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About The daily morning Astorian. (Astoria, Or.) 1883-1899 | View Entire Issue (Oct. 28, 1896)
ASTOHIA PUBLIC IJBRM ASSOCIATION, 1 SAVE TIME The Dally Astoria n Ha RSOUtAS AND PMMAIUNT how? ..Fimlly Clrcplatlon... An "Ad". Much mot than tanse timm At LAHfii A THAT Of ANV OIH( (PAPtR ill Astoria. In Tim AiroHMN't "Win Gilunn." EXCLUSIVE TICMU1RAPHIC PRESS REPORT. VOL. XLV. ASTORIA, ORKOON, WEDNESDAY MORNING, OCTOBER 2, 18!). NO. 2.VJ Do You Want A BABY BUGGY ? If so, we uro prepared to gjvs you spcclul price mi wlnit huvt left. A now stork of French mid Crcjie Tissue' l'lipcr; nluo all kiml of ma toriHl for limiting I'upcr Flowers. Fliitf day will noon l hero. You niav need a flng. Wo have all kinds and "izi'H. GRIFKIN & REED. Did You Ever SICE OUR NEW TREATING STOVES ? Built on Entirely New Principals. AIR-TIGHT HEATERS A SUCCESS You An Invited to Inspect Them FOARD & STOKES COMPANY. HARDWARE, PLUMBING TIN WORK JOB WORK GRANITE WAKE. ROPE, STOVES. IRON PIPE, TER RA COTTA PIPES, BAR IRON, STEEL, CANNERY 51'PPUES. L000ER3' TOOLS BASED Ofl HIS OWH FIGURES Incontrovertible Facts Which Are Admitted by the Boy Orator In rianyof His Speeches Throughout the Land. HIS ATTACKS ON THE REPUBLICAN PIiATfORM Refuted In a Muttterly Argument-Silver Monometallism U Not metulllHin -t;IJ the Mcunure of Value In All the I'rln clrl Nation Where liiinctallism Exiatu, u It Doc In the I' nltcd Slate. Hi. New tti.r.), AT PRICES THAT DEFY COMPETITION Call and Be Convinced SOL OPPENHEIMER Trust for the late M. C. CROSBY Oregon State Normal School MONMOUTH, OREGON. A Training School for Teacher. Senior Year Wholly Professional, Twenty weeks of Psychology and Oeneral and Special Methodi; twenty iMki of Teaching and Training Department Training school of nine grades with two hundred children. Regular Normal Course of Three Year?. The Normal Diploma la recognised by law ai a State Life Certificate to teach. Light Expenses; Board at Normal Dining Hall tl.EO per week. Furnish ed rooma with light and Are, 76o to 11.00 per week. Board and Lodging In private famlllca 11.60 to M M per week. TUITION: Sub-Normal, 6.00 per term of ten weeke; Normal, (.2B per term of ten weeke. Grades from reputable schools aocepted. Catalogues cheerfully furnished on application. Address P. L. CAflPBELL, Pres., or W. A. WANN, Sec. of Faculty. K have abandoned the afternoon auction sales. We still have to raise a large turn of money, and will, therefore, sell all the best SILKS, PLUSHES AND VELVETS at floo on the Dollar MEN'S SHOWS at 7no on the Dollar l.ADIKH' SHOEH at OOo on the Dollar WHITK RHIKTM. worth from II to 'J 60 Mio Each BEST BRANDS COLLARS Bo Koch CLOTHING at OOo ou the Dollar Indies' Coats, Jet Trimmings, ete at half price. These prices aro only till alter election. 6QO COMMERCIAL HT. ASTORIA TIME CARD OF THK Astoria & Columbia River RAILROAD. Beginning on Monday, Sept 14th,tratns on the A. and C. R. R. R. will run as follows: Leave Seaside at 7:90 a. m. dally. Leave Seaside at 3 p. m. dally exoept Sunday. Leave Seaside at 4 p. m. Sunday. Leave Astoria at 9 a. m. dally. Leave Astoria at 4:45 p. m. dally except Sunday. . Leave Astoria at 6:30 p. m. Sunday. C. F. LESTER, Supt Clarkson & fcmn Boom Company LONG FIR PILING Promptly Furnished 216 and 217 Chamber of Commerce Portland, Oregon Astoria Asphalt and Roofing Co. All Work Quaranteed LEA VIC ORnlRH AT 8.H OOIVIMKK C1AL HTKKKT Roof Painting and Repairing Loky Roofs. N. JENSEN and R. O. HANSEN York, October 21 (To the Ld If Mr. Uryan Is elected, hsve you weighed what the results will be? At I'aterson, on September 28. he "I say to you now that my elec tlon means that this nation shall open Us mints Ik the free coinage of both metal at the earliest ponslble moment. Not only that, but my election means that this nation shall treat the sliver dollar Just as It treats the gold dollar, and that we shall not Issue bonds to buy gold." If the treasury gold reserve Is not to be replenished by bond sales we all know It' can't last long. Foreigners would Immediately call for their loans and balances here, and holders of the 1338,000,000 of outstanding greenbacks and treasury notes (according to the R. Treasury statement of October l.lliHl, would quickly withdraw the fU3.ouo.ono of gold now In the treasury, tn either export or hoard It, and leave the holders of the remaining