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About Broad-axe. (Eugene, Lane County, Or.) 189?-19?? | View Entire Issue (April 19, 1899)
4 I BROMD-HXE - v ( - - - - "HKW TO TUB LINK, I.KT TUB CHIPS WIIKKK TIIKY MAY.' EUGENE, LANE COUNTY, OHE. WEDNESDAY, APRIL 19, 1801). liiKl koi lt:'t riria, ! THE BROAD-AXE, ! I III Qlb K.rr l.lrh. THE BROAb-AXE, VOL. Ill NO. 49. Philosophy and Physics of Money. (CiiNTINCrit.) In last week' Broad Axe we printed under heading: ''Man, Trade, and Money," an extract from paiuplcl entitled "The Phil osophy and the Physio u( Money," by Adhemar Brady. We thai I continue to publish Mleclioiia from this work aa oj)jorlunitjf oflors, beleiving the author' clear and conclusive. Here we present fcr this week's lesson from Mr. Brady's booklet The law of money and iH money theory applied to the circulation tf money. ' It will be observed that the law of money contradict the mon ey theory. - Let us examine the circulation of our different kind of money, and we mut discover which In practice in true, the law of money or the money theory. I. Why doe our gold money circulate? Thia money is valuable in itaelf and It ia comarilively rare. It enjoy a pre-eminence in pular estimation that rnnka it a the ty pical money. "Good at gold" ia always Interpreted as meaning "nothing better." Facts, however, hare no respect for the ideal. " WheriTweroin gold as a common medium of exchange wo stamp it aa eu many dollar. With lliese coin a we wll or buy. I,et a farmer 1 1 h ia e rop f or ' W i n gold . Why dor he receive thia money? Not because he want it for con sumption in any way. He takes it aa evidence of the values he li.i parted with, and because it in a claim against the common stock, that is, because he can buy other thinga of equal value. The gob! add nothing io the value of the thinga sold, nor doea it add to the value of the thing bought Ita prosperities are of no avail In these transaction. A ten-dollar piece iu a man's hand i evi dence that he haa parted ilh prod nets or rendered service val .tied at ten dollar. It ia hi order upon the common stock. Without common medium of exchange men could not place their product in the common stock. (Sold mi; boas a common medium of ex change because it can represent value in the common stock. Gold tnoaey circulate because it repre sent! val as. It circulate ac cording to th law of money; its own value ia of no affect while it Is used aa money. II. Why doe) our silver money circulate? At wa the case in considering gold, we find tthat the properties of silver sre of no avail while being used as money. As a me dium of exchange we receive it when we sell and we part with it when we buy. It must re pee vent the value of what we sell, and it must be a claim against the common stock, or it would not be money. ' In other words, it circulate became it represents Value, Like gold, silvcr'circulates acoording to the law of money, and iU own value ia of non effect. The circulation of gold and sil ver simultaneously contradicts the money theory In two respect In the first place we neutralise the rarity oi gold when we in a a a, a troauco surer, wmcn is more abundant. it tne ciatm lor raritv were railed, either the silver would not circulate, or tho attempt to use it would destroy money. In tho second place tho money theory requires that tho money r-hall be equal in value to the thing exchanged. Now, tho gold dollar as bullion, is or. greater value than tho silver dollar a bullion. If we assume tlint the gold dollur is equal in value to the thing bought, how shall w explain tho fact that tho silver dollar, which Iia less value, will buy the samo thing? Two things that are iiol equal cannot each be equal to a third. The money thbory cannot explain tho dis crepancy which it creates, but the law of money account for the circulation of both kinds of money. It shows that both circulate be cause both represent equal value. They do this ilideeiideully of their own value. Our fractional ailver ia light weight. Our nickle and eopiera are made of cheap metal. The money theory ex plain their circulation by calling them , subsidiary coins or token money. These are mere damns. The fact ia they are money in every resjtect, and they circulate Ix-carlse they represent value as truly a gold or silver. They cir culate according to the law of money and not hecnusn they are equal in value to the thing ex changed. - If - we - look - at - their value we find a greater discrepancy than exists between gold and silver. HI Why does our paper mon ey circulate? The money theory claim that it circulates because it represents gold or silver. The law of money says it ciaulate because it repre sents value. Let us examiue the fact that fall daily lyider our observation. When we sell do we lake this money because it repre sents inrt.il, or because it reprscnt the valuwofwhalBe part wittil Do we inquire whether it repre sent gold or silver, or do w look to see what ita face .value in? When we sell products, or render services, yahwd at one hundred dollars, what concern u ia that our money