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About Daily capital journal. (Salem, Or.) 1896-1899 | View Entire Issue (Sept. 5, 1896)
"j'V'K 'V " JVlerit . .. Maintains the confidence H,n0T,In Hood's Sarsaparllla. If a , d the peP" ' ffhe sick : if it makes i sic , ' eveiywhcrcthcn beyond ' Tder" ... medicinepo3sesses merit. .juestwn i" IVIade tj w flat It possesses merit . . u- fmh about Hood's Sar- JWi"":" " l M.H.M IT Ills. We kdu ise it cures, no! red timi bu ands of cases. :...i- rmanc ttUtoaoanj b- rTi. ,. not once or twice or a !".." fcnl t-jdrea "-- Wo jw it cures, I ilUUUJ '- in tbonsands and jjoawnds 01 fa u other8 aSvcr. Wo repeat oods Sarsaparilia 8 mv.ht-ln tact the One True Blood Purifier. . , , cure nai-sea, maigesuon, Hftftri's Pi IIS biliousness, a cents. , fmms Joiirs." The Fallacies of the Gold Stand ard UieiUlJ iaAjuuucu. In ,h ,invnred at Salem, Sept. 5th l I1UU. "J" . . ...lITIZrASOPAUUlONCOIINTr- . . ..,inv fip thn nnr- Lt overshadowing question of finance, faill not attempt to furnish complete Statistics or formulate definite argu t nation behalf of the restoration of c. tTerastanJard monev, which 1 favor md which tiie gi e.it mass of the Amer ican people favor. They are not parti cutely needed. The events i i this coun try for the last quarter of a century, und more especially for the last t'iree years, hTe been replete wun conviiiumij -! tistlcs and persuasive arguments against the single gold standard, putting to shame the eloquence or arguments of the most learned statesmen or the most profonnd scholar, two years ago i iu in a reply declining an invitation to jwakin Montana, that " if tho prevail . tun! timed would not persuade the people of this country to abandon the existing gold standard, then no elo quence of mine could persuade them, neither would tney oe persnaueu muugu one rose from the dead. When such an orator as the hard I times now brought upon this country by ' the adoption of the single gold stanuaru policy is abroad in the land, carrying i conriction to every hamlet and every '. fireside with such force and power as to completely shatter old party ties and tho political associations of a lifetime, ana to solidify in one political organization the almoet unified masses of the coun try, then individual argument has lost its force and personal eloquence is bo reft of its power. The careful student is well conversant with the fact that there have been repeated occasions in the world's history when great move ments of the people hare occurred, which, in their depth, extent and power completely refuted the claim of individ ual leadership, and even passed the lim its of human guidance. In 1814, Napo leon said, " one year ago all Europe was marching with us; now all Europe is inarching against us." There was then a great and almost unaccountable change of publio impulse and sentiment, ana sucn a wonderful change is occur ring in this country to-day. the revenue question. The advocates of the single gold stan dard are still endeavoring to divert the Attention of the neoDle to the tariff q'vestion. They claim that the present I tai 'ff is the cause of the present trouble. i It is , protective measure, affording an arerag ot 40 per cent protection, nearly Mligh ce the war tariff of 1861, and yet because a Jew articles which before were Protected Vere left by it unprotected, endeavor to fasten the wide-spread toaster which has overtaken the coun ty npon the slight change. The main aaMtryleft unprotected by the pres et tariff is wool-growing, and they use joolto pull over the- eyes of the people. " present paralyse of business is ed by financial aid not by tariff letfalition. to May, 1690, while ma"iking mycan- for governor, I spoke at Browns- Ashland and Oregon City, at all of Hcn places are large trioir. woolen aaauhetoriea. We then had bad twf n SLV"" of wool protection, the Wey bill was then pendiug- in con- and ture to become a law, whio SM; greater ProtecHn, and yet hl 5re ,e lurGe manufactories -were nit i?d tai11 BO 'or akoafc sir ooaths. What was the matter? With P on its thousands of hills, with e woolen manufactories and with its S??,,I1K ita Products-for nearly . g ." thia cauvaa, 1 slept under Jj comforters-why was noc Oaegon ctunng woolen goods? It cer ri.M ufc because of tariff. It was obmif g t0 the fact that the WW ' ma9T In th0 0 had """Ptpace win, , j. t.