TUB UPPER DBS MOIN18: ALGONA, IOWA. WEDNESDAY, JUNE 2, 1897. JtfSttAM A WAftttftN* to §ub$eHfo«Sre. • • Oft* copy, si* months.. ..... .... ........... 76 OfifecoWf three months ................... 40 S6nt to ant address at above rates. . SeMt by arftf t, tootle? order, or express or- fletattmtflsk. . .. ,, Bates of advertising sent on application. loeal democratic cohvehtioti to setid delegates to the state convention i& dalled by Chairman $ inhell for June i(J, but the nomination of a candidate for representative is not included. Iti state they decided to go boldly into the field and will put up their ticket two months before the republicans get together. But in the couflty they will Walt as usual and see what the repub* licans do. This does not check the discussion of candidates, however, If he will run Mayor Chrischilles seetns to be slated for the legislature. Thos. Sherman of Bancroft may be the man. And as J. J. Ryan is retaining his residence in Algona, who knows but he may be selected? CONGRESSMAN DOLLIVER was memorial day orator at Arlington, the national cemetery across the Potomac from the capital city. President McKinley attended but did not speak. THE Young Men's Republican National league will meet in Detroit on ; -the llth of July. J. R. JONES authorizes THE UPPER DBS' MoiNES to announce that he will be a; candidate before the r6publican convention in August for the nomination as representative. His name has 'been much mentioned the past week or more, and he feels warranted by the encouragement he has received to enter the race, Mr. Jones is a long-time citizen and republican of the county, has been active in business, a promoter of enterprise, commendable in private .life, in every way a desirable neighbor and friend. Should he be chosen he would be an active worker for the county's interests at Des Moines. THE Capital announces that J. L. Kamrar will keep out of the gubernatorial contest this fall. THE Sac Sun says that Senator Funk " would make an excellent candidate for governor." _ CONGRESSMAN LACEY told the Register at Des Moines Monday that Gov. Drake will be renominated and ought to be. That seems to be the general impression among the politicians. On the other hand the tone of the country press indicates very plainly that there is a decided feeling in favor of a change. Silas Wilson is the only avowed candidate against the governor, and is not likely to be able to unite the . opposition. Unless some stronger man is willing to chance it Gov. Drake will undoubtedly be carried in by the tide of feeling in favor of a second term. MEMORIAL day was more widely and more decorously observed than ever. As the years go by the memory of the dead becomes more tender, the associations of the day more sacred. PARLEY FINCH will be a candidate for the senate from the Humboldt district. He was a leader in. the' house and would be an ideal senator. wit h« SW* d6fle, tells abtSttt hft Bnibwfeck while goieg to Cuba, ifi the June Scflbnet's. •4- -1- 4- .~fhe leading feature ef the Jufte Century is Qvieen Victoria's 60th year as tjtieta. Ainbftssad&r Sayard writes a tribute tdher. Portet's life of Grant deals with Petersburg, Atlanta, and the Bhen&tt- doah Valley. 4- •+- -4- St. Nicholas for June is full of stories for the young folks. The risk of a, fireman's life Is one of the entertaining features. nr Tats Geo. 8. Afigus will build a hew home at Burt, Llverraore has ,a shooting tournament today. J, T. Standring has moved back from Des Moines to Cot with to live. Supervisor Hollenbach of Wesley goes to Hutchina to run an elevator. Col. Chas. A. Clarke delivered the memorial day address at Webster City. The Sherburne murder and Kellihan's trial have cost Martin county over $5,000. Rlnglings' circus is in Blue Earth City July 2. It now carries 69 cars and nine coaches. Evangelist Cordner converted 200 adults at Forest City, He is now at Eagle Grove. The Emmetsburg Tribune refers to M. J. Walsh as " the crack shot of the Fourth regiment." The LuVerne News says LuVerne intends to trot out a candidate this fall. That is rather indefinite. Corwith Crescent: G. L. Dalton has been seen, rake in hand, cleaning up the yard of a dwelling house. ? Miss Laura A. Gregg, J. E. Blackford's cousin, will spend a week in Kossuth campaigning for woman'suffrage. Britt Tribune: Mrs. I. M. Finnell, wife of Editor Finnoll of the Courier, was the guest of Mrs. T. A. Potter on Monday. Burt Monitor: Senator Chubb and Gardner Cowles were up from Algona yesterday. Mr. Chubb was talking politics a little. Ruthven Free Press: Chas. Witham of Algona visited his aunt, Mrs. C. D. Price, this week and tried the fishing in Lost Island lako. Judge Thomas refused to tax the costs to the county in a criminal case at Spencer that had no excuse for being brought. That is a good way to stop needless prosecutions. Iowa Falls Sentinel: The Iowa Falls people who were at Algona last week report having had a pleasant time, and all agree that the capital of Kossuth county is a pretty town. How are these titles for a free-coinage man? The Emmetsburg Tribune says: J. M. Farley, the hardware king 1 , banker, and lumber prince of Whitemore, is to build a mansion. AS TO MONEY AND PRICES, A Disotfssioff of THE Mas the ±>efc]lt»e Ifa Prices Hi tub l»nat 26 iTeftt-B fteen Duo tb CtmtHic* tldn of the Cufrehcy f MB. OHtJBB'S ARGUMENT. This Is In toy judgment the most important question in this discussion, ahd