shall represent that value. Thia is the reason why our na tional bank notes circulate. They do not represent gold or silver; they are a kind of second cousin to gold.' It i imMihle to find an agree ment between the money theory and facts, for it docs not exist It i impossible to explain the circulation of all our different kind of money, or any one of them, according to the money theory. The law of money knows no ex ception. It explains the circu lation or all money on one com mon principle, and it agree with the facta. of eur common ob servation . MO.IKV A A t.KOAL TKNPR. attempting' o explain the I circulation of money, It is some time claimed that money circu late because it ia legal tender. The legal tender feature of money is not a property, but one of the use of money. It is eminently wie that there should be Jan en acting settling the question as to how men may cancel their debts; otherwise arbitrary credit ors might put the dcltor to great narasuip. Ana it is eniiriey reas onable that the offer of money should be made by law the tender in payment of debts. All money should be a legal tender. Our national bank notes are not a legal tender. This fact doea not pre vent their circulation. It may be suggested that these notes are convertible into other notes that are legal tender, and that this fact ' acounta for their circulation.' The suggestion as sumes that the legal tender paper 1 the cause and the national bank notes are the effect, and cause and effect are indentlcal. Tho case is a plain on. We have paper that ia legal lender, and we havo paper that is 'not; nevertheless both cir-cul.-ito. Now wet aro told that both circulate becnuso they are convertible, that Is, ono may l exchanged for the other. And we had previously been told that the legal tender paper circulate be cause it is a lc,gl tender. Now men will not establish a legnl tender that is worthclcss it must be an equivalent of the debt. Then why i thia piece of paier, about three inches wide and seven inches long a legal tender for my hundred days of labor at one dol lar jht day? 8ome one may answer: ("Because it ia converti ble into gold." Then we ask, Why i thU one hundred dollar ill gold a legal lender? If we are told V been uk gold i money, and the aw makes ita legal tender," we ask the question: What is money? This bring us hack to the starting point, and wn repeat: Money i a common medium of exchange, and it can be u Fed a such, lie cause it reiirescnlajvjliie. ' The 1K1 lender) set bar me from refusing the one hundred dol lars, and claiming, instead, my neighbor's ox, or his aas, or his maid-servant: but it i not the law of money. It merely epecifi one of the use of money, albeit a very important one. YVhea a Man Klops Jumping. Waverly Magatine. "Henry," she said, and there were what a 'novelist would call tears in her voice as she spoke, "I don't believe you love me." He took the cignr from hi mouth and looked at her in sur prise over the top of his newspaper. "Maria," he said, "dou't be foolish." "There!" she exclaimed, "There's evidence of the truth of what I aid. 'Don't be foolish I' Did you ever speak to me that Way before we were married?" "No, my dear, I did not," be admitted. ."Then,"1 she said reproachfully, mlightcat wihat Jawlhcu you never sat like a dummy, smok ing a cigar and reading a paper when I wa in the room; then you seemed anxious to please me, and were ever on the watch to do some little favor for me." i "It i true," he admitted. "You were never laxy then," she went on. ' You were full of life and spirits, you were energetic." "My dear," he interrupted in that calm, dispassionate tone that makes the average wife want to get a poker or a broom, "did you ever see a boy trying to get an apple or cherry that wa just a liltlo out of hia reach?" "Certainly," she answered ; "bu " "He kcip jumping and jumping until he gets it, dou't he?" "Of course." "But does he continue Jumping after he has got it?" Certainly not. There's no need of it" ' . "Well," he said, as he turned to his paper again, "you're my cherry and I. don't see the slighted reason why I should keep on" jumping any more than the boy." , Hie didn't say anything, but she thought and thought, and the more she thought the more undecided did she become as to whether she ought to le angry with him or not. Four lives Lost Victoria, D C, April 10. George Schnoeter is the sole surviver of a shipwreck which occurred between Malcolm and Vancouver Island, March 17. The sloop on which he and Tom Hackett, of Seattle, had been selling liquor to the Northern Indians was lost in a storm while all on hoard - were intoxicated. Those drowned included Hackett, nn Irish logger known only by ni first name, Charlie, and two half breed women. 