The Algona Republican from Algona, Iowa on December 11, 1895 · Page 3
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The Algona Republican from Algona, Iowa · Page 3

Algona, Iowa
Issue Date:
Wednesday, December 11, 1895
Page 3
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f*. c'ontinoe ifold pfi.yfn'e'ftts; th'e uuuae- - hoarding Ot gold at noTfte, and the' stoppage of investWientS of foreign capital, as well as the refnrri of our securities sold abroad; and the high rate 6f foreign exchange, which induced the shipment of out gpld to be drawn against, as a matter of speculation. Uo'ttti Itfdll&ft NtCfcJlSlfc&tf'dt In consequence of these conditions, the gold reserve on the 1st day of February. 1894, was" reduced to $65,438,377. having lost more thari $31,000,000 during tho preceding nine fnemths, or Since April, 1893. Its replenishment being necessary, and no othef manner of accomplishing it being possible, feseft Was had to the issue and sale of WondS provided for by the redemption act Of 1875. Fifty millions of these bonds were Sold, yielding $58,633,295.71, which was added to the reserve fund of gold then on hand. AS a f'esult of this operation this reserve, which had suffered constant and large withdrawals in the meantime, stood on the 6th day of March, 1804, at the sum of $107,446*802. Its depletion was, however, im* mediately thereafter so accelerated -that bti the 80th day Of June, 1894, it had fallen to $64,873,025, thus losing by Withdrawals more than $42.000,000 in five months, and dropping slightly below its situation-when the sale of $50,000,000 in bonds Was effected for its replenishment. This depressed condition grew worse, and on the 24th day of November., 1894, our gold reserve being reduced to $57,669,701, it became hocessary to again strengthen it. This was done by another sale of. bonds, amounting to $50,000,000, for which there waS realized $58,638,600, with which the fund was increased to $111,142,021 oh the 4th day of December, 1894. Congrnss Refused to Act. Again disappointment awaited the anxious hope for relief; There was not even a lull in the exasperating Withdrawals of gold. On the contrary, they grew larger and more persistent than even Between the 4th day of December, 1894 and early in February, 1895, a period of scarcely more than two months after the second reinforcement of our gold reserve by the sale of bonds, it had lost by such withdrawals more than $69,000.000, and had fallen to $41,340,181. Nearly $43,000,000 had been withdrawn Within the month Immediately proceeding this situation, in anticipation of impending trouble, I had on the 28th day of January, 1895, addressed a communication to the congress fully setting forth our difficulties and dangerous position, and earnestly recommending that authority be given rtie u^cretary of the treasury to issue bondy 1 ..ring a low rate of interest payable by their terms in gold, for the purpose of maintaining-a sufficient gold reserve, and also for the redemption and cancellation of outstanding United States notes and the treasury notes issued for the purchase of. silver under the law of 1890. This recommendation did not, however, meet with legislative approval. Another Emergency. In February, 1895, therefore, the situation was exceedingly critical. With a reserve perilously low and a refusal of congressional aid, everything indicated that the end of gold payments by the government was imminent. Tho results of prior bond issues had been exceedingly unsatisfactory and the large withdrawals of gold immediately succeeding their public sale ih open market gave rise to a reasonable suspicion that a large part of the gold paid Into the treasury upon such sales was promptly drawn out again by the presentation of United States notes or treasury notes and found its way to the hands Of those who had only temporarily parted with it in the purchase of bonds. In this emergency, and in view of its surrounding perplexities, it became entirely .apparent to those upon whom the struggle for safety was devolved not only that our gold reserve must, for the third time in less than 13 months, be restored . by another .issue and sale of bonds bearing a high rate 'of interest and badly suited to the purpose, but that a plan must be adopted for their disposition promising better results than those realized on previous sales. Tho -Syndicate Agreement. An agreement was therefore made with a number of financiers and bankers whereby it was stipulated that bonds described in the resumption act of 1875 payable in coin 30 years after their date, bearing interest at the rate of four per cent, per annum, and amounting to about $62,000,000, should 'bo exchanged for gold, receivable by weight, amounting to a little more than $65,000,000. This gold was to be delivered in such Instalments as would complete Its delivery within about six months, from the date of the contract, and at least one-half of the -amount was to bo furnished from abroad. .