-i lndM.POI'.Ulati0u' anu " th0 Voices of EK.""1 Pfits of busineas, as well S th? bor.had faUensolow be people were unable to make 7i?,";'U M the luxuries of life. th .!? am08t 8ad commentary S?s3hK? ?' onr nntry rich & f,le In lta resources, when a ggPWtoa of its domMti'o immi- SS mi" int the worla' SS'A"1 the t woolen awiKtJ?1 "eaofMcKinley gh of r-A0nr P60?18 ont ot the kWuil'g them "HI! more hlietawt,t moooy to pay as to matxo mm Unique as n statesman and so novel as to entitle him toBecure on it letters patent without question. THE INCOilE TAX. Three yars ago in its law providing for revenue, Congress instituted an income tax. If it had been collected as it ought to uut v wcu mg huuiu nave occurred no deficiency of revenue, but at tho instnnco of the wealth of the country, which has w.th a brier exceptkn, enjoyed an immunity from federal taxation, the Supreme Court overturned the law and therewith two of its own previous decis ions. The President thereupon refused to enforce the law of Congress and so while the law stan-li on the statute books unrepealed, it has never been en forced and so remains a dead letter. An income tax is the most just tax that could be levied. A tariff tax is a tax upon the industries of the country, while an Income tax is a tax upon the wealth of the country. A tariff tax Is neces sarily an unjust tax, as under it a nonr man pays as much as the rich man if hej lives as wen, wane he pays more if he has a larger family. An income tux i one under which every man pays accord ing to his ability to pay. The most ilvilized governments levy an income tax. It is in reality the back bone of the British revenue system, it is about to be introduced in a graduated form in France, and in .Germany it exists in the extremest degree. It is the law in the United States, but it is not now enforced owing to a fit of dyspepsia on the part of one of the judges of the Supreme Court, and a fit of weakness on the part of the federal executive. Under the next ad ministration it ought to be enforced. The next executive will take an oath that " he shall take care that the laws be faithfully executed," and ho un doubtedly will see that the income tax law will be enforced. In order, how ever, to avoid any possible friction be tween any of the departments of govern ment, Congress should at its earliest convenience pass a law inhibiting any of the federal courts, through writs of injunction or otherwise, from interfer ing with the collection of the national revenue. They have no such constitu tional right now, but they imagine they have, and therefore Congress should at once settle the matter. The federal inferior courts are the creatures of Con gees and Congress can prescribe their jurisdiction. Of this there is no ques tion, and such an inhibition would be binding upon them and would leave Congress untrammeled in the exercise of its ej elusive constitutional proroga tion " to levy and collect taxes." SO-CALLED SOUND MONEY. A very great deal is now being said about sound money, but when the sys tem of the sound money advocates is thoroughly diagnosed it will be found to be the very direct opposite of a sound money system. Misleading and delusive adjectives have wrought a vast deal of misery in this world. The serpent per suadod Eve that the fruit of the forbid den tree was "good" fruit, and as a consequence our first parents were driven out of paradise. The single gold basis advocates have persuaded Congress that theirs was a "sound" money scheme and as a result our country is plunged into the pit of industrial de pression and financial disaster. What is the sound money doctrine ? It is to have gold alone the money of redemp tion, to stop the coinage of silver, to convert greenbacks and treasury notes into bonds, and to allow the bankii to issue bank paper based upon these bonds, or, as some demand, upon their capital derived from other sources. The bank paper would not be a legal tender and so the groat bulk of. the currency would be a non-debt paying currency. Now sound money is money with whioh debts can be paid, and any currency witn which debts cannot be paid is not sound money. It will thus be seen that the so-called sound money scheme is one that would foist urjon the oeonle a vast volume oi bank rag-money, which would have to be presented to the ban issuing ine same before it could be redeemed, and which paper when issued by the banks, as is the custom now, would be sent by them to distant parts of the country so that it would be difficult for the holder to present the same for redemption. It is a delusive, dangerous scheme of the banking fraternity, which has fattened and grown arrogant by governmental favors to not only control the gov ernment