Omaha Daily Bee Newspaper, July 3, 1893, Page 1

P — THE OMAHA DAILY BEE. ESTABLISHED JUNE 19, 1871 MR. HENDERSON ON FINANCE Missonri's Ex-Senator Addresses Secretary Carlisle a Pertinent Letter, MONETARY CONDITIONS QF THE COUNTRY Mo Gives Ilis Reasons for the Present Strlngency in the Money Market—A Review of Legislation Bearing on the Subject, Wasnixarox, D. C., July 8.—Fx-Senator John B, Henderson of Missouri, who has de- voted long and careful study to matters of finance, has addressed to Secretary Carlisle the following communication: “To Hox. Jonxs G, CARLISLE, SECRETARY OF ane Treasviy: 1 promised to give you in writing the substance of my statements made to you in conversation touching the monetary condition of the country. I then expressed the belief that the vresent strin- geney is produced, not by any lack or insuffi- ciency of our currency, but by the loss of confidence produced arwong business men be- cause of the bad quality or inferior charac- ter of a large part of that curroncy. Error of Common Prevalence. “There is no error of more common prev- alence than the abundance of money issue necessarily adds to the commercial or busi- ness enorgy of a people. Of course, a certain amount of money tokens are absolutely essen- tial with which %o effect the smaller ex- changeof commodities. These money tokens 0 not create exchanges, but the exchanges create a necessity for the tokens. Mera tokens do not grow wheat and corn, nor manufacture cloth, nor operate railronds nor sail ships. Labor and skill do these things; and among a people entirely civilized over 95 per cent of the exchanges necessary in these operations are consummated through the medium of bank checks. Experience dem- onstrates that this mode of exchange i more convenient, safer and less expensiv and experience also demonstrates that these bank facilities become enlarged or contracted a5 money tokens become scarce or abundant. This is u business law as inexorable as the laws of nature. Hence,there i8 less danger in limiting the bulk of circuiating money than people generally imagine. “The bank check is better for another rea- son, to-wit: That having performed its office, it ceases to circulate; it is removed from the volume of circulating money and is forever canceled. If the exigencies of busi- ness demand another check, it is issued anew, and it, in like manner, is destroyed when'its object has been accomplished. We shall never have a perfect currency until every note used for circulation shall be de- stroyed on its return to the authority issuing it, and no new note issued except for value, and only at the call of business dewands, Iingland has come to this and America, with England's experience, will do likewise he amount of money in circulation per capita among the people of the United on the first day of July from 1873 to 1803, in- clusive, 'is then given. Continuing, Mr. Henderson says: What the Figures Show, “These figures demonstrate to the business man of a few years experience that neither individual prosperity nor commercinl ac- « tivity is absolutely controiled by the amount < of circulating medium, The passagoin 1: of theact for the resumption of specie vay- ments in January, 1879, put an end for tho time being o our depreciated papercurrency and from that time until the passage of the Bland-Allison act of 1878, we were, in fact as in theory, on a gola basis—having but a single staudard of exchange and the bes cent offects of this single standard, giving assured confidence which can be based ouly on uniformity and permanency of value, lasted until increasing silver coinage, nuder the wnct of 1878, reached an amount which, in the declimng value of sil- ver, threatencd permanently to un- sottlo the currency. I think 1. am safe in asserting that from July 1, 1879, to July 1, 1883, we enjoyed very great pros- perity, individually and nationally. There was uo lack of money, It suficed notonly to fill the treasury, but it abundantly answered the demands of commerce, and an extraor- dinary businessactivity was followed by very high vrices. The average per capita circu- lation during that period was £20.61. From July. 1890, to the present, o period of great monetary stringency, shows an ave per capita of 823,05, [t is therefore appa thiat- in the common parlance, ‘times’ muy bo ‘hard’ and money scarce with the most abundunt circulation. Practical Examples. “If, on & given duy, the nctive busiuess men of 4 community, for good reasons or bad, but sausfactory to themselves, resolve to malke no further contracts, to quit all busi- ness transactions, a_ seeming scarcity of money is the result. Whatever the volume of the circulating medium, it does not im- pose itself on anybody. He who gets it must ive an equivalent for it. If novody wants fil- labor or his property. he can get no money. If hewho has it refuses to loan it, in foar that the currency to be paia back at maturity of the loan will be less valuable, the condition is one of staguation, and *scarcity of money' is the consequence., The per capita circulation in the United King- dom of Great Britain is now §10.34. Of this $14.40 is gold, circulating freely among the people. Of silver there is only §2.63, and of papor §2.24, “The per capitacirculation in Germany is still less, to-wit: $17.56. And yeu in these countries, with their money interest and their vast commerce and manufactures, there is nodearth of iwouey, and intercst rules at scarcely moro than half the rates revailing in this country. England adopted hie single gold standard in 1516and has ad- hered to it ever since and by so doing has become the money center of the world. Ger- many adopted the single standard in 1 and since that time she has been rapidly ad- vancing in all the clements of national great- ness, .I'he per capita actual cireulation in France scarcely excoeds that in the United States, aud consisting, asitdoes, almost wholly of gold, the currency is reasonably permanent and reliable; and as France has now ceased 10 coin silver the financial situation there is :'nilhrcalm\od as here by a change of stand- speculation aud Overtrade, *The panic of 1878 was, without doubt, the direct result of speculation and. overirading duced by the greenback era, beginning in 180203 Between 1863 and 1873, bouh, inclu- sive, the bulance of foreign trade agalnst us was §1,050, 4402587 —that is, we imported into this country during these eleven years, over and above our exports of merchandise, this enormous sum of over §1,000,000,000. ' This long and steady