Omaha Daily Bee Newspaper, May 24, 1895, Page 5

THE OMAHA DAILY BRE!‘ FRIDAY, MAY 24, 1893 { dition to our circulation, it is ubsolutely cer- a few cents morg! thin the bullion in a CARL]SLE ONE)N EST MONhY | would ultimately make any considerable ad- | toreq the prices of ail articles, the prices ] the bullion in a gl h}junr became worth ICATHERINC OF Cl—“‘:AT SIi“)S (Continued from First Page.) 7 made reasonably secire by the establishment | of stable governments and regular processes were authorlzed for the enforcement of pe- | cuniary obligations, credit or eonfidence | largely took the plices of buliion and coin in the commmercial transactions of the peop and a much smaller amount of metallic money was required in proportion to the wiole vol ume of business done than had been required | befor The us f credit in e forn n" bank notes, checks, bills and other evidenco. of debt has so increased in wmodern times that In all highly organized commercial eom munitites the use of coin, except in making | # tirely dispensed | ! use in the producing country does change, has been alm with, The psreentage of coin actively em- ployed In eonducting business in this coun- try Is so small that it is almost inappreiab 50 small. in fact, that its disuse In our trans actions would not be felt It we had a sub stitute for, or a paper representative of, the subsidiary pleces, In Eagland, France and some other countries u larger amount of coin is used, because they have no very small note Although we haVe the gold standard, measure of value, in this country, our actual stock of gold bullion anl coin amou to only about one-third of our actual currency a eondition of affairs which would have | Inconceivabie a few . We have | about $625,000,000 in gold ,873 in fulld legal tender silver, §346,681,000 in 0ld Unite States notes, $119,584,471 in treasury notes iseued fn the purchase of siiver bu 0 in national bank notes, and » coin, m of {he minor every dollar of th vast volume is kept equal in value to the stand. tablished by law, 8o that every man who re ceives a_silver doilar or paper dollar in ex- change for his products, or in satisfaction of a debt, gets just as good a dollar as the man who receives gold. This is the monetary sys tem and this is the financial condition which the advocates of free coinage at the ratio of 16 to 1 now prupose to revolutionize at once by a“change In the standard of value, so that the whole mass of circulation left for the use of the people would be reduced to about one-half the purchasing power it has now; or, in other words, so that it would require about double the amount of currency that is required now to perform the same service in the exchange of commodities. But the con- summation of such a policy would produce | tain that it would give us a depreciated and | fuctuating currency, and the question I8 | proquction since the year 1872, which was whether the producers of cotton, wheat, corn, buef, pork, oil, lard, che , and oth ex- portable articles will be benefited or Injured ¢ such a result. It is an axiom in rade that tha prices of exportable products |are fixed in the forelgn market wlhere the surplus is sold, and are fixed In the currency of that countiy according to its nominal value there. If sold in England, for illustration, the prices are fixed and paid In pounds, shillings and penco, and not in dollars and’ cents, and, cousequently, It | makes no difference to the forelgn purchaser what Kind of currency the producer has The character or value of the cur- ot the ce of the article abroad {to any extent , for the purchaser ! there trades in his own market und uses his own currency in measuring values, The es | tablisiment of a silver standard bere could not possibly increase the price of cotton | or wheat or any other American product in Liverpool, London, Paris or Berlin, what- ever effect it might have npon the nominal price in this country, If our monetary system were s changed that it would require $2 to purchase here the same quantity of com- litles that $1 will purchase now, It ould not affect the value or purchasing power of the English pound sterling, the French frane, or German mark in the least The only effect would be that the exchange would be doubled, and the pound sterling instead of being worth $4.86 in our currency pay a debt abroad th would have to pay twice as much in our money for the same number of pounds as they pay now, while the forelgner who wanted to make a remit- tance to pay a debt here would pay only half as much in his money for the same number of dollars as he pays now. But the exchange wonld be in a constant change of fluctuation, just as it has been between Great Britain and India on account of the changes in the prices of silver from day to day; and the American producer would be compelled to pay for the risk taken on accouut of the fluctuations by receiving a less price for his cotton, wheat, beef and other arfcles. The farmers and planters do not export their own products, but they sell them at home to some- body else who sends them abroad, and if the exchange is steady and the money in which he is to pay for the products has a fixed value relatively to the money in use in the country where he expects to sell them the purchaser here can afford to pay for the results more far-reaching and disastrous than | highest price that would leave him a the mere reduction of the standard of value, becausa, for a long time at | credit, which constitutes by far the most important factor In our financial and commercial transactions, would be substantially destroyed by the con fusion and uncertainty necessarily following such a great and