The Algona Republican from Algona, Iowa on May 22, 1895 · Page 1
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The Algona Republican from Algona, Iowa · Page 1

Algona, Iowa
Issue Date:
Wednesday, May 22, 1895
Page 1
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4fir\* -\rU-T\r ••-.-.';... . , ; .ALGONA. KOSSUTH CX )t j^tr, iow A, WE DN KSDAY. MAY 22, 1895. Nt ). :*L ^w-issf: •"— r-^^utr fffc SCHOOLING. The First Day was Worth More' to Him Than All His Previous Education— ' He Gets Valuable Pointers on • Prices " Before and After .Taking"—A Complete and Crushing 'Exposure of Coin's Falsehoods and Fallacies' by the Iowa Editor. Are You- THE FIRST DAY O' SCHOOL. [From "Coin at Sulmol In Finance." by Goo. K Koburts. Editor of 1.1io Fort Woflfro Mus- Or are you a back -number ? If you want to keep up • witli the procession you must ride a ^^le. If you .want to keep a little ahead of the procession, ride a 00- -99 " Crackajacks Jlide JJlf :^; ls ^ We have Bicycles froiri $2U up. Bicycles for Boys. Bicycles for G-ftlsv Bicycles, for, Everybody, . A full line.ot''Bicycle Sundries and Repairs. Faincy, Stylish, 1 Fine, Good,' Servieable, FURNITURE SHADES WINDOW FRAMES! RACKS WALli Complete always McGEEGOB On the 2-ith day of April, 1895, the Eagle Grove School of Finance opened in the opera house, in accordance with the agreement related in the previous chapter and announcements which had been duly nude. JudgeB. P. Birdsell, of the district court, was selected as chairman. He announced that the purpose of the gathering was to consider the advisability of immediately opening the mints .of .the United States to the free coinage of silver at the ratio of 16 to 1, and -as the subject was perhaps too large to 'be reached in all its bearings, to parti- culiirly examine the points urged by Coin in his Chicago School of Finance. Coin/he, said, was present, and they ver6 favored by the presence of a gentleman who had long been an advocate of international bimetal ism, but differed with.Coin quite radically upon the policy which this government should pursue. •" ' •' "To begin with," said the judgej *I would like to ask if there is any 1 'one present who would oppose, the. free coinage of silver upon a ratio with gold which the chief commercial' nations would unite in maintaining.' If there are : any such in the .house, .will they signify it now?" ;;••' ' ,.' No iters'on responded. . ' • ; "Then," said the judge,".wo will assume that there is no division here upon that,point. All wish silver to be made atfull redemption^ money upon internatioriatratio." ilaiming that no general decline can je shown in iarm products as marketed in this locality, and that the position ot £.he Western farmer has greatly improved since 1873. Now, I wotdd like you-to meet them at once on that point, for if they are right, my interest in the whole question becomes much leas acute. I Uotrt want to get lost in a maze of theories and charges and statistics covering 1()U years and finally leave here without getting \vhatl came fur. 1 beg pardon for the interruption, but if yoti can first show these people how much their condition lias changed for; the worse since 1873, I guarantee they \ will listen attentively to how it lias! grown worse. What have you to say to \ this fanner's statement that corn -was j so cheap in Iowa, in 1872 andlb'S thai ! it.was burned lor fuel? "I would prefer to take up the various phases in my regular order." said Coin, "but as'I always invite questions 1 Will not decline to aiuwer this. 1 scarcely need to do more, however than to refer you to page 110 of Coin's Financial School, which records my reply to a similar question by Mr. Henrotin. The corn crop of Illinois for 1872 which controlled the price until the next crop was in sight, was 217^028,000 bushels, while the crop of Illinois in 1893 was only 100,550,470, The Chicago prices' in 1878 and in 1894 were about the same, but with the reducd crop of 1892, and increased population, the price should have been much Higher. As I said to Mr. Henrotin I say now: Overproduction accounts for the low price in 1873, arid the gold standard accounts for the low prices in 1893. Is that sufficient^" "And the dapper little fellow waited, with a serene smirk, for the effect ot his words. "Is that' sufficient?" re peattd the traveling ma,n, looking first t6 the farmer and then to the bimetallist. ,• '' ; 'The farmer looked a little dazed. "Do you say?" he stammered, "tha the corn crop of 1872 was greater thai the corn crop of 1893? How can that be Iowa was scarcely half farmed in 1872 aiid Nebraska and Kansas barelj opened. There is some catch abou that. ."' • Coin moved uneasily but said nothing. The bimetallist arose with a smile. for other years. From page ten of the report of the Iowa- State Agricultural .Society for ISSf!. I read the following: OF CORN IN DESJIOJNES. December 1872. 