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About The Athena press. (Athena, Umatilla County, Or.) 18??-1942 | View Entire Issue (Aug. 4, 1893)
ATHENA PRESS Publihe every Prldy Morning By. J, V. SMITH, Entered t Athena postofflce as second-clnsn mail motter. . ' ' . Subscription 'Rates: Per year, In advance, . ., - ' - $1.50 Single copie, In wropiieiu, 3c. . Advertising 'Hates: Local reading notice, flint insertion, lOr per ' ine. Each inbseqnent Insertion, 5o. All eornmnnlcntlong should be addressed to the TREKS, Atheua, Oregon. - ATHENA, AUGUST 4th, 1893. . OUR CURRENCY, Rhodes' Journal of Banking for July. ( The inception of panics may be generally traced to currency in flation and the speculative dis position which such an event al ways promotes. It is somewhat of a paradox that the prevailing monetary stringency had its origin riot in lack of money, but in a too liberal supply of that article. Notwithstanding this, the forth coming session of Congress will doubtless witness frantic endeav ors to show that all our financial woes are attributable to currency contraction, and the insufficiency of the present supply. In view of these probabilities, it is worth while to examine what proportion the the currency in use in the United States bears to that of other count ries, and also the basis of our paper circulation. Our currency now comprisea $346,000,000 in legal tenders, $140,000,000 in Treasury notes. $174,731,000 in National bank notes, and nearly $400,000, 000 o silver dollars and certificates at par with gold because of the policy of the Government in ex changing gold on demand for sil ver. We thus have for G0,000, 000 people, $1,060,000,000 of paper and other credit money for which there is available for redemption purposes about $98,000,000 of gold reserve, known , as "free gold," and the $175,000,000 in the National banks, or a total of about $568,- 000,000. The point is made that in addition to the gold available for redemption purposes, all the national and private resources of the country are virtually pledged for the security of this credit mon ey. But in times of extraordinary financial stress there is a limit to the debt-paying powers of even the wealthiest government, if that wealth is rfot in a form that can be quickly realized on." The fear of the adoption of a policy of liqui dating its obligations in a depre ciated currency, will impair the credit of any nation, and durjng tho time of financial panic, credit and faith, however high and strong, cannot supply the placo of money. England, whoso monetary sys tem is the crystallization of the experience of many years, has, in cluding Wales, a population of 29,000,000;and;has'about $135,000, 000 of paper money in circulation, secured by an equal amount of, gold. France, with- 38,000,000 people, has $700,000,000 of paper money secured by $340,000,000 gold, and Germany, with a pop ulation of 50,000,000 has $235,-, 000,000 paper secured by $220, 000,000 in coin and bullion, only i a small part of which is silver, It would appear from these fig urea that if anything is to be gain ed from a study of the course pur sured by the leading commercial nattona of Europe, there is no de mand, in reason, for currency ex pansions. A consideration of modern methods of finance will tend to show that the, strength of the fabric of finance is more dependent upon the stability than tho demensions of the foundation, and that while the gold ' basis may be somewhat narrow it sustains with unyielding firmness the mon ey syBtoms of the great nations of the world; and that in finance, as in architecture, the weightiest and most enduring structures are rear ed on a basis more solid than expansive. THE EFFECT. Boms time ago the Atlanta Con stitution took occasion to frame the question: "With our mints reopened to the unlimitid coinage of silver, and the metal placed on an equality with gold bullion be fore the law, what would betba effect on the price of the metal in London?" This question, which goes deeper than would appear at fir6t glance, has attracted the attention of Mu rat Halstead, and in a letter to the New York -Herald, he undertakes to answer it, and he does it in his customary terse and off-hand fash ion. He says: "What would be the effect?" It would be greater loss to the silver men than the stopping of the pur chase of the metal. Under the free coinage system foreign silver would come in at once and com pete with our silver product in get ting gold, and the price would go down to the ratio of thirty-two to one, and perhaps lower. The free coinage of silver would man among other things its irretriev able fall. The New York World parallels this statement. It says: The result of the adoption of the free coinage act woull be to dump in our market substantially the world's product and store of sil ver. And it will probably require that experience to convince Mr. Bland that he is wrong. WHO IS RESPONSIBLE? The Oregonian and some of the lesser lights of the "republican faith would throw all the responsibility of the present financial stringency on the democrats by attributing the Sherman act to the work of that party, claiming it to bo a com promise, or the only preventive of a free coinage law that would have been placed but for the republicans. We would like to have some of the brethren who are trying to. "pan off" such nonsense cn their readers to answer these quesions: ' .... Would or would not President Harrison have vetoed a free coin age bill? Could the bill have been passed over his veto? Was not the