyuing of business facilities and improvement 1n business mothods resulting frofm this rapid apprecia- tion and near approach 1o par in gold of tha value of greenbacks. \We are atihe very open door of resumption; let us not turn from it. Verily it 18 toda¥ the truo socret of our growing prosperity, the very ground our hope for tho rapid development and up. building of our state. For along with it comes, us | have befors said, increased abii- tv Lo successfully compets for the com- wmerce and the trade of tho world, and thus to command the necessary markots [Hr our products, “I huvo spoken of the idea ontertained by many that the volume of our present cur- rency should be increasod, or that something else, alike irredeemablo in character, inter convertible with it, should be authorized. Now, we aro all of us with'the greenback. We liko it; we believe in it, Human ingenuity never dovised a belter currency, if wo ocurselves deal justly by it. Our duty is to make every dollar of 1t a trae and honest doliar, and this can only be done by adopting such a policy in regard to it as will place the government in a posi tion ulwavs, on demand, to faithfuily per- form the promise of redemption the paper itself conveys to every ono who buys a doliar of it with his labor or the produ thereof in any form wuatsoever, i. €., to give in exchiange for it exactly so much of cow as it hbas cost n dollat to produce. All ox perience hath shown that the medium of o change. the measure of value—whether it bo usod for wheat or corn or pork or any- thing clse, must be such A thing us in and of itsell, b the capital and skill nd labor necessary und actually used. in pro- ducing it, 18 the relative equal of “tho commodity monsured in respect of the employment of thess very faculties and properties in the production of such com- modity, othe ‘wise it will possess the element of variableness, or be afietitious or a fraudu lent measuroe in exact degreo us it possesses loss of these essential characteristics of a true dollar, for the exact rule of exchange overywhore 1s labor for labor. Sitver, ete,, in Relation t Now, Mr. Chairmaag, in trouble about the present situation is not so much from the insufliciency of tho present volume as 1t is from the insufiiciency of the metal money basis for tho currency required oy our own and ull the otber countries of the world, As the thrifty father said to his son, ‘“take care of the pennies and the dollars wiil take roof themselves,” so I think thatif we will tuke care of tho currency basis tho volume will take care of itself. In this connection, ana bec: mato relation to the general s.bject of the currency, I desire to oriefly review a few chapters of the past history of the money metals. As 10 the causes which lod up to the de- monetization of silver, my views are some what different from those eatertained by our allianco and radical silver friends. Long before the acts of L 57 and 1574, when it is elaimed that silver was forwally demone- uzed 1n this country, it began to pass into & state of nonuse s & mousy vf commerce in all the great commercial nations. The act of 1853 was _substantially a statutory admis- sion of this fact. Commercial transactions had onormous with the increase of populations and the consequent growth ef commerce; competitions had become so sharp aud the margins of profits 80 small, that the coin me- dium of exchange which could ve handled, stored and transported from oue couutry or one commercial center to another most cheaply, when the staie of the exchanges was such as Lo require coiu shipments, was naturally employed. And, therefore, in due course this became the rule; hecause 1t was soon discovered that he who employed the dearer medium in suoh cases could not successfully compete with those who emploved the cheaper. Gola accorainely (under these rapidly changing commercial congitions came to be more and more and finally ultogether used, and so theuse of silver, on aceount of its greater relative weight and bulk with the resulting greater expense. in using, foll off more and more, ard gradually passed en- tirely out of sorvico for tais among the greatest of ull coin uses. This nonuse also operated to lessen its valuc asn measure of values, because the demand for commercial uso becoming less end less and tinally censing limitations, and finally suspensious, of its coinage resulted, first in Euogland and Ger- many and afterwards in