davidaulloa/AmericanStories huggingface dataset:
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
CURRENCY LEGISLATION.
No Further Specific Legislation
REQUIRED

Il
The recent repeal of so much Of the
act OF July IA. 1890, as required the sec
rotary OF the treasury to purchase silver
bullion and issue treasury notes in pay
ment for it, makes such a radical change
i'll the policy of the government respec CT
Ing the currency of the country that
until Its effects are more fully developed
do not consider it advisable to recon-
mend further specific legislation upon
that subject. As already shown in this
report, the amount of money in the
country outside of the treasury on the
1st day of December. 1898, was S112, 4O4,-
9f greater than the amount outStand-
ing on the 1st day of November, 1892
This vast Increase In the volume of out
standing currency, Notwithstanding the
enormous exports of gold during the
year, is the result of several causes.
among which may be mentioned the
issue of treasury notes for the purchase
of silver bullion, the excess of public
expenditures oyer receipts, and addi-
tional circulation called for by the ma
tloEal banks during the late financial
StrIngency, and the large imports of
gold, which amounted during the months
of July. August, September and October,
1893. to the sum of $50, 7S5, 526. That
the amount of money in the country is
greater than is required for the transac-
ton of the business of the people at
this time is cOncluSively shown by the
fact that it has accumulated, and is still
accommodating, in the financial centers
to such an extent as to constitute a Sc
rious embarrassment to the banks in
lie 6nnnS1fnh rs 81
are holding large sums at loss.
THIS EXCESSIVE ACCUMULATION
OF currency at particular points is
caused by the fact that there is no such
demand for it elsewhere as will enable
the banks ana other institutions to
which 1t belongs to loan il to the people
at remunerative rates, and it will con-
tinue until the business OF the country
has more fully recovered from the
depressing effects of the recent financial
disturbances. Money does not create
business, but business creates demand
for money, and until there is such re-
vlval OF industry, and trade as to REQUIRE
the use OF the circulating medium now
outstanding, it would be hazardous to
arbitrarily increase its volume by law,
or to make material changes in its char
acter by disturbing in any manner
the relations which its different forms
now bear to each other. In the mean
time, it will be the duty of ali who have
power to influence the course of events
or to assist, by legislation or otherwise,
in the solution of the grave questions
presented by the altered condition of
our monetary system, to carefully con-
slider the whole subject in all its aspects,
in order that it may be permanently
disposed of by the adoption of a simple
and comprehensive system which will,
as far as possible, relieve the govern
ment from the onerOuS obligations now
resting upon it, and at the same time
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
UNMISE POLICY.
Circulating Government Notes as
CurrenCy.

So long as the government continues
the unwise policy of keeping its own
notes outstanding to circulate as cur
rency, and undertakes to provide for
their redemption in coin on presenta
ton, it will be, in my opinion, essential
for the secretary of the treasury to pos
sess the means, or to have the clear and
undoubted authority to secure the
means which may from time to time be-
come necessary to enable him to meet
such emergencies as the one which has
recently occurred in our financial af-
fairs. Under existing legislation, the
treasury department exercises to a
larger extent than all the other financial
institutions of the country combined
the functions Of bank of issue, and
while the credit of the government IS
so strong that it may not be necessary
to maintain at all times the actual coin
reserve which experience has shown
to be requisite in the case of
ordinary banking companies, still it
would be manifestly imprudent, to say
the least, not to adopt such precaution-
airy measures as would enable the gov.
eminent in times of unusual financial
disturbance to keep its faith with the
people who hold Its notes and coins by
protecting them against the disastrous
effects of an irredeemable and
DEPRECATED CURRENCY.
While the laws have imposed upon
the treasury department all the duties
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
UNCLE SANS FUNDS.
Continued From First Page.
ing interest at the rate of per ce mt per