drainage, lusting, without a single intermission for cleven ycars, brought its legitimate fruit--a loss of a large part of tho nation’s wealth, and with it the country’s entire stock of gold. The only currency loft us was the greenback and the national " bank note, which latter, being redeemablo in law- ful money of the United States, could not acquire suy higher value than the green. k itself, *Iuke the pariod of unbridled state bank fssuvs of paper money between 1848 aud 1857, both inclusive, and we find 4 similar result! In a total foreign commerce in these ten ears of ouly $4.807,000, the excess of our mports of werchandise over ex almost 3347,000,000, making an average loss of about 8 per cent ver annum. This drain- e of wealth resulted in the panic of 1857, whose severity continued until the depre- clated national bank circulation was de- tt.myed and was substituted by the green- ck currency which, at first,” enjoyed the confidence of the people. *The commercial conditions now exis ting are altogether different from the two periods named. It scems to me dewousiratable, so far as a financial |-Ni;ul\llun can be logically demoustrated, that the present situation is Bot the result of speculation of overtradivg & bad business mothods, but that it is Jargely, if not wholly, produced by the silver legislation of congress. Financial Fallures. 1 have already shown that undor tho era of depreciated greenbacks the balance of trade was against us every year. State bank issues had been tried, but 1d not be kept at par with gold. United States notes had also been tried and though backed by the wealth and credit of the nation, they, too, had failed to preserve a parity with gold. The increasing production of silver, as com- pared with thatof gold, had induced Ger- many to follow England and to discard it ns A twin standard of value and the wisest and most considerate statesmen of the world wero being rapidly driven to the conclusion that the highest and best political economy uired and demanded a single standard of valve. *“T'he American congress of 1873, actuated, no doubt, by these views and earnestly desiring to escape in the future evils that the least sagacious were now compelled to aamit had followed the use of depreciated money, adopted, without dissent, the single gold standard. This was in reality no violeat change from the long declared policy of the government. At the date ot the creation of the greenback note, eleven years before, the pledge was given that they should be re- deemed in coin at the close of the war and the obligation of that pledge was atill ac- knowledged by all political parties. So far as the silver dollar was concerned, its coin- age had been free from the time of the coin- age act in 1792, but during the eighty-one years that had now elapsed only about 8,000,- 000 of these dollars had been coined. It is true that half dollars, quarters, dimes and other subsidiary silver coins had been made at the mint, but, being a tender for only limited sums, the silver currency had never been an important factor in the business transactions of the people. Resumption of Specle Payment, “Two years after adopting the single standard, to-wit, in 1875, a measure was in- augurated and passed for the resumption of specie payments, 0 become operative on January 1, 1870, If these two measures had remained on the statute books inviolate and unamended there is no economical reason why the United States and its people should not today enjoy the most unbounded pros- perity. We should have had the best and most abundant currency—a gold currency of universal value and of such volume s to force its circulation, as in England, France and Germany, into the hands of the people. “To be assured of this fact it is only nec: essary again to examine the conditions of commerce for the last soventeen years. In the first six years of the time, ending June 80, 1881, we had alreaay imported in gold over £102,000,000 more than wo had exportes and, it must be remembered, that in 1881 we had been already for four years on our downward course toward a silver stundard after the Bland law of 1573, Finally, aftec the passage of the Sherman law of 1890, which more than doubled the sil- ver purchases, the remarkable fact is sed that no amount of exportation of merchandise could stay the shipments of gold from the United States. Although the cxcess of our exports of products in 1592 amounted to nearly £203,000,000, yet the almost startiing fact appears that during that year we exported over $13,000,000 of gold, and now that the balance of trade has naturally turned agaiust us the country is bemg drained of its remaining gold with alarming rapidity. 1f any gold be left in this countwy it 18 hoarded by the timid. It is complotely absent from the circulation as if it had no existence. From January, 1889, to June, 1892, nearly §160.000,000 of gold and gold certificates were withdrawn from the national treasury. Rapid Disappeurance of Gold. “The rapia disappearance of gold may be further determined by tho fact that in Jan- uary, 1891, 88.6 per centof the customs taxes in New. York were paid in gold and gold cer- tificates, while in May, 1803, only one-tenth of 1 per cent was similarly paid. 1t only re- mains now briefly to state the character of the silver acts of 1878 und 1890, and to fur- nish you the reasons for belioving that the overthrow- of public confidence and the present depression in business are the le- gitimate consequences of those acts. The na- tural or normal results of this legislation would probably have followed much sooner but for the muny abundant crops of this country and the numerous failures 1n that respect abrond. “The act of February 28, 1878, known as the Bland act, was by " title: “To Authorize the Comage of Standard Silver Dollars and to Restore Its Legal Tender Characte “It directed the secretury of the treasury to purchase monthly not less than $2,000,000 nor more than 4,000,000 worth of silver bul- lion, to be_immediately coined into silver dollirs of 41215 grains of standard silver, thnat is, 8711 grains of pure metal, and these dollars, when so coined, were made a legal tender for all debts, public and nrivate, ex- cept where otherwiso expressly stipulated in the contract. The act further provided that the holders of these coins might deposit thewm with the treasurer or® assistant treas- urer of the United States and receive there- for certificates of not less than £10.in amount and these certificates were made receivablo for customs, taxes and all_public