the other countries. ‘This was the state of silyer when our much criticised so-called act of demonetization was passed . True, ottr cotnage of silver dollars up to 1873 had been comparativoly light, but silver under the process of demonetization in other countries was passing rapidly into the state of a commodity, and our miints under the rule of coinage then .ob- wining were bolieved to be in danger of flooding from this great volume which in those countries had fallen into disuse with a constant trend to & lower level of value. At the begluning, therefors, it was a com- mercial condition —a commercial evolution— and not o capitalistic theory which was ra- sponsible for the discredit and resulting de- mouetization of silver. Later, undoubtedly, capital took advantage of the situation to appreciate the value of gold, but probably apprehension, next to the increased commer- ciul use of gold, had mora to do with the re- sult than speculation. Albeit, the incontesti- ble fact stands that there has been an enor- wously ncreasca demand for gold from the increased commerce of the world for actual use i its exchanges on acconnt of the uon- use of silver. T'o this thero has also been added the extruordinarily increased demund for gold as the basis of commerciul credits correspondicgly increased. Then there have come enormously incressed demauds from the great governments of the world to strengthen their reserves and currency bases and for debt and juterest payments, ete., aud wlso vastly increased demunds for tne pro- tection of untold millions of beads and otuer securities issuea by states, municipalitios, corporations, etc., for which eold payments, principal and interest, were “pledged, ou ac- count of the displacement of silver. The fol- lowing statement from the eminent political economist, Bolssevain, in which he adopts the calculations of that able statistician, Dr, Soetbeer, confirms this view. He sav: **According to caloulations based upon Dr. Soetbewr’s figures, there have arisen in the 70 10 1855, new demands for gold in ,the United States, the Scanai- kingdom snd Italy, which, taken ulone, exceed the amount of 'the production of that wetal in the same period (afier mak- ing deduction for all the industrial ewploy- ment and for the exportation to 1he east) by tho sum of & milliard of francs (aboflt §200, 000,000) 1n round numbers—that is by abvut a sixteenth of the total amount of wold money, which, toward the end of that period, had veen distributed iu dourope, the United States and Australia. “It follows, thau, that fo the other coun- tries taken together not only can there have been no augimentation of gold currency dur- ing the said period, but the above named mil- liard must bave beon takes from their mon- etury circulation. And, besides, of the new demauds 1 have ouly taken iato account those of the four covntried above mentioned, along with which, however, there must have been similar demands from other quarters,’ And now, Mr, Chawrmap, the growth of the business world siuce sllver was practi- cally demonetized has been immense, almost beyoud the power of huwan calculation, and it all rests upon a basis of gold, which 1s growing thinner and thisperrelatively every month, There is & umversal burry and scurry and strife between the nations Lo se- cure from tho general store more gold—each and all realizing that whien the pressure of increased aemand from renewed commercial activity, or as may happen from increased distrust aud loss of confidence, comos the supply will suddenly be found absolutely in- adequate to meet it. ‘I'nere is nothiug like enough now to go around, It is now apparent to the whole world that it bas gotto ve largaly supple- meuted by something else. This caunot be done, as some of our friends think, by an unlimited issue of irredeemable treasury or any other paper currency. That would only aggravate preseni evils, It would only 10- the gapgers of the situation. 