ing interest at the rate OF per &c lit per
annum.
IN THE PRESENT CONDITION
of the public credit nothing less than
the existence of great and pressing
financial emergency would. i'll my opin-
ion, justify the issue and sale of any OF
these classes of bonds. On the first
class the interest would amount, at the
maturity uf the bonds, to One-half the
principal; on the second class it would
amount to more than two-thirdS of the
principal. and on the thlrd-claSs it
would exceed the principal by 20 per
cent. If any one of these methods of
raising money were now presented as
an original measure for consideration
IN congress, am satisfied it would not
receive the approval of that body or of
the people. Whatever may have been
their merits nearly quarter of cent
ury ago, when the credit of the gov
eminent was to certain extent
impaired by the existence Of a
large Understanding public debt and
the general use of deprecated paper
currency, not then redeemaDle i'll any
Kind of coin, our financial standing is
now SO high that our public obligations,
bearing amy of the rates of interest
authorized by the law referred to, would
have 10 be sold at premium so great as
10 prevent large classes of our people
who might otherwise invest i'll them
from becoming purchasers. The United
States per cent bonds, payable in 1907,
are now selling at q rate which yields
investors less than per cent upon their
cost, and l am confident that bond
bearing interest at the rate oil 3 per cent,
payable quarterly, and redeemable at
the option Oh the government after five
years, could be
49, READILY SOLD AT PAR
in our own country. If the authority
now existing should be so modified as TO
empower the secretary OF the treasury
to issue The bonds i'll denominations or
sums of S25 and its multipleS, they
could be readily disposed Of through
the sub-treaSurieS and pOStotfices with
cut the agency or Intervention of banks
or other financial institutions, and with
out The payment of commissions. Such
bonds would afford TO the people at
large an opportunity to convert their
surplus earnings into a form of Sc
curlty, which, while it would be per-
fectly safe, would not only increase i'll
value by reason of accommodating inter-
est, but Ue at all times available as a
means of procuring money when needed.
and Tie experience of this and other
countries justifies the confident belief
that such a plan would be popular and
successful.
In case congress should not consider
it advisable 10 authorize the secretary
to use, for the purpose of supplying
deficiencies in the revenues, any part
of lhe proceeds of the bonds herein
suggested, | recommend that he be
empowered to execute from time to
time, as may be necessary, oDliga-
tons of the government. not exceeding
in the aggregate S5U, 600, bearing a
rate of interest not less than per cent,
and payable after Que year from date,
and that he be permitted TO sell them at
not less than par, or use them at not
less than par, in the payment of public
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
s., 1874; gold, slos,eso,s 44; silver. slo,-

665, 1914; gold, sos, 6S0,S4 silver, $IO,-
737, 319.
The prominent facts disclosed by
these figures, says the report, are that
the values or imports OF merchandise
attained the highest point In the COM
mercial history Of the country; and that
the exports of gold reached a higher
figure than ever before in single year
since the foundation of the government
This outward movement of gold, occur
ring in time of peace. and apparently
i'll defiance of numerical laws, will
make the year 1893 memorable in finan-
cial and commercial experience. The
imports as well as the exports of silver
coin ana bullion were greater in amount
than is recorded in any one year OF the
country's history even the
panic year of 1873. The year 1893 also
witnessed further decline in the reIa-
tive Importance of the American mer-
chant mariGe in the foreign carrying
trade, falling from even the low p, T.
centage of 1892 to the lowest OH record,
only 1872 per cent of our imports and
exports being carried In American yes.
sells.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
RAW Mn 1.....ALS
Should Be the Same Price to All
Manu- facturers.