but also to enslave the people. The only thing sound about the scheme is its appellation, and that must be used only in a Pickwickian sense. It is alleged that the prince of dark ness when occasion requires in order to further his nefarious purpo es caii ap pear as an angel of light, and in imita tion of this illustrious example, if not animated by a like purpose, the advo cates of an unsound bank rag-currency, bereft of a debt-paying power which they propose to be the main and only currency of circulation, are now atti tudinizing with all the grace of publio beafaotors, before the people of this country as the only advocates of sound aoney. The plain issue is between the liver dollar and the bank note; between "hard" legal tender money and "rag" non-legal tender currency, and the so called sound money advocates are the stout opposers of the sound "hard' money plan. BEAIi SOUND MONEV. The money system proposed by the three allied armies of reform in the u,anf A1mti&l contest is the only real sound money system. It is to ao away with bank paper entirely, to coin both gold and silver into standard money as contemplated by the consti tution, and to have the paper currency required by the demands of trade and commerce Issued direct by the govern ment, and all the money so coined or Issued to be real sound money, a full legal tender in payment of all debts, public and private, allowing no indi Tidual to discriminate against any of the money of the realm. With such money m the possession of the people, prosperity would immediately follow. Thb money in hand can be used to pay 'fcdebt at-baud. There wool J mw 3D Ili.l.liLWNWI feUlLLUMUH iiPi AN'cgclablcPrcparationror As similating IheToodandRcgula ling ihcSiomachs andBowcls of 1 M M l-flMM UffiSMi PromotesDijesuon,Chccrful ncss andRcst.Contalns nellhcr Opiutn.MorptiinC norlfiocraL Not Narc otic. Abv oroidVrsaicnjvtBEa. Janp&in Seed' 4lx.Smna Atatt Seni, Jtrpcmat flirmStcJ - l5alujrvai flanr. ApcrfccUfcmcdv forConslina- tton. Sour Stomach.Diarrhoca, worms .Oonvulsionsjevcrisrv ness and Loss OF SLEEP. Tac Simile Signature of NEW YORK. VjTliiTjTriTTCCTnHH SEE THAT THE FAC-SIMILE SIGNATURE OF CZfT&XiC exact copr or wrappeq. M vw-t- -;'' IS ON THE WRAPPER OF EVUEY BOTTLE OW CASTORIA Oattorla Is pnt up in ose-alte bottles only. It li sot sold in balk. Don't allow tnyona to tell yon tnTthlng ela on the pl or promlae that it la "jmt as good" and "will aniver eTery pur poao." S-Bco that yon get 0-A-S-T-O-B-I-A. Til Its- atnue si sjnzzzr ! taULXyTr7&af, itiry et Ttappar. -JBXCEL,SIOR; - STABLE- B. C'Hansen, Manager. JnIvcood'horse3 used. Satisfaction guaranteed. Stable backofjyStateJJlnsurance block scurrying arouna ike wumry to get bills on tho nearest bank, and no necess ity of paying commission to the bank's broker, or obeisance to bank officers before you can pay your debts. This system of finance would relieve the people of this country from tho existing bank thralldom and would liberato them from tho care of the British money lords who are now caring for tho American people as the wolf cares for tho lamb. If this system had been adopted and followed by the government from its foundation as proposed by the immortal Jefferson, who said, " Bank paper must be suppressed, and the circulating me dium restored to the nation, to whoin it belongs," and as proposed by Jackson, who was equally opposed to bank paper and who favored a government bank "fouuded upon the credit of the gov ernment and its revenue," how different, indeed, and how much more prosperous might have been the condition of the country in the past and at the present time. The periods of depression and panic which have carried sorrow and ruin to countless homes, and which havo always resulted in the loss of the many for the enrichment of the few might have been avoided, for so long as the government issues all the money of the country, clothing it all with full legal tender qualities, it can never fall below par while that government is solvent and is in the possession of plen ary taxing power. There never was an instance in the world's history to con trovert this proposition. Such being the case, the citizens of a government possessing such a financial system, T.mnl1 lu BnllWtml to nO tierfodfl Of panic or depression, ruinous to some and harmful to all. All gold and silver should be coined and the amount of paper money should be regulated by the demands of trade and commerce. NEED OF BILVKU AS HEDEMPTION MONEY. It is estimated, in round numbers, that there is in use in the world as