1t be like building & six-story house on @ foundation strong enough ouly for & structure of Lwo stori When the storm should come 1t would surely fall of its own weight aud orush evervoody and everything under it. T'be silver of the worla must be rehabilitated as money and brought into the world's curreacy. How 4s this to be doue! Carrency. my obinion tho nse of its inti- becoms 80 of | or lass familiar | TUESDAY, NOVEMBER 22 1892, | 1t you will sténd by the republican party and re-slect I'residont Harrison a way will be found. We are alrcady startea on the right track by the creation of an interna | tional monetary commission, We must being the world 1o our iden, and it 18 coming rapidly, But it we caunot accomplish this Alter a patlent, couservative and persistent | effort, we may be able to discover some sort | of herole remedy to rolieve the vatient. Io any eveut, 1, for ono, am in favor of kecping o stiff upper lip. We ought to try to con vince tho world that we are determined to rehabilitate sitver, and to do it in such a way as will be safe for oursnlves and all the great commercial nations, and which will make it ubso ely necessary for them to join us, Tho ropublican par sufo and sure way before long, just as timo past it has always found @ way tringtho country out of every trouble. One thing is ce i we cannot safel ndd another hair's weight throvgh an increase of OUF DADET cutrency to the Ovor Strain now upon the goli supply of the world, Silve under prosent conditions, 1s not an interna. tional monev, not a money of commerco, It s a dead weight., In this covntry gold has 10 stand a8 gUArAntor—so to spek—for sil ver's contracts, Therefore, silver only does uot heip, but adds to wold's burdens. Gold is not onlv required to do its own, but the work of silver as well, Silver must be strengthened so as to be able not only to stand alone, but to do a full and cqual day's work with gold in t sacting tho world's businoss and SUPPortigy its vast credit fabric, For this purpose overy doliar of it must be made equal to overy other honcst dollar of overy kind, Such dollars as 1t is proposed to put out under the subiroasury plan of our wlliance friends would still further weakon gold and place new obsta- cles in the way of thorehabilitation of silver, Any nssault upon goneral eonfidence taxes the strenth of gold and increases the porils of the currency and business situation, and this scheme would bo a positive injury in stead of a help to the very interest sought to be benefited, because it would vrove a dis turbing, a contidence-destroving faotor. 1t would retard tho movement in supnort of the very interest souaht to be advanced Now in oraer that we may boatter under- stand what our interest in the woney metals 15, lot us s0o exactly how the account stands with these metals The world's prolu The Amer n Wonta' tor et Parchases under the not of 1800, 4,500,000 ounces per month Used in the arts, in to ofsilverstated 1301 w8 requires home use 140,000 51,000,000 10.000.0)0 T oL0m.000 Total M- Anierican product Excoss ot “overhomo product Europoan requirenionts for the arts Yor colnagy il tries outside Statos Muking all uses outsido the United States All uses in the Unitod States evnenr oo 04,000,000 il cotin- e United L 00,090,000 £0,000,000 Total world's uso Total worla's excess of uses ovor producs tion in 180 5 0, stal stock of gold in the prineipal countries of the world <. BRTILS45,000 Total stock of silver... 9,578,000 00,000 153,000,000 Total 351,423,000 I thiuk it is a self-evident proposition that if the world’s stock of silver available for coinuge could be gradually brought to par and added Lo the present 'volume of gold cur- rency there would not be a dollar too much for the world’s requircments for our con stantly increasing money uses, To recapitu- late: “We huve seen how enormously these requirements have increased from the busi ness growth of tho recent past. We have seen from the statement of Dr. Soetbeer, adopted by Mr. Boissevain, which is at least as good aurhority as is obtainuole anywhere iu the wkhole world, that iucreased demands upon the world’s store of gold from 1870 o 1885, from only four countries, exceeded the production for that period by more than $200,000,000, We have seen by the authori- tative estunates I have given that the an- nual excess in the use of sitver bevoud the amount annually produced in this country is about 5,000,000 ounces and that the world’s uses exceed its annual production by about 9,500,000 ouncas, ‘This annuat cefleit, mak- g a reasonable allowance for incroased pro- duction, even without any additional demand for money uses, cannot very materially dimimsh. The United States produces a little more than two-fifths of tho entire vroduct of the world. We owa more than one-seventh of the entire stock of the world's silver. Wo used av home about 5,000,000 ounces moro than we produced last