sudden change in our mon etary system. INCOMPREHENSIBLE IDEA But it is contended by a large number of the advocates of free colnage—perhaps a majority of them—that the effect of their policy would be, not to abolish the present standard of value and substitute the single silver standard in its place, but that it would establish what they call bimetallism and a double standard. I confess my inability to understand what is really meant by a double standard or measurs of valu the idea |is incomprehensible to my mind, because I can- not conceive how it is possible to have two different legal and authoritative measures of the same thing in use at the same time, as for instance, a pound weighing sixteen ounce and a pound weighing eight ounces, or only half as much, and both declared by law to be legal pounds. I agree entirely with General Jackson's secretary of the treasury, who sald: “The proposition that there can be but one standard in fact s self-evident.” The proposition to establish and main- tain two different measures of value to be in use at the same time, and to be applied to the same things at the same time, embodies a physical and meta- physical absurdity, and this is so evident that the ablest thinkers and writers upon the subject have been at last forced to abandon it. " Prof. Francis A. Walker, one of the most distinguished bimetallists in the United States or in the world, in a carefully pro- pared paper recently published, says: But one thing more remains to be said In this connection, that is, in reply to the allegation of the monometallist writers that the course of events in France which has been recited did not constitute a genuine case of bimetallism. If these writers may be per- mitted to impose their own definition upon us, their contention can to a considerable extent be made good. What they say lIs, that France from 1803 to 1873 did not enjoy the concurrent circulation of the two metals, | but only an alternate circulation, now of one and now of the other, and this, they declare, 1s not bimetallism at all. Therefore, accord- Ing to their view, there is no great historical (nstance of the success of bimetailism. If, on the other hand, we may be per- mitted for ourselves to say what we mean and propose by bimetallism, the criticism in question does not touch our case at all. We fatly deny that bimetallism necessarily in- volves the concurrent circulation of the two metals. There is some reason to believe ‘hat the French statesmen of 1803 really ex- pected that concurrent circulation would re- sult, but no bimetallist nowadays makes the soncurrent circulation of the two metals in the same country a necessity of that sy tem. If it resuits only in establishing an Alternating circulation, the chlef results of bimetallism will still be achieved, as they were by the action of France. WOULD HAVE MONOMETALISM. This s intelligible, for we can all under- stand how It Is impossible to have an alter- nating standard and _circulation, sometimes gold and sometimes silver, and the monetary history of the world proves that this Is just what happens whenever the two metals are freely coived in any country and made full legal tender. Values will always be meas- ured by the kind of money in actual cir- culation, no matter what the law may de- clare, and, therefore, if th> free and un- limited coinage of silver at the ratio of 16 to 1 should drive out gold and substitute silver and paper redeemable in silver in its place, we should have a single silver stand- ard and actual silver monometallism. In- stead of using both gold and silver as we 40 now in larger amounts than ever before In our history, we should instantly expel the more valuable metal from the country and make the other the sole basis of our currency. We have now practical bimetal- lism—the use of only one metal as money. This is neither speculation nor prophecy, but 4 conclusion based on facts established by the experience of all nations in all ages. ‘The attempt to coin the two metals without limit as to amount into full legal tender money and keep both in circulation at the same time has ben made by nearly every slvilized nation in the world and has failed In every one of them. It has failed because In every imstance it has been found im- possible to establish and malntain a legal tatio correspording at all times with the Intrinsic or commercial ratio between the iwo metals contained in the coins, and be- cause whenever either of the metals was ander-valued relatively to the other in the soinage laws it was expelled from the coun- try. Bngland persisted in the attempt for acarly 500 years and, notwithstanding the mactment Of most severe penal statutes against the exportation of coins or bullion, was at last forced to abandon the effort and adopt the single standard. France, in her efforts to keep the coins of the two metals In circulation at the same time, changed the ratio between them more than 150 times in a single century, and finally, in 1876, finding that gold was leaving ber and that in ten years her net imports of silver had amounted to $280,000,000, stopped the coinage of legal tender ‘silver, aud for nineteen years the attempt has ben abandoned in that country. Many other nations in Europe and other parts of the world have subjected their people to great loss and expense by their adherence to monetary systems based upon the theory that a double standard could be maintained, but in no case have they succeeded in keeping colns of the two metals in use at the same time, except for very short periods. Our own country is pot without experience upon this subject, and the results here were just the same as they have