money about four billion dollars of gold, silver and paper each. "With both gold and silver as money of ultimate redemp tions there would be no difficulty what ever in carrying at par the present or oven a trreotor mnnnnt of naner money. Eight billion of metal money is a broad base on which to rest four billons of pa per money. There is plenty of coin with which to redeem the paper, and so there will be plenty of confidence that it can be redeemed. There has a great deal been said about our present financial difficulties being the result of a lack or confidence. That is indeed very true. But the lack of confidence results from alack of coin. With plenty of full re demption coin money there will be plenty of confidence. With a scarcity of such redemption money there will necessarily be a lack of confidence. Coin Is the basis of confidence. The American money system that would make both cold and silver the broad base for the r ti, Tflnnired Mter money has, however, been supplanted by the British system, that makes gold alone full redemption money and the base or support for both silver and paper as cur rency. And so the world now has a four7 billion base and an eight billion su perstructure. The wise links and the wise .men , o I ttoUto cms assure tne peuj . -- CZ eW proper thing, and lboewho duTer with them are unschooled in finance. The American financial policy SSSditSt the pyramid -honia stand S base; the British policy demands that It Aoild itand on iU apex, and the t?" V.,u. " . rt the Cleveland ad- PS hVve-adonted the BritUhl poncy, li. i . .alio gold alone the money of redemi t cm On ,lul l-t, 1890, treasury reports show in i.rcul.ition in the country at that time: ilver certificates, three hun dred and thirty-one million; treasury notes, ninety-five million; greenbacks, two hundred and twenty-five million ; national bank notes, two hundred and fifteen million; total of eight hundred and sixty-six million. This amount, ac cording to treasury practice, was re deemable in gold, and at that rate the treasury held ono hundred and elovon millions of gold with which to redeem. Our so-called wise men of financo call this a Bound money system. It is sound in the same sense they nro wise. After having borrowed $302,000,000 of gold in tho last three years, we now havo in the treasury about one hundred million of gold with which to redeem about nino hundred million ot paper. Tho pyramid is standing on its apex, and sooner or later will topple ovor. Can any one expeot a restoration of confidence under such a condition ? If silver as well as gold was money of redemption, tho baso would at once be broadened,nd confi dence would be restored. A nUINOUS I'OLlOY. From 1865 up to 1808, $94,000,000 of greenbacks had been turned into bonds, when in that year the friends of the greenbacks cried halt and saved $340, 000,000 from destruction. That was twenty-eight years ago. One dollar at interest at four per cent, compounded semi-annually trebles itself in twenty eight years. But for such opposition, the bondholders would havo received on that amount of bonds $892,000,000 and the government would still have to pay, as it does have to now, J3u,uuu,uw. Is it any wonder that the money lender favors the issuance of government bonds? Is it any wonder that the people oppose such a polioy? During t.li three vears of the Cleveland ad ministration that has closely followed the policy of John Sherman and the Republican party $202,000,000 of bonds have been issued in order to sustain tho single gold standard, some of which run thirty years. In t wenty-eight years the bondholder will have realized $324 OOO.OOJ on these bonds, and tho govern ment will still owe the $202,000,000. If the present administration hated silver so much that it. would not permit of its coinage into standard money, it could, instead of issuing Intercut bearing bonds, havesecurwl from Congress the privilege of issuing non-interest bearing treasury notes, and if those notes had been made a full legal tender inpayment of all debts, both public and private, over ten million of dollars interest money could havo been saved annually and probably they never would have been presented for redemption, as they would perform all the functions of money. If this bad been done how different would havo been the condition of the country today. The treasury notes would gladly have been taken by the people, they would have entered Into general circulation, they would ba7e supplied to Just that extent tho money so much needed to restore business and revive