dues, and when so received may be reissucd. Frovisions of the Sherman Acr. “The act of July 14, 1800, known as the ‘Sherman 1w, directs 'the secretary of the treasury to purchase each mouth 4,500,000 ounces of silver bullion at the market value thercof, 50 long as silver was depreciated below the par value of gold, and to issue in yment, therefor treasury notes of the tited States in denominations of from &1 to §1,000. “These notes were made u legal ten- der for all debts and receivable for all public dues und to be reissued by the government, *"The secretury of the treasury is required to redeem these notes in gold or silver coin at his discretion. To induce the national banks to accept them, they are authorized to count them as & part of their lawful re- serves, Coinage of silyer dollars was to con- tinue, a8 provided by the Bland act, until July 1, 1801, and after that the secretary is required to'coin any adaitional bullion that be necessary to redeem the treasury ssued for its purchase. Tnder the acy of 1878 the government pur- chased 201,202,019 ounces of fine silver at a cost of &308,100,262, and coined it into silver dollars to the amount of &35, 3, The vrofit of nearly 70,090,000 made by stamping a falsehood on the coins wus coverea into the treusury as so much profit. Under the act of 180 tae government, up to June 1, 1803, had purchased §146,301,857, and_under the injunction of continued coinage for a year, under the act of 1800, there were coined ad* ditional dollars to the amount of 6,087,040, Adding to these amounts the recoinage of trade dollurs into standard dollurs, we had, on July 1, 1803, coined silver dollars amount~ ing to $419,852,505, s on Silver Purchased. “If we take the market price of silver on June 1, 1803 (83 cents per ounce), the loss on this bullion so gmn‘huuml by the government was on that day $83.518,628. On June 20, 1893, bur silver was worth only 78 cents per ounce, entailing upon the government an additional loss of 44,553,482 in less than a month, When we exumine the fing history of the country aud more esp the history of our coinage laws th 2ol for the silver dollur, as developed in the act of INTS, is quito remarkable. At the time of its passage the dollar provided for was intrinsically worth only 0 conts @s compared with gold — that is, the ratio of wvalue as between this authorized dollar and the gold sdollar wis 17.94 to 1, instead of 10 to 1, us_fixed by the coining uct of January 18, 1837, Silver had then been coustantly declining for sev- eral years and ull Europe had closed its mints agaiust its coinage, except iuto sub- sidiury coins, limited s to logal tender. Of this fact, the congress of 1875 was surely ad- vised, beeauce the secoud section of the act makes it obligatory ou the president toiuvite the countries comprising the Latin union, which had been the last to reject the use of silver, and other 'unations of Europe t0 join us in & con- forence to adopt & common ratio between gold and silver and to secure fixity of vulue between the metals. ‘I'o show be- f‘uud all cavil that the act of 1574, demonetiz- ng the silver dollar as a teuder for debt, was advisedly and considerately pussed we need only exumine the contemporaneous [CONTINVED ON BECOND PAGS. ] OMAHA, MONDAY MORNING, JULY 3, 1893. FROM DAVY JONES' LOCKER Survivors of the Victorias Orew Who Re- tarned from the Sea's Bottom. MANY NARROW ESCAPES NOW REPORTED OMcial Accounts of the Awlal Disaster Cor- roborate the Reports Alrendy Printed In the Bee—What the Ship's Officers Have to Say, |Copyrighted 1893 by James Gordon Bennett.] Mavta, July 2—[New York Herald Cable—Special to Tur Bee.)—The many wonderful escapes of the survivors of the Victoria are the chief topics of conversation. Ihave obtaned many interesting details from the survivors themselves. Staff Cap- tain Smith was on the bridge with Admiral Tryon when the Victoria capsized, ‘both en- tering the water, or rather being engulfed, at the same moment. Smith struck out from under the ship and reached the surface, but was sucked down by the ever-widening whirlpool. Finally, however, he came to the surface again, utterly exhausted and was picked up. Captain Smith says Ad- miral Tryon was seen by no one after his first disappearance, This fact is now sot- tled. Flag Licutenant Lord Gifford went down the second time. This was caused by drown- ing men seizing his legs, but tho upward rush of the looscned spars and deck fittings brushed the m en off and Gifford rose to the surface and was saved. Loose spars both killed and saved many. ‘When the Victoria listed the screw jammed the rudder, This caused her to describe a complete circle aimlessly instead of procced- iug toward the shore, as Tryon intended. About £12,000 of public money went to the bottom with the Victoria, together with al} the fleet’s papers and accounts and the fund collected on the flect to purchase a wedding gift for Princess May. Spectators on the Edgar say that the scene was distinctly dramatic, as the other ships formed in a circle, like an amphitheatre, and from their decks the writhing movements and final plunge of thei Ship were watched. MARKHAM'S OFFICIAL REPORT. atches from tho Camperdown's Com- nander to the Aamiralty Board.. )ON, July 2.—A midshipman from the Victoria arrivea at Calais early this morn- ing with Rear Admiral Markham's d patches concerning the collision off Tripoli. He was brought by special steamer, the Maid of Kent, to Dover and was conveyed at once by special train to London. He drove directly to the Admiralty oflice, where the Admiralty board, notified in advance of his coming, received the dispatches, The board decided to publish the dispatches in full. ‘Ihe first dispatch was dateéd from the war- ship Camperdown on June 22, It says: “It is with the most profound regret that I have to report the total loss of her majes- ty’s ship Victoria, involving the irreparable loss of the commander-in-chief, Vice Admiral Sir George Tryon, twenty-tivo ofti- cers and 3306 men under these circumstances. The squadron, consisting of her majesty’s ships, Victoria, Camperdown, Nile, Dread- naught, Inflexible, Collingwood, Phacton, Edinburgh, Sansvareil, Edgar, Amphion, Fearless and Barnham, Jaft Beyroot about. 