it is my purpose to treat the subject in the most itn- THE Republican devotes a column to defending its pool with the Courier, which it says resembles a co-operative creamery. A discriminating reader says it reminds him much more of a cooperative milking machine, scientifically arranged to get two streams of milk at one pull. i BEN. McCoy of Oskalposa appears to be about as likely as anyone to occupy Judge Kinne's chair on the supreme bench, even if he didn't pick Algona as a better place than Oskaloosa for a state normal school. THE Tenth district will have 182 votes in the republican state conven* tiop this year as against 126 a year ago. TJje Jeffersop Souvenir figures out the tptal republican vpte last fall at 83,781 -P ftgalnjt 22.Q65 a year ago. Kossuth jumped from 1,815 to 2,030 republican votes, and will have sixteen delegates 8t the Oedar Rapids convention instead .pltep, as heretofore, hopes for a state board Pf QQntrQ} for state institutions. li Is hcwnd to some anfl will save Iowa thousands of 4pUars. , $y Bailey IB tbe Brjtt * * ' f j**!****''**'**^**^^'^ E. W. Archer, the Eagle Grove Standard oil man, is a candidate for grand chancellor of the Knights of Pythias of Iowa. Mr. Archer is an enthusiastic Knight and often visits Algona. Judge Quarton decided that Emmetsburg could not make a resident pay for a brick walk put in along his property against his wishes. There was no grade established, and the statute, it seems, provides for plank in such cases. Emmetsburg Democrat: W. D. Nugent, Algona's insurance hustler, was attending to business affairs in this city Thursday. * * * Kossuth county has three divorce cases on its district court docket. Algona is almost as good a place as Sioux Falls for women who make up their minds that marriage is a failure. Charley Smith has gone from Blue Earth City to Austin with his horses. The Globe says: He has a good string of horses and will make it warm for some of them if he don't win a, cent in the races. Fay Reed and a rider for his gallopers will accompany him, and the stables during his absence will be left in charge of Jas. Robinson. Mr. Smith has seventeen horses in training at his stables and is kept busy all the time. James Gallion, brother of Marshal Gallion of Bancroft, who was killed by one of the Sherburne bank robbers, was in Fairmont Wednesday, Mr. Gallion, jn talking about the effort to se- ouro the sending to states prison of the murderer instead of hanging, said, if the people would consider the threein- nocent victims killed without a chance for their lives or a second's warning, there would be no foolish sentiment or sympathy for the convicted murderer. Buffalo Center Tribune: A Northwestern engineer has been on the ground at the Burlington crossing in Kossuth county with ft view to locating a waiting room for passenger accommodation. If, as the prospects now indicate, this materializes it will be a matter of rejoicing to the general traveling public, and especially so to those living in this vicinity and western Kossuth county. The project of getting this matter before the railroad com^ missioners was started by G, W, Pangburn of Buffalo Center, who was assisted in the matter of petition in a part of Kossuth county by S, D. Prake of Algona. If the matter is brought .to a successful, consummation, as is now nearly assured, much credit will be due these gentlemen for the manner in which, it has been handled, partial manner. That there has been a wonderful depreciation in prices of commodities as well as all kinds bf property during the past 20 years, 1 believe to be sustained by an array of authorities that ought to make it incontrovertible, and that the effect has been disastrous to the industrial interests of the whole country no person who has read the reports of the commercial agencies of Dunn and Bradstreet for the past few years can reasonably doubt. That some part of this fall in prices may be attributed to a cheaper cost of production and cheapened transportation is undoubtedly true. But as the necessaries of life are made cheaper by these methods the demand for luxuries increases, and the wants of man multiply quite as rapidly as the means of supplying them can be furnished. The increased consumption of these high-priced luxuries about balances the reduction in the cost of the necessaries of life. Any radical change in the average range of prices must therefore result from a change in the standard or measurement of prices. Such a change can only be produced by a change in the quantity of money as Compared with the aggregate quantity of property and business. Mill says that an increase of money raises prices and a diminution lowers them, is the most elementary proposition In the theory of money, and without it we should have no key to any of the others. Other things being the same an increase of the money in circulation raises prices and a diminution lowers them. If the whole money in circulation were doubled prices would be doubled. If one-half the money in circulation were destroyed or locked up prices would be cut in two. This theory of money accords with the ideas of every political economist I have consulted. It will be argued that the great bulk of the business of the country is done with bills of credit, chocks, and other forms of credit, and for that reason less money is needed than formerly to transact the business of the world, and some go so far as to say that there