-It was also agreed by those sup• plying this gold that during the continuance of the contract they: would by every means in their 'power protect the government against gold withdrawals. The contract also, provided that if congress would authorize their issue, bonds payable by their terms in gold and bearing interest at the rate of three per cent, per annum might within ten days be substituted at par for the four per cent, bonds described in the agreement. Things Disaster Was Averted. On the. day this contract was made its terms were communicated to congress by a special executive message, in which it -was stated that more than $16,000,000 would be saved to the government if gold-bearing •'bonds bearing three per cent, interest were authorized to be substituted for those mentioned in the contract, The congress having declined to grant tho necessary authority to secure this saving, the contract, unmodified, was carried out, resulting in a gold reserve amounting to $107,571,230 on tho 8th day of July, 1895. The performanco of this contract not only restored the reserve, but checked for a time the withdrawals of gold and brought on a period of restored 'confidence and such peace and quiet in business circles as were of the greatest possible value to every interest that affects our people. I have never had the slightest misgiving concerning the wisdom" or propriety of this arrangem'ent, and am quite Willing to answer for my full share of ro- 'sponslbility for its promotion. I believe it - averted a disaster, the imminence of which was fortunately not at the time generally , understood by our people, >, - Good Results >fot Permanent. 'Though the contract mentioned stayed . for a time the tide of gold withdrawal, its * good results could not be permanent. Re* cent withdrawals have j-duced the reserve from $107,571,230'on the Sth day of July, ! 1895, to $79,333,966, How long It will remain large enough to render Its increase unnec* 'essary is only matter of conjecture, though quite large withdrawals for shipment In »the Immediate future are predicted in well- •InfQPjned quarters, About $16,000,000 has v'peen"Withdrawn during the month of No- Situation ptUl CrWeirt, .foregoing statement of events and pave . reserve, we' are'nearl'y wliere wo having now in such reserve. $79,* ^SBW», n ; as against $66,438,377 in February, fevasai when -the first bonds ^were issued, r*viWfiueh We, amount pf pid drawn, from " " ' appearg to be vepy large, as "actually "'was _ Hums having 'been ftoqu,, uv , 'within the several P erl9d.a ".he Jsguo of bonds, -: ' „ w «,,,, r ,, ,.„,„ „. January, .1896, it was re» IRno^led by,the secretary ef the treasury i *t more than $173iQOO,QQO of gold r >>°°™ hdra wri -'or- hoardinjr or " ' nK the T ' lit fp?w _ «Waifi WFo » Wm period.of inoro than llyears, only ft little $28,000,0.00 was. withdrawn, an«j. that J33?' TiiivJ tA 1BOn Ihn rfate, of thft Tina. '&W3LWWSff- jfw»is« >>«»?>. K.SW; /QaQ,rnaJdngfftt»M Ci 4r»wn horn tM January*, WM*^ BtfMTiQ&S '$$lOT!iw$W WtMpft¥»]lfti,b9|ORaWflM id Sktea notes t&n<J yet 'ey ; — m *?«? ( 9QQ»PS'" """ " " 1 "'* * fi sle i?rv}9§, iifa sy., . strat inferem elra s deWdftap is fflfa*s tfratt lli,m<R»> th4t & tsoWtfruaftde fri 6tif pf item eowse may result in further bend issues, &a& that w« suffered 6f are thfe'atefted with all this for the sake of Supplying gold tot foreign shipment or facilitating fts hoarding at home, a Situation IS exhibited which certainly ought to arrest attention and provoke immediate legislative relief. Notes Should lie ttctlrsd. I am convinced the only thorough and practicable remedy for our troubles is found in the retirement and cancellation of our United States notes, commonly called greenbacks, and the outstanding treasury notes issued by the government in payment of Silver purchases under the act of 1S90. I believe this could be quite readily accomplished by the exchange of theso notes for United States bonds ot small as well as large denominations, bearing a low rate of interest. They should be long-term bonds, thus increasing their desirability as investments, and because their payment could be Well postponed to a period far removed from present financial burdens and perplexities, When with increased prosperity and resources they would be more easily met. To further insure the cancellation of these notes and also provide a way by which gold may be added to our currency in lieu of them, a feature ih the plan should be an authority given to the secretary of the treasury to dispose of the bonds abroad for gold if necessary to complete the contemplated redemption and Cancellation, permitting him to use the proceeds of such bonds to take up and cancel any of the notes that may be In the treasury or that may be received by the government oh any account. 