Logansport Pharos-Tribune from Logansport, Indiana on July 23, 1896 · Page 4
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Logansport Pharos-Tribune from Logansport, Indiana · Page 4

Logansport, Indiana
Issue Date:
Thursday, July 23, 1896
Page 4
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Jotio Gray's COBNER. On new fall nopds. \\'li-lle mnuy inei 1 - c-tauts are stuck on uiwcjisoiiable good? and are iislns every menus possible 10 put tlii'iii onto their customers, John Gniy comes to the close of tlic season 5n gniro! shape; nml !s able to take advantage ot' tlie vary lo-w Eastern markets for cnsli and selves his cnstomors Clean now fresh goods away below olil carrtetl over stcx:k. - r. S.—Come ;nid See tlie dlitei-cnc".'. DAILY JOURNAL. ud every day In the week (except Monday) by the Lojr^nsport Journal Company. W. 8. WRIGHT ~..President. 'A. HARDY Vice President C. W. OKAVE8 Secretary •. B. BOYER..., Treasurer Frlce per Annum..... .14.80 Price per Month « Offlolal Paper o.( City and County. (Entered as second-class mall-matter at the Logansport Post Ofllco, February 8. THURSDAY, ,1UI.Y 1890. REPUBLICAN TICKET. Vor 1'rcsiileiit. WILLIAM McKIM.TJY .US. ofOlilo. For Vloe-I'reslilwnt, OAJIUETT A, HOHAHT of New Jersey. Tor Govrnior, JTAMES A. WJt" XT of Montgomery comity For LliMiteuitnt Governor, W. S. J1AGOA.KD r.r Xl]>|>«<:i>noi! County. For8eiT«tury of StJite, WILLIAM U. OWEN of Cns* County. For Auditor of Sitftti-. AMEinCfSC-WAlLKYor ttooiio county. For Tr<Wf*iir«.'i' ol'Stut*?, VBED J. SCJ1OL/ of VitiHlerberg comity. >'or Attorney General, WILLIAM A.KKTCH AM of Murlon county For Keportnr of Siiyreme Court, CHAKLES F.KEMl" of Murtholome tv ,/or Superintendent of Pnlilic Instruction, 1>. M. O.EKTIXG of llnrrlMon county For Stiite Stiitlnticnn, S. J. THOMPSON of Shelby county. For JiulKeanf tliti Appellate Court, VlriitDlKtrlct, WOO»1"O«I> KOBIKSON of C Ibiton county Second District, . W K.HENLKI of Jluith county. Third Dlxtrlct, D. IT. COMXTOCK of Wayne county 1'ourth District, JAMES I*. HLACK, of Marion county. Fifth District, U. /, WILEY of B«Miton county. Electors »t Lnrjie, B G. THAYKK, CHAS. i'. JONES. . GEOBGE W. STJKKliE, For Joint Beprcucnhitlve, WILLIAM T. WILSON ofCasM county. for Berrc«nt.itlve-CUAKLi:S H. LO>'«SWELL. rot Prosecutor- CIIAKLKS 11, MALE. »or Cferk-JOSKPH G. GKACK. War Trea»urer-JIENJAMIN y.KEKSLIJfG Tor 8l»rlir--I. A, ADAMS. jrorSurveyor-A.«. DOU1> for Coroner-UK, J. A. DOWNEY. For AMemtor-JOSKPH UAKB. ••or Commissioner, Flr»t DUtrlct-JOHN GKBKAKD. »or Commissioner, Third Dintrlct— ABRAHAM SHI1JELEK. COMPARE THEM. "The Republican party Is unreservedly for sound money. It caused the enactment of tlic law providing for tbe resumption ot specie payments In 1S"9; •luce then every dollar has been ns good u gold. "We are unalterably opposed to every measure calculated to debase our currency or impair the credit o£ our country. We are therefore opposed to the free coinage of silver except by International agreement with the leading commercial nations of the world, which we pledge ourselves to promote, and until then such gold standard must be preserved. "All oux silver and paper currency must be maintained (it parity with gold, and we favor all measures de- rtgned to maintain Inviolably tbe obligations of tbe United States and all our .money, whether coin or paper, at the present standard, tbe standard of the most enlightened nations of tbe earth." —Republican platform. "We domand the -free aud unlimited coinage of both gold and silver at the present, legal ratio of 1C to 1, without waiting for tlic aid or consent of any other uatlon. We demand that (.he ' standard ' silver dollar stall be a full legal tender, -equally with gold, .for all debts, public njtf private, and we fav- .or such legtolatioQ a* will prevent the demonetization of nay Uiud of legal tender money by private contract.