industry. It is Indeed the misfortune of the pres ent administration that iU record will Ko into the pages of hUtory, linked with fetters of shame to bond iusuea and hard times, whw it might .just . m well have ben aociatd with the ....nr.tinn of ilvr. the Usue of treas ury notes and the return of prosperity. Dotn goiQ ana silver in preference to bank currency. Tho present udi .inis tratioit has rejected, on the fn .rnce question, the traUitious of the lAmo cratic party. THK CAUSR OF PANICS. Nothing is so harmful to buiness, nothing hai caused so much misery, suffering and despair as the frequent periods of depiession and panics which havo visited tho country. The cause of these panics in every instance has been tho sanio money contraction. The great panic of lt?07 was caused by tho demand of the Federal Government for specio in paymeut for the public lands, and although all g Id and silver was then coined nt the mints, the volumo of metal money was entirely inadequate to the requirements of business. Demand on tho banks was made for tho required specie, to which the banks could not re spond, and tho whole fabrio of bank currency, based on the money distrib uted by tho Federal Government among tho soveral states, became noarly worth less. Tho business of the country, re stricted to tho insufficient volumo of metal money, became crippled, and dis aster and ruin followed. Tho panic of 1837 was primarily caused by the act of Congress, Febru ary, 1857, demonetizing foreign coins, which up to that date had been legal tender money. In 1853 Congress had demonetized all silver halves, quarters and dimes in sums over 5, and now, Congress, having demonetized forolgn coins, the banks could no longer hold such demonetized silver as reserves, and they were sent out of tho country never to return. The panic of 1873 was caused by tho contraction of currency to the amount of over ono billion dollars. This vicious legislation. of Congress visited upon the country ono of the severest panics in tho wholo world's history. The pros perity which had prevailed even during the war was followod by a period of unparalleled depression. Tho consus re turns show that the wealth of the coun try in 1800 was fifteen billions; in 1870 it was thirty billions. With sufficient money, more wealth was created in one decade than had boon created in all tho previous years of the nation's existence. From 1865 to 1878 tho contraction of tho currency, exclusive of coin, was $1,230, 999,085. With the loss of the curronoy was iudissolnbly linked a stoppage of business enterprise, tho depreciation of values, the stagnation of trade, and the enforced Idleness of countless thousands of American citizens, who woro con verted into tramps by the very Baine legislation that had converted tho bond holders into millionaires. Tho panic of 1893 was. caused by the most foolish and criminal pc4cy inaugu rated by tho Harrison administration and followed by that of Cleveland, of making gold alono the money of redemp tion. Binco that policy has been adopted, and since sllvor has boon discarded as standard money, the business of the country has been dwarfed to tho narrow gold basis, and wreck and ruin havo fol lowed in tho wako of tho contraction of the volume of legal tender redemption money. History, reason and experience of mankind all teach tho name lesson in finance, but tho inonomotallists herolo allly combat all theso lossous. They are wise only in their own concoit, Tho fol lowing statements aro f urnlshod without cemment: Amount of currency, exclusive of coin, in treasury and circulation on September 1, 1805, as taken from books of tho troasury department by Moses W. Field, (Our Money Wars, page 173). CUltUENOV BEIT. 1, 1805. U.S. noten J133,1M,W Fractional curronoy 0,941,712 Nntlonal bank notes 18.5,(W),W Compound Int. l?gl-tomlr notes.. 117,024,10(1 Treasury 5 per cent logal-tender. U2,r3d,p91 Temporary loan certificates., 107,1(8,7111 Certificates of Indebtedness B.,003,000 Troasvry notes past due l,RO3,0JO BUto bank notes TJ,B07,&75 Three year treasury notes buO.COO.COQ Total .11,900,078,770 Amount of curronoy, exclusive of coin, in treasury and circulation, July 1, 1800, according to the treasury roports of that date: CURUKNOV JULY 1, 1800. In circulation. Gold certificates 142,03),7&9 Silver certificates Sil,2U),Ufi Treasury notes W 9l1,WX II. H. notes 22J.401.888 Currency certificates,. al,840,0ju National bank notes M,a,tZJ In troasurr. Gold certificates , U7,4X Bllrer certificates ll.aw.WS Treasury notes MM U4,40A,VIV II