year, although our product for 1501 was larger by 3,830,000 ounces than it was in 1800, The business safety of our country requires that our gold money shall be large- ly supplewonted i some manner. One of the wost important of our American industries 15 the production of silver. Neigh- boring states with which we huve a ver large and remunerative commerce, whose in- terests and ours are in many respects ideut- cal, are amog the largest producers of sil- ver in the United States. It is, therefore, manifostly our interest, both generally and locally considered, and our duty as well, to stand for the bimetallio ¢tandard, and to in- sist on the earliest possibie conservative re- habilitation of silver. But we must advance to this result with such careful considera- tion and prudence of wethod s not to dis- turd for a moment the true measurement of values, This I understand to be exactly the republican doctrine as enunciated by tbe Minneanolis convention, In consonance with this view the president has invited the great commercial nations chiefly terested, ana they have accepted bis invitation, to this wonetary conference, whick is to consider this wlhole subject mauter, and 1t is hopod and believed that some action favorable to oar view will be taken. It is certainly a move 1n the right direction, and canuot fail to prove useful, It is not to be expected that it will vesult in opaning at once ail the mints of the worla to the fre 1 unlimited coinage of silver. Indecd tms would not be wise. If we can sccure at first a consensus of the nations us 1o & cowmon ratio of value between gold and siver, and a general admission as to the desirabilily of ultimate free and un- limited comage by all, we shall s00n after- wards find the way cloer for a rapid and an enduring sdvan all along the line. ‘The 1850 s 10 the ratio seems o bave narrowed down between the French ratio of 1 to 1ht; and the American ratio of 1 tol6. Auny other is not likely even to be cousidered by the conference, because none other is prac ticable or possible. ~ We sometimes hear the opiuion exprassed that the best way to settle the coinage controversy is to put siver enough into the silver dollar to make it ut once equal in value to the gold doliar, If our ratio of 1 of gold to 16 of silver should be changed even to 1 to 20 an entire recolnage of all our silver dollars would be immediately regquired, We have io this country nearly £600,000,000 of sitver 1n money use, ~ ‘The in- crensed weight of silver required for this new dollar, i all should be recoined, would cause @ skrinkage or contraction of more than $100,000,000. If the ratio should be changed 80 s to require an amount of silver equal in commercial value to the present gold dollar it would cause an imme- diate shrinkage or contraction of moro than 200,000,000 This would produce such a financial panic as we have never seen. It would cost the United States und Frauce together in the way of contraction more than $400,000,000, The ‘worla’s shrinkage unde this ratio, if subsidiary voins were also consid- id and silver.... What Is It? In point of fact it is the freedom from poisonous and spurious ingredients, the ex- cellence in flavor which gives to Dr. Price's Delicious Flay- oring Extracts of Vanilla, Orange, Lemon, etc., their wide popularity and increas- ing sale. The retail grocersare learning that quality rather than price is necessary to retain the confidence of customers and make a successful business, | voars will find a | | at eitber 1 to 15 ered, would be 5o great as to require thres | of the entire world's production of both gold and silver to make it up, and long hefore it should be accomplished the silver dollar would con,mand & large premium tor gold Mr, Charrman, 1t is the unrequired surplus of any commodity or thing for which there IS no purchaser which dspresses its price It is tho stato of the chances or proba- bilities of the sale of such surpius m day to day that makes the market price. This 18 [1lly fdustratod by our whnoat market It is the 10 per cont, or whatover it may be, in the way of surplus which we can neither use nor sell at home, and for which wo mwust find A torcign markel, that makss the prioo fov the whole. I'he ratio nations to be permanently settlad by the vopresonted in the covference or 1 to 16, and A increase demand for usos of silver y in pe. if equal only to our purchases 500,000 ouncos montuly, would make draft ou . tho eurplus silver of tho world ns to causo its price to gradually 1 naturally advance to par. And when it shonld reach par through such a method it would stay there, It would becomo a great reserve monoy, thus relieving gold in o larze degrea for reserve uses, Iiccopt in tho sub sidiary denominations siivel nev bo. come _free circalatiog coin, ludeed, the silver dollar in its currency uses at tho vres eut time is ra‘her of the nature of a sub sidiary coln, It is too cumborsome, heavy to be ever agal 1S 0 even in nary transactions, excopt in small snms its value for reservo and othe poscs, when once accepted, nently and unalterably blished ot par with gold, and every dollar thus used will contribute an additional dotlav to thoe world's currency. 1 votad for the act of 4,300,000 0'1ncos of silver butlion are pur. chased each month, 1 now tncline to the opinion that it would be better to coin all of our home product, under certain Limitations, than to continue theso purchases. ''hs home product of last vear only uxceedad these pur chases of bullion by about 4,000,000 ounces The paper currency issued for this bullion is pavablo i gola aund silver, at the option of tho ow I'his is another tax upon our limited gold supply, whi Tioreuse the parils of the prasout Ation It operates to depress vather than precinte the price of siver, auso the characteris- tic of coin money for it is not recognized; and, socond, while dealt iu as a commodity only, it is not so dealt in insuflicient quan tity to roduce the surplus to the point where ppreciation in value must commence. 1in cline to the belief, therefore, that it would he safer for the goverument and the people generally, iucluding the producer of silver himself, and better for the curroncy in the lonz run, to pay for our home bullion with the silver dollar eowed out of it, with limitations as to its lewal tendor use, and with the autbority to issue cer- tificatos thereon, payable in gold us welias silver, ouly in the discrotion of the secrotar of the, treasury. I amin favor of bimetal- lism. Iam i favorof the freo and unlimited coinage of both gold und silver as a riuci ple, but as a matter of governme! 1 pol am'uot in fayor of this country acting al for unlimited free coina at the pre: time, It has been stated that 1 voted the free and unlimited coinage bill in last session of congress. ‘I'his 18 nou_true, 1 was paired with Henator Gibson of Mar land who was for the bill whilel was against it. Here is the letter stating our pair: Julv 19, 1892, -Hon. A, S. Paddock, States Senate—My Dear Siv: The “‘pair’ between us, as arfanged by Seaator German with yoa, was eatirely in accord with my views on the “silver Lill.” 1 was in favor of it. vou were opposed to it. Yours very truly, Crartes H. Guisos, 1T, however, therc 1s a refusal in tho con- ference to favorably considersome plan look ing to the amelioration of tho present hurd conditions resulting from tho exclusion of silver from the world’s money of comuerce, I shall be in favor of sucu a policy on the part of this country, on safo aud independ- ent lines, a8 shail appear to bo best calcu- lated to mitigato present ovils. But I do not think it will sarve any good purpose at this time to anticipate failure on the port of the conforence, and propose reme- aies in advauce of the fact. B o owEno, fowa, April 16, 1801 Dr. J. B, Moore, Doar Sir: My wifo has used nvout six bottles of your Tree of Life and thinks that sho has received greater benefit from it than any medicine she lus over tukon. Yours truly, L. H. BUrkiy, Gew'l Agent and Treas. West Coljege. Sinco receiving the above testimozial, am in receipt of a letter and choek from the L. L. Lufiia of Toiedo, lowa, April send Hev. J. W. Kenworth, Crostiine, | sas, six bottles of Moore's ‘i'r For sale by aruggists. in the Fur of 4 such a ordi But fiduciary pur will bo perma 1890, under which for the “It males me tived! Yeople usk mo—is murriag a failuret Of course ’'taint; s'pose I don’t know my_biz what am” I here for 7 If the wo- men _only keep healthy they kecp in good spirits and cupid 15 in demand I every enfeebled womin know this —thero'sa remedy that'll cure ber, the r.