The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-02-11

produce was one winch aueCted the
producers Of the south, west, north
ana east. Passing on the question of
cotton he stated that in the city of
New York, between September and
January 16, the total spot sales
amounted to $4,000 bales. This was
about as much as had been actually
received. But the sales of cotton in
futures during the same period
amounted to 1853, 200 bales.
J. w. Labourse, representing the
New Orleans cotton exchange re-
} ferred to the last Speakers compsri-
son, but said the gentleman quoted
the proportion 18S9.90. 1t would be
seen the proportion had then been
even larger in favor of futures, and
yet the price of cotton was enhanced
AS far as the cotton was Concerned
he was of the opinion that so far from
a depreciation of value, the existence
OF contracts for fnture delivery served
rather as restraint to serious declines
in times of depression. He unoted
statistics to show when the sales of
futures was unknown the fluctuations
i'll the price of cotton have been
as great or greater than since. He
denied that the exchanges of New
York and New Orleans regulated the
price. They simply registered It.
The law of supply and demand regu-
lated the price.
John q. Hazard, also representino
the New Orleans Cotton Exchanoe
followed in the same line of argument
He believed if this bill became a law
it would paralyze the cotton industry.
MORE SILVER DISCUSSION.
WASHINGTON, ID. c., Feb. S.-Fran-
els q. Newlands today addressed the
house committee on coinage, weights
and measures on the international
monetary conference on the silver
question, opposing that proposition.
He reviewed the history OF the silver
question and then went on to show
why the United States should adopt
fre9 silver and why nothing could be
expected of Europe. All persons rea-
llZed that this was "the age of COM
bines and trusts" The gold nations
were creditor nations. Those nations
needed little development and hence
their accumulations were invested in
the development of other countries.
AS owners OF money, it was to their
interest to make money valuable.
The only way to do this was by
limiting the quantity. The easiest
way to do so was by forming a cold
trust to prevent silver coinage and TO.
destroy the legal tender quality of
existing silver money. Gold is being
diminished every day by the demands
of arts and dentistry, and it was held
that the store of gold coin was being
invaded to meet these demands. The
annual product of silver is Increasing
slightly. The creditor nations there's
fore secured great advantage by de-
monetlzlng silver and thus increasing
the burden OF obligations to them. We
are wealthy nation in everything
except money. England's wealth is
principally in money. We utilized
all the money we could borrow, and
owed to Europe in national, state.
municipal and railway debts more
than the entire volume of money exist.
ing in this country.
whenever anything occurred in
Europe which frightened their money
market they called on us to buy their
obligations, and we were obliged to
absorb them, for unless those obliga-
lions were sustained there would be
general destruction of values.
NATIONAL UNION LOAN.
WASHINGTON, Feb. 8.-The crea-
ton OF national union loan fund is
the object OF the bill introduced in the
house today by Oats of Kansas. This
fund is to consist of S2,OOO,OOO 900. or
as much thereof as is necessary. of
legal tender paper money, to be issued
by the secretary of the treasury, and
to be interchangeable at par with any
other kind. of lawful money of the
United States treasury, subject TO the
orders of the governors of the several
states. Any state desiring to avail
itself of the benefits of the fund
may, 60 SO by the adoption of joint
resolution, setting forth that the State
agrees to pay to the United States
per cent per annum on all sums drawn
and retained by it and providing fora
loan OF money to the citizens upon
reasonable security of interest not ex-
ceedlng per cent. The secretary is
to honor the request for q loan to the
extent of so per cent of the assessed
value OF real estate situated within
tie State.
CONVENTION OFFICERS.
WASHINGTON, Feb. S.-The ma.
tional democratic convention has ap
pointed Richard j. Bright of Indiana
to be sergeant-at-arms at the national
democratic convention and II. E.
Canda of New York agent for the
tee. S. p. Sheerin of Indiana.
secretary of the committee, together
with Bright and Canda, have been
charged with the duty of proceeding
to Chicago and making all the neces
sary preparations for the convention.
BEHRING SEA MEETING.
- WASHINGTON, Feb. S.-The Behrinr
sea joint commission, consisting ofSiT
Baden Powell and DR.. Dawson of
Great Britain and Profs. MendenhaT
and Meridian Of the United States
met for the first time this afternoon AT
the Arlington and made arrange.
ments for series of sessions on the
general subject of the seal hunting in
dustry. These meetings will be
secret
CANAL IMPROVEMENT.
WASHINGTON ma ~ MI n