K. note. Wl.tS8.Ba Currency certificates 160,000 National bonk notes., lO.OW.OA) : "" ' dltlon with the Israelites in .hgypt, who woro compelled to make their required tales of brick while deprived of the nec essary straw. Whore is this policy to end? If continued, what will be the fate of our children? Wealth will be come absorbed by the few, au.l thoy will bo the task-masters of tho world. Mulhall, tho English statistician, esti mates tho total amount of the gold money of tho world nt six billion dol lars, which is tvvn billion above the genoral estimate. Of this amount the Kothschllds now own one-fifth. Put in government UJ per cent bonds and, com pounded semi-annually, their wealth in 53 years will nbeorb tho entlro stock of gold of tho world, and if we remain on a gold basis, they will bo tho masters of the world. Prior to tho discovery of America by Columbus, tho entiro money of Europe had passed into tho control ot ono class of men. Undr Provldonce America was discovered, tho precious metals were found and Europo was liberated from ita thraldom. Provl donee has placed within our reach th precious metal silver, which will unablt us to liberato ourselves from our lut pending thraldom. Tho issno is a p!aln Issue. Miall wo continue on a gold basta and remain tho serfs of tho money lords, or shall we restore silver as standard money, break tho shncklos which bind us and stand forth as free men? Total 1.110,THl,8tft Excess In '64 orer , $87,eoO,Wt. DEBT AND UONDaOE. Thirty years ago there was legalized bondage in this country of the colored race. To-day thero is tho legalized bond age of the wholo seventy million of American citizens. The policy of bonded indebtedness and the contrac tion of debt-paying money has been prosecuted by the money-loaners until we are nearly bound hand and foot in their tolls. Business is so unproductive that they are willing to invest in gov ernment bonds at a und 3) per cent, During tho last years of Buchanan's ad ministration, ou account of the UJab expedition and the small revenue do rived from the low tariff, the govern ment, desiring to borrow money, was compelled to pay over 10 per cent for it. That showed the fact that money in vested in business was ao remunerative that 10 per cent government bonds were undesirable. All, this is nowchauged. The only thing that now pays is money invested in government bonds at from 3j to 0 per cent. In the last three years the government of tho United Btatcs has Issued 1262,000,000 of interest-bearing bonds, and the control of (he fed ml iroverument is now in the bauds of ' the money lords, with the president as a Wiu uesvy inter nominal Iwuro-head jlfferson favored theiMuaitceof treas- eat to pay (he foreign bondholder, and nrv noted ttJMl ? .W.wj were issued bv the Van Iiureii administration, while the Democrats oi "" r"w """ favored hard wonev." wldch means with heavy taxes to pay the vast army of federal office-hoiaer ana treasury leeches, and deprived of good and suftl. cint money with widen to pay, te America cUUwi to-day if la life cob. OOLPEN 1DOI.ATUY. Idolatry is an inherent sin in the human race. And it is a grievous sin. There Is no sin upon which the Altinuhtv looks with uioro displeasure, and there has been nothing which has been more Idolized than gold. Stocks and stones, images of wood and clay, beasts and reptiles, tho sun, and firo havo alt had their worshlppors, but to nothing else has the dovout and wide-spread homugo been paid that gold has received, fse buchadnezzar, King of Babylon, erected a goldon iinago 110 feet high to which tho hoinago of the entlro nation was bestowed. And tho chosen pooplo of God after having passed dry shod through the Kod Sea, after having fol lowed tho pillar of cloud by day nud the pillar of firo by night, after having drank from the smitten rock and oaten tho heaveu-scut quills and in unit, ami right following the visible presence of the invisible God amid the clouds and fire, tho voices of trumpets and the thunders and lightnings of Mount Muni, while their chosen leader wob still on tho mount, mado them n golden calf au.l worshipped it, uttorly forgetful of the God who had so miraculously led und sustained them in their jonrnoyluga. And even now in tho latter part of the nineteenth century, and in the broad light of tho oxporienco und civilization of the wholo human raco und tho irre futable evidenco of our Almighty Ruler of the Unlverso of nations and of mon, we find as in the ages of tho past, au unaccountable idolatry of gold. Now, tho objoct of dovotion is