80.1(5 continued: . ! K ^~&RwtVMjj^}fV*&^^-&f EXSv^-rT ' f"^**** i ¥ _j 'to the 1 jud^e,yhicl>al6"0peried. .--.after reading it he said: * r :'«I have here a tel- Weaver, who asks he may be permitted to take part in the discussion if he shall- come here. What is your will in the matter?" The Bimetallist 'arosej £ ' ; "Mr. Chairman," he said,.;'! thjnkit is well that we here determine the scope of this inquiry. I, for one, ; desire 'the restoration of silver as redemption money the world over. I wantitinter- changeable with gold the world., over. I want it interchangeable with gold on a basis of actual, intrinsic value. \Vhile I- concede that the larger use ot it will add to its intrinsic value,,! wish to -avoid any confusion 'of silver coinage with the issue of fiat paper, the quantity of which must be regulated wholly by Congress and be an open is- elections. Gjenr Weaver is an advocate of fiat money. He does not believe in redemption money at all. He Cannot sincerely, believe in the use ot silver as money; for why should any .people toil to dig metal from the earth when a Scrap of.paper will serve the fsame purpose. If Gen. Weaver fcwre tha use of silver at all, the less 1 intnn: sic'value there itthe.better for his .consistency. I think it will only contuse the issue to have him and Ins fiat ideas in our discussion." Coin then addressed the chair. ' "I have found Gen, Weaver a very .vigorous worker in the cause for which J ^laboring, and whatever his.views on ilat money may be, he has a right to Jthem,-and I think be ought to have a "He did not say the corn crop of the United States was greater in 1872 than in 1893. He said the crop of Illinois.'. '"•"O," said the farmer his, face clearing of perplexity but.-filling with disgust, "why should a man write such a fool thing as that? The crop of Illinois don't make the price; it is the crop of the whole country.'*' Coin's dapper smirk had gone. * AUDIENCE VIEWS HIM WITH. $1'. jjJttttJ**] * • ' *"*~ ' * .«*\Phe'Corn crop of the*,trriiteaV"S r —— In 1872,"' said*'the 'Bimetallist,, "was 1,092,719,000 bushels ,and in-18931,619.- Di'cember. December. 1870. 1871. SO.25 $0.21 Again there was silence Finally the Bimetallic '•On page 23 I iind tlit- figures showing prices of othtr products for every month in 1873. With the single exception of wheat." he said, ''all these prices are not only below present prices in DesMoines, but, below the avenigf prices of tiie past live years." -, , Everybody looked to Coin, but that ll " individual had a hunted look in bis fact: that dismissed all thoughts of an attack from that quarter. Tlic Bimetallist conlinr.ed: ••I find on page IS of this book a re- iort of the hogs packed for the .seasons if 1871-72 and 1872-7!!. You would hink. would you not, Mr Coin, that lie average price paid for the hogs nicked by all these houses, some on the jastern border of the state and some on the western, would be a fair criterion of the price of hogs during these years?" But Coi . was past denying or admitting. The average price paid per hundred weight by these establishments for their hogs in the season of 1871-72 was $3.74, and in the season of 1872-73, 83.62. Out of these prices came the freights and profits to local buyers. These figures are below the average price of hogs in any state today or for the last five years." ''•You don't seem to check these people a little bit," said the traveling man to Coin. "Do you admit all these things 1.0 be true? Why, these are the main products of the farm. If they have not declined in price your whole argument from the decline of prices is destroyed. If you have anything to say no'w is the time to say it." "I took my statistics, as "verybody does who writes on such subjects at a distance, from the New York markets. I couldn't look up local markets," said Coin. • . , "Hut don't yon know that freight rates are declining, so that prices might be less in the central markets and still yield as much to the farmers? 1 ' Coin brightened up for a moment, as though he had struck the thread of discourse. ..,.''•,,. "Of course," he said, "Ireight rates have declined. The gold standard made them decline." • "Oh, come now," said Judge Birdsell, "do you mean to claim that with steel track, better engines hauling Do you want me to mourn because .1 can buy a clothes wringer for$2.50 that in 1873"cast 87.00.'