t20O.0OO.OO0 to take their ay In silver. That this gold will almost Immediate ly be ex'Mirted Mr. Bryan admits. On Septeniln-r 28. at Tammany Hall, he aid: "You know that with gold as our only primary money and the fact that the little quantity of gold ran be drained away at a moment's notice by foreign creditors, It leaves us. etc.' As alt our nntlonal bank notes are re deniable In grcenlmrka, they too would full with them to a silver basis. In short, Mr. Bryan's election would, as soon as the present gold In the treas ury la exhausted, put our currency on a silver basis, and all debts, except where otherwise expressly stipulated. would le paid In silver. It will be observed thnt this would all happen, wen If no free silver coin age act should ever be passed. As Interest on government bonds would henceforward be paid In silver, and also all dividends on stocks, for eign capitalists would dispose largely of their holdings In these, and thus ne cessitate further large remittances of gold. DKHTOH WOl'LD BE FORCED. Their correspondents here and bor rowers of foreign money, being called on to pay up, would be compelled to call In their loans, and draw their bal ances out of bunk. All creditors In this country who prefer gold to silver dollars (which In cludes the bulk of them) would demand all debts due them paid, and getting greenbacks Instead or treasury notes for their bank balances, would present them at the treasury for gold before It was too Inte. If Impossible to get gold they would buy sterling exchange, or exchange on Cnnadn. The Herald re ports that prior to October 1 over 30,- 000,000 In gold hud nlrcudy been depos ited In Canadian bunks to avoid the risk of the coining election. In short, every man who hud a dol lar coining to hlni would wnnt that dol lar paid him while It won still worth 100 cents, and before It got to be worth but 63 cents. The business houses and other debt ors called on to pay up, would bo com pelled to cull on- their debtors, and thus nil the debtors In the country would be culled on to pay up Imme diately. The demands on the banks would compel them to cull In their loans, and If not paid, to sell or try to sell their collaterals. Debtors would be compelled to sell their property at any price, and whore all debtors aro sellers at once, the de clines would be such as we have never seen before, because there has never been such a wholesale calling In of debts, and consequently selling, as this would cause. Business houses the country over, be ing unable to collect balances due them, or to realise on their stock, ex- ecept at ruinously low prices, If at all, must fall. Nothing could save them. Small depositors, nervous and follow ing tho larger ones, would draw their balances and run on banks would be come general. With these runs on all the banks. they must either break or suspend. In the cities the stronger ones could combine and suspend, but the weaker ones, left out of the combination, and all country banks, would fall. PANICS WOULD FOLLOW. The panic and ruin would far exceed that of 1873 or 1893, the latter of which, called the "Silver Panic," was caused by the apprehension of going on a silver basis. This panlo would be caused In part by actually Kolnir on that basis. Mr. Bryan admits this: In the Chi ago convention he said: "When you come before us and tell us that we shall disturb your business Interests, we reply that you have disturbed our business Interests." And the St. Louis i lli.be-Democrat reported his saying "I think It (manlng the victory of the free coinage movement) will cause a panic. But the country Is in a deplor able con Minn, and it will take extreme measures tn restore It to a condition of prosperity." In the general scramble by home and foreign creditors for gold, as there Is not enough to go around. It would nec essarily go to a premium, with the In evitable result that the $617,000,000 of gold now In circulation In the United State (according to the V. 8. Treasury circular of October J. 18M) would I exported or hoarded. As the total circulation of gold, silver, greenbacks, treasury notes, bank bills, sliver lirtlfleatee and all other kinds of money In the United States was, on Octiber I, ISM, l,58!,000,00O, forcing 5"17,000,WO of gold out of circulation would reduce the money In circulation iilxmt one-third. That Is to say, where there are now three dollars of