would be no need of any money at all if only we had confidence. Confidence in what? Surely if it means anything it means confidence that the man, institution, or government making these unlimited and multiplying promises has the ability to meet them with money. If .vou extend credit to a man you extend so many dollars of credit, and if the stuff out of which the dollar is made is growing scarcer the credit is correspondingly growing, larger, eating up more and more commodities, just as the gold dollar does that measures the credit. Mill says in regard to these credits: "I apprehend that bank notes, bills, or checks as such do not act on prices at all. What does act on prices is credit in whatever shape given, and whether it gives rise to any transferable instruments capable of passing into circulation or not. But as all credit is based upon obligations to pay rnon ey the quantity of money in exlstencS with which to make final payments still has a controlling influence upon the general rant;e of prices." I will now attempt to show why I believe gold has appreciated since 1878. Gold and silver are commodities not differing materially from other commodities, being governed by the same laws of supply and demand. What is it that creates the demand for them? Let me give it to you in the language of Senator Allison, He asks, " What is it that creates the demand for the precious metals?" and answers: "It is legislation. Legislation gives value to the precious metals, and the commercial value simply records the condition of legislation with reference to the precious metals." Now let us consider what has been the his tory of legislation in regard to these metals since 1878. Up to and including that year gold and silver had been money all over the world, one equal to-the other in all countries of the world, and both together fixing the price of the exchangeable products and property of the world, and about equal amounts'estimated together at something over 7,000 millions of dollars, While there was'some slight variation in. the value of the metals, it never amounted to more than the cost of transportation to the open mints and the charge for coinage. In 1878 the United States established gold as the stand ard and stopped the coinage of the silver dollar, This,was followed in the same year by the change from the silver to the gold standard in Germany, which created a large demand for gold where none had existed we cannot wonder that Senatot AiUaott says that to his mind it Is impossible that the business of the world can be done with gold alone. It seema to me that all reasonable thinking men must agree With him. To give some idea Of the increase in our productive capacity Mulhall's dictionary of statistics gives the horse power of the steam engines in the World in 1870 at 18,400,000. The power in the United States today is over It millions or nearly as much as was in the whole world in 1870. It would be preposterous to say that this increased amount of business could be done with a less quantity of money than was needed to do it in 1870,without depreciating If you want Good FLOUR why in the world don't you BUY the price of the products or enhancing the price of the gold. Sir Arthur Balfouf, the head of the conservative government of England, said: "Of all conceivable systems of currency that system is assuredly the Worst which gives you a standard steadily, continuously, indefinitely appreciating, and which by that fact throws a burden upon every man of enterprise who desires to promote the agricultural or industrial resources of the country, and benefits no human being whatever but the owner of fixed debts in gold." 0. C. CHUBB. r\ i TTM r\ Good r lour? Nobody is holding you. The Wilson Mills Tb§bvmt§rf pf Porttoi have bee,n, engaged ,»,U epriBfr annual y»W o» tibe gp.pb.prs t&ey msti ty celebrate will pay before, and by May, 1881, had coined 414 millions of gold. They had also thrown upon the market large masses of their worn and demonetized silver. This was followed by France and the I^atin Union stopping the free coinage of silver. So one after another all the great commercial nations of the world stopped the free cplnage of silver, thereby decreasing the demand for silver and adding to the list pf those that were in the scramble fo/ gold. lu 1877 to 1879 the Upited States absprbed pver 600 millions pf gold mpre than they had for the u preceding. Today Japan, Austria, gary, and Russia are solving to Increase theiv etoojt pf gold and are drawing this ppufltjy p9tw}tkstaBd,ipg the ba,lattc,9 of trqile is, tegeiy in pur favor. That ftii REJOINDER. The decline in those prices with which we are acquainted, such for instance as of horses, sugar, kerosene, etc., is readily accounted for without referring in any way to the money standard. The challenge to name a single reduction that cannot thus be accounted for by natural causes has never been met. How, in fact, could the decline in prices be due to contraction of currency when both in the United States and in the world the money supply has nearly doubled both per capita and in the total during the 25 years we are discussing? Over $100,000,000 has been added to the world's metallic money every year in that period, saying nothing of the vast increase in banking facilities. The only escape from the force of this fact lies in the claim that standard money alone measures prices, and that as silver was deposed in 1873 