'Would Itostore Confidence, The increase of our bonded debt ln- VolVed in this plan would be amply compensated by, renewed activity and enterprise in all business circles, the restored confidence at home, the reinstated faith in our monetary strength abroad, and the Stimulation of every interest and industry that Would follow the cancellation of the gold-demand obligations now afflicting us. In any event, the bonds proposed would stand for the extinguishment of a troublesome indebtedness, while In the path we now follow there lurks tho menace of unending bonds, with our indebtedness still undischarged and aggravated in every feature. The obligations necessary to fund this indebtedness would not equaj In amount those from whlfch we have been relieved since 1884 by anticipation and payment, beyond the requirements of the sinking fund out of our surplus revenues. How to Mil tho Void. The currency withdrawn by the retirement of the United States notes and treasury notes, amounting to probably less than $486,000,000, might be supplied by such gold as would be used on their retirement or by an increase In the circulation of our national banks. Though the aggregate capital of those now in existence amounts to more $664,000,000, their outstanding circulation, based on bond security, amounts to only about $190,000,000. They are authorized to issue notes amounting to 90 per cent, of the bonds deposited to secure their circulation, but in. no event beyond the amount of their capital stock, and they are obliged to pay one per cent, tax on the circulation they issue. I think they should be allowed to issue circulation equal to the par value of the bonds they deposit to secure it, and that the tax on their circulation should be reduced to, one-fourWi of one per cent., which would undoubtedly meet all the expense tho government Incurs on their account. In addition, they should be allowed to substitute or deposit in lieu of the bonds now required as security for their circulation those which would be issued for the purpose of- retiring the United States notes and treasury notes. The banks already existing, if they desired to avail themselves of the provisions of law thus modified, could issue circulation in addition to that, alreadv outstanding, amounting to $478,000,000, which would nearly or quite equal the currency proposed to be canceled. At any rate, I should confidently expect to see tho existing national banks or others to be organized avail themselves of the. proposed encouragements to issue circulation and promptly fill any'vacuum and supply every currency need. > It has always seemed to me that the provisions of law regarding the capital of national banks which operate as a limitation to their location fails to make proper compensation for the suppression of state banks, which came near to the people in all sections of tho country and readily furnished them wUh banking accommodations and facilities. . Any inconvenience or embarrassment arising frorn these restrictions or the location, of nati«ml banks might well be remedied by better adapting- the present system to the creation of banks In smaller communities or. by permitting banks of large capital to establish branches in such localities as would serve the people, so regulated and restrained as to se- cure'their safe and conservative control and management. Necessity Dliiy Not Arise. But there might not be the necessity for such an addition to tho currency by new issues of bank circulation as at first glance is indicated. "If we should be relieved from manitalning a gold reserve under conditions that constitute it the barometer of our solvency, and if our treasury should 110 long-or be the foolish purveyor of gold for nations abroad .or for speculation and hoarding by our citizens at home, I should expect to see gold resume its natural and normal functions in'tho business affairs of the country and cease to be an object attracting the timid watch of our people and exciting 1 their sensitive imaginations. I do not overlook tho fact that the cancellation of the treasury notes issued under the sllver-purhcasing act of 1890 atfould leave the treasury in the actual ownerhsip of sufficient silver, including seigniorage, to coin nearly, $178,000,000 in' standard dollars. It is worthy of consideration whether this might not, from time to time, be converted into dollars or fractional coin arid slowly put into*circulation, as in the judgment of the secretary of the treasury the necessities of the country should require. Whatever is attempted should pe entered upon fully appreciating the fact that by careless, easy descent we have reached a dangrous depth, and that our ascent will not be accomplished without laborious toil and strength. Wo shall bo wiso if we reanze that we are financially 111 and that our restoration to health may require heroip treatment and unpleasant remedies, Question of Quality, Not Quantity. I)} the present stage of our difficulty it Is not easy to understand how the amount of our revenue receipts directty affects It. The Important question is not the quantity of money received in revenue payments, but the kind of money we maintain and our ability to continue in sound financial conditions. We are considering the government's holdings of gold-as related tP the soundness of our money and as affecting our national credit and monetary sto-ength. If