— Deino- :jrntic platform. , We demand free und unlimited roin- ace of silver and gold at tire present le- Ral ratio of 10 to J,— ropultet platform, 1802. We hold to tlw ns.e of both gold and silver, as the standard . money of the . country, and to the.eoJuago ot both gold and silver, without discriminating against either metal or charge tor mintage, but the dollar unit of coinage of both metals -must bo of equal Intrinsic and exchangeable value or IK adjusted through later-national agreement or by «uch safeguards of legislation as elinll Insure the 'maintenance of the parity of tlhe two metal* and the equal power of evei f dollar at all times In tbe /nark- kept at par with and redeemable in such coin. AYE MUST INSIST UPON THIS FOI.JCY AS ESPECIAUA" NECESSARY FOB THE PROTECTION OF THE FARMERS AND LA- r.OKlNO CLASSKS. THE FIRST. •VXD MOST DEFENSELESS VICTIMS OF UNSTABLE MONEY AND A FLUCTTJATINO Democratic plaU'onu, 1S02, SILYKK OYK Supply :u:d (li'ina.iMl! l! I* a law usji%; movable as HHJ evwi.-i.-st.hi-s hilte. Tlwt this law of supply a.iu.1 dunuvud regu- Ian.* umd controls fb« value of every- tiling !•< iwt to Lie ilispnitod for :ui i.n ; .sftHit. No -se-uslbli?, wo-ll-iji'forinod'iuaii \v.!ll K,-iJ.n*iy tlie fact. If, Hicii, It be iulinl't.ieil tluvt such is uhe law, Iftt us Icwl; into tho facts as re.sa.rds the silver qiKWiJon. iwid see to whnt extent tlio law of supply ami demand affects tliis metal, R is presumed trluit tlic Jlpunvs fii-iiit nut l>y l.lie director of tihe United is inii'it we as wsu-ly corred: a,* it i-s :M>le to make them. Tn 1S40, the ,„ |.h,e dAscovery of jrold at Slitter's Mill in OaiMifomt-.i. Mm twwluotioiii of -old in iilw Uiiitii.1 Stales was lu round lijruros ¥40,000,000. In tho • Rune year there was but $50.000 of silver produced. Tho pwduot-lon ot golil JH- ci-avscd uittil to 1S57 it reiclied $r>D,'OOC.- 000. In t-.lio eovrespondiais period tbort was no perceptible hn-rease in fhq-;.pj.'o- du<:::toni of silver. In 3S3S, However.' t.lip production of gold dropped oft to. $.-,0,000.000 wIiilSo -S.jOO.000 :n..sliver was produced. In tilie two, succeeding yoass tliM-o was a falitas off lu the pro- 'duc-tiion of the white mctnl, but iu 1S01 l:hcrt' was a,u enormous increase in tli.e lirodiielioai, .lumping- from ¥150,000 in ISfiO to ¥2,000,000 In 1SC1. Prom t.b;u tniw to tlic pvtiseait the value of tlio si-1- vcr produced, though it steadily fell In prioc because of the enormous increase ini t.ho supply, rose from Uio figures quoted for ISO], to yT4.9S9.9000 iu 1S9D the hist staitfetlcal report obtainable. At t.ho «iime time the value or Hie go-Id pioduccd remained about mo smnc ?J3,000,000 hi 1S01, ¥33,000.000 in 1S02. There is room for study in this slnto- moirt. It will bear tlie cnrerul consideration of the eminent political nconoiwists of tlic Ti'ltaau-Bland stripe whose judgmonit is certain and sure that in regard to -tjlic tariff the law of supply and ilonMind has more to do with regulating Hie price of the articles we buy tliau k dooi? with fixing the price 'of silver. •\VAS PUBLICLV DONE. The data is made that the law passed in 1S73 closing the mints to silver.-was' passed by stealth, amd without discussion. Senator John Sherman, who voted against the measure, says in his Memoirs "never was :i measure p«l)- llslied more often, or discussed at greater length." The fact ts the Senators from silver State.?, whose sulchcs'-weru not then producing money metal, voted for the drofxpluK ot the while inelal, for rho upholdiiiK of the National credit and the best pood of the people. Senator Stewart declared at that thnc for gol'd. Ills State, Nevada, hassfrnce become the silver empire, and Stewart Ls now a silver iMiron. When the law was passed, after being up for three years, theft were about 1,000,000 silver dollars In America, and only about $25,000,000 in gold. At that time, very apparently, s o!d was doing'alll tlie work. The Government Imcl not yet. resumed specie payments, nor was this" done, for six years, tvlicm silver was/again made' n full legal tender, and the purchase of silver bullion began. At the present time silver,'or its. equivalent, is doing Its -healthy share ot the work. The population of the country lias doubled since 1S73. In that time tlie amount, of money in clreulatlcui has twice doubled. There is now two times mo amount of money in use. lu proportion to the population, that there-Vas in. IST.