Should Be the Same Price to All
manufacturers.
Raw and partially raw materials con-
Stitute the basis of all our manufact-
uring and mechanical industries, and
unless our industrial establishments
can procure them upon substantially
the same terms as their competitors
elsewhere they must continue to be Sc
riously impeded in their efforts to sup
ply the home market with their finished
products, and wholly unable to extend
their trade to other countries, except as
to certain commodities in the manu-
facture of which they have peculiar
aptitude or employ superior machinery.
Taxes upon materials used in our
shops and factories are especially OBJ
lectionable on account of the fact that
they multiply themselves many times
before the finished article reaches the
hands of the consumer, and thus I'M
pose burden altogether diSpropor-
tionate to the benefits supposed to be
conferred upon the producer by the
so-called protective system. A tax upon
iron and wool Iecessitates still higher
rate upon all forms of manufactured
iron and steel, and upon all kinds of
WOODEN goods. and these progressive iu-
creaseS in rates are piled one upon
another at every stage of the manu-
featuring process until the completed
article is ready for sale and consump-
ton. The result is that the cost of pro-
duction is made so great that our
manufacturers can neither exclude
their foreign competitors from our own
markets nor share their trade in the
markets of other countries, while
THE AAiERI CAN CONSUMER
is compelled to reimburse the in
creased outlay caused by the tax
with a percentage of profit
added. If the worlds store of
raw materials were as accessible to the
American worBingman as it is to his
competitor in other manufacturing coun-
tries, his superior skill, sobriety aud
industrious habits would enable him,
without artificial aid, to supply many
parts of the world where his products
are now never seen with machinery,
implements and various kinds of textile
fabrics of such qualities and at such
prices as would exclude all competition
and create demand for large increase
of our productive forces. With free
raw materials as permanent feature of
our revenue legislation, the demand for
labor would steadily grow with the ex-
tension of trade, while enlarged oppor-
tunitles for the profitable investment of
capital would stimulate the spirit of
enterprise among our people and great
ly diminish the danger of periodical
suspensions, lockouts and strikes, which
have i'll recent years so seriously inter-
rup ted our industrial progress.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21

secure for the use OF the people cur
rcncy uniform in value and adequate In
amount.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
+ CHICAGO TRAINS.
BADGER Stata ENnracS

leave. ST. Paul Union Depot. Arrive.
Atlantic Limited Vest-
buled throug h train, daily,
Tor Escanaba, Sault Sic.
Marie, Montreal, Boston
New York aad al Eastern
goo p H. PSi is Limited vcstibuled ''''' D. III
through train, daily, for
Valley City, MinOt VAN
couver, Seattle Tacoma
Portland San Francisco
and all Pacific Coast points
80 p. n. China, Ja pan and Australia S:t q. m
Wis Div, local daily ex-
cept sunday. via st. 2. & D.
Il. R. and Bald Eagle, !or
Turtle Lake, Prentice and
$50 o. m Rhinelander 6:25 p. m.
broadway Depot, Foot 4th st
st Croix Falls Accommo-
500 p, m Idation daily except Sunday I'D a M
500 Line Depot, I'd st. and
4th NORTH Minneapolis
MINI. Div, local, daily ex-
cept Sunday, for Buffalo
Paynesville, Glenwood and
s:S'. a. m. Cakes ~ p. m
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21

When all so-called remedies fail, Dr..
Sage's Catarrh Remedy cures.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21

Leaves Union Depot for
Chicago, st. Louis and
down-river points, 1880
a. m. Arrives from Chi.
eago 2:3O p. m. Daily.
Leaves Union Depot for
Chicago and st. Louie
7:4U p. m. Arrives from
same points 7:45 q. ID.
Daily.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-12-21
GREAT NORTHERN RAIL WAY

Tinkofc SEQ Sicollet av., Minneapolis; 1876 E. 81
ituhcto St. st. Paul. Union depots both cities.
St. Paul daily globe., 1893-09-16
deed, sometimes when perusing the
contents OF our venerable neigh6or we
teei as though il were 2OG years old.
Will III ova..rneowN.
..
| f'eixoto's G6vcrniue.it in Brazil
81 ..l t.saN ,s1ts -. - &c.. >. :! .t..i.

f'eiNoto's G6vcrnmeAt in Brazil
ssd -''' - viii soon i;mtI.r :! i'fs5a p:
NEW YoRK. Sept. I6-1he Herald's
Buenos Ayfes dispatch says: News
which has been received from
Rio Janeiro Indicates that the
situation there Is very ser-
Gus. 1t is believed here that the
navy reyoiters have gained foothold
in the capitol. President PciXoto. it is
claimed. has abandoned the coast of the
Bay OF Rio and the capitol. and retired
to Santa Anna with that portion of the
army which still remains loyal
To him. Here lie will await an attack
from the landing party which will he
sent. Advices state that the lombard
tneit OF The city has been suspended:
that tie damage was much great
cr than the government reports
stated. Word has been received
that The revolution is spreading.
Ii is reported that the states of Bahia
aud PerhaiDbuca have declared in favor
of the reVoiutioniSIs The gar
ris0ns in Fort Nillegagnou and all of
the other forts in The harbor of Rio,
eXcepI-One. have revOlted and Joined
Admiral MeilO'S forces. Preparations
have been made III the harbor uf Rio
Grande to resist an attack from a hos
tile squadron. From the tone of
the Brazilian newspapers received
here it is predicted that PeiXoto'S
government will be Overthrown at all
early day. News sentOut bearing a favor
able tUue tu the government should be
taken with reserve, as all messages
pass through government agentS'
hands.
St. Paul daily globe., 1893-09-16
LEADERS oF RELIGION
Prominent Foreigners Male aiA 2
Addresses of the Day