our gold reserve had never been Impaired, or if no bonds had ever been issued to replenish it; if there had been np fear and timidity cpncernlng oyr ability to con" tinue gold payments: if any,part of our revenues were not paid in gold, and if we could, look to our gpld receipts as a meana Of nmlntaining a safe reserve, the amount of owrevenues would bo an influential factor in the pr^em. But unfortunately _&H the circumstances, that might lend .weight to- this consideration are entirely ^acHlng, In our present predicament P.Q Wn tft° revenues' were increased, The re- ceipts'fif the. treasury, when'not In silver certificates, 'consist pf United States notes, treasury nptel issued for silver pw,r> • rtrt ^PVl^^O •**»«•»•»« * **•« *•» An rtir n tie* mnltr '"'' to,,the .}~$/9fi« ge: jmloi safe; forms 7 oj money are only in pftyttwUH ftWpQWwio? a°es not in ,r}b.utV Ward giving ua that pRnpjai standing pr eonfJiUoo t<*?t ±wir&t-*:i ,TM?<i,*r*' w ^TJ" ^" jT*™ ;^£,v.«, »;?«"',aS • • pie <Jr&w. fold 'from ioe tmswy.^ AS?, iaW^u£9«t$A'8t»t0» not ea and, ta9f*£ TO'-astes, bp Jfea, prpaesjaQQ *Mk>k? —^^^ry-8aja^j^fltj)ja.w,<l''lK fw »«ro t ' J tya%M',«(,QM8i'J,M ftWH^mgMr' i- if*lbi%'8«wi^ba, ftpp^wtm.M, ^mwfcW^IKIt ^ MntainKjjjjia!!2nfiSi to tn$ jprlSifstflli ; 'R r o*Sfa f m&tfi ftffd IKS ftWTCfrd Bptsctffcte .11 fifefeflte'd 6f ft dealfer seliwgr gol g goYermnent, fi,ttd With United fit ftotes ot tf e&s«f £ notes In his hand iftime dtateljr clftntiorlngr for its return and & resale at a higher premium. It may bo claimed that a large revenue and redundant receipts might favorably affect tho situation under discussion by affording an opportunity of retaining these notes In the treasury v/hen received^ and thus preventing their presentation for gold. Such retention to be useful ought to be at least measurably permanent, and this 18 precisely what is prohibited, as far as United States ttotes are concerned, by the law of 1878,. forbidding their further retirement. That statute in so many words prox-ides that these notes when received into the treasury and belonging: to the United States, shall be "paid out again and kept in circulation." It will moreover be readily seen that the government could hot refuse to pay out United States notes and treasury notes in current transactions when demanded, and ihsist oh paying out Silver alone, ahd still maintain the parity between that hietal and the currency representing gold. tVaaid Be Ufljttst Tii*titloii, Besides the accuhiUlatioh in the treasury" of currency of any kind exacted from the people through taxation Is justly regarded as an evil, and cannot proceed far without a Vigorous protest against an unjustifiable retention of money from the business of the country, ahd a denunciation of a scheme of taiattOfi which proves itself to be unjust When it takes from the earnings and incomes of the citizens money so much in excess of the needs of government support that large sums can be gathered and kept in the treasury. Such a condition has heretofore in time of surplus revenue led the government to restore currency to the people by the purchase of Its Uhmatured bohds at a large premium, ahd by a large Increase of its deposits in national banks, and we easily remember that the abuse of treasury accumulation has furnished a most persuasive argument in favor of legislation radically reducing our tariff taxation. Fear Overcotocs Sentiment. Perhaps it is supposed that sufficient revenue receipts would in a sentimetal way improve the situation, by inspiring confidence in our solvency and allaying the fear of pecuniary exhaustion. And yet through all our struggles to maintain our gold reserve there never has been any apprehension as to our ready ability to pay our way with such money as we had, and the question whether or not our current receipts met our current expenses has not entered into the estimate of our solvency. Of course the general state of our funds, exclusive of gold, Was entirely immaterial to the foreign creditor and investor. His debt could only be paid in gold, and his only concern was our ability to keep on hand that kind of money. On July 1, 1892, more than a year and a half before the first bonds were issued to replenish the gold reserve, there was a not balance In the treasury exclusive of such reserve, of less than $13,000,000; but the gold reserve amounted to more than $114,000,000, which was the quieting feature of the situation. It was when the stock of gold began rapidly to fall that fright supervened and our securities held abroad were returned for sale, and debts owed abroad were pressed for payment. In the meantime exctensive shipments of gold and other unfavorable Indications caused restlessness and fright among our people at home. Thereupon the general state of our funds, exclusive of gold, became also immaterial to them, and they, too, drew gold from the treasury for hoarding against all contingencies. This is plainly shown by the largo Increase in the proportion of gold withdrawn which was retained by our own people