10 o'clock this forenoon for Tripoli. Shortly after the squadron formed single columms, line abreast. and procecded at the rate of about eignt knots an hour. When about five miles from the anchorage off Trivoli, the signal was made at 2:20 in the afternoon to form col- umns of divisions in line anead, disposed abeam to aport—the columns to be six cable lengths apart. We proceeded in this forma- tion until 8:28 when the signal was made from the Victoria to the first division to turn sixteen points to starboard. As the columns were only six cable lengths apart, it wis not, therefore, in my opinion, possible, within the mancuvering distance, Lo exccute such an evolution, Signals Were Mislo :ding. “1 directed the flag lieutenant to keep tho signal which we were ropeating at dip, as an indication that the signal from the Vie- toria was not understood. I then directed him to signal with the semaphore: ‘Do I understand it is your wish for the columas to turn as indicated by the signal now flying?’ but before my order could be carried out, the commander-in-chief semaphored me to know what I was waiting for, It then struck me that he wished me to turn sixteen points as indicated by the signal, aud it was his - tention to circle round the sec- division leaving them on the port. Having the fullest confidence in the great ability of the commander to maneuver the squadron without even risk of collision, I ordered the signal hoisted as an _indication that 1 under- stooul. When the signal was hauled down the helm of the Camperdown was put hard aport. At the same time the helm of the Victoria was starboarded. 1 watched very carefully the helm of the Victoria, as indicating the purpose of her signals, as the two ships turned toward each other, and see- ing that the helm of the Victorin was still starbourd, I directed the captain_ ot the Camperdown to go full speed astern with the starboard serew in order to decrease our cirele of turning, When the Co lision Came, “Seeing that a collision was inevitable, I then ordered him to go full speed astern with both engines, but before our speed could be materially cheeked the stem of the Camperdown struck the Victoria on the starboard bow about twenty feet before the turret, and crashed into the ship almost to the center line, the fore and aft lines of the ship, at the time of the collision, being in- clined toward each other at an angle of about B0 degrees. It was, I think, quite two minutes before the Camperdown was able, although going with full speed astern with both engines, to get clear of the Vie- toria. - The watertight doors of the Camper- down had been closed by my orders before the collision occurred. Seeing the critical condi- tion of the Victoria, which seemed to be set- tling down by the head, boats were immedi- ately prepared and the boom boats were got ready to be hoisted out, when the open pen- nant was hoisted by the Victoria und the signal was made not to send boats. A very few minutes later she keeled over to star- board, and, turning bottom upwards, disap- poar ‘Lhe time that elapsed between the occurrence of the collision and the disap- pearance was only about thirteen minutes. Baving the Sailors. “Shortly before the Victoria turned over the men wer en jumping overboard. Ob- serving this, I immediately ordered the sig- nal made to send all boats to the rescue and directed the Barnham and Fearless to close in at once to save life, steaming up the Camperdown at the same time to succor the officers and men strugghng in ithe water. The combined efforts of the squad- ron resulted in the saving of twenty-nine oficers and about 562 men, put 1 regret that no less than twenty-two oficers and about 836 men, the majority of whom were in all probability below at’the time, were lost. *'The sea was smooth aud there was only a light breeze at the time of the accident. The injuries to the Camperdown are serious, but I lope that with the assistance of the artificers of the squadron, they may be tem- porarily repaired so that she may be sent to Malta and docked.” [Here Rear Adwiral Markbam gives a aetailed and technical description of the injuries sustained by the Camperdown. | All the Records Lost. 1 regret that the ship's beoks of the Vie- toria were lost. In fact nothing of impor- tance has been recovered so far. “kor some time ufter the sinking of whe Victoria the water fomained agitated over the wreck. The sorews were revolving as she sank. Iremained Ia the vicinity of, the catastrophe with the squadron unti:30 o'clock, when, as the Camperdown was making water, 1 déomed it advisable to anchor the ahqao:« Tripoli. The Amphion, Barnham and Fearless remained until after dark, but did not recover anything of im- portance, “1 cannot express the deep griet and sor- row felt on account of this lamentable catas- anc by myself, the captains, the officers and the men of ¢he Mediterranesn squadron, sorrow that is'very materially enhanced by the great and irreparable loss which the navy and the nation have sustained in the death of our beloved commander, Sir George Tryon, whose kindness of heart, no less than his signal ability in the profession of which he was such a distinguished ornament, had endeared him to all who served in his com- mand, A. Manrkuay, Rear Admiral.” From the Viotoria's Captain. Hon. Maurice A, Bourke, captain of the Victoria, sends 0 _the Admiralty a letter, dated H. M. S. Nile, June 2. Captain Bourke recites technically his orders up to the point of mallug the turn, and goes on: The signul was holsted for the first division to alter conrse sixteen points to port und the second division to alter course sixteon points to starboard, the lenders togethere the rest in succession. - The lagship Barnham was put lurd to starbonrd and Tdirected a midship- mun_toobserve closely the distance of the Camperdown, reported to the com- mander that 1t seemod to bo too close and asked permission to roverse the port serow. This was dofe and just before the col- lision both engines were going at full spe astern, The ship had turned twelve or th teen points when the Camperdown struck Victoria, the starboard bow, wbout ten foet abaft thie unchor. The Camperdown’s bow cano right througlh Into the ship and burst in the bulkhead between the fore mess deck and the ~ stoker's mess deck, When the collison_was _seen to be imovitable, orders were glven to closo | the water: doors.~ "1 called ‘round and I everything was tight and was un: swered with “Yes” but by whom 1 could net 1 then heard the order for every one to , and the men in_the flnt_ where . on the starboard side, all went up. Then 1 went. up on the mess deck aft, and down into the starboard engine room.’ The engines woro belng worked wnd [he gougs telegraph. Thero was no water in the engine room. I tlien went to the ufter bridge where all were at their stations to wet out the boats, The ship's compuny in_great numbers were on the port side of the upper decke. 