been everywhere else. Ly the act of 1792, which was our first colnage law, the legal ratio between gold and silver was fixed at 15 to 1, when In fact the true commercial ratic was or seon Became about 15% to 1, and the result of this very small over-valuation of silver in the coinage was that gold went out of circulation and we had praotically silver monometallism until after the passage of the act of 1834 For the purpose of restoring gold to the elreulation, congress in 1834 changed the atio from 15 to 1 to 16 to 1, and as this was an over-valuation of gold in the colnage. silyer left the country, and from that time tfl 1878 we had practically gold monometal- Enu whenever we had any metallic basis @ all for our currency. B is not at all certaln that free coinage easonable margin of profit in view of the conditions existing in the market abroad. In other words, he has to incur but one risk— the possible fall in the price of the products abroad; but if the currency here is depre- clated and fluctuating, if our money has no fixed and certain value relatively to the money in use abroad where he expects to sell the products there is an additional risk to be incurred which will have great influence in determining the price he can afford to pay the producer. In addition to the risk of a fall in the price of the products abroad he must incur the risk of a rise in the price of silver between the time of his purchase and the time when he receives the proceeds of his sale, for if silver rises in the meantime he may not get back as many doilars as he paid out. The pro- ducer must pay for both of these risks by receiving a smaller price for his com- modities, and hence his prices will never increase in proportion to the actual deprecia- tion of the money in which they are paid To f{llustrate my meaning, when silver is worth 60 cents per ounce, the bullion con- tained in a silver dollar is worth 46.4 cents, but if the price of silver should advance to 62 cents per ounce, the value of the bullion contained in a silver dollar would be 48 cents —an increase of nearly 4% per cent. Now, the price of cotton or wheat will not rise in proportion to the depreciation of the dollar in which it is to be paid; that is, the pur- chaser for export will not pay for it at the rate of 48 cents for each dollar when silver is worth 60 cents an ounce, because he knows that silver may rise to 61 or 62 cents per ounce before he can sell the product abroad and get his money for it, and he knows that if this happens the gold he receives abroad cannot be exchanged for as many silver dol- lars as he paid the producer here. He will not take all this risk upon himself, but will compel the producer to bear it by receiving a less price for his cotton or wheat; and this argument applies with equal force to ali other articles. It is impossible to estimate accurately the amount of loss which this would inflict upon the American producers of exportable products, but it would undoubt- edly be very great, as the value of our ex- ports of domestic merchandise is nearly $870,000,000 per annum, and a small per- centage upon this large sum would very materially effect the incomes of our pro- ducers. CAUSES OF FALLING PRICES. It is argued that the existing standard of value ought to be abandoned because since 1873 prices of commodities have fallen, and will continue to fall, if the standard is main- tained, so that it has been, and will con- tinue to be, more and more difficult each succeeding year to pay debts; that this fall in the prices of all commodities is attribu- table to the appreciation of gold, and that the appreciation in the value of gold has been caused by the alleged demonetization of silver in Germany in 1§71 and 1873, the omission of the standard silver dollar from the colnage of the United States in 1873, and the suspension of the coinage of silver by France in 1876. It is true that the prices of many things have fallen since 1873, but it is true also that the prices of many things had fallen long before that date. The as- sertion that the fall in prices since 1873 Is due to the appreciation of gold alone is based upon the assumption that the rela- tions between supply and demand have not changed, that there has been no diminution of the cost of production and distribution, that the facilities for effecting financial ex- changes have not been improved, and, in brief, that the world has made no progress in the conduct of its industrial and com- mercial operations for more than twenty years. This assumption is so inconsistent with well known economic and historical facts that it seems scarcely worth while to give it serious consideration. Reductions in the prices of commodities are generally due to 50 many different causes that it 13 scarcely over possible to ascertain the extent of their separate influences. I presume, however, that even the mcst ardent advocate of free coinage would be willing to admit that the invention and use of labor-saving machinery, the extension of our railroad systems, the improvement of our water-ways and the great reductions in the rates for carrying freight, the employment of steamships, the use of the telegraph on land and under the sea, the application of electricity in the pro- duction of light, heat, and power, the utiliza- tion of by-products which were formerly wasted, the introduction of more economical methods in the processes of production, the wonderfnl advance made by our laborers in skill and eficiency, the greatly reduced rates of interest pald for the use of capital, and many other things which it would require much time to enumer ate and explain, have affected prices in some