-mr,. posi- tive, It does what is promised. Hore's the proof—if it doesn’t do you good within reasonable time, report the fact (0 its makers and get your money back without a word—but you won't do it Tho remédy is Dr. Pierce's Favorito Pre- scription—and it kas proved itself tho right remody in nearly every case of female weals ness, It is not a mira It won't overything — but it has done moro to build up enfeeblod and broken-down women than any other medicine known, MACKINTOSHES — ~ WARMER -~ WINTER CLOAKS »2:» 0VZRCOATS Cost Less Money. All s LATEST FASHIONS at OMAHA RUBBER CO. {520 Farnam St., Cor, 16th, Than adios' And The s Lady Clerks {u attendance, SPECIAL SALE Vi« Bring this ad. to get speelal prices. To ull owners of lots or partzof (ots 0 worth wvenue from Socond st stront: You are herehy notified ), three disinterestud froeholders of the of Omiha, iave boen duly appointed by the mayor, with the approval of the city coun il of suld city, to assess the damuze 10 tho owners respectively of (he property i tfected by the grade of Woolworth avenue. {rom sec- ond strect 1o SIXth stroct, doclured necessiry by ordinance No. &4, pissed November 1, .80 approved November b, 1N You ure further notified, cepted sald appointment, s required by Liw, wo wi November, A. 1. 18 in the afternoon at the office of Georse J Paul, 16 3 Faroam street, within the corporate {mits of 84id city, meot for the purpose of considerng nud making e assessiont of nige 10 the owners rospectively, of suid property. affected by safd chunge of wride, wking into consideration speciul benefits, it Wool to Bixih that the under- that havinz ac- duiy quilified 1he i th day of the hour of 4 notified to be present st the time s aforesild, and mane «ny objections IS CODCErn 0z, siid Assessment A8 YOU Iay Conslder projer GEORGE 1. PAUL, WILLIAM G sHRTVER, B W. GIBSON, 1802, Ouaha, Nov Nigd1oy Cures Others Will cure Yo, is a true statoment of the action of AYER'S Sarsaparilla, when taken for diseases originating in impnre Blood ; but, while this assertion is true of AYER'S Sarsaparilla, as thousands can est, it cannot be truthfully applied to ther preparations, which ve; tincipled dealers will recommend, and try to ime pose “just a8 good s Take Ayer's Sarsaparilia and Ayer's only, it you need a blood-puritier manently fifty year nd made @ has never heen AYE 8 taint of he ind ¢ r d enses from the system, and it 1 vedly, the confidence of the people. AYER'S Sarsaparilla at from the use upon you, as Ayer's.” and This lhas e rd W henetited pe med i oyed for 1 reputation rec cures, that equaled by other i scrofuln eparations arsaparila e wtes the dise , desers 1 canmot forbear to expross my Ji the relief 1 have obtained of AVER'S Sarsaparilla. 1 was afiiicted with Kiduey te for alout six months, suffering greatly with paing in the small of my back. In addition to this, my body was covered with pimply eruptions. Tho prescribed failed to elp me. T then bogan o tako AYER'S Savsaparilla, and, in a short timie, the paivs coased and the pimples disapp Ladvise evory young man result- no matter how Tong standing the may be, to take AYER'S Sarsapavilla.'—H. L. Jarmann, 43 William st., New York City. Will Cure You Prepared by Dr. J.C. ubles remedies wred. or woman, of sickness ing from in case mpure blood, Ayer & Co., Lowel), Mass. e R g ol b e went o WEST'S NERVE AND BRAIN TREAT: awpecitic for Hysteriy, Digzine s, Fits, N Hendache, Nervous Prostratlon caused by or tobaced, Wakefulness, Mental Depro 8101, Softuesa of the Brain, causing lnsanity, mis- W Ol Age, Darroness. n V. Lencorrhea intary Losses, xertion of the mouth's treatiment §1 ntoo lx: boxes Lo cu send writien gunrantee to retund it not oured. Gunrantee fssiod onls by Theodore F. Lewls, drug= Klst, sole ngent, southeart corner 1th and. Farnam sloty Treat usnt, Suppositories. Ointmont ln Capsuios, andPlils & Positivo Cure tor Exisrn biindor Blea 1l taryPilos, T ail.81 por box conststiag o g0 loBox ot Horadl- {tomody has nover bsen known to for §5; sont by mall. Why suffer from Ahis terriblo disoisd Whan w writt)n guarantss 1y poslLively gl van with G byxoy 0= rafual themonay 1€ noteurad Send stymp forfrse Sa fesued by Kuha 0. Drugises, Solo A 1681 and Uougias stroais. U fi Nub 8000000000 Tuit's Tiny PEEs: it whatery 1o food to ptie to similate ppetite and develop flesh. cents, Bxact size shown in border, 08600000000 AL A L Mo il i Wo awill send you the marvelons French Preparstion CALTHOG . and a logal cusrantee that CALTHOS will Rertore your Iealth, Strength il Vigor, Useitand pay if satisficd. Address VON MOHL €O.. Sole American Agenta, - Cinelanatl, Ohio. Notlee. will be Sealed proposal ire 2 o'clock time on or hef: day of December, 180 biils for the lesisiat mav be ordered by either house thereof. 