1 then went along the port fore and aft bridgc to the admiral, tho ship having o heavy list to the starboard. Just as I reached the cutter's foremost duvit on tho port side, tho ship gave . gront lurch tarboard and I clutchied at the rail. 1 found myselt sucked down, but 1 came up to the surface ogain amqug the wreckage, 1, with many others, was' picked up by the Nile's boats. The conduet and steadiness of all at theirstations was beyond praise. There wus 10 panic of uny sort or description. He Gave the Signals. Lord Gifford, flag licutenant of the Vic- toria, reported thé ddmiral wished the dis- tance between columns to be six cables. IHe said: About 8:15, the admiral came on deck and after a few Innutes the after deck went forward. About 8:25 I holsted by the admiral’s order, the signul, “Second divi- sion, alter course insuecession sixteen points to starboard, preserviug order of fleet; first sion, alter course sixteen points to port, preserving order ot iloet.” While this was flying’ the admiral ordercd the !ullowlnxs\gnngto e got ready: *Col- umns to be two ¢ables apart und all ships will turn together with their guides as the guide of the fleot turns.” The last ship to answer the above signals, as far b5 I could sep, was the Cumperdown. About 3:80, us soonag she hud answ. d, the signul was hauled down by order of the ' ad- miral, Thereupon the Victoria put her helm hard to starboard and_the Camperdown put hers hard aport. 1oy three midshipmen to watch the speed and holm signuls of the Cam- perdow; Edinburgh gnd Nile. No alteration, lowever, was reported to me other than that the Ot -down's Wi hard v Rty sty dopr At colliston appearing likely with the Camper- down, the port engines were reversed and al- most ' Tmnmediately afterward the starboard engines nlso. 1 reported to the admiral thut the Dreadnaught was lowerlig bouts, 1o thereupon made a general signal to unnul the sending of bouts, After tho collisfon the admiral remained on deck. He asked the staff commander in what ter we were and the stall oflicer repliad: Decp water, seventy or elghty fathoms.” Tho helm was put hard starbourd, and both en- gines went full speed 1, The ship guthered Tieadway, swinging slowly 1o port. minute afterward the steoring gear br down, the quarierma: reporting thut he wils nnable 1o move the During this tho ship gr y z more and re to starboard and the water rising rapidly over the forecastle, the admiral ordered me 1o o down und ask the captain if tho ship was maklug any water aft. In endeavoring to carry out the admiral’s orders Lord Gifford was washed away by the risi; g waters and when he came to the surface caught sight of the Victoria sinking, bow first, e PATRIOTIC SUNDAY, Exercises at the World's Falr—Governor Altgold Soored. Curcaco, July 2.—Governor Altgeld was rather severely scored at the Patriotic Sun- day exercisas at the World’s fair this after- noon for his recent action in discharging the Chicago anarchists from the Joliet peniten- tiary. The ceremonies were conducged in Festival hall, under the auspices of the Reg- ular: Army and Navy union, Scarcely a thousand people were in attendance, Prayer had been said and several patriotic hymns nad been sung when Commander J. H. Campbell of the union, the principal speaker of the day, was anuounced, and he it was who scored the governor for pardoning anarchists. “It is eminently fitting,” he said in open- ing his remarks. “that the Regular Army and Navy union should observe Patriotic Sunday here today, beeause the governor of this state hus recently shown that he would be willing to supplant the flag of freedom for the red flag of anarchy.” When he had finished the sentence, he mused for & momeut, and for a moment the audience was silent, and then it gave vent to a most vigorous applause of approval. The speaker continued his address, but made no further reference to the governor or the an- archists. He talked of Patriotic Suunday and told of the good effect it would have upon the rising generation to observe it. When he bad finished the cheir sang *Nearer, God, to Thee,”and as they sung the last refrain, tho American flag, which hung bebind the speakers’ stand, waus drawn aside, and there upon the wall hung the union jack, draped m mourning, and under- neath in lurge letters was written, ‘‘In Memoriam, H, M. 8. Victoria.” The effect was pleasing indeed, and it was made more soas o salor in uniform from the United States navy stepped forward and hung a laurel wreath above the flag, while a bugler sounded “Taps.” 1t appears to be pretty well demonstrated that Sunday opening of tho World's fairis a success, so far a8 the attraction of visitors goes, The crowd wasamuch larger than last Sunday. The Illinois Central railroad in- augurated its thflflh train service to the terminal station and thousands of visitors who came over the line experienced the novelty of being lauded well inside the grounds. 1t is observed that as the heat of summer approaches, the steamer route is becoming more populiir, and atthough from thirty to forty minutes nre consumed in reaching the grounds by water, the steamers today were all well crowaed, The huge whaleback steamer, with its eapacity for 5,000 passen- gers, is an_object of curiosity and wonder- ment to most of the World's fair visitors and a brief p.quu to ‘the exposition on this leviathan of the deep is & novel experience to all. Al i T Boclallsts in Session. CuicAGo; July 2.—The eighth avbnual con- vention of the Socialist Labor party of the United States opened today. A business session occupied the moruing, and 1 the afternoon a majority of thedelegates went 10 visit the graves of the aparchists, The convention will last five days, during which time the fifty propoesitions submitted by the various sections of the organization, regard- ing & chauge in the party's platform and a remodeling of the constitution will be dis- IT'S EX-MINISTER EGAN NOW James D, Porter Reaches His Port of Duty at the Capital of Ohili, PUBLIC DEMONSTRATIONS OF PLEASURE Delight of tho People at the Change of United States Representatives Vool(- erously Manifested — President Saenz Pona in Tight Quarters. [Copyrighted 1893 by James Gordon Bennett.] VALrARAISO, Chili (via Gulveston, Tex.), July 2.