-J, and tlie amount of credit business transacted is InP.niteJy gre-.iter in volume than that done twenty-Qve'years ago. If..a withdrawal of part of tlie cnrrcocy iwas de mamled, there would not;l>e siicli evidence of a desire to bcucuiia few at the expense o.f the government;' as Is shown in the sllvcvltcs 1 proposlflon.. FREE TKADE IN CANADA. The free trade tone of the .elections in Canada causes no enthusiasm in England. Tho mother country sees in .•i relaxation of a liiprli tariff in Canada, the gaining for Americans of the tradl; with the Dominion that England now possesses. The Canadians -|iave_.thc right Idea of protection, andiliave discriminated by tariff duties agfclnst outsiders, but in spHe of dutk'3,a.meriean manufactured articles afe sold In Cau- nda in greater quantities'limn English competitors can hope to si'll/'/rhe coming into power of a party itt'-the Dominion that favors tlie abolishing of the dlscriimiuations against '.American manufacturers tliat now. cxfet, 'nwst certainly disturb the Engllshmeu who want the Canadian market, for, themselves. iEven -.in Australia,,; Nij'W Zealand-and other of the English aolonles, the wares of America long ago su^p:a,iit- cd the products-of-Brltlsh'maker^Efag- lawl favors protective or discriminating tariff laws'In her colonies whose mark ets she wishes to retain ^for Tier A return to,free trade In Canad4s .E SAM AND THE I!AT 10. There are voters wlm wil not release the Idea thai the government can t-stah- lisli tlic ratio between gold and sliver. } .They cling to tbte argument with all the more U'uaeify b«&iiusc (hey realize ijinit to lose tiiciP;.hoki on it is to let down UK.' whole sjt| m '' • s ''"K'iui'C about their ears. '.Chi; A'ovcrU'm^nt eanr.ot govern the trade ruliitibus of any two commodities for a single moment. The relative prices arc ruled by the nriliu- ary factors, supply .ind (IcnulDd, and 'other causes. Only wiicn the stamp nf the mint is placed on I lie metals do they cease to become commodities, but the relative values as metals cannot be changed by any number of stampings, guarantees or proclamations. Stamped _-old and silver Is simply a medium, and the stump is no more than a guarantee, that the metal contained In the coin is of a certain degree of fineness, of. iin agroed welght-nnd backed by a living ivdobiiM.'! 1 . Tlje coins arc only used In small transactions, so to speak, bars being preferred for convenience wlion tlie big exchanges .are made. INDEPENDENCE. Bryan, the ronucratic infant recita- tioiilst, said: "Our ancestors; when but S,000,0<10 had the coTiragfi fo declare t'.ioir political independence of cvciy other nalloii upon earth. Shall we, their descendants, when .we have grown to 70,000,000 declare thai w.o are less kfrfcpcwTonB than our forcfath'urs?" '- • Tlio question of human and political liberty is not'one of trade relations and value stiimla.nl. The financiers of 1702 did not act: ijulcpVudently of tlic vest or the world. There can be no coinage ac- Hon by one com)fry that does not affect rival mil ions, and when the proposal step Is a ehainjft; of -money standard, foreign powers may combine to aid or tn block sucpcBs.. ;j:;ilk ot indcpoudcnt action for blmewlTteni- sounds well from boy orators ami older demagogues, but to urge that- wu--])rudent forefathers wont about rhYfixIng of Hie ratio-'of gold to silver without visiting arid studying conditions over'(he sea, Is a plain attempt to pass, debased oratory. ISSUES t>ULL TOGETHEn. There Is no halting or. hesitation In the 1 onward sweep of the Republican party. Every issue has.been faced with courage. The National committee has decided to-Jnake the fight this year on sound money and the preservation of the national honor. The motto ''will .win. The tariff Is not to be lowered,In ..prominence in the campaign, however. The Protection plan Is our underlying strength, as well as our sound 1 money declaration. . The issues pn" well together. DEMANDS WHAT EXISTS. The Democratic platform secks.to deceive by demanding that ihe standard