41 It is supposed that it was the wreckage of this craft that was mistaken for that of the yacht Thistle, the latter craft, with her party, being safe at Albert bay. Hanna and the Beef Scandal. Baltimore Sun: Senator Mark Hanna in a note to the Associated Tress in regard to some questions asked by Major Lee of a witness before tho beef inquiry board, says "I sec in tho newspaper reports that one Major Loo haa attempted to drag my name into the case by questions which conveyed theiin- i predion that I was present at some conference where the beef contracts were discussed. I wish to state that I never had anything to do with any army contracts, nor even exchanged a word with an official of the war department on that subject I make this statement in order that it may have the same publicity aa was given to the con temptible, incinuations of this man Ir." What nn us-pcakahly Irreverent and sacrilegious , person this "one major iy - must ue won inu uare to "Jrag" the holy name of Hanna into the slime of the embalmed beef inquiry. The bare idea of one Major Lee" or one anybxxly else taking such liberties with the sacred name and unpolluted fame of Hanna ia enough to send a shudder of horror from Maine to Florida, and from'" Maryland to California. The thought of "dragging" the irreproachable name' of Hanna into anything has never before intered into the uioxt malicious of human imagination. Heretofore none have known him but to love him, none have named him but to praise. Hanna ha been the syn onym of political purity and moral altitude, a household., word for. all that is good and great, glorious and yirtuous. To suggest that be would have anything to do with' a Wf contract, or any other sort of a contract involving mere filthy lucre ia as preposterous and ridiculous as it i outrageous and abomin able. It' is well known that Mr. Hanna is of a sensitive, poetical tcmterament, who spends his whole time far from the madding crowd and from all thinga evil in j peaceful rural retirement, contem plating the Iieautiea of nature, watching thennocintJamba gam-l uoung over tne pastures ana com posing ode iu praim of lilical integrity and of the stern and simple virtues of the rude fore fathers of the republic It fairly make the blood boil, even in the eaceful vein of au anti-imperialist and lofty patriot should be connected with coarse, unsavory embalmed beef contacts. And by "one Major Lee," tool Could there he a more monstrous specimen of human depravity than this at tempt to "drag" the name of Mark Hanna into this vulgar beef busi ness? Out Mr. Hanna need have no apprehension. It is impossible to "drag" down buch a name as his. It will remain "embalmed" in American political higtory long after "one Major Lee'' has been forgotten unless, perchance, he should .be remembered by his "contemptible insinuations." Urowth T Independent Toting. NY. Post: The municipal elec tions just held in the West furn ish striking (proof of the growth of independence in voting. Chicago teaches the same lesson in this re spect as Cleveland, Toledo and smaller plaos. Mayor Harrison is a democrat and Chicago ia a re publican city. A respectable re publican was nominated against Harrison and the old argument as to party fealty would have insured this republican's election aa an other democrat took the field and carried off tens of thousands of this party. But the respectable candidato nominated by the re publicans was generally believed to represent only the party ma chine, while everybody knew that Harrison ia hia own man. -The result was that a large percentage of the more intelligent republicans deserted the nominee of the ma chine, and it was their support which elected Harrison, despite the great diversion of democratic voles to Altgeld. Theso Republicans were perfectly frank about their position. They 'admitted that there was much in Harrison's ad ministration the last two ytars which they disliked and even con demned but they found ground to expect better things tho next two years if ho should be re-elected, whilo his courago in fighting the grabbers of the street-car franchise turned the scaloa in favor of this democrat as against a weak kneed republican. Tho Supreme Test- Boston Commercial Bulletin : "You are all right," said the doctor after ho bad gone through with the regulation thumping and listening w ith his patient. "Not a trace of heart disease. Fifteen dol lars, please.'1 Tho patient drew a long breath and remarked: "I am sure now 1 have no heart disease- if I had 1 should havo dropped dead when J oil mentioned vour fee." A NIGHT ATTACK. ICebeU Tried to Cup tore Ameri can OitpoaU hot Were itrpulfted With Long. Manila, April II, 5:45 P.M. About midnight the rekeU cut the telegraph line at several place between here and Maloloa, and signal fire were lighted and rock eta sent up along the foothill to the right of the railroad. Later the enemy attacked the outpoels of the Minnesota regiment, at Bo wen Uigaa, and IJocave, five mile south of Malolo, killing to men and wounding 14. Himultaneously, the outposts of the Oregon - regiment - at Marilao, tho next station on the way to Manila, were attacked, with the result that three Americans were killed and two wounded. The lo of the enemy was ten men killed and six wounded. The Americans also captured two prisoners. The troops were concentrated along the railroad as thickly na possible, and the rebels were driven back to the foothill. 