as time and threatening incidents progressed. During the fiscal year ended June 30, 189-1, nearly $85,000,000 in gold was withdrawn from the treasury and about $77,000,000 was sent abroad, while during the fiscal year June 30, 1895, over $117,00,000 was drawn out, of which only about ?6C,- 000,000 was shipped, leaving the large balance of such withdrawals to be accounted for by domestic hoarding. Can't Kely Upon Increased Kovoimcs. Inasmuch as the withdrawal of our gold has resulted largely from fright, there is .nothing apparent that will present its continuance or recurrence, with its natural consequences, except such a change in our financial methods as will reassure the frightened and make the desire for gold less intense. It is not clear how an increase in revenue, unless it be in gold, can satisfy those whose only anxiety is to gain gold from the government's store. It cannot therefore be safe to rely upon Increased revenues as a cure for our present troubles. It is possible 'that the suggestion of increased revenue as a remedy for the difficulties we are 'considering may. have origin . ated in an intimation or distinct allegation that the bonds which have been issued, ostensibly to replenish our gold reserve, were really issued to supply insufficient revenue. Nothing 1 can be further from the truth. ' ..-..- . •' To Maintain National Credit. Bonds were Issued to obtain gold for vhe maintenance of our national credit. As has been shown, the gold thus obtained has been drawn again'from the treasury upon United States notes and treasury notes. This operation would have been' promptly prevented if possible, but these notes having thus been passed to the treasury, they became the money of the government, like any other ordinary government funds, and there was nothing to do but to use them in paying government expenses when needed. At no time when bonds have been issued has there been any consideration of the question of paying the expenses of government with their proceeds. There was no necessity to consider that question. At the time of.each bond issue ijve had a safe surplus In the treasury for ordinary operations, exclusive of the gold in our reserve. In February, 1894, when the first issue of bonds was made, such surplus amounted to.over $18,000,000; in November, when the second issue was made, it amounted to more than $42,000,000, and in February, 1895, when bonds for the third time were issued, such surplus amounted to more than $100,000,000, It now amounts to $98,072,420.30. Besides all this, the secretary of the treasury had no authority whatever to issue bonds to Increase the ordinary revenues or pay current expenses. I cannot but think there has been some confusion of ideas regarding Ihe effects of tho issue of bonds and the results of the withdrawal of gold, It was the latter process, and not the former, that, by substituting in the treasury United States notes apd treasury notes for gold, in-, created by their amount the money which was in the first instance subject to ordinary government expenditure, Silver Largely Responsible. Although the law compelling an Increased purchase pf silver by the government was passed on the 14th day of July, 1890, withdrawal? of gold from the treasury Upon the notes given Jn payment on such purchases did not begin until October, 1891. Iminedt'- ately following that date the withdrawals upon both these notes and United States nptes increased very largely and have continued. (;o-such an extent that-since, the passage of that law there has been more than'13 times as much sold taken put of the, treasury upon United States notes and treasury notes Jssued for silver purchases as was thus withdrawn during the 1114 years immediately pripr, thereto and, after — day pf January, 187?, when specie resumed, If Is neither unfair RPr unjust to charge a large' share pf our present financial perplexities, and , , , fear 'of ,an pverwhelming flpod of and a. fQroe4.<jes.peni; to sliver Wi . . at even tb? .repeal pf these laws did npt entirely, pure tb,e sylla o f fyjeir. existence, " •' A- J^ftsurflona EsjlprJWPut. ' .Wnlie, i bays enteavoreij to make ;R plain ment flf the disordered condition, of ,9UJT,en,py. aR d ^he- present dangers pur- prpsperjfy, andto pyggest Q }} tft tt f-e C6f«a£e ftt fcfa'tfd tppree"iftbty- different ffofft that Wiicn IS eatabliSh'ea ifi the markets of tttS world. Those who believe that our independent free coinage of Silver at an artificial ratio With gold of sixteen to one would refctor" the parity between the metals, and consequently between the coins, propose an unsupported and improbable theory to tho general belief and practice of other nations and to the teaching of tho wisest statesmen and economists of the world, both in the past and present, and, what is far more Conclusive, they run counter to our own actual experiences. Twice In our earlier history our lawmakers In attempting to establish a blmetallftj currency undertook free coinage upon a ratio Which accidentally varied from the actual relative values of the