half the standard money was destroyed. No political economist of note sustains this view of the function of standard money. If it were correct prices should have been cut .squarely in two in 1878 and should have remained cut in two, whereas Senator Chubb has himself cited the prices of 1892 as unusually high for our farm produce. If it were correct it would effectually dispose of all the claims made for the greenbacks and silver coined under the Allison and Sherman acts. If standard money alone measures prices of what importance is it whether greenbacks were cancelled or retained at the close of the war, whether silver coinage was continued or cut off in 1890? The fact that gold alone is standard money Is a very important one, and one that has occasioned alarm among many conservative statesmen, and one that has caused President McKinley to send a commission abroad to sound foreign opinion upon the possibility of agreeing upon a broader and more stable foundation for the world's money. But that fact does not make gold alone the measure of prices. Every dollar so long as ,it circulates serves the purpose of a gold dollar. Every promissory note affects prices if it is accented in trade. John Stuart Mill, who affirms that prices are measured by the volume of money, includes all kinds of money and credit serving as money. He sa.ys: " In a • state of commerce in which much credit is habitually given, general prices at any moment depend much more upon the state of credit than upon the quantity of money." His reason for this is so apparent that it needs no discussion, "credit, though not productive power, is purchasing power, and a person who having credit avails lito self of it in the purchase of goods creates just as much demand for the goods and tends quite as much to raise their price as if he had made an equal amount of purchase with equal money." The extent to which the United States relies on credit makes it true here, as Mill suggests, that prices depend much more on the state of credit than upon the supply of money. Ninety per cent, of our business is done without the use of a dollar, in New York city 96 per cent. It is estimated that the total annual transactions of the people of the United States, all the buying and all the selling, amount to one hundred and thirty billions of dollars, nearly $3,000 per capita. To do this business we have $24 per capita m money, only $8 gold. However nimble each dollar may be it is apparent that it falls very far short of doing its share, The populists, who go farther than anyone in demanding more money, say we should have $50 per capita. How much nearer would we be to doing business with cash if we had $50 instead of $84 to use in $2,000 of transactions? The moment we realize this limited use of actual money in business we see h'ow impossible it is that a slight variation of the amount of money should cut any figure, how impossible it is for instance that the coinage of silver under the Allison and Sherman laws or the cessation of it could .have materially affected prices. That this credit system is not without its disadvantages goes without saying. But Who proposes to substitute money for it? And what would result if every trade had to be made with money, and money enough had to be carried to do all the business of the world? The change would be like trading off the dangers pf railway travel for the safety of the ox cart. Every farmer how less and less his business tran^ are made in money. .He takes and gives cheeks in all his larger ^ is a convenience as well as a safe* AII he wants of money is that as a foundation fpr all this gheokipg it shall be absolutely stable and reliable, uud that the make the GOOD kind of flour—no other—make it every week day in the year, and sell it to the best bread-makers on the face of the earth. Strong language, to be sure, but it's the gospel truth and why not say it ? TRY A SACK. jg@-FLAX SEED FOR SALE. Lenette W. Butler, Administrator J. J. Wilson estate. The Flies are Sure to Come before the summer is over, and if you • are not careful they will catch you napping. Expense is no excuse for harboring a lot of troublesome flies in your kitchen and dining room when you can get a Heavy Screen Door the best that can be bought in the market, for an even DOLLAR, with a pair of spring hinges and a good door pull thrown in. Screen wire is so cheap that you cannot afford to use anything else or go without. G. M. DOXSEB, Children's Reefers At a Discount To close "what we have. Ladies' Cai Tailor-mac DCS and egly bepaws the quality is 99 Ji^tes that, as to She past few years, t}je. wyefflsat of Skirts and Shirt Waists A complete stock . and cheap, One lot Shirt Waists at 35o worth 500 to li.oo, ie Suits AT COST TO QL/OSB, JAS. TA YLOR. foundation is secured ton structure of credit which the world's business. the vast supey- wiU always do The mm W)M> believes that money inflation will raise his prices is deluding Win. self with false hopes. The man willing toy the sake of awey Inflation, to juwp into the dark wito the tedependeet coinage of silver i» Billing to add to the in, stability at the foundation that already wrtato, aad to perpetuate a ^ of bu.sjn,e/s paralysed in, ei ©QW© TQ Your Horses Clipped?
What members have found on this page
Get access to Newspapers.com
- The largest online newspaper archive
- 11,200+ newspapers from the 1700s–2000s
- Millions of additional pages added every month