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.