two metals not more than three per cent. In both cases, notwithstanding greater difficulties and cost of transportation than now exist, the coins Whose intrinsic worth was undervalued in the ratio gradually and surely disappeared from our circulation and went to other countrien Where their real value Was better recognized. Acts of congress Were Impotent to cceate equality where natural causes decreed even a slight inequality. Twice in the recent history we have signally failed to raise by legislation the Value of silver. UWder an act Of congress passed In 1878 the government Was required for more than 12 years to expend annually at least $24,000,000 In the purchase of silver bullion for .coinage. The act of July 14, 1890, in a still bolder effort increased the amount of silver the government was compelled to purchase, and forced It to become the buyer annually of 64,01)0,000 ounces, or practically the. entire product of our mines. Under both laws silver rapidly ahd steadily declined In Value. The prophecy and the expressed hope and expectation of those in the congress who led in the passage of tho last mentioned act, that it Would reestablish and maintain the former parity between the two metals, are still fresh in our memory. l»lro Effect of Free Coinage. In the light of these experiences, which accord with the experiences of other nations, there Is certainly no secure ground for tho belief that an act of congress could now bridge an inequality of GO per' cent. between gold and silver at our present ratio, nor is there the least possibility that our country, which has less than one-seventh of the silver money in the World, could by its action alone raise not only our own but all silver to its lost ratio with gold. Our attempt to accomplish this by the free coinage of silver at a ratio differing widely from actual relative values would be the signal- for the complete departure of gold from our circulation, the immediate and large contraction of our circulating medium, and a shrinkage In the real value and monetary efficiency of all other forms of currency as they settled to the level of silver monometallism. Every one who receives a fixed salary and every worker for wages would find the dollar In his hand ruthlessly scaled down to the point of bitter disappointment if not to pinching privation. A change in our standard to silver mon- ometallism would also bring on a collapse of the entire system of credit which, when based on a standard which Is recognized and adopted by tho world of business, is many times more potent and useful than the entire volume of currency, and is safely capable of almost Indefinite expansion to meet the growth of trade and enterprise, in a s,elf-invited struggle through darkness and uncertainty, our affliction would be increased by the consciousness that we had parted company with all the enlightened and progressive nations of the world, and were desperately and hopelessly striving to meet the stress of modern commerce and competition with a debased and unsuitable currency, and in association with the few weak and laggard nations which have silver alone as their standard of value. Has Faith in the Pnoplo. All history warns us against rash experiments which threaten violent changes in our monetary standard and the degradation of our currency. The past is full of lessons teaching not only the economic danger, but the national immorality that follows in the train of such experiments. I will not believe that the American people can be persuaded after sober deliberation to jeopardize, their nation's prestige and proud standing by encouraging financial •nostrums, nor that they will yield to the .false allurements of cheap money, when they realize that it must result in the weakening of that financial Integrity arid rectitude which thus far in our history has ,been so devotedly cherished as one of the traits of our Americanism. Our country's indebtedness whether owing by the government or existing between individuals has been contracted with reference to our present standing. To decree by, act of congress that these debts shall be payable in less value dollars than those within the contemplation and intention pf the parties when contracted would operate to transfer by the fiat of law and without compensation an amount of property and a volume of rights and interests almost incalculable. Must Maintain tho Single Standard. Those who, advocate a blind and headlong plunge to free coinage in the name of : bf-metalism and professing the- belief contrary to all experience that we should thus establish a double standard and a concurrent circulation of both metals of our coinage are certainly reckoning from a cloudy standpoint, Our< present standard of value is the standard of the civilized world and permits the only bimetallism now possible, or at least that is within the independent reach of any single nation, however powerful that nation may be. While the value of gold is steadied by almost universal commercial and business use, it does not pise,';silver nor