<»r because, I can shoe my family for one third less nmnef. 1 can't control my feelings to that e.V tent.'" And the engineer sat tlmvfi amid the laughter of the audience, which was evidently in sympathy with his views. 496,131 bushels, or about 5p per cent greater But while the Chicago 'quotations were about the same, in the two years, there was a great 'difference in favor of 1893-1894 to the farmers' The crop of 1872 could not be moved at the price. It was almost unsalable. In this part of Iowa it was worth only 12* and 15 cents a bushel at the railroad station. I hold in my hand the report of the Iowa State Agricultural Society for 1873, which says (Page 10) of crop of the previous year: 'Untold quantities were burrded <. for fuel, being cheaper than wood or coal at any reasonable rate.- On the other hand, the crop of 1893 brought the farmers about 25 cents a bushel at market towns this distance from Chcago. Is that sufficient as to the corn crops of 1872 and!893?" It was evidently sufficient for Com., The starch was out'of his collar; his knee pants disclosed his trembling limbs; all the assurance was gone from, his face, his lips were dry, and he seemed unable to speak. .'-,,',' There was a dead silence in the hall. Coin's attempt to establish his theory by the corn crop of one State, which producd only one-tenth of the whole crop, appeared weak, after it .was ex- that the audience viewed him ALL THE NEW AND, LATEST PATTERNS IN o. & Glassware ^ ("'., * Also, a New Aiiortment of Chamber Sets, Water Sets, '"Nobody questions Gen, Weaver's right to bis opinions,", said the Bimetallist, "but I decline to recognize him as a friend of silver. Nine-tenths of the free silver agitators; like him, are only masquerading as silver men for the purpose of dividing the forces ot honest money, iwill npt knowingly recognize any of them as' suitable or sincere champions of an -honest silver dollar, In fact, they throw suspicion on the integrity of tbe whole move- W Coin's face colored, and be looked like a person under suspicion, but said nothing more/und Gen, Weaver was unanimously voted out. . •'Now'," said the chairman, "I believe we are ready for business,' Coin was already on his feet and began to address the meeting, "Indies' and Gentlemen: In seventeen hundred and -7--" "One moment, please," said a voice, It wp ourfriend, the traveling man, whom we first met in the hotel some weeks previous, and to whose earnest to sift the' truth frpm wov tins UUpOU* uU**V wWW W»•****v***»«• .-—..—— almost with pity. His f argument bad been reversed against himself. : The traveling man was the first to speak, and he addressed his remark to Coin: "Havel brought you all the way from Chicago to be knocked out in tbe first round? How did you ever come to compare the crops of Illinois instead of the crops of the whole country? Ot course the crop of. Illinois does not alone make the.price, Why lowajais- e<J250,000,000 bushels in 1893, when you Quote the Illinois crop of 160,000,000 as fixing tbe price, Great Heavens, boy) If,that is the way your case is made out you bad better go back; to Chicago, I think you are donefor here, anyway." Coin finally pulled himself together enough to say that'be bad evidently made a mistake in taking the statistics of HUnois instead of the whole count- iy * Bockingharn Ware The chairman, Judge Birdsell, looked gravely over his spectacles and said: "We trust, young man, that it was wholly a mistake, Do you wish to say, any more upon this point? If not we will consider it closed by your admis* sion that the farmers of Iowa had more profit from the gorn crop>of ) 1893. than from the corn crop of 1872," ' H >Coin gasped and sparred for breath, He could not, must not, admit that, ••^Ye must have something more lian hearsay testimony," he saw. i, why do you select thege " And why do,yon 8,e* raise something be» - - "he said, erly, #nd doing a;feu' > greater/-vo)ura£ of business, there is no way to account for a decline in rates except by charcr- ihg itito tbe gold'standardA I should think freight charges,ought to bef less than formerly. If they were not, I would, say there was outrageous robbery." . "I will admit that," said Coin. "You might as well admit everything, young fellow," said the traveling man. '"That is : your whole case. The same progress has been made in every line of industry'as well as in railroading, and if you admit that railroad rates are legitimately and properly lower you must admit that the same'cause has a natural'and legitimate effect when it reduces other charges.. Why, eveiy time one day's labor is saved from a ton of pig iron the price' legiti- 'rhately falls that much. It is no longer in the cost, and it ought not to be in the selling price. Why, now I look at it, I believe you: have left science, discovery and progress entirely out ot your theory. You are to argue that an article ought to cost as much now as it did thirty or forty years ago, and that if It doesn't something is wrong,- Why, my boy, you-nuist get in line with the; age'bettertha^that." ' v ./,.i . •.. The whole aUdience was smiling at this'friendiy chiding, but Coin .evidently; did not enjoy it. • " ••'.