money In circulation, then there would be but two dollars. Such a radical and sudden contrac tion of the currency would of Itself alone, and entirely apart from any panic on account of the depreciation of Iho currency, cause a stringency and panic such as we have never known. But coming on top of the other panic, the ruin It would spread would be diffi cult to describe. Thus railroad stocks with gold mort gages ahead or tnem (as goia must oe bought to pay Interest, thus Increasing If not doubling this fixed charge, and to that extent diminishing or entirely wip ing out the net earnings applicable to dividends), with earnings diminished by the business collapse, would In the general panic become absolutely un salable. The bottom would have drop ped out of them. Banks, therefore. would become absolutely unable to realise on their collateral, and though a combination might save the strongest for a time, ultimately they, too, must go to the wall. The demoralisation would be com plete. In this general crash all factories, mills, building operations, etc., would shut down, and all classes of workmen, mechanics and laborers, exoept farm hands, be generally thrown out of em ployment. Under the keen competition of this mass of unemployed for the little work left. It Is clear that wages, Instead of rising, must In the near future fall, even though paid for In depreciated dollars, because of the many who want employment, und must take It at any price to save themselves and families from waning. With no wages, the unemployed In-1 borers could buy neither food nor I'lothing, and the diminished demand would cause the prices of grain, cotton, und nil farm products to full, as Is al ways the case even In snmll panics; and such want, suffering and misery would bo entailed upon the laboring classes as we never have known before. Of course all mortgages past duo or In default would be Immediately called In, and If not paid, foreclosed, and the mortgagors largely wiped out. It Is needless to say that there would be absolutely no money whatever to loan, for who would lend a hundred cents, or even 95 or 90, In order, later on, to get back but 63? THE SILVER DOLLAR. Mr. Uryan says he does not believe the silver dollar would depreciate to f3 cents, or at all, but would continue to be worth 100 cents In gold. Is this view sound? If the silver dollar under free coinage Is to remain worth 100 cents In gold, It Is apparent that sliver bullion must become worth $1.29 an ounce, for If worth less, bullion holders would coin It for the profit, and this process would continue until no prollt remained; that Is, until the value of the silver dollar was Just tho same as the value of the bullion In It. If, on the other hand, the price of silver bullion Is not raised to 11.29 an ounce, It must Inevitably draw the value of the silver dollar down to the value of the bullion In It, as bullion would be coined until tho two values met. To raise the value of silver bullion It la necessary to raise the value of the whole world's stock of silver, which exceeds four hundred millions of dol lars, from fi'i cents, its present price, to 11.29 an ounce. Mr. Bryan admits this. In his speech of acceplanre he said: "We contend that f r-e and unlimited coinage by the United States alone will raise the bullion value of silver to Its coinage value, and thus make silver bullion worth 11.29 per ounce In gold through out the world." The question, therefore, resolves It self Into this Would the demand In the United States for sliver dollars over and above the present stock of 437,000, 000 (Treasury statement of October 1st Inst.) which we already have on hand be sufficient to double the value of the world's stock of silver? Mr. Bryan says It will, but admits he can't prove It, adding, neither can you prove that It won't. That Is his argument. He gives you his claim and belief, and says that Is Just as good as what all the flnnn- clers claim and believe, as neither can be proved; and It Is on this showing alone that he asks the American people to elect him, and to see If his belief won't come true. BRYAN CAN'T PROVE IT. In Brooklyn, on September 24, he said "You cannot prove by mathematics that we can maintain a parity; neither can you prove that we cannot, can you prove that we cannot." Fortunately we are remitted to Mr. Uryan' a belief alone for our guidance. The United States has