seek its banishment. Wherever that standard is maintained tliers" is at its side, In freehand unquestioned circulation, a volume of silver currency sometimes equaling and sometimes exceeding it • in amount, both maintained at a parity, notwithstanding a depreciation or,' fluctuation in the intrinsic value of silver, There is a vast difference between a standard of value and a currency for monetary use. Standard must necessarily be fixed and certain. Tho currency may be in divers forms and of various kinds. No silver-standard country has a gold currency in circulation; but an enlightened and wise system of finance secures the benefifof both gold and silver as currency and circulating medium by keeping the standard stable and all other currency at par With it, Such a system and such a standard also gives free scope for the use and expansion of safe and conservative credit 'so indispensable to broad and growing commercial transactions, and so well substituted for the actual use of money, If a fixed and stable standard is main* tained, such as the magnitude and safety of oujn commercial transactions and business require, the use of money itself is conveniently minimized. Every dollar of fixed and stable value has through the ftgency, ( pf cpnfldent credit an astonishing capacity of multiplying itself in financial work,-/ Every unstable and jf fluctuating dollar, fails as a basis of credit, and In |ts use bejjeta gambling, speculation/ and un* flernHnos. 1 the foundation of honest enterprise, " !>' ' I hav,e ventured to express, myself on this subjeet"wJt5) earnestness and plainness pf speech^jecause I cannot rid myself Of the belief that there Jprks in t he prppo^itlon for thft-teij coinage of sliver. PP strongly approved and sp enthusiastically advoqated by R multitude of roy cpuntrypien, a to our prosperity ous an Jn distrusj?-,ib^, good faith and sincerity pf those who pros.!* this scheme that I have Imperfectly but with ZWl, siifcijiitted my this jnopientous suWegt, j pea. of pch leg|siatipn as their .invited,, Even'the cpnUnuM ,;th» subject &d.da greatly to !itwajtwya|^fQr«g4wp9RW8. r r \ ' i *Hfik["•"'*?' ( (OoilClUfufUli. * \ r l * GREAT SALE RAILROAD LANDS Southern Minnesota, lii the Fertile Minnesota Valley. These rich prairie lands are dark loam soil and are very productive. This partof Minnesota is well settled and has school houses and churches. These lands are located near THE IOWA COLONY, neatTaun- ton, Minn., a bright hew town and first- cla« locations for all kinds of business. Ulno .Joint hay grows in abundance on the upland prairie, making It a fine stock country. We are selling these choice prairie lands on very easy terms at prices ranging from S7.50 to S12.SO pel* acre. One- fifth cash and 0 per cent interest, titles perfect and no payment the second year, Two years to make second payment and tho crops will pay for the land. We rebate round trip faro to purchasers of 100 acres over the Northwestern Line. 50,000 Acres of Fine Selected Lands At $ 1 O to $ 1 3 Per Acre. 100 CHOICE IMPROVED FARMS for sale on easy terms at $14 to 817 per acre within 3}^ to 5 miles of R. R. towns, also several section farms and 12 sections of wild land. Wo also have some finely improved farms near R. R. stations at from $16 to §18 per acre on easy terms. G. F. HOLLOW AY, Agt. BANCROFT, IOWA. Iowa SH'rite Horticultural Society The thirtieth am.ual meeting of this society will be held In tho society rooms-in the Capitol, at DCS Moincs, on Tuesday, Dec. 10,11,13 and 13,1895. Tho headquarters will bo at tho Kirkwood hotel, where reduced rate have been secured. An unusually full attendance Is hoped for, not only for members, but of all interested in the advancement of horticulture. Programs will be sent to all applicants by tho secretary. See page 19 of Horticultural Report of 1S95 for list of lib- oral premiums altered for winter exhibit of fruits and flowers. M. E. HINKI/EY, Prcs't, Marcus, la. J. L. BUBD, Sec'y, Ames, la. $800 GIVEN iron SEIXING A NEW HOOK WY TALMAGE. In another part pf our paper you will notice an advertisement of the R. H. Woodward Co., Baltimore, Md. They are making a m jst generous offer of 8200, and also other liberal Inducements to anyone who will sell their new book,"Gems of Religious Thought" by Talmage. This book has just recently been issued, but is having a great sale. Agents often sell from 10 to 15 copies a day. They also advertise their book "Talks to Children about Jesus." This book has been out several years, and over 150,000. copies have been sold, and is one of the most popular books of its kind ever published. Thov give liberal inducements on this also, and their agents are making handsome profits in selling both of these books. Write them at once. tarn A Religious, iM&ravy and, Pdmitf Jf^^J paper, tTndenomlnatlonal.ttnbiasedrfahd Ifflflftftlitl**',?