measure, at least, and yet they ignore all these great influences in their argument upon the subject and attribute the lower prices of commodities to & single alleged and inade- quate cause—the appreciation of gold. I pre- sume, also, that our free colnage friends will admit that if the change in prices has been caused _entirely by the appreciation of gold the reduction would have affected all things alike, because it cannot be denied that, in the absence of other Influences, gold must bear the same relation to the price of one article that it bears to the price of another, But we do not find that the prices of all things have been reduced in the same pro- portion, nor do we find that the prices of all things have in fact been reduced. It would require far more time than could be de- voted to the subject upon such an occasion as this to discuss the subject of prices in all its details, nor is it mecessary to do so for the purpose of this argument, because a very fow illustrations will serve to show the weakness of the contention that the decline is due alone to the appreciation in gold The conclusion 1s inevitable that various in- fluences have operated to produce these changes in prices, some affecting ome group of articles and some another, and doubtless some affecting but to no ome influence can the whole result be attributed. Cotton and wheat are the commodities most fre- quently referred to by those who contend that the fal in prices is due to the apprecia- tion of gold, but there is nothing whatever in the methods of producing those articles, or In_ transporting or selling them, or in the character of the money received for them, which would make the appreciation of gold affect their prices more than it would affect the prices of other commodities pro- duced by our people. In addition to the various causes which have more or less af- | of these two products have been seriously affectsd by the enormous increase in their the last crop year preceding the legislation In regard to siiver. The production of cotton In this country in 1872-3 was 2,974,351 bales eontaining an average of 439 pounds net weight, while the production fn 1893-4 was | 549,817 balos, containing an average of 474 pounds net weight, or an increase of nearly 200 per cent in this country alone, besides the great increase that has taken place competing conntries; and in 1894-5 the pro- duction hers was much larger, being nearly 10,000,000 bales, According to the statistic of the Agricultural department, the produe- tion of wheat in this country in 1872 was 249,997,100 bushels, and in 1894, 460,267,416 hushiels, or nearly twice as much, and there has also been an enormous increase of pro- duction in competing countries. But, gentle- men, notwithstanding the great increase in the production of cotton and wheat, here and other countries, and the consequent decline their prices, a given quantity of either cf them will now purchase in our own mar- kets and in the markets abroad a larger share of many other useful commodities than it would have purchased in 1872 or 1873, 50 that, in fact, as compared with many other things, the values of cotton and wheat have appreciated. WAGES HAVE NOT FALLEN The one thing which has becn less affected by the changes in the relation between supply and demand, by improvements in the melh- ode of production and distribution, and by o1 {the other influences which produce fluctua- it is now, would be worth $0.72, and when | our people wanted to make a_remittance 1o | tions in prices of commodities generally, is labor, and ft is by far the most im- portant single source of income possessed | by cur people, a much larger amount being expended every year in the payment of wages than for any other one purpose. The cost of labor in the manufacturing and me chanical industries alone during the census year 1880 was 283,216,529, which was nearly two and one-half times the value of all the wheat and cotton produced in this country; and if we add to this the amounts paid for farm labor, for clerical service and other work in mercantile establishments, for domestic service and for work on railways of all kinds, or water craft, on strects and other improvements in the cities, and in the many other occupations which give employ. ment to our people, we would have a sum almost, if not quite, equa} to the value of all our agricultural prolucts. It is evident, ther:- fore, that if the alleged appreciation of gold alone has caused a reduction of prices, the wages of labor, the greatest commodity in the market, should have fallen since 1873; but exactly the reverse is true. The argument that the teduction of prices is due to the appreciation of gold is neces sarily based upon the further assumptions that the legislation in regard to silver has produced a scarcity of redemption or metall'c money in the world, and that prices are fixed and regulated by the amount of such money in circulation, or availabie for circulation Neither of these assumptions is justified by the facts. The most exhaustive efforts have been made from time to time by the Treisury department, through the director of the mint areful examinations of the monetary ics of other countries, by correspondenc with our diplomatic and consular representa- tives abroad and with foreign financial au- thorities, and cth raise to arcert in the ¢ctual amount of gold and silver used as money in the world, and the result shows that there now more gold and silver in the aggregate, and more of each one of them, in use as full legal tender money than there ever was at any other time in the history of the world. The gold In use as money amounts to $3,965,900,- 