1o bo printed in bl form.” which |s shown and designnted as elass ono () under the printing luws of the state of Nebraska, For the printing and bindinz in cloth covers of one thousaud (1,000) eobies each of tho bien- ninl reports of the auditor of puvlic accounts, treusurer, Secrotary of state, comulssionor of public lands and bulldings, and bLurenu of fubor nnd industrial statistios: and five huns droil () copies pack of tis bennial reports ot altorney sencral, superintendont ¢f pub- struction, state Hbrarian and adjutunt ks Mousand (1.000) coples report © bourd of transportation for 1:92 und five thousind (5,000) copies raport state board of wepioniture Tor 182 and all other reports and dociments that uiny bo ordercd printed by thie feisature, oxeopt sueh as miy enter foto and form o part of the journals, which class of work i5 kuown aud’ dosiznited s class three (5 under tho printing [ocs of Nebraski. Yho biLE work, excented under cluss one, shall be printed in small plea type, on paper fourteen (1) inehes 1o 1ght and one-huit St fuches whde, st L0: pupor to be twenty-¢l Wt (20 pounds double cap to the veam, and exeept the title paze, each piga shndi contain not fess than twonty-five (33 lines of oild watter of sevon (1) inches in length, and the fnes shall o suceessively numbered, with & blunk on.y In each spaoe Detween the & I'he title paze of satd bills shall contain not less thin eightoen (18) 1 0es s ©hove, with three () inehes additional spaco allowable for dlspiny title mutter, F2ueh bid shall staie what the bldder Is will- Ing to do the worcomplote for, por page, for tho three hundred (0 coples such bill, 50 the price for additional hundreds that may be ordered of the sine DIt the same tine as the origlnal three hundred (00 ineinding ec POsItion, piper, pross work, stiiching, folaing fnd ali work of material entering into th Work reguirod ATl work executea nder cliss oue shall be detivered in good_order by the con Faclor 10 the ofiee of thiosecretiry of stite within threo days after the receiptof the order by sild cons e icetor fron, the ehalvman of the commities on printinzg, i efther branel of tho iedsinture, AT work exeeuted under eliss hrco i shali D prin’ ed in dong primer, brevier and nonpas vell type, on piper to bo nine inches lonz by six (G fuches wide, sin o page, piper (o Lo forty-five dy poinds to €1 Fean. of twonty= four by thirty slx white book. Eich bil un- der eliss thrce shall state whit the bidder 13 Wiltinz to do the work completo for, per puge, on cieh repory oritem in the elass, Inciuding COMpORILIon, puper, Pross work, sticehin - foids Lag ind 1l worlc or materlal entering lnto the work required. Galley and pago prool musy be furnishod when req: ive i by the oficers of the exueutive department or the chsirman of the conmittee on printing, i either branch of the legislature. Work when conploted to Do delivered free of expose Al the 5UaLe house. Provos s for work b eacis of Lhe sbove cliusses wiil not ba considerod nu'css tho 8 1ne e necompanied by w bond in the sum of five thousand (#5000 dofiars With (W0 OF 1Ore s re- Liess 1hit 0 cuse the party proposing for such contract shall b aWardo i tho sime sich bars ty will, within ive () duys afrer the nward Lo Bl of sueh contraet, enter fnto bonds for the Guithful perforiance thereof, us provided by Law ind the the teras of these proposils Proposals shill be m rked “Proposiis tor public printin ' and addressed to the state Uoard of printing in care of the secretary of stute, Lincotn, Neb. Contracts oi class oue (1) as ubove spe will bo awarded as w whole. Contracts on cluss Lirve @ asabove specilied will b awa in whole or in partas the Vourd muy eltet Fumpies of the work to b eluss ono (1) and three () muy office 0f the secrotury of stule Contracts on abave clisses one (b und three @) 1o ran two @) ye rs from Decembor L, 14, exeept the reports of the board of transports ton und state hourd of werieulture, the Lt to to e comp eted Within sixty duys after the uwarding of the contdct. The stite urinting board reserves the right to reject uny or bids. JOUN ALLEN, soretory of State. HILL ate Troasurer, ) THOS I BENTON Auditor Public Accoun Lincoln, Neb., Nov. 11, 182, uiiday colved at an p.m. of the Ii b for the printinz of all with siuch matter as tied exeentod under ¢ soon ¢ the State Printing Board