* A paper for clergymen, scholars. teaehe*S» business men and families. It discusses every topic of the day—religious, theological, political, literary, social, artistic and scientific. Its contrihut- t cd articles are by the most eminent writers of the teng 1 i s h language. ,'Kl It employs specialists and distinguished writers as editors of its Twenty-one U^ A paper pitrtictilarly fitted for lawyers, doctors, clergymen, those engraved ih business, young people of both sexes—men ahd women who read and think for themsloves. A pupcr especially valuable for those interested hi Klne art*, Science, Mttsic. A. piipor for Sunday-School Workers those Who have a Farm, Gal-dew or House Plants, A paper for the famil j', old atttl yoilng, IMPORTANT^ THIS INDEPENDENT announces to its subscribers, find to any who inay become so, that it is prepared to furnish any papers of magazines published in this country, Ehg-> land, Franco and Germany, at a very large reduction from publisher's rates. This opportunity is open only to subscribers of The INDEPENDENT. Upon receiving' list of papers or magazines from individuals or reading rooms, an estimate will be given by return mall. 3.00, or at that rate '•*i$ -44 for any part of a year. Clubs ufjive $3.00 each. "TRIAL TRIP" one Month 25c. Specimen Copies Free. THE INDEPENDENT P. O. box 2787. ISO Fulton St., Now York, NOTICE OF ADMINISTRATOR. The undersigned, having been appointed administrators of the estate of J. J. Wilson, deceased, will continue the business as heretofore. LlSNBTTB W. BUTLEB. II. J. WILSON. *,..- r.n Yarns, German knitting, Spanish and Saxony in a variety of colors at jobbers prices, at the Grange Store. WANTED. EXPERIENCE NOT NECESSABT. Permanent positionsgtKinuiteed. Salary and ExpcnseB nr liberal commission. (Pay weekly.; Special advantages to beginners. Stock complete with fast-selling specialties. We guarantee ivhatwe advertise. Address, G.LKN BROS., Nxiserymeii, Rochester. N. \Y (This house Is reliable.) 0-18, One Cent a Copy. The twice a week edition of the Sioux City Journal, issued on Tuesday and Friday of each week, containing the verv latest telegraphic news and complete market reports fresh from the wires at time of going to press, will be sent to any address at the following cash in advance rates: One year.. ..$1.00 Six months—•.....; .50 Three months .35 Sample Copies, free. Address, Perkins Bros. Co., Publishers, Sioux City, Iowa. - i ,M Never again will there Uo another Special Offer made ou ibis great Standard Dictionary and Encyclopedia of the World's Knowledge. We fully intended to advance tl-.e price-on October 31st, bull thousands of people In all walks of life have requested an extension pf time uutil Christmas. After careful consideration, we have decided to continue our Special OiFer until the above date. This Is done simply and only as a means of advertising this wonderful Mtorehouse of information. v\ e do not expect to make money by this offer, as the very low price on extremely liberal terms little more than us u\yu must muqutiub uuvuuut*e. xwjuenuy uuupiuu uy iiiu ouuuuia ui rau juuuio, .UA«J,, «.i»v* ***»»,, in preference to all other dictionaries and encyclopaedias. It is equal to a college education. FOR A CHRISTMAS GIFT NOTHING COULD BE .BETTER, i Your pastor, teacher, friend, parents, or your children will appreciate this great work beyond expression. It will last a life'time and always givo satisfaction. No business or professional man, teacher, student, mechanic, housewife or any other person who wishes to keep abreast of the times, orwhoisonter' estedln the laudable enterprise of self-education, can afford to allow this rare opportunity to pass Without careful investigation. Understand, this great work embodies all the features of a complete Dictionary ana a thorough Encyclopedia. The new and entirely up-to-the-times > S-j! ts now offered all readers of this paper at the rate of 7c. per day, In monthly payments of jg£,00 each, until the sum of gKi.OO is paid. This is but little more than one-third the regular price, This greatest ot aU Dictionaries and Encyclopaedias was edited by such world-renowned scholars as • Dr. Rob't. Hunter, A.M., F.G.S., Profs. Huxley, Morris, Herrtage, Estoclot, wiiliams f etc,, assisted by scores of other specialists in various branches of. knowledge. ' • , Don'fl this speefaMf abowit «n exwt reproauetton of f&E wwive voiumcii in p'Affntjwtg CCKB of polished Over $7PQ,9QO Required to Produe$ Thjlf '•' |t is a" OpmnJoto Dictionary of the JSngHsU langu its origin, history, develqpuient, etymology, pronuucifttio .IMS a ThoroHKl; J5ticypjoitt¥i|ia of wMrtPjny, botesy, chemistry,, hUoflophy, mecjiani.cs, Wstqry, _rnythplpgy,. WblJwl tf» t. of anatjojuy v. mf<?hanie8. Wa jUrarr Book, substanti j ftnfl J«»8trote«. wltU tb,ousa,o4s. . all otUey (UcHp $he latest, Webster „ _ ,^ , „ „.„ if YMIQW Mqaswu.torfw to ^ TWf«WlJB» (T pages, over g.pOflJUustmtlQns, ho«nd }nJour togiti «KJio subjects, a»a f§ <&$ ftSceg!$ a,$gg!$ty- ef the, | pjg gWWS xeeJlent BaHsfa^tl .oaerr'MW'uftabrwgea totis&ftrjr* ypuy' JKH* ,"7, leftvIS RfttUfnf,t9M4^rp4l^fl t h <? pi-ofuBjgnu«f ..giw *npxW9BSRftWTtott«r;! tWfSi >:$ ?ompreb,en,fte, ,M —

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