had some ex perience In trying to raise the world's stock of coin above Its market value. In 1M0 the bullion In a silver dollar was worth 11.03 In gold; and the gofa dollar, measured by the stiver, was de preciated 3 per cent Our mints were open to the free coinage of gold as well ss silver. Did that raise the price of gold to par with sliver? Not at all Although the world's stock of gold Is much smaller than Its stock of silver, and although It was only necesary to raise Its price 3 per cent, we could not accomplish It. THE RATIOS. This lasted from 1834 to 160 and down to 1873. The price of gold bullion was not raised the 3 per cert, and being the cheaper currency. It drove the silver out of circulation. And as no silver had been in circulation for over S5 years. In 1873, after full debate, this coin was omitted from our coinage list. In 192. under the ratio of 15 to 1 (In force at that time) the bullion in a gold dollar was worth three cents more than the silver dollar, and the silver dollar, measured by gold, was depreciated 3 per cent. Silver being the cheaper, drove gold entirely out of circulation for more than forty years, 1. e., until 1834, when the government changed the ratio from 15 to 1, to 16 to 1. with the effect seen above. In 1S60 we were a nation of over 30.- 000,000 of people, and had no silver on hand. Now we are a nation of about 70.000.000 of people, but have 437,000,000 of silver dollars on hand. If, with all our power fh I860, we were unable to raise the bullion value of gold but 3 per cent, how can we expect to raise the bullion value of a still larger quantity of silver not merely 3 per cent, but more than 15 times 3, L. e.. 47 per cent ? If. with over 30,000,000 of people In 1SS0 we .had been able to raise the bul lion value of gold Just three per cent to par, then, being two and one-third times as great a people now as we were then, we might expect to raise the bullion prices of silver two and one-third times as high, that Is 7 per cent, but how could we expect even then to raise Its price not 7 cents alone, but more than six times seven, that Is 47 cents, espe cially when the only power we have to raise it with Is our demand for silver dollars, and that demand Is already supplied to tho extent of $137,000,000? Yet unless the price of the world's stock of silver Is nearly doubled, the price of bullion must, as we have seen, Inevitably pull the value of the silver dollar dow n, as bullion would be coined as long as there was a prollt, 1. e., till the values meet. Mr. Bryan has presented his beliefs on this subject. Opposed to them stand facts and his tory. And not merely history of this country alone, but of all countries. When the mint was first opened the Increased demand would undoubtedly raise the price of sliver bullion some what, but when this demand was sup plied (the value of the silver dollar hav ing been brought down to Its bullion value) It Is evident that with the con tinued supply and diminished demand, the price must fall off again. But it Is to be noted that even if the sliver dollar aid not depreciate, we would not escape the panic, as foreign and domestic creditors alike believe It would, and they consequently would call In debts and force sales Just the same. This panic, as . we have seen, Mr. Bryan fully admits must occur. There fore the consequences of that panic are confessedly sure to happen If he Is elected. THE DOLLAR VALUE. Mr. Bryan Is very fond of Insisting it Is Inconsistent to assert that the silver mine owner' would make a profit in coining silver, and also that dollars would be worth only 60 cents. It is not claimed that silver dollars will go to 60 cents the day the mint is thrown open, but decline gradually, and at first the silver mine owners could evidently make a large profit. When, by the coinage of his bullion, they had and misery would fall upon the laborer, depreciated to 60 cents, his profit would . and those in debt, that Is upon the cease; so that at one time he could jmaas of our people, and make the rich make a profit, and at another time we! richer, and the poor poorer, could, and would have 63 cent dollars. Crime and lawlessness would neces A little thought solves Mr. Bryan's di-'sarlly increase, and driven by hunger lemma. land despair, becom) rampant. The farmer hopes to profit by a 63 ! Instead of more money, which Mr. cent dollar to pay off his