5:50 I'. M. It ia supposed that many of the rebels who attacked General MacArthur'u lino of coin- anjcation, and wbowerercpuT by the troops commanded by Gen eral Wheaton, were native who entered the region in the guise of fricndlies. They had seemingly secreted arms in seveal places and fired on the American from the bushes at so clcee a range that they could be heard talking. One of the Filipinos yelled in English: "We will give you damned Americans enough of thia before we are through." The rebels undermined the rail road at Marilao and unspiked the rails in an effort to wreck the train while the railroad pang par ticipatcd in the fight. The work of the reliels was discovered and repaired before a train arrived. General Wheaton is preparing to punish the Filipinos. The military gunboats Naprdan and Laguna de Hay have succeeded in entering the Santa Crux river, aud have captured a small un armed Spanish gunboat and three launches, which they discovered there. The military gunboat Ocste has brought 32 rebel", wounded, and six Americans to the hospital. It Is now known that 3 in surgents were killed during the capture of Santa Crux. CO. M, SECOND OKKC.ON, rA RTICIPATF.D. Manilv April 11. Company M, Second Orecou, got the brunt of the fighting today south of Malolos, and, together with companies C and D, Thirteenth Minnesota, lost 5 killed and 14 wounded. It is impossible to get the list of dead and wounded. . Lawton has pushed ahead and captured two more towns, Lumban and Pagsajan. At Lumban, which commands the river, the latter was obstructed so the gunboats could ftiot enter. The Laguna de Bay began a bombardments and drove out of the city all the insurgents save a small band fortified in the stone 1 church. There the Amer- icans made a rush and killed sev eral and captured 50. Only one American was wounded, slightly, in the arm. Two cAscoes and six launches wero captured in the river, and the obstructions will bo removed at once. . Santa Crux and Pnsnjan are guarded by tho Fourth cavalry. Lawton and the Fourteenth in fantry are at Lumban. The light ing must cease in ten days, as the rainy weather sets in. The battles of the Inst few days are ull skirmishes. K l.lkttl Violets. Washincton Star: "Do you like violets?" iiskcd the sedate girl. "Ye., indeed," answered the frivolous one. "I think there is nothing more I charming than to wander out into tho woods and tiolils "Woods and fields!" was the dis appointed rejoinder. "Oh, dear! I thought you were talking about loiinel triicniings." J date; j the, Making Arrangejueafg. The Oregonian of recent says: li. H. Herbert, editor of National Printer Journalist, of Chi cago, the official paper of the National Editorial Association of the United fHatee, arrived io Port land yesterday. He is here to aid in completing arrangements for and to publish all matter of interest in regard to the- associ ation's meeting in this city on July 4-8. He will eive the programme of the convention, together with tho itinerary arranged, local enter tainments, names and portraits, as far as possible, of all local com mittees, and a descriptive, 111 us trated articleof all points of in terest, in the May is.ue of the official paper. Mr Herbert was the .organizer and was elected the first president of the National Editorial Asso ciation at the world's exposition in New "Orleans in 188-5. Since then, the association has met in Cincinnati, Denver, San Antonio, Tex; Detroit, Boston, St Paul, San Francisco, Chicago, Asbury Park, N J, with entertainment and ban quet in New York city; St Augus tine, Fla; Galveston, Tex, and last year again in-Penver -There - has never been a state or city in which the convention has been held that has not sought a return of the association. At the convention in Denver, the cities of Cincinnati, Milwaukee, Put-in-Bay, with its hotel to accomodate 1200 guests, and a hall for the convention and committcs-rootus, under the same roof; Niagara Falls, and Hot Springs, Ark, were hot contestants with Portland for the meeting this year. ' It is no wonder that there should be such an annual contest. The National Editorial Association is a representative delegate body. The associations of New England, New York, Pennsylvania, Ohio, Mich igan, Illinois, Indiana, Missouri, Iowa, Minnesota, the. Dakota, Ne braska, Kansas and Texas, and all the rest of tho states, send thir le.t men, one for every 25 mem- bers. No ona cau attend unless elected or appointed, and vouched j for, through proper credentials, bj j a recognized association, each year. For the splendid contest by which the convention was obtained for Portland, credit is due the enter prise and liberality of the Oregon Railroad & Navigation Company, and to Colonel Pat Don an, who at tended the convention and elo quently presented the claims ot Portlaud. and of the j whole of Oregon for that matter. As row nrrar.ged, the delegates, some 600 in number, will reach The Dalles on tho morning of July 3, and come down to this city by boat, viewing the enchanting scen ery presented on the way, and arriving