000, the full legal tender silver amounts to $3.435,800,000, and the limited legal tender silver amounts to $619,900,000. The policy of maintaining, or rather attempting to main- tain, the so-called double standard never suc- ceeded in keeping 5o large an amount of full legal tender silver in circulation fn the world as there is at this time, and one of the prin- cipal reasons for this is that the effect of the policy was to drive first the coins of one metal and then the coins of the other into the coffers of the hoarders or Into the melting pots, because they were undervalued in the coinage laws and would not remain in use as money. One of the most effective arguments made by the advocates of free coinage, in some parts of the country at least, is that the people are in debt, and that it is the duty of the govern ment to relieve them by such legislation as will cnablo them to procure cheap money for the purpose of discharging their obligations, and in support of this argument the most exaggerated statements are made as to tha depressed and suffering condition of our farm- | ers, wage earners and other producing classes. This argument concedes that under the pro- posed system of free coinage at the ratio of 16 to 1 all the various kinds of currency in use by the people, including the silver dollar itselt, would be worth less than It is now, for, of course, if this is not to be the result money would be no cheaper than it s now. To assert that the people are indebt is simply to say that they have traded with each other on credit, that one part of our fellow citizens, relying upon the integrity and financial standing of their nelghbors and acquaintances, have lent them money on thme and sold property to them without demanding immediate payment in cash, and that in this they have enabled many people to carry on a useful business and live in comfortable homes who otherwise could not have done so. If it is a crime to lend money to a man who wants to borrow it, or sell ‘property on credit to a man who wants to purchase it, and has mno ready money to pay for it, let the perpe- trators be properly punished, but let us not involve the whole country in confusion and disaster and immolate the innocent and guilty alike in order to punish the real of- ferders. If our people are in debt they owe each other, and, consequently, about as many would be ‘actually injured as would be ap- parently benefited by scaling the obligations down to a silver standard. The indebtedness of the farmers, mechanics and other laboriug classes of our people, although large In the aggregate, is quite small in comparison with the whole indebtedness of the great railroad and manufacturing eorporations, the national and state banks, savings institutions, trust companies, insurance companies, building as- soclations and other organizations engaged In financial and commercial enterprises. These various organizations are indebted to the pecple to the extent of many billions of dollars, and, while it is true that many of the people are also indebted to them, their debts and creditors are not the same persons, and, therefore, the debts cannot be set off against eacli other and extinguished in that way. At the conclusion of Secretary Carlisle’s ad- dress there was another noisy demonstration followed by cries for Congressman Jos'ah Pat terson of Memphis. The congressman ac knowledged the compliment, congratulating the audience on the opportunity they had en- joyed to hear the able address of the secre- tary of the treasury, and thanking the dis- tinguished guest for the favor he had con- ferred upon the gathering. On motion of Congressman Patterson the convention then adjourned until 8 o'clock this evening When the convention reconvened at 8 p m. Judge H. M. Rose, chairman of the reso- lutions committee, presented the following re- port, which was unanimously adopted without debate: The people of the southern states who be- lieve the maintenance of a sound and stable currency to be essential to the prosperity of the whole country and the welfare of the people in all the vc s of life do, through their representatives convention assembled at Memphis on May 23, 189, make the following declaration of their matured convictions DECLARATION OF PRINCIPLES. 1. Believing a uniform and certain stand- ard of value necessary to the agricultural, commerclal and Indusirial develapment and prosperity of our common country, we favor the maintenance of all our money. whether gold, silver or paper, on a ity, to the end that'each dollar, whatever may be its composition, shall have equal purchas. ing and debi-paying power with every oths dollar, 2. Profiting by the exnerience of Wash- ington, Jefferson and Hamilton and the teachings of the great students of monetary science from the time when John Locke wrote to the discussion of the present dag we accept the truth of the principle now universally recognized and applied in the commercial world, tha the bimetallic stand- ard cannot be maintained where the ratio fixed by law for the free coinage of gold and siiver does not correspond with the market ratio of the two metals; and that wherever and whenever the legal or colnage ratio varies from the market or commercial ratio to an appreciable extent, the dollar, whether of gold or silver, which thereby bs. comes more valuable as bullion than as money, will go to a premium and retire from circulation. We saw this principle applied in our national experience when, under the act of 1782, which fixed the coln age ratlo at 15 to 1, gold retired from cir- culation because of ‘a slight decline in the price of silver in the open market, whereby silver dollar and