celebrated Reed congress republican in both houses? And did not that congress pass the Sherman law? What then is the law but repub blican legislation? Why did not tho Reed congress pass a right silver bill, instead of "com promise?" Why did it not repeal the Bland blunder, instead of intensifying it, by providing for the forco pur chase of 4,500,000 ounces of fine silver monthly, paying for it in the equivalent of gold? They knew Harrison would have vetoed free coinage. They know that his veto could not have been over-ridden. They knew that the purchase law was passed by a con gress republican in both branches; and hence they know that the bill is a republican measure. They know the republicans, who con trolled the Reed aggregation, did not pass an honest and safe silver bill, becauso they were divided on the issue; and they know that ag gregation would have tampered and tinkered with the business, had they been united, the tamper ing and tinkering being done to placate the silver state, and get their votes in 1892. We have no purpose to Bhield the democracy in this matter; but we have the purpose to see, so far as we can, that the republican bear their full share of the blame for the evil case in which we find the country's finances. SPOILING FOR A FIGHT. The trouble about Siam is not settled, and it begins to look as if Franco intended that it should not be settled. No sooner does the badgered Asiatic potentate agroe to the ultimatum of the aggressive republic than new demands are presented. The latest condition insisted upon would be the height of impudence if addressed to a power of any consideration. Siam having yielded eevrything presen ted in the ultimatum, including cession of territory and payment of money indemnity. Franco requires immediate occupation of certain towns as security. This demand would have been irritating enough as part of the original ultimatum, since there is absolutely no ground for demanding security against a power unable to resist France for a day, should she think it time to take by fprce what the treaty gives. Coming as an afterthought to com plete the acceptance of French terms by Siam, it looks like delib erate and determined provocation to war. To confirm this conclusion, naval operation before Bangkok progress as if war has already been declared. The admiral is pursuing a course which seems wholly independent of diplomatic negotiations, but which must be in accord with se cret instructions from the minis try. French gunboats are flock ing into the river, the blockade is tuaintained, and the city is in hourly expectation of bombard ment. This is a strange attitude for a power, all of whose demands have been met. The explanation must be sought outside of the relations of the two powers immediately concerned France has absolutely nothing to gain by forcing war upon Siam which she could not get as surely and more cheaply by steady diplo matic pressure. Either the min istry is blindly seeking a war, to divert public attention from do mestic affairs, or some great power is the object of the provocation. os tentatiously showered upon Siam. The intimate understanding be tween France and Russia in omen- ous. ttoth have an interest in dis tributing the peace of Europe. Both have been storing up their strength for a war of revenge or aggression. Both are stronger re" latively to their enemies enemies than they have been for twenty years, and both find op portunity in the domestic difficul ties of their enemies, the absorp tion of England in tho Irish ques tion and the serious division be tween the German emperor and his parliament. Both may think that no more propitious moment than the present is likely to ar rive for trying conclusions with the rest of Europe. If France were concerned alone it would be difficult to understand why aggression should begin in Asia, instead of on the Rhine. But France is united with a mighty empire, which is accustomed .to us, allies as pawns in its own game If it suited Russia to attack Eng land first, France would probably acquiesce, trusting to bring her own end out of the general con flict likely to follow. Portland Oregonian. THIS AND THAT. " Would you believe it? Up to date there have been jUBt 105 bank fail ures in the country since January 1st, and but 37 of these went into the hands of receivers, the others having either re-opened or having prospects of doing so. Of the Ho failures fifty-five were in Western States. The republican newspapers are endeavoring to prolong the panic for the sake of its effects up on politics. East Oregonian. It is to be regretted that the governor of this state was so narrow as to be unwilling to greet the vice president of the United btates in this city, his first stopping place within the state. Even Governor Pennoyer did not wait until Mi. Stevenson reached the governor's home but rose early in the morn ing and went down to balem to give his greetings. But our own governor has deferred his greeting until the vice president has spent three days withih the state. We apologize to Vice President bteven son for this negligence on tho part of tho chief executive of this state; we prefer to consider it3 negligence as a lack of knowledge as to good form m such matters, rather than a gratuitous insult. Tacoma News John Hansen, now in jail at Astoria for tho murder of his wifo, in confessing to the deed placed great stress upon the fact that the woman was exceedingly anxious for him "to go to work," even sug gesting that he help her "pick ber ries." Being unable to stand the indignities