n )t iu tho shape of the Babylon imago or tho Israelltlsh calf, but it is in tho form of the British gold basis. Tho devotees of this basis nro just as unreasoning and unreasonable as woro tho dovotccs of tho imago and tho calf. And will not God punish this idolatry as ho has formerly punished it? Throo thousand Israelites foil for their idolatry nud King Nebuchadnezzar for his was was driven from men and did oat grass llko oxen. And for this idolatry of a gold basis Is not a wholo nation suffering? Let us hopo that, liko tho Babylonian king, tho worshlppors of tho gold basis will ulti mately havo thoir understanding re turned unto them, that tho ovll they havo inflicted upon tho country may ho liftod from an aflllctod pooplo, und that silver may bo restored as standard inonoy and prosperity may bo restored to tho land. DEl'llECUTION OF VALUE. Justice Walter Clark of North Caro lina said that on u rocuut trip to Mex ico, when arriving at El Paso he changed his United States money into Mexican money, recolving nearly two dollars for ono; that twenty years ago both dollars wore nt a parity, thus demonstrating that either the Mexican dollar had de preciated or tho United States dollar had appreciated: that tho Mexican dol lar had not depreciated, as was shown by the fact that cotton was 14 cents a pound, whoat a dollar a bushel, and wages the samo as when the two dollars were at a parity, while in tho United States cotton was sovon cents a ponnd, wheat fifty cents a bnshol and wages about half their former rates, showing conclusively that the United States dollar had appreciated, and that such appre ciation had beoti to tho injury of the laborer and producer and to tho benefit of the money-owner, tho valuo of whose wealth liad been really doubled by our flnanciul policy which had demonetized silver and placed tho country on tho narrow gold basis. A Missouri farmer about a year ago stated that corn was then twenty cents a bushel and potatoes teu cents a bushel, and that if tho salary of President Cleveland for one year was paid iu corn and potatoes, it would take to pay it 125,000 bushels of corn and 250,000 bushels of potatoes. Iu the spring of 1803 Presldont Cleveland desired tho banks of the country to give to the peo ple an " object lesson," whioh would force them to acquiesce in tho repeal of tho Sherman law. The bonks, in obe dience to his wishes, wlthdrow their loans and precipitated tho panic of that year, which prostrated the industries of a nation, ruining millions and carrying lots and sorrow to nearly every house hold Iu the land. That was Indeed a most hateful and harmful object lesson. He could now partly atone for the wrong then done If he would give an other object lesson beneficial Iu its teaching. If he would consent to take one year's salary in com and potatoes, and would build a big red barn ou the shore of Buzzard's Bay in which to store them, that barn would bo a warning to generations yet to corao against the folly of demonetizing silver and con tracting tho currency of tho country, through which fatal policy tho purckao ing power of kl salary had wonderfully Jucrijf3, JtuUfc Ylae of the farr iromuts iMd vovinily (.creased. TltR BtNKI Q POWER, That our wirt foes nre sometimes those of our own lion ohold has been, repeatedly detn mstfated in this country y the mercies' power w),:;h has "been exercised by tho banks. During Jack son's ndmin.stnitiQD, in 'he fntilo effort to circumvent him, the 2.iik of the United States precipitated a panto upon the country. At the outbreak of the CWI1 War, tho gold of the bank was withdrawn from circulation and lay hidden until It could coino out and fat ten on a nation's necessity, and now in the present war between the producers of the United States and tho money power of Great Britain, we find the banks of the country occupying n posi tion identical with that which tho Tories occupied in tho Revolutionary wors. There is something in tho business of tho money changer and the money lender, whioh is calculated to blunt tho moral senso undweakon tho patriotic spirit. And it was always so. When the Savior of mankind was on earth, ho found language adequate to condemn tho sins ot all classes except those of the bankers, upon whoso back ho laid tho whip as ho drove them from the temple. That tho bankers were tho only class which tho gentle Savior scourged with a whip is a most remark nblo fact, which is well calculated to direct public attention to their conduct and Its effects upon the community and tho nation, and whioh should also