was therefore sold as a o2t ias Wortn more. a8 bullion than as moneyi and again, under | the act of 1884, which fixed the ratio at 18 | to 1, when the silvet obin retired for a like reason. We are, therefore, opposed to the free, unlimited and indep=ndent coinage of silver at the ratio of 16 to 1, when the mar- ket or the commetgial ratio Is more than commodity, becau 30 to 1, and the difféferice between the bul | Parade at Kiel Will Be the Largest Naval | Pageant of Modern Times, lion value of a goill'and a siver doliar is | about 60 cents, on the ground that such | ENGLAND WILL LEAD IN TONNAGE action, instead of resforing the bimetallic standard, would inevitably result in silver monometallism ARE NO BIMETALLIC COUNTRIES At this time tHeré fs no country in the | 1 which maintains the bimetaliic stand- ard, and nejther i8 there any country where the' free coinage of silver obtatns which is ot on a silver basis. Kach country, on a ount of its Inability to adopt independently any bimetallic standard, must elcct for itself which it prefers, the 1 or the silver standard. We therefore favor, in the ab sence of internationial co-operation, the tention and maintenance of the existing standard—because a change from to the silver standurd would have to repudiate all public and private tions to the extent of the differen, tween the bullion values of the gold and silver dollar; beca whenever — such a change should be serfously threatened it would cause an immediate attempt at col- lection and liquidation of all debis in antici- pation of the result it would produce; be- cause such transition from the gold to the silver basis would destroy public and pri- te confidence and would involve the coun y in such a_panic, confusion and distress t that the products of agriculture 1 the wages of labor would be unremunecrative, the business and comm would becom unprofitable and our people engaged in in dustrial occupations would be thrown out of employment; because there Is not a pro gressive, an enlightened country in the world which has not ted gold as the preferable standard; becauss go.d standard countries retain silver in their circulation on a parity with gold, whercas there no ilver standard country which does or can utilize gold as money; because there 1s not a silver country on the globe where the wages of labor are suflicilent to sustain the working classes in comfort and Independ tnee, and finally, because the high destiny | of the United States demands for the use of the American people that money which experience has taught mankind tu be (he best suited for the promoation of commerce, the development of manufactures, the en. couragement of labor and the advancement of civillzation. READY TO JOIN OTHER COUNTRIES 4. We would rejoice over the adoption of real bimetallism, but in view of the con- tinued fluctuations in the price of silver in the open market we realize that it is impos- sible for the United States, independently, to adopt a bimetallic standard, and wé deem it unwise and hazardous to the best interests of its people for this country to | . "xmn g In Line to Equal the FPeeries Minneapolis In Point of Speed — Itallan Boats Mount the Heaviest Guos. | WASHINGTON, May 23.—The naval dem- onstration at Kiel, on the occasion of the opening of the Baltic canal, according to the | present program, promises to eclipse anything of a like nature ever witnessed in Burope A table prepared by the naval intelligence | office shows that in addition to the numerous fleet of Germany there will participate in the naval prade no less than forty-five war | ships from foreign ecountries, representing | every type from the stately battle ship to the little gunboat and torpedo cruiser. As might be expected, Great Britain easily takes | the lead in tonnage, although Italy will send one more shi, the British fleet numbering elght ships, while the Itallans mave nine The British vessels have a total tonnage of €9,310, as against 58,331 for the Italtan ships. The British have also the largest vessels, sending four monster battle slips, each of 14,450 tons, nearly 400 tons larger than cur own fine battle ships of the “Italian class. They are armed with thirteen and one half inch guns. But two of the Italian ships {exceed this battery, the Lauria and Doria rrying the largest’ guns afloat, of a calibre of seventeen inches. The British flect will consist of the follow- ing ships: Battleships, Royal Sovereign, Empress of India, Repulse and Resolution; protected cruisers, Blenheim and Bellona, and the torpedo vessels Speedy and Haleyon. The Italian fleet, next in strength, fncludes the four battle ships Sardegna, Re Umberto, | Ruggiero di Lauria and Andrea Doria; the | protected cruisers Stromboli and Etruria, and | the torpedo vesels Aretusa and Partenope, and | the royal yacht Sovia | OUTSPEEDS THEM ALL. Next to Italy and third in the list in ton- ALtornt 1t eatabiisnment. We favor’ the |N3ge comes the United States with the arm r.d policy of this country standing in the attitude of v ness _at_all | times to co-operate with powers in any policy they may inaugurate looking to the adoption of true bimetallism, but in the meantime, and until successful co-operation is assured, to maintain inviolate its exist- ing standard of value, 5 We favor the retention as part of our money of the silver now coined, and, in order to give a wider field for the us: of silver, we favor the funding of all money other than silver and silver certificates be. low the denomination of $10 into higher denominations, so as to make our entire cireulation below the denomination of $10 either ilver or silver certificates, and to this end the secretary of the trea Y should be authorized by law to coin from time to time, as the people may require them, silver dollars, until the demand of commerce for money’ below the denomina- tion of $10 is at all times satisfie 6. We reaiize our natipnal banking system was adopted during a tfme of war and that it is not adapted to existing conditions. “We therefore favor such legislation as will se- cure to the people a s m of banking sur- rounded by such safeguards as will at ail times furnish them,a safe, elastic and suffi clent currency for the transaction of thelr business. 