thus heaped upon him, he, picked up a cudgel that lay conveniently near, and, watching his opportunity, gave the unrea sonable woman a blow that set tled her tenderly watching by her side in the "berry patch until she died, and then considerately announcing her death so that she might be given decent burial. These may not be mitigating facts in the case when brought before a Clatsop jury, but as the woman was clearly "to blame," a verdict of manslaughter, followed by a sen tence to the penitentiary for a few years, to be duly abbreviated by executive clemency, would be about the right thing that is, if prece dent is worth anything in such a case in Oregon. Besides this, Hansen is an old man, and this is his first murder points that should not be overlooked in mak ing up the verdict when the pro per times comes. Portland Ore gonian. Monday at Vansycle, the ther mometer registered 102 in the shade and 118 in the sun. That'B a little warm. On Greenland' Icy mountain!, ThRj'n where I want to be, This weather, where tho merenry Abide at lnety-iire. For worn sweet maiden Eskimo I'd twnp Bess, Nell or Cora, And at her daddy' Ig'oo gate We'd Htudy the aurora. Dalles Chronicle. Lost on the Plain. Roderick McKenzie, a sheepman from John Day, Oregon, has disap peared, and it is thought he has perished on the plains. McKenzie, with an assistant named "Picker ing, was driving 800 head of sheep from the John Day river to the Eastern market. On the morning of July 25, Pickering- went ahead to 'pick a camping place, directing McKenzie the way to drive, the herd. McKenzie not putting in an appearance at nightfall, Pickering went back to hunt for him. Ho found where he had left hie em ployer, but no trace of the latter could be discovered. He hunted for three days, and finally fosnd McKenzie's hat and shoes. After searching two days longer he gave up the search and gathered the scattered band of sheep and drove them to Mayficld, where he told the story. . It is supposed that McKenzie lost his way in the track less sagebrush plain, and after wandering a day or two in the broiling sun, went mad. . v An Indian "Wake.'; When the Umatilla Indians have a "wake" it is no insignifi- j cant affair says the East Oregonian. An influential Indian wnose English name was Joe Smith is dead, and his departure to the hap py hunting grounds will be cele brated tomorrow on Tutuwillow. His relatives were in today with two good hacks, and out-fitted at the Pendleton Mercantile Com pany's store, buying blankets, quilts, fine fancy silk shirts and other goods, these-to be distributed as -presents among the mourners. Provisions were also bought for a funeral feast, and they must' have invested two or three hundred dol lars. ' . He is a little late getting around to it, nevertheless we are gratified that Secretary Carlisle has made official announcement of his pur pose to enforce the Geary law. If he had set his foot down at the start in favor of enforcing the law, his department would have had less trouble with the Chinese and with dishonest officials. Portland Telegram. . - t If you want the new take the Press. , . ';jU("',- 1111 If You Don't Tke THE PRESS, You Don't GET THE NEWS HAMILTON & RQURKE, Grain Dealers, ARE STILL HERE GRAIN BAGS FOR SALE. : DAVE TAYLOR-AGENT. Athena, - -' Oregon. W.& C. R. Ry. Co. in connection lth the NORTHERN PACIFIC R. R. Forms the QUICKEST AND BEST ROUTE Between Eastern Oregon and Washington and Puget sound Points, as well att the Popular and direct Line to all Points East & Southeast. Pullman Sleeping Cars. Superb Dinning Cars. Free 2d-Class bleepers. THR OUGHTO CHICAGO VIA THIS USE Passenger trains of this Company are run ning regularly between Dayton, Waitsburg, Walla Walla, Wash, - and Pendleton, Oregon. Making close connections at Hunt's Junction with Northern Pacilio trains for Tacoma, Seattle, Victoria, B. C, Ellensburgh, North Yakima, Pasco, Sprague, Cheney, Daven port, Bpoksne, Butte, Helena, St. Paul and Minneapolis. AND ALL POINTS EAST. TOUTISTS-SLEEPINC CARS. For Accomodation of Second-Class Passenger Attached to Ex press Trains. W.F.WAMSLEY, ' G en'l Fr't and Pass. Agt., Walla Walla Wash W.D. TYLER, Pres. and Gen'l Manager. J. A MU1RHEAD. -Agent Athena, Oregon. Bad Roads Makes trade slow, but we offer such RARE INDUCEMENTS to Customers who venture forth, that they come to town in spite of A Whenever they are in town and are able to make Do not neslect the CHANCE, OFFER. ATIIENA, loot Deals lillivl HE Ladies Our new Btock of DxeSS CxOOCLS h arrived from New York, and we will be pleaBed to show them Among the dress goods will be the latest patterns in Pointelles, Grendines, Sateens, Cbambrays Cashmeres, Sublime, Summer Suitings, etc etc. LATEST NOVELTIES IN Chiffon and Oriental laces, embroideries, Hamburg edgings, fancy Ties, Gloves mitts, Handkerchiefs, etc. . Entirely new and complete line of Ribbons, unique in design and very pretty, Underwear and Hosiery in all grades, and remember that we ; HAVE JUST RECEIVED THE LARGEST INVOICE of Ladies, Gents, Misses, Boy's and Children's Shoes ever brought to the city. They comprise the latest styles and for neatness and elegance cannot be beat, and will be sold at bard times. - We would respectfully ask your inspection of these goods, knowing you will be pleased, and it will be a pleasure for us to show them to you. BERGEVIN BROS., Athena they find just what they want but take ADVANTAGE of our OREGON. We love ur rluit4n stV- r&JfcLrwr Xti lev! our Jtmte tochS I STfV Pace That Pay v a TRIMMINGS TO MATCH Prices Oregon