-"• "Coin is probably the only person in the world,' r sa;id the BimetaJUist, who thinks that hails and pig iron-ought to! sell for as much as in 1859. Why an irdn-worker:iftl859 would hardly know • ari'iroh miU in' 1895, and the dismantled~blast furnaces of ^Northern New Ypi 1 ^ show ho,w far they were behind the'modern ones," •' '. '.. , ' "I must say," continued the travel' ing'man, "that .unless it can be shown that the labor in'^- given article has. been reduced in pay, we ought to wel- -come any reduction in pricer t/an't we have some light on how labor is faring?" "I can tell you something," said a voice in the audience. '-I'came to this 'country from England in 1854, » car : pent'er by trade, I struck Chicago and worked at my trade there for $1.25 a day, No class of labor has declined sinpe then, but I tell you something that has declined, When! was getting $1,25 a day for my pay my wife'bad to pay 10 cents a yard for calico no bet' ter than I can buy now for five," '-Thi-re." siiid tin; IJimttallist. :ss ho ose<l tliK last hook, and Coin aroused ightly from a coiusitose state, f" we have had a hasty glanuu backward ov- H- the years when \VK aro supposed to liave IJet-n better off than now, ave, had. '.a glimpse of conditions i'roin which we are said to have fallen. The great staples of the 1'artn all had their IHict- ntalionH. Uut at times they all went lower than they are now. while the aV- cnige of all is not above the avjjlasje of veueiit yi'j'.rs. And we should- never lose sight for an' instant of tin: reduced expense with which these crops are now produced by modern maeh>nery and the great reduction in the cost of the farmer's supplies." "I would like to ask a question," said Mr. Homer Miller, one of the leading citizens of Eagle Grove. ••Certainly." said the Bimetallist. "Coin's theory," hrtid Mr. Miller, "is that the bullion value of silver will purchase us much corn, wheat, oats, pork, etc., now as ht any time in the past. Are not those figures from the agricultural society's reports in paper money?" "They are." '•And if those prices were reduced to exchangeability with silver bullion they would be greatly reduced, would they not?" "Certainly," said the Bimetallist, smiling. "In January, 1865, gold was worth from 197 to 265, and silver - was worth more than that/,' so that all the quotations of 1865 must be reduced more than one-half to arrive at the equivalent in silver dollars. Even the quotations of 1883 must be reduced 15 per cent, to get them to a silver basis. where Coin challenges c&mparison, while the prices of 1895 must be doubled to get them on .hat basis. This would give us corn iu DesMoines in 187!) about, 14 cents and in 1895 .about 90 cents, or wheat in DesMoines in 1878 about SO cents and in 1895 about UOcenis. 'Hogs' in DesMoSnea in 1878 about *8 and in 1895 about $9." • Our friend, the traveling man, be- slirrbd himself again. "This is, a Hood," lie said to Coin. "It" -seems. • to me that your whole case is in danger. You have used the decline of prices -as your main argument, and it is uite clear that there has been -deeliae, it is quite no general V' •Y'137 v» ary • Don't buy a pump until you get prices.—SPURBECK & LAMBERT. ANY HOG;, enclosed by J . A. Hamiltoa^ilp's wire and picket fence feels proud and will thrive. The reason more of it, is sold than all other kin^s put' together, is because it is a ' T -<, That tele: Seen; It will stock; it able use pne'* pt see it* J, A, Hamilton * * r r '.•-?*' 4 ? JVl. .i' "Yon talk about goods being cheaper," said Coin, "That is just, what I Slftjlm. The prloe of everything produced by labor is being crowded down, " '" has a larger command of all these pSEWALfcr PAINTER , pointing, Postal eav4oi'tos*pi'Qfflp|l tenaeftto. All work ffn&Mniteed fox 1 five years. ^^Q^A,m HO HAJKH see how thathwtsme,''sai4 eagjnem 1 , "so Jong ' as W ..tebov i > i a. PwlWeewape, in other yeaw. »9t I believe, was mm of be tbe vital distant, w is IMS J*HF V *MW4/ 1 J|aEM»?B JP5 ^™*F9 Srw-w*. P^^ ' .Tr i *T™i" r 'Jt : ®lirW^mWto^^».|°M ; • toW ara to W^w . LAlffllJOIf'-*'-

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