7. We ot too highly commend the un. flagging courage and sturdy patriotism of President Cleveland in. his efforts to pro- tect the national honor and to maintain the public_credit during a period of great finan- cial igtress, and under such condition which threatened danger to both, and we congratulate him and-the entire country on the evidences of returning prosperity. The reading of the resolutions was frequently interrupted by applause. Resolutions endorsing the work of the re form committee on sound currency of New York, and urging the organization in the southern states of sound money clubs to carry on the campaign begun at this convention were also adopted. In response to numerous calls, Congress- man Patterson made a speech on the work of the convention. At the conclusion of Colonel Patterson’s remarks a resolution was adopted authorizing the appointment of a committee of one delegate from each state represented to superintend the distribution of proper sound money literature. The convention then adjourned sine die —_— PRODUCTION OF PRECIOUS METALS Gold Output the Largest of Any Year Since 1878. WASHINGTON, May 23.—The director of the mint in a etatement made public esti- mates the production of gold by the mines of the United States approximately during the calendar year of 1894 to have been 1,910,800 fine ounces of the coining value of $39,500,- 000, an increase over 1893 of $3,600,000, which is the largest amount produced in any year since 1878. The production of silver for the mines of the United States is estimated to have approximated in 1894, 49,500,000 ounces of the coining value of $64,000,000, showing a decrease as compared with 1893 of 10,000, 000 ounces. In the production of gold Cali fornia leads with an output of $13,570,000; Colorado is second with §9,491.000; Montana third, with $3,631,000, and South Dakota, §3.- 209,000. Colorado heads the list in silver by an output of 23,281,400 fine ounces of the coin- {ng valuc of $30,101,200; Montana second, with & production of 12,820,000 fine ounces, fol- lowed by Utah with a production of 5,882,000 fine ounces, and Idaho with 3,248,500. At the average price of silver for the calendar year 1894, $0,565, the commercial value of the sil- ver product of the silver mines of the United States s §31,432,500. Forelgn Mail Sarvice Will Not Be Curtalled. WASHINGTON, May 23.—Second Assistant Postmaster General Neilson says that there {3 no truth in a story which has been published that there will be only one trip a week with forelgn mails after the 1st of October. cruiser New York and the cruisers Minne- apolis, Columbia and Marblehiead, aggregating 25,080 tons. 1f Great Britain and Italy can boast of the largest and most powerful ships, | the United States can easily claim the championship in poiut of speed, for no foreign ship comes near the peerless Minne- applis with her record of 23.073 knots, even the fleetest torpedo vessels at the show, the Italian Arctusa, scoring but 20.7 knofs at her best. Russia stands No. 4 in the list of tonnage with three ships, the battleship Imperator Alexander IL, the coast defense ship Gro- ziastichi and the armored cruiser Rurik, a total tonnage of 20,896, Of the great Buropean naval powers France makes the worst showing with only 18,798 tons, made up of the battleship Hoche, the protected cruiser Surcof and the twin screw armored cruiser Dupuy de Lome, cele- brated for the great number of unsuccessful trips she made in the effort to make speed, and now only rated at twenty knots. Spain press>s France closely with thres ships, the battleship Pelayo, the armored cruiser Infanta Maria Teresa and the pro- tected cruiser Marquis de Kncenada, having a total tonnage of 17,822, Austria has five ships with a tonnage of ,890, including the ar- mored cruiser Kaiserin and Konigen Maria Theresa, the protected cruisers Kaiser Franz Josef and Kaiserin Elizabeth and the tor- pedo vessel Trabant, the smallest in the parade, being of 530 tons. Sweden sends three ships, the coast defense vessels Thule and Got and the gunboat Edda. Norway sends two ships of 1,693 tons in all, the Vik- ing and the Slechner. Roumania is close be- hind with two ships of 1,633 tons, the crulser Elizabet and the training vessel Miroca. Den- mark will have protected cruisers in line the Helta and the Geiser, total tonnage 2,600, and Portugal and Turkey will have only one ship each, the former being the armored cruiser Vasco da Gama of 2,422 tons and (he latter the cruiser Heybotnouma of 1,960 tons. HAS NOT FELT THE DEPRESSION, thoe Hard Times Everywhere. WASHINGTON, May 23.—Fears of trouble between Chili and the Argentine Republic over the boundary line appear to be overcome by the annual message of the president of Argentina, which has just been received here. It was sent to the congress which met May 2 and speaks of the satisfactory progress of negotiations with Chili. The president also | refers to the settlement of the trouble with Brazil over the missions territory through the arbitration of President Cleveland and | says that the arrangement promises to bring about a renewal of the strong alliance formerly existing with Brazil. | President Uribari reports that in the midst of the world's depression Argentina's revenues largely increased last year. The total value of exports was $102,000,000, or $9,000,000 in excess of the imports, showing that the balance of trade remains on the side of the Argentine. R4 Sir Julian Cleared Up Many Pelnts. WASHINGTON, May 23.