—[By Mexican Cable to the New York Herald—Special to Tue Bee. ]—James D. Porter, the new minister from the United States, arrivedin Valparaiso yesterday. and proceeded this morning to Santiago, accom- panied by Secretary of Legation McGarr. Munister Porter was met at the railway sta- tion in Santiago by the oficials of the for- elgn office and escorted to the ho- tel in tie government carriage. This was an unusual honor to a newly arrived representativo of a foreign nation. Before leaving Valparaiso Mr. Porter was serenaded at his hotel by the garrison band, and cheered by thousands of citizens in the strects. No other representa. tive from a foreign nation has been so cor- dially received by Chilians in recent years. His welcome has been so enthusiastic as to surprise even the Chilians themdelves, who have adopted this method of showing how pleased they are that another representa- tive from the United States has come to take the place of Patrick Egan, Were All Gld to See Nim, The warmth of the reception given Mr. Porter in Valparaiso and Santiago was only a repetition of the feeling displayed at the coast cities of Chili. Thecaptains of Chilian war ships and the governors of the several stutes displayed great rivalry in paying attention to the new minister, Some of the Chilian newspapers publish long articles welcoming the new minister and declaring that Chili breathes easicr now that Mr. Porter has arrived. Inseveral of the papers is published @ letter written on April 8§ by Minister of Foreign Affairs Errazuriz, in which he s in complimentary terms of Mr. Egan. This letter is com- mented upon unfavorably. and declared to misrepresent the sentiment of Chilians, who from the vresident and members of cong: to the humblest peon, are declared to be at a loss to understand how such a letter could have been given to Egan, a recognized enemy of Clii Minister Porter will probably be formally received by President Montt on July 4. Presslng President Penn, Thero is great excitement in Buenos Ayres, Argentina, over the political situa- tion. The Herald's correspondent telegraphs that the chiefs of the various political fac- tions have advised President Suenz Pena to resign, and adds that his re- tirement is regarded as inevitable. A conference which lasted all night was held by President Pena, the members of his cabinet and leaders of various parties, in- cludiiig Mitré and RoCA. Tt Was" geterally believed that the president would be asked to resign on account of his unvopu- larity. The report that this would be done caused great crowds to gather in front of the president’s palace to await the re- sult, During the conference the president de- clared that in the reorganization of the cab- inet he had done all he could to satisfy the public and {he politicians, but the circum- stances were against him, Mitre replied that he could give no counsel relative to the continuance of the president in oftice. Roca and Pelligrini made similar state- ments, plainly intimating that the longer continuance in power of President Pena was impossible. The president again declared that the last cabinet was organized with the hope that through it congress might be induced to sup- port his admiaistration, but n this his ex- pectations had not been realized. The conference ended without having accomplished anything favorable to the president. Indeed it made more clear the opposition of political leaders to Sacnz Pena. Their advice that he resign showed that he need expect no support from them. It is be- lieved that the president is trying to in- fluence public opinion against Lis political opponents by giving them a chance to sup- port his policy and restoring tranquility. The members of the cabinet are still in con- ference with the president in the palace, It is believed he will be forced to resign within a few days. The Herald's correspondent in Rivera tel- egraphs that the Brazilian revolutionists have blown up the bridge across the Rio Negro near Bage. The Castilhistas, hoadds, are badly demoralized. Minister McKinney Arrives, PaxaxA, Colombia (via Galveston, Tex.), July 2.—|By Mexican Cable to the New York Herald —Special to Tur Bee.)—Luther F. McKinney, the new United States min- ister to Colombia, has reached Bogota. There is o marked falling off in the num- ber of cases of yellow fever in Port Limon, Costa Rica. Newspapers published in Guayaquil,which have just been received here, denounce as cowardly the shooting of General Varea by General Semenario. Varea ls d to have had noneans of defending himself, The British steamer Eliza Edwards has been purchased by the Nicaraguan govern- ment. She will be armed for use on the Pacific coast by the republic, Francisca Medina, a Nicaraguan million- aire and finaucial agent of the government, will sail tomorrow from Panama for Europe. Plerola's Movements, The story that General Picrola has landed at Chala, Peru, and is organizing his fol- lowers for a revolution has no foundation, Pierola is not in Peru. The story that he had landed was brought here by mail, the letter being dated at Lima on June 17, Pierola did not reach Guayaquil from Guate- mala until June 18, and he sailed from there on June 23 for Valparaiso. His arvival in Valparaiso has been announced, Financial Circles Excited. There has been a heavy fall in the price of silver and & commercial panic aud many failures are expected. New York exchange has increased from 85 to 120, Lama, sPeru (via Galveston, Tex.), July 2.—[By Mexican Cable to the New York Herald—Special to Tug Bee.)--Excitement in financial circles has almost disappeared, owing to the fact that reassuring news has been received in Loundon and New York. Exchange is 25 to London and 100 1o New York. g — eath Koll. Santa Bamvamra, Cal, July 2—Georgla Drew Barrymore died suddenly this morn- ing. She came here three weeks ago for ber Lealth and had iwproved cousiderably, SINGLE COPY FIVE She was 1% and died 8%, was with h rymore, m.