hero iu the evening. The editors will join with Portland in celebrating Independence day. July 5 is Memorial day, in honor of the newspaper writer and poet, the late Eugeno Field. On this part of the programme, whose letters of acceptance Mr Herbert has with him, are named Melville E Mone, manager of tho Associated Press, Chicago; D.' Frank M Bristol, of the Metropolitan (President Mc Kinley's) church; Washington; E C Stedman, the banker-poet of New York city; Slason Thompson, of the Times-Herald, Chicago; Page M Baker, of tho Tinies-IHsmocr.it, New Orleans; and llev F W Gun saulus, of Chicago. These were all Hrsonal friends of Eugene Field. The convention will be taken up with all manner of questions re lating to ncwspajHT-making. lne work w ill lw all computed Friday afternoon. After this, the cotirte stes of Portland and Oregon will I enjoved. Four weeks h ive Uen ,. , , .. ,- i allow.nl for the convention, and travel, counting the lime for which . . .... , .-. the , special train leave cnicngo and St Louis. This will leave at least eight days to this city and stale, allowing also for stops by the editors on the return trip at both Seattle and M)kinr. Both of Iheso citis are arranging liU - ral - ly for the visitors' entertainment, - "AoR-TreatlM Clrt. Oregonian: A button of the) "Non - TreJing. .Club," which organised In Chicago, September . 1890, and which now nu mbet s more lhaft 20,000 member throughout the Kan tern states, has) reached Portland. It consist ef the usual enamel die, with a button-hole attachment and bear the monogram "N. T. C." nothing more. The wearer pledges hiaaneU imply not to Heat any member of the club. E T Monett, of Chicago, tho originator of the idea, noticed a hve all other observing men, that hundreds of boy without any particular appetite for lienor are led into bad habit through the practice of treating. The desire to - be a ''good fellow" prompt thera to accept invitations to take drink they do not want aud to bay others they cannot afford, sora timos, including eight or ten ac quaintance to "line up, boys; it' on me," and spending the last dol lar of a meager month' salary with pay day 20 day away.' Round after round of drinks are swallowed daily in this way; a craving lor intoxicant is etb- ushed, and time and liquor. doe the rest With a view to putting a stop to thifoolih practice, at least among a few friends, lit Monett' devised hi scheme. Mem bers of the club never treat ech other. That was the first step toward moderation. Their f.iead at once saw the sen of the plan, and joined the club. -A nun seldom drink ar with hi im mediate friends, and a aeaa a all these bad joined the club, the habit of treating stopped, aa f ar aa he was concerned. The cluli grew and mw. Sill It got far beyond Mr Llonetf ability . to nuance, ana now those who era desiroua of foximn. new club bay their own buttons by 100 lotr, and distribute them among their friends. " f The growth of the dab i not looked upou with favor by saloon men. Mr Habaard Story. W F Hubbard, who was with Commissioner McGaire and Sen ator Raed whea thej were drowced last Satsday, gave the Soseburg Review lb fijUowing story of the drownisg: -We got act of the . boat a time or two beJoc goitg over the raptda that appeared below a a. And at the rapids above where the accident occurred (the Gilliam rapids) w about concluded to leave the oat and walk the rest of the way. Fat I told the others I could tk the boat through if they woakl walk around. This they agreed to, and I went through all right. The river in this place make an almost perpendicular fall of several feet. At the foot of thee vapid) B4 and McGuire got into the boat again, and we entered another scries of rapid ia a vary -short time. Rood said w ought to go ashore and look at them before we went through. I was rowing, and attempted to make the shore when a rowlock broke; Reed said wo could paddle ashore. He took one oar in the bow of the boat, and I changed places with MeGuir and took the stern seat, and w paddled to the bank on the right, which was overhung with brush. Reed seised hold of a branch, but tha water was very swift and the boat dipped water, and he let go hi ' hold, whether purposely or not I do not know. Had he held on, the swift current would havs swamped the boat, anyway. Wa were swept into the main current, stern first, and, sitting back down stream, I attempted to keep tho boat straight in the current. When the first real rapid were stiuok the boat dipjod more water and quickly sank. ' McGuire struck out at once for the shore. I came up with th lioat, holding to the stern, and saw Reed clincins to the bow. 1 ca eluded that in the rough water ' below it would be best to let ta boat co and swim for the l.an. Ag l nd M ,he . I Rced htid climbed upon it and ..... . . was asiriow oi mo now. i mt-i my strength ami went down snth the current until I sasr a favorabU point to make tho bank, which t did after an effort, and drew sny elf out throuih the brush. WbfW k . a w m ' l could look around, neither Rrd, 1 McGuire-nor tho boat Was in 'fight.