—Sir Julian Pauncefote, the Brtish ambasssador, called at tho State department and communicated to Acting Secretary Uhl important advices just received by telegraph as to Bering sea. It embraced a full list of all Canadian sealing vessels which have cleared for Bering sea together with their equipment and all nece: sary information to permit the American authorities to act intelligently. Sir Jullan also took occasion to clear up some misap- prehension as to the DBritish naval vessels which will patrol the Bering sea. The con- ference with Sir Julian was very satisfactory and put a more favorable aspect on the Bering sea question. than your labor, though. from time to time, Send ! it Back Peddlers and some unse me as Pearline.’ scer sends you something in place of Peatline, be 000000000000006300 would make a suicide smile, Argentine Republic Flourishing In Spito of | DUFFY’S FURE MALT WHISKEY. All Druggisty Sew 3¢ Fon DWTmEpmmTME Conn Bros PLE PACKAGE Soue Aqtus Pane Do AN I de— Dpynay Plog. 1t is prepared with the utmost care and skill from the choicest leaf grown ; possessing a flavor and substance that makes it dear to the heart of every tobacco chewer. It is made by the oldest tobacco manufacturers in America, and the largest in the world, and cannot be excelled. Try it. You'll agree with the many thousand discriminating chewers who use it exclu- sively, and pronounce it much the best. XS Isorillard’s. Makes hard water soft | —Pcarline. what that means to her. \Washing in hard water i so difficult. and the results so poor! Pearline reduces the labor, whether you use soft w ine, and it's just as easy to wash with hard water as with soft water —and the results are just as good, Every woman knows just ter or hard. But use Peari- Pearline saves more things We'll tell you of these savings Keep your eye on Pearline “ads.’ pulous grocers will tell you ** this is as good as® 'S FALSE~Pearline is never peddled w JAMES PYLE, New York, S———— “GetaGlass! “Quick" Tots of snap and vim in this HirEs' Roor- There's lots of pleasure and good health in A delicioas drink, a temperance drink, a home-made drink, a drink that delights the old and Be sure aud get she genuine HIRES’ ootbeer A 25 0tnt package mates S gallons, 8ol everywhere, The Chas. E. Hires Company, Philadelphia, Pa, 000000000000000000000000000000000000000000 GERR0000000000000000000 .0.000000.0..0“..”."; $ FRANK B. STOCKTON is the man whose stories you want to read when life looks His quaint humor prospective Stockton has never written anything more delightfully characteristic, more quietly, deliciously funny “THE BISHOP'S GHOST.” which will appear in THE BEE Saturday, May 25. Read it if you want to appre- ciate to the fuli the possibilis ties of this master of Amer« ican humor. Golonial Comfort-- It you want a chair with some smack of age in its de- sign look at this engray- ing. In this 18th century frame work ysu may taste the exact com- fort which your fore- fathers’ en- joyed a hun- dred years ago. And go It Is not to be de- spised. Every one who has not in his house one of these old-fashioned high back Colonials has something well worth saving his pennies to purchase. At first sight & wooden seat is inimical to luxury. But the handicraftsman of 1800 understood how to hollow out a “dug” seat and shaps it to the exact bearings of the body. It is surprising how much more comfort- able such a shape chair is than the more yielding, but more tiring, upholstered seat, We have over 100 patterns of these Colo- nial chairs. The frames are ornamental, with marquetry on the seat, arms, legs and braces, while the back fs inlald with tors tolse shell and mother of pearl, The designs are exact coples of famous orlginals, Chas. Shiverick & Co* Furnituze, Upholstery and Draperies, 12th andDougl NOTICE OF RECEIVER'S SALE. Notice is hereby given that pursuant to an order of the district court of Douglas county, Nebraska, entered on the 9th day of May, 1895, in 'a i i sald court, whereii W ce is plain- Uff and Wallac mpany, incorpor- ated, §s defendant, I will on Monday, the 2Ith "day of May, 185, at 2 o'clock p. m, of said day at the place of busine Wallace and company, incorp. A ) number 411 South Tenth street,in Omaha, Ne« braska, sell at public auction to the high- est bidder for cash all of the assets of sald Wallace and company, incorporated Baid assets consist iu part of saloon bars, back bars, mirror frames, beer coolers, etc, all belng manufactured by the said Wallace and company, incorporated, a complete outs fit of improved wood working machinery, together with shafting and beltiing and two Detroit electric motors of fiftecn horse- power each, the office furniture and fixtures and a lot 'of raw material and partially manufactured stock. Sald property may be inspected at any time during business hours and the unders slgned is authorized to sell all or parts of sald property at private sale at any time prior to the date fixed for public sale, Sald sale will be conducted according to the instructions of the court embodied in the said order which will be found in the office of the clerk of the district court or @ copy of the same mAy be Inspected on the above premlises at any tine during business hours. JOHN JENKINS, M-13-17t m and Recelver,