\'fa, AFTER Opening of the n with hemorrhage about noon after. Her daughter Ethel ler husband, Maurice Bar- , is in New York. ap- by NING BRANDS. jon of Mercy In the District, Down in that | of the city known as the “burnt district,” there was inaugurated last night & movement that is more than likely to bo productive of great benefit to the unfortunates whose betterment it com- prehends, Under the leadership of Rev. T. J. Mackay, rector of All Saint's church, a number of good people who have the welfare of woman- hood, as well as that of manhood, at heart, gathered at the mission house on North Tenth street to take part in the services in- cident to the opening of the new house of refuge on Dodge street, next to the Clarkson Memorial hospital. Bishop Grave and several clergymen attended the services, and_quite a number of those for whose amelioration the movement was begun wero present, - Rev. Mackay preached from the text, “What Shall it Profit a Man if He Gain the Whole World and Ldse His Own Soul?” Rev. Mackay said that this is a commercial age, that everything, nowadays, is weighed in the balance of intrinsic value He argued that a precious huwman soul was to be valued above gold and jewels and that no effort tending to the salvation of a soul | should be spared by any one calling himselt a Christian, Speakfg further, Mr. Mackay strongly deprecated the double standard of morality upheld by ilized nations, urging that the libertine is entitled to no more consideration than the fallen femalo, from a moral standpoint. He furtber urged that it was the duty of every Christian to use every effort to extend a helping hand as much to_the erring daughter of Eve as to the prodigal son. It is the object of thosein charge of the movement to carry on practical Christian work in the ranks of the errin is meant that the milk of hun will be u. to soften tho bread of charity and se nism will be a matter entively aside. It is their purpose to provide a home for all who desire to reform and to find honest employment for all who show them- selves anxious to enter into a better and a useful life, e e FOREIGN FINANCIAL REVIEW, Markets Affected by the Calling of an Extra Session of Congress, Loxpoy, July 2.—Discount rates hardened during the past week under the influence of the increased demands that usually come at the close of the half year, together with the lowness of New York exchange. A strong belief prevails that as soon as the Sherman act is repealed gold will be shipped hence to ited States. In spite of Saturday's general recovery on the stock exch: feeling of distr s Consuls closed I¢ of a point. curities, ) n 2i¢ an_bonds falling 10 and Argentine funding raillroad securities rallied but_most of them elosed lower on . The week's declines include: Denver & Rio Grande proferred, 9 point Central Pucitie, 8l4; Deuver common, 2 Union Pacific, ¥; Novthern Pacific, Wabash debenture and _Norfolk & Western, 1 each; Lake Shore, 1%y; Wabash preferred and Ohio & Mississippl, 47 cuch; Atchison, Erie hville, 3§ cach; Cana- ) 343 s Central, closed 11§ higher on the week; Grand Trunk guarai: teed and second preferred, 1 highor, and Grand Trank fivst preferred, 15¢ higher, . o e SENATORIAL CONTESTS. Tneir Settlement * Complicated Sitver Question, WasHINGTON, July 2.—The fact that tho senators from the northwestern states are not unanimous on the silver question and that some of them will probably voto to re- peal the Sherman silver purchusing luw seems to lend interest to the contest wh was pending when the scnate adjourned in extra session in April lust on the cases of seuators from Mont, Wyoming and Washington. In all three of these stites the legislators got into a prolonged debate and adjourned without electing a senator to by the 4th of Ma contesied cases will prob: bring on a bitter and pro- tracted preliminary fight before the senate can settlo down to the business for which the extra session wus convened. There are also the unucted upon tions of investigation in the cuse of W. N. Roach of North Dakota, upon hot and protracted purtisun debate is inovit- able, . D Menvy Kain and Hall, Hast1 al to Tne Bee.) ~The record for r kept up here, one last night being the fourth in four successive aays. About b o'clock a regular cloudbursy began which lasted for an hour, In that time fully two iuches of water feil, a high wind driying it intosheets which thoroughly drenched everything exposed. At Kenesaw, fourteen miles west of Hastings, the storm was terrific, Hail stones of a large sizo fell with great force, breaking the windows on the north side of nearly all the buildings in town, Crops are re- ported s , if not ruined, Movements of Oce: At New York—Ars Antwerp; Circassia, from Glasgow, At Pniladelphias—Arrived—Ohio, Liyerpool. At H; New York, At Moville—Arrived—State of Nebraska, from Yori, At Southampton—Arrived—1rave, from New York, n Steamers July 2, ved—Pennland, from from c—Arrived—La ‘Touraine, from PR— Western Pensions, TON, July 2. braska: Original d Calfrey, M n McManimie, Re- William Powers, yoming: Original—Edward Alton. North Dakota: Original widows, et Benjamin A, Lowell.s =] South Dakota: Keissue—Joseph Willett, lowa: lucrease—Henry C, Camy, Reissue and increase—William A. Millsap., Original widows, ete.—Ellen Cullin, Valuable Manufacturing & Destroye Keokuk, July 2—~The Empire Manu- facturing company, manufacturers of agri- cultural implements, lost its extensive plant by fire this forenoon, entailing a loss of $00,- 000 with §38,000 jusurance, The fire was caused by spontaueous combustion. The fire depurtment could not gev water to the flames; vho plant beiug out of the fire limis, e — Epworth League. CLEVELAND, July 2.—The great inter- natiousl conference of the Epworth league closed tonighv. This morning there was a sunrise prayer meeting, a love feast and re- union of the founders, and services at all the Methodist churches, T'here were mass meet- ings this afternoon aud ugain this evening, ———— Mucder and Sulclde, Osiarooss, Ta., July 2.—After great de- liberation and prepartion, Alexander Carey White, a coal miner, killed his wife and then himself at noon today. Difterence about some money owned by his wife woved the cowurd 10 do the deed. 5 v ———— Drowned iu the Des Molnes. OTTUNWA, Ta., July 2—[Speeisl Telegram to Tue Bre.)—George Stecle, & prominent oung man of this city, was drowned in the s Moines river today. He was boating sud the boat capsized. Soevtm— Killed for Lovi Berroy, Tex.,, July 2.