mortgage at Bryan promised us, we have seen that half Its face. ! his election means a money famine for How will this work? a year or more, and Instead of "prospec- On the 5th of November next, there j Ity for the producers of wealth, there would be no more sliver dollars In clrcu- would be but losses, hardships and inf lation th:m today, nor on the 5th offering. March next, since no more could be j In view of these Inevitable, and many coined until after a free coinage act! of them conceded consequences of Mr. had been passed. j Bryan's election. Is It wise to put him Such a law could not be passed with- j In? ( out the most desperate nght by the op- BRYAN'S PROMISES. T. ponnts of free silver. The fight against , , ., , . . . . , . 1 In conclusion, let as examine some of the Wilson tariff lasted all summer (till i . , ... . .... . ' Mr. Bryan's other promises and argu- I menu and compare them with their un avoidable results. j Mr. Bryan promises that bis election j will give us the benefits of bimetallism. In his speech accepting the nomination, he said, "If, in November, the people by their ballots, declare themselves In i fnvnv "t , H ImmMllaltt rM( ftra I ln1 nf wss resorted to as the Populists sug- ., . , ... . . , , hlmet&lllKm. tha strstem can he Inauffu test. It would require at the present j vMn . fe rate lor treasury notes, on me special I reasonably expect this to be less deter mined, or that the bill would become a law before about September 1st next Then to coin 1517.000,000 sliver dollars to replace that number of gold dollars driven out of circulation would require over eight years. If the printing press pap-r required therefor, of Jl.150,000 day, over six weeks, which would bring It to the middle of October, and these could not be Issued till 1517.000,000 of silver had been deposited In the treas ury which would require some time. and bring It to about November 1st, or about a year after Mr. Bryan's election. Now as the gold would have been driven out of circulation. It Is evident that until the coinage bill became a law. or until September, 1897, or for ten I months after Mr. Bryan's election, we What Is bimetallism (bl meaning two, and metal) If not two metals In use In the currency of a country (apart from debased subsidiary coin)? If a country has gold alone In Its currency clearly that would not be bi metallism, but gold monometallism. So, If a country bad silver alone, and no gold In use In Its currency, clearly It would not have bimetallism, but sil ver monometallism. If, on the other hand, a country bad ,iivrr biiu boiu uuiu ill uk in il tui- irenev. that eountrv would rertalnl would only have two-thirds as much h.. ,,., ,,. . ,... r " 1 This Is what Mr. Bryan promises us gold and silver both In use In our cur rency. But we have seen that If the mint mdri.il nrntf mnn t th Anil nf th ' year no more than now. During all of this terrible year we would be suffering from such stringen cy. pn.c au oeprecmuon 01 are opened to the free coinage of silver, as we have never seen before, and the .t betng tbe cheaper meU1 woul(1 drlTt prostration and dry rot following the j out the gMi ,nd we ahoxili De ,eft wlth panic would continue for several years ,only ,ver or currencr. Tnlllj w afterwards. Business activity, would ,cen would not blmeUmsm, not return with restored currency, as but Uver mon0metaIIUm. credit is a creature of slow growth. It! Therefore, although Mr. Bryan prom took six years to recover from the panlo Ue8 b,ra(ftalllBnii tnat ta not what n9 of 1873, and would probably require ten ld but monomeUUlinlail4 years or mofe to recover from this one. ,lilvw monometallism ,t that . , - W ith new corn at 18 cents a bushel In j Gne mugt not allow oneM,f t0 j.' Illinois, and 15 in Kansas and Nebras- ;come ccnrui!ed by namea or phra8ea or ka, and with those prices to be still fur- jeven by beIlefs or promlses. 