silver dollar.lie made full legal' tender, when it Is well known that that coin is 1 a-nd has been since 1S78, full legal tender for nil debts, public and private. Many have .been led to believe, by the trick of so wordi-rig the platform, that tho'standafdT.'sTtvjsr dollar is not full legal tender. Did Coin prepare the Chicago money plank? . ... Thorn is a nation that.carried onj.its nffairs for .contuvles. without regard for the systems af-other governments: The men of flint country still wear pig-tails, and do everything as. the ancients did.' There is a faction that asks this Ration to set..up..a. system «P9- r ;t fr 011 ; trading countries on whom.America 1*' dependent. The,, leaders .of.'this .party.' .will be 6luit;,o.ut of the political field us their follow .waJl-builders have been expelled f-rom ^America, by the law of a thinking ballot. It is not at nil'probable that the pexJ House wlllvuave.a majority favorable to the free coinage of silver at a ratio of 16 to 1. When It becomes a demonstrated fact that there is no danger of this country" adopting the-silver standard.In couducttojg'.the btuslness-.of the country, prosperity .wJU.eonie again and, with lower taxes-on.the necessaries of life, every klncf of business will boom'again. —Pharos' editorial, March 12, '(W. lu 1SOG, wliile Thomas Jeffiersou, why furnishes traditions of all kinds for old. line Democrats, 'was-President, il was reported tliat silver dolla.rs were beiug withdrawn -frOrn banks to be-exported for sale at the market price of-the mot-, ail. What di'd the revered Thomas do? He Issued an- order stopping the' coinage of the-doJiarof the daddies that the eilveritcs- talk so imicli, about, and no- liio.re of 'them' were- coined for thirty, years. • '•'•'' •'•,-•:•• - ' ' It is uawise'to allow the,-enemy to overshndi>W'tVie'tariff l&sue with a. Top- ulist mnTie-sh'ift.-takea up to supply a desperate Democratic wont, -j The Naw-XaiiJ.ourjial supports Bryan. That-paper had'already eataljllshed, a re.ptitatloff'as something ^unique in journalism/- ; ' » As was-pre-arranged,.. Populist Bill Bryan will be aided by the tetter forces ' SOME FACTS About the Silver Question and Low Prices. NON-PARTISAN VIEW ' ~~—^^~~~ Silver Coinage of the United States as Shown by the Official Reports, By John B. Conner, of the Indiana Farmer, Indianapolis. What Arc the -Foctn About Silver anil tow I'rlcci? Whether-.thifl.party or that one shall bo voted np; or down, is not half so important as that we shall be sure of the effect of this or that public policy upon the prosperity of the people and the. nation. No fair.nian wants to be wrong about thftqaestions effecting the general good. No one can afford to be wrong. A careful reading of the historical facts and official reports in regard to tlio coinage of silver, and the results under such coinage, have impelled the writer to present these facts to the pnblic. Let it be said at the outset, that this is not intended for those who are under the fury ..of such 'prejudice as has entirely destroyed their confidence in their fellows, and who' do not believe the official reports 1 as they have como to us in the past CO years. It is for those who honestly want to learn • the facts, but have not- bad access to the great piles of records through winch they are scattered during 00' years .of tlie history of the nation. • ; . Let it be said, furthermore, that this is a compilation of'the facts/rather than an prgumeut. It is assumed that tho reader is.iutelligent, and am apply the facts, aiad.make such deductions from them, as will enable him to detect the wrong 'statements, harangues, and the the arts pf'the demagogue wherever ho sees or hears them, • ,| Wliy tho Itatlo \Va» FIxoil ot 10 to 1. . As,the ratio of the present silver dol- lar.tb goid.