—Because she re- fused to warry hun, Lee Henderson shot and killed Leona Wilsou, aud then comwmit- 1ed suicide, CENT! IN MENORY OF THE HEROES New York Remembers Her Dead Who Are Buried at Gettysburg, DEDICATION OF THE STATE MONUMENT Eloquent Tributes to the Herolsm of the Brave Who Sicep Beneath the Bloods Stained Sod of that Historlo Field, Gerrysnure, Pa, July 2—~With bright sunlight above and tho tield on which Gete burg's decisive battle was fought,streteh- ing out below, New York state's monument to the heroes who fell there was dedicated today. Tt was the groat day of the celebra- tion of the thirtieth anniversary of the three days fight. Rev. O. W. Severson of the One Hundred and Thirty-seventh New York volunteers, opened the proceedings of the morning with a prayer. The veterans then sang ‘“‘America.” Major General Henry W. Slocum made an eloquent address and was followed by Gene eral Greene and Governor Flower. There were loud shouts for General Sickles as Governor Flower took his seat, and the general was given a hearty cheer as ha stood, with the aid of his crutches, and de- livered his address, This afternoon the space surrounding the monument was completely filled with peonle, fully 10,000 peoplo being present. General Sickles called the multitude to v. W. B. Derrick, the colored vet- then offered prayer. Sickles’ Address. General Sickles, president of the Board of Gettysburg Monument commissioners of New York stato, delivered the introductory address, as follows: Comrades, and Ladi colleaguos have this oceasion, outset 10 ext New York who Conspleuous o os and Gentlemen: requested no to preside on It is iy agreeable duty at the 1o thie guests of (he st o prese b ong thos r numbers and thetr clalms upon the publie gratitude are the 7,000 veteran soldiers of New York, par- tielpants in the battle of Gettyshurg, who have avalled themsolyes of the invitation extended 10 them by our Tegisluture, They are present hore toduy to take partin the ceremoules for the dedicution of this imposing columin, und the many beautiful regimental wnd baitery monuments erected by w grateful common- wealth, to commenorate the herole services of the sons of New York on this battleticld. New York Du The legislature of New York, at its recent session, designated this, the thirtieth annivers sary of the battle, ns “New York Day.? Thé monument near which wo_ are issembl stands alongside of the plot In which 1,200 New York ldiers, Killed in tins battle, aro buried: and ‘ns you will seo by an Inseription on one of the bronzo tablets, the state monument is here placed us atestimonial of the gratitude of the state to her defenders. The statue, which surmounts the column, 18 the impersonation of the coti= monwenlth, “You sco in her hands wreaths of flowers, which sha would plice on these in token of her sorrow for her lost he sentiment the artist hs touchingly expressed vering 1p ur in tho lite of iny hangs on tho ch & day and hour thirty crlsis in the ) My years ngo was Gettysbure on 4 tho citective fo £ whout 90,000 men on our sidengaged in the huttle 27,000, nlmost one= fhurdoworo Now. York sroops. Aud of the towl loss in .Mquo’-fllmoufh-] " New York's Sacrifice. Tho state of New York ratsed 400,000 men for the union army. Of these vist numbers, 53,000 died In service. Of the 300 renowned battalions in the arny whose losses, in Killed and | wounded, * were o lunéost, as shown Dby Kox, the historian, fiftys nine werd New York Tom 1661 565 the state of N i ising und equiping i cgiments and n_ 1000 Dattl I Apurt from this battletield, dary and naval monuments dy placed inas many town and eities < of the world's history, and in all the admiration of the” people for v milit naval he hus sought expression jonuments, 11t in honor of greut e ders. In this' country, the qispositio 0 cxalt the virtues and of “our citizen soldiers, upon whom the brunt and burden of our clvil warmainly foll. The monuments erceted on this field Ly New York, eighty-three in num- ber, will " Interest forall time 1o our citizens, all, to the descend= wnts of the men in' our New York mands. and, who served What Victory Meant, By common consent this famous battlefield has been chosen to signilize the patriotism, vulor and fortitudo of the defenders of the unfon, in the great eivil war of 1861-5, 1t was vo vietory, won at i monient when £ might v heen ruinous to our ciuse. ssaulis upon our lines were made by the 1m0st powerful wrmy ever encountered by the union Tor The udvane urniy of encral Leo 1o the Susquehanna marked” the extrome lmitever reached by the Invading of tho south. Tt s surcty most fitting upon o battlefield so conspicuous in s wnnals, and in which the volunteer soldiers of our Stato bore so distinguished a purt, New York should be represcnted by monments 1ot inferior i impressivencss and boruty o thoso crected by any other stute. There I8 1o thought suzgested by theso mos morluls, nor by this occuslon, that should give offense 'or paln to any of ‘our \rymen todiy. ) rejoice, us al miy T It w unlfon suc y in 050 uuthority was here mstitution finly” oxtab- n institutions made fmpers victory ributed ry wells find sutlsfaction. Could Not Be Overostimated, st 200,000 combatints contestod ty on this fleld. The lines of bat che B any miles. The two armies fual in numbor, woro the best equips & thoroughly trained, and more uecuse 1 before cons he results of bo overcstis Thu urmy for G fronted each other st victory on elther side mated in their importunce. Leo, suys Hood, one ot distinguishea nanders, when 1t the Potomiac futo Muryland, was never ) buoyant, neyer so confident of suecess, Shotund sholl mowe 1 the unripencd graing tore the limbs conntless trees; the green mendows and the kray rocks were erimsoned with blood, * More thin 40,000 men fell In tho confliet. ‘These graves beforo you are filled with thousinds of th fullon, buried With no other shroud than their blood stained uniforms. 1f the suerifice mado ou this ficld Were grester thian fnany other combit of the war, the results wero conpensatory. Tho men who' fell here, stunding slongside of their fullen comradés on n thousaud battleflelds gathered togethor today In the spiritinnd, can Say, "We fought the good gt They unite With Lincoln, the mirtyr, now in rejoicin over w union saved, and nation porpetuated on wh L footpriuts of u slave shall never ugiin; n. Bishop Potter delivered the dedication ads dr Jovernor Pattison and Governor Flower then spoke. A poom was road, and then the cannon thundered 4 salute, and while the smoke rolled across the fields of the valley, the crowd dispersed. ey S Masonte Olicers lustailea, Vaiexrineg, Neb, July 2.-—{Special Toles gram to Tue BEgl - Tho Ancient Free gut’ Accepted Masons of this place installed thele ofticers for the cnsuing year in public lass evening. Worshipful Master W, L. Bullls presided; A. J. Stevenson of Norden was ine stalling officer and C. K. Gilson grand gulde, The following were installed: T. . Hornby, master; . M. Walcott, sentor warden; Firsh Lieutenant J. M, kunhurf. Sixth cavalry, Junior warden; George Elliott, treasurerj J. T. Keeley, secretary; James Mangan, senlor deacon; W. k. Effuer, junior deacomj H. E. Plaw, scolor steward; D. Peters, Junior steward ; W. T. Kiukaid, tiler, After iustallation rofreshments were served, the Sixth alry orchestra of Ford Niobsara furuistied the music for the entire evening.