0ne must ther reduced by the panic, the enforc-;0 by the true lnwa,dness of thlmra. ed idleness of the laboring classes, and , It wl not do to beUeve that tome the consequently diminished demand. to'thJ , blmetallIsm because somebody from 10 to 15 cents a bushel, after the ' , ,t when , ,Uvsr laborer has been paid and the far-1 monometallism. mer's store bills settled, how much, Caln? 8ver m blmet. would be left for taxes and Interest on alUgm does not make lt , his mortgage? And If he defaults In j 0n th oth.r hftnd whllt h.ve . either, will not the mortgagee want his 'th8 country today? Hio cents instead or w. ana roreciosei Although foreclosure takes from one to two years, and would take till Novem ber of 1897 or 1898, yet as the effects TRUE BIMETALLISM. The United States treasury statement of October 1st 1896, shows that we have of the panic would still continue, there j n circulation (exclusive of treasury could be but one result, the farmer holdings) 3517,000,000 of gold and gold must lose his farm, and become a rent- !coin certificates, about 3411,000,000 of sli er. Iver dollars and silver rt1flritea fault The outcome therefore for farmers In apart from 360,000.000 of subsidiary sll- debt, must Inevitably prove disastrous. I ver coin). Is not this practical bimet- The foregoing are the immediate ef- alllsra? fects. How much more bimetallic would wo EFFECTS OF FREE COINAGE. 'ne after we had driven out all the gold. T 'and left only sliver? In from five to ten years hence, after I , . . , , -K"i i. . i'i iuvi iucu ti is upptircui jthat we already have practical bimetal lism (though not free silver coinage), , and that If we have free silver coinage we shall only get silver monometallism, i Although we already have bimetal- business and credit were restored, real estate and labor to day worth 31 In gold would again be worth that, and, if silver dollars were worth 50 cents in gold, they would be worth 32 In silver. Just as they are worth about 32 today In silver bullion. But those silver dollars would not be the silver dollars of to day, because not Interchangeable with llsm. our measure of value Is the gold dollar; that is to say no matter which kind of currency Is used In paying a rieht U'hiithtir a crtM ilnlln, .... !!..... 11 ni u ,.. oil. tri hi'" w uui i c i oey wuuiu uuiy UU1I.1I , worth half as much, and hence be dlf- i ferent because depreciated. or a greenback, or a treasury note, or a silver certificate, they are all measured by the gold dollar, which la As well might they think to profit by, our unit or standard of value: and at selling their farm or labor for francs ; the present time all these five different instead of dollars, because it takes five kinds of currency are equal In purchas francs to make a dollar, and they would ing power to the gold dollar. And so consequently got five times as many of when any exchnnges take place In this mem. as tnat oy selling tor sliver dot- country in which no money is paid, as lars, two of which make a gold dollar, w here payment is made by note, or by they could make a profit ; the exchange of other Drooertv the All expenses of living would mean- ; amounts are reckoned In dollars, and while have doubled, and as these ad-, the dollar In mind is, at the present vance faster than labor or real estate time, always equivalent in value to the (which always rise last of all commodl- gold dollar. Thus the gold dollar Is the ties) even after work was found, wages : measure (or standard) of value to which would not buy as much as they do to- 1 all values of property and monev are day. Hence after severe suffering in referred in this countrv t h n,on the start and after low wages and ; time, and bv nra ntaflanrorl high prices for many years, the laborer would be no better off in the end. And how would the farmer be benefit ed, If starting in debt, he had in the process lost his farm? Mr. Bryan claims lt Is Inconsistent to say that free silver coinage will cause disaster and also that lt will double prices. But a little reflection will show that first we would have a panic, ONE MEASURE OF VALUE. This property of being the measure (or standard) of value, lt will be ob served. Is quite distinct from the prop erty of being a medium of exchange. Thus where one or more gold dollars are given In exchange for property, they not only serve as a measure (or standard) of value but also as a medl- Whlch he ' v.i4ific iwr mni value; WIWTHI admits, and afterwards prices would j " "'"'" be doubled (in silver). gM dollar would 8tm nave beet th in this great disaster capitalists i "Te (or tandard) value of the could save themselves by buying . article purchased, while the sliver certl- change or foreclosing. The hardships ' (Continued on Third Page.) Highest of all in Leavening Power,- -Latest U. S. Gov't Report. t ( J 1 1 ABSOLUTELY PUHE n ; ; I : ; i t I : it !,' ' . J' - , 4 ' 11 h