servo tho purpose to that class of our fellow cltlzenB of subjecting their own motives and actions to a most rigorous process of self-examination. It is also a most remarkable fact that of tho twelve apostles chosen by our Savior from tho various walks of ltfo, no singlo one was base enough to betray Him except Judas, tho banker. And it is no very violent presumption-.tO' sup pose that ho, like nearly all bankers, was a gold bug, and that the remorse he Bufferod after his treacherous act might havo boon in part occasioned by tho regret that he had not domanded gold instead of depreciated Bllvor as, the price of tho betrayal of his lord and Master. Tho pertinacity of the banking pcheme to keep control (of tho finances of the country by which the bankers can dictate to the government and enslave tho people, and the absence of remorse they exhibit In tho expansion of the volumo of currency and then iu contract ing it, by which hoartloss process count less thousands aro impoverished, whllo thoir accumulations pass into tho posses sion of tho bankers, stand out before the American people as a most solemn warning, in the languago of Jefferson that "bank paper must bo suppressed and tho circulating medium restored to tho nation to whom It belongs, " and in the language of tho old Jaoksonlan Dem ocratic platform " That the separation of the moneys of tho government from banking Institutions Is indlspeneiblo for the safety of tho funds of the govern ment and the rights of the people." UONOUETAMJO BUOBEARS. A few years ago many persons who hadlearnod the lessons taught by his tory, and who, reasoning from cause to effect, foretold the disaster that would befall tho country by a continued re fusal to restore silver as standard money, woro denominated by the plutocratic press of tho country, which invariably snoozes whenever the bankers tako snuff calamity howlers," The tables are as now turned, and now tho twinkers and thoir raperi have become the very worst kind of "calamity howlers." They prognosticate all manner of evil from the restoration of silver as meuey. Thoy declare that It will drive gold all out of tho country. That is just what they prophesied when the Bland law was passed eighteen years ago, and they now ignore tho faot that from 1878 to 1890, while that law was in operation the treasury report show that the Imports of gold oxceeded tho exports by trro hundred and twenty-four million, and that tho stock of gold increased in this country over $450,000,000. Another bugbear Is that foreign na tions will flood our country with silver. There Is no danger. All the natioaa de sire more sllvor, and would very ranch like it If wo would continue oar present financial policy In order that they might continue to purchase it m they have been doing at its depreciated value, as a commodity instoad of being hereafter compelled to pay its real value as money, Anothor bugbear is that the restoration of silver is in the Interest of the sllvor mine owner and would benefit hlin. 1U demonetization Is in tho interest of tho gold mine owner and why should ho be benefitted any more than the silver mine owner, Both gold and silver ure money metals ao recog nised by tho Constitution and both should lw treated oxuetly alike. Of course the restoration of silver would benefit tho silver mine owner just tho samo as it would benefit all other classes, Including those who are j bravely fighting agulnst it. Another misstatement of tho mono ineUJIUU U that tho present higher value of the United States dollar over that of the Mexican dollar lies In tho fact that our dollar is redeemable in gold, while the Mexican, dollar is not. That U not true. From 1978 to October 14, 1801, no one even for one moment supposed that the United States treasury would ever bo foolish enough to redeem silver certificates or the treasury notes In gold and yet during that period, the same as since, their lnoreased value over the Mexican dollar wo maintained. The old trade dollar of 4 Ju grains, not u legal tender, sold at a discount at from five to fifteen per cent, whllo tho presout standard dollar of 4 12 J grains stand about at par, and would forever stand fully at par Kit was made a full legal tender, which U is not now, as the law glres the banker that moot unjust privi lege which no other nation on tha fac of the earth ever gave to Its citizens, o. discriminating ogumst silver, tho law ful money of the ruului. Restore silvt-t an standard money, make It a full legm tender in payment of all dibta, uubliu (Continued on fourth Puko )