-was adjusted by the act of congress in 1834-7, it is hardly necessary to an understanding of this question to go back of that date. The first question is/why was the ratio of silver to gold by the act of 1834 fixed at 16 grains of silver .to 1 of gold? The reasons given were that this was the ratio of the val- .no of the two metals in tho market before coinage. It seemed to be on honest adjustment of the ratio for coinage,.and for. this reason alone it was so fixed. But as the purpose of this article is chiefly 1 that of quoting the facts of history, th'e statement of President Thomas Jefferson is liere given. He said: " "The proportion between the' values of gold and silver is a mercantile problem ' altogether. Just principles, will lead' -us -tb disregard legal. proportions altogether and inquire into the market •price of 1 field in tho several countries with'which we shall principally be connected in commerce and take the average of them." Here'Mr. Jefferson lays down the doctrine- ofr'unternatiohal agreement for bimetallism,; in his allusion to the fact that the' price, or ratio, must bo considered in connection with "the several countries with which we shall principally bo. connected in comraorce." The inexorable -law of supply and demand furnished .the reason for the ratio of 10 to 1 ifl.:1884;. Both metals from the mines' were, in demand in the markets .then at these relative prices. i.>-. Naturally congress said by tlie coinage act of that year, as commerce and traf- .flc'iu ,the open markets of the world had fixed- the,, relative value of the two luetufc. it was fair to make that the coinage value.. And so the coinage •act of 1884 was passed. But it wag soon foiind that, at this ratio silver was under-vaiuod, and it went out of circulation. 'Is it asked why? The history of the times show that the 412>£ grain silver dollar .was w-orth SJ£ cents more than the gold dollar at the ratio fixed,and as millions of dollars worth of silver was con&tautly-boing used in manufacturing gilTe'r -plate, and .other goods, it was cheaper to melt up the silver coin and -nse' it. than to. buy tiw silver bullion, which for, the same number of pounds wo* higher in the market. And so the silyeivdollar went.out of efrcnlatioa.. Down tfi 1853 all dbllaw a^|ubf<IHaiy 6ilwer coinage was. a'.togal teidwiin any amount.. Bat the net of 1853 limited the, legal .tender power of .subsidiary Biiyer in pjjj-ment of oMi&atfohg to ffr.OO, .and alsoDeduced tho •weight in the half dollar,"7qparter "dollar, 'and diB», in orS*r',".fo,]feep.it in circalation at home,, an'd 'prevent its being melted up for commerical use. .Ihe undervaluation Vsavjsriji'tlJO' coinage act of 1S34 bad put the country on the gold baafa,.and onjy.gold and paper dollars! were ta dreijlfttioti,., though tor convenience of cbange'iu'trade silver in five cent ooio», dimes ..and. quartew and halve* wire stillju nge The' iProU uotlon of SUnti The average y/fearly production of Highest of all in Leavening Power.—Latest U. S. Gov't Report. Baking Powder ABSOLUTELY PURE ver from J800 to 1S73 was 0,730,245 fine ounces. Daring thin same period we coined, including dollars (which had again been restored to coinage) and $&[? Bidiury _ m out iiiiuus m iK'.iy had was coined under the act of 1873, during c:\ch of tiie last four years, than during 60 years of the previous history jumped up to 60,000,000 fine ounces per year, and fromj.878 to 1893 we coined $538,219,863 of silver. During this per iod of the largest coinage, silver bullion from the mines went down about 40 per r.eut in the markets of the world. Thus it is seen that the tremendous increase of the mines, and the discontinued coinage of 10 commercial nations, was what put silver down in the markets, just as a jump in the production of wheat one year from 300,000,000 bushels to a little over 600,000,000 bushels put wheat down in price. It was the law of supply and demand that controlled the prices of both silver and wheat, and the farmer has the same right to demand of the nation a law to keep up the price of his wheat as tlie silver mine owner has to keep up the price of his products. It would simply be ruin to do this very long for either. The natural law of sap- ply and demand canuot be suspended. Prices must and will find a levol according to the supply and use, as water finds a level according to its quantity, and if a flood .of it conies damage ensues somewhere. The