CHICAGO, Sept. i5.-The universal
and cosmopolitan character Of the
worlds parliament OF religions was
more forcfbiy demonstrated THIS
afternoon than at any Time since
the opening. 1t was a great
day for the small proportion of
the ten thousand or more that sought
admission to the art institute at the
morning and afternoon session.
Whether they were interested in puri-
tanisin or Judaism, in misunderstanding
i;y or lii ConfGciaIisnl, in strict ortho-
doXy or Siohammedanlsm, the par
ticular religious pabuluin which
they sought was there for The
seeking. COnfucianlSIn had its
advocate in Ding ShieH HO, OF Sliang-
hal. who said that in his religion. The
most important thing was to follow the
will of heaven. The. book of Yih King
taught that in the changes of the world
there was great supreme being the
spring of all activity, which produced
two principles. and these two princi-
pies were YIN aud Yang. The SageS
COnfuciuS regarded these two elc-
ments as acting and reactlng on each
other without ceaSing, and like the
hinges of door this doctrine was all
important. The choicest product of
Yin and Yang, in the five elements of
the world is man. and the rest are
refuse products. ConfucianiSm searched
into all things. it iteXtended knowledge.
1t taught virtuous life. 1t did not en-
courage mysterious or strange
direction was the address of
Mrs. Laura Ormiston Chant, OF Eng
land. She said that many theoiogianS
were clever religious jugglerS. thatw with
all due respect TO theologians, the value
of the present congress lay in the soul
that was behind it, and not in learned
words.
Prof. C.. S. Goodspeed. of the Univer-
sity of Chicago, expressed the opinion
that the sessions of the parliament would
do more for religion than years of phil
osophiZ,ng, while Prof. Washburne, of
Constantinople, in paper upon points
of contact between Christianity and
Mohammedanism. insisted that while
the first had been identified with
progressive civilization the lat
ter had been identified with a
stationary religion. Standing room
in the hall allotted TO the
theosophicai congress was at premium.
The first speaker was Prof. ChakrivOrti,
who eXpounded the fundamental belief
of the Brahmins. dwelling upon the
properties of evolution, and held that
while'an animal was always behind the
man. he was yet entitled to ali consid-
Grafton because he was moving toward
the perfectiye point toward which man
was travelling. There were loud calls
i0r Annie Besant, and when the high
priestess of theosophy stepped to the
footIights she argued that the theosoph-
icai movement was another scripturaI
impulse less veiled than before because
the race was further evolved. This
truth, she said, rested on knowledge
and not on authority. Following her
came Miss E. II. Mueller. She de-
nounced all kinds of churches. declar.
ing that the present parliament had
given them their death blow, and sub
sided. Us
St. Paul daily globe., 1893-09-16
FRIDAYS BASE BALL.
Results ofthe Contests Yesterday
Afternoon

CINCINNATI, Sept. 15.-The Reds won
an exciting game from the Giants today.
1t was nip and tuck up to the ninth
inning. The game was lost to the visit
ors by wild throw to the plate by Stat
ford. Chamberlain pitched an indlifer-
ent game for the home team. Baldwin,
for the visitors. was taken out III the
third, owing to his WildnesS, and Ger
man substituted.
Cincinnati. % 0 0 o o 2 0 So o 5
New York. 3 0 1 0 0 0 - II 1
Batteries C. Murphy and Chamberlain.
Wilson, BALDWIN and German; earned runs.
Cincinnati l. New York /; umpire. McQunid;
time, 2:.5.
CHICAGO. Sept. 15.