Act of 1873. Let us look dispassionately and candidly at the coinage act of 1873, sometimes denounced as the "crime of 1873." The official reports of the superintendent of the United States mint show that from f.he foundation of the government down to 1873 only about 8,000,000 dollars of silver had been coined and, including subsidiary silver, something over $140,000,000 altogether. Down to 1873 silver had never been much of a factor as a money in this country. Now turn to the act of 1873, in the general acts of congress, to be found in all leading law offices and public libraries. (Statutes at large, vol. 17, p. 424). Here is the section relating to silver coinage in tho act of 1873: Sec. 15. That the silver coins of tae United States shall be a trade dollar, a half-dollar, or fifty-cent piece, a quarter- dollar, or twenty-five cent piece, a dime or ten-cent piece; and the weight of the trade dollar shall be 420 grams troy: the weiunC of the half-dollar shall be 12 crams and one-half of » tfrain; the quarter-dollar and the dime shall be, respectively, one-hall and one-fifth of the weight of said half- dollar; and said coins shall be a legal tender at their nominal value tor any amount not exceeding ?5 in any one payment. Boar iu mind that the 412}£ grain gilver dollar, by the act of 1834, had a little too much silver in it, as compared with tho ratio to gold, and, it beinu more valuable, fled from circulation as the dearer dollar always does. By this act of 1873, the trade dollar was ordered to be coined with more silver in it than the old dollar had, for the reason that it was desirable to compete in some of the foreign markets with the Mexican silver dollarof 418 grains, especially those of Japan and China. The records of congress show that every member of congress from the silver states iu both houses voted for the now act, "The crime of 1873," as it is sometimes called, including the present noted silver senator of Nevada, Senator Stewart. Now, what happened under the five years' operations of that act. It has been said .that silver coiua«o -was dropped, when in' fact it was the very beginning of large silver coinage by this nation. Here are the facts as to silver coinage under it, including the dollars, taken from tho report of tho superintendent of the United States mint, ahowing the coinage of silver from 1878 to 1878, during the five years the act was in existence. Amt. Silver Coined. ,, 5,347,88 * I «~ Tba* does not look much like the coinage of silver was dropped, or that a "great crime," as it is charged, was done. Indeed, this was by far the greatest period of silver coinage, up to that date which had ever.been known iu tbis country. It is true that tbe law limited tlvo legal tender of this trade dollar iu payment of obligations to So in any one payment. Bnt there are then- Bands of men today who remember how it went into ..circulation, aud how itpaid debts of thousands of dollars without, question, aud was at a parity with gold in all business transactions. lJb%v, carefully uote Section -15,. as quoted from the act of 1873': It did not'domouetize nor limit any previous coinage in this respect.. Tho last clause simply says: . "And said coins shall be a legal tender," etc. Of course congress could not make a law to reach bock and demonetize any already c«faed, for the .lof*l tender quality of aljth** -was fisod by the law of 1834. indwas a contract with the holder of the silver, which could not be impaired: And so the charge that silver was de : monetized by the act of 1878 i* not true. But on the contrary, more silver u the Bland-Allison act of 187S *,-as i.agsed, leaving the original act in force aud making the silver dollar of 412,'-,; pniios a full legal tender, 16 to I of gold. The fable given further on, showing the' silver coinage from 1879 to I8!t0 points out the enormous coinage, finally reaching fW,202,90Sin 1890, and during which period prices of all products weur ilowu rapidly as silver coinage increased. If tho.w faces will not short- most conclusively how juista^ea many poople are on this silver question, it would be hard to see what would. But if auythiu- Js lacking on this point take the period of 1890, under the Sherman act, of that year, to 1893, when the law directed tiic purchase and consumption of 54,000,000 dances of silver per ye.ir. This enormous consumption of silver by the nation was the final folly. Under its operations silver went down rapidly in price because of the tremendously increased production of the mines, and other products fell rapidly in price- tor reasons stated further on. Silver Coinage Cudcr tlic Act of 1878- Kow, keeping in mind tliis tremendous flood of silver production from 1873 to 1893, lot us look at the progress of the fall in the price of silver during this period. In 1878 congress passed a new coinage act winch required the coinage of at least $2,000,000 worth of silver each mouth, at the ratio of 16 to 1, which was done with a view of keeping up the price of silver. During that year the value of the silver in a dollar went up to 93 cents, and the flood gates of silver production in the mines were opened. In 1879 the silver in a dollar had fallen to 87 cents. The production at the mines had so increased that in 1885 the vatee of the silver in a dollar was only 84 cents. In 1886 the silver la a dollar was worth only a fraction over 79 cents. Continually dropping each year, by 1889 the value of silver in a dollar was only 72 cents. The people of commercial nations abroad, who held not only American'bonds but millions of railway and other securities, and who would not have silver, began to get alarmed lest we should go to a silver basis, as Mexico and other countries had, and fearing they would lose by our .debased currency, .began to send on* bonds : and other securities back, and throwing them on the market. The Silver Act of 189O. So congress tried by another heroic act to bring silver'up in price again, and passed the act of 1890, requiring the Kovernrneut to buy ^,500,000 flne onnce» of silver per month, about the entire American production not used in the arts. Daring 1800, under this act, the average value of the silver in the dolls'- went up to a fraction over 74 cents. In the first piirt of JSifl ic went np to 84 cents to the dollar, bat fell during the vear. In 1892 the value of the silver in the dollar fell to a fraction over 72. cents, aud in 1893 the value of silver in the dollar fell to 65 cents. £nd so it was now found, after a trial of 15years, that this country alone could not keep up the price of sUver, and that the nation had gone to tlie verge of great danger of a debased currency, and iu 1893, nearly all parties in congress, except the representatives and senators from thej silver mining states, voted to repeal the* silver law. j What Other Nation* Were Dolnf. \ It-should be kept in mind that, be ginning. with 1871, 10 commercial na tions ceased the coinage of silver am demonetized it. Thus the products nr only of onr own mines, but tbe flood debased silver from the world was po iue iu upon us, so that continued sil coinage alone by ns would have sent to silver monometallism, ancV th brought on great contraction and dis; aster. France, Germany and Belgiun and seven other nations, from 1871 tj 1880, ceased silver coinage. Great Bnc ian did so in 1816. The world's averagj vearly production of silver from 18511< 1875 was $51,000,000. But from 1878 tj 1890 the average yearly production silver was $116,000,000. an increase 27 per cent. The law of supply and d mand aud its effect in the regulation • prices could not be repealed. It is fixed as the law of gravitation. The Cue of Our Prcient SUver Coluagj We can use onr coined silver in o domestic trade. The government i ceivos and pays out great sums of mon here at home, and thus by the use oft silver aud silver certificates, which re on Seventh rage.) WATCHE - -"-V AWAY orCoupon* wlu Pou<* GIVEN AWAY. in exchangeforCoupon* wit- IfiBH **f*l*Auulnfl "Chewlrisand contain only the very &a»f quality of wJ*T*i ^ • Arid btTe 'ill ItntovemenW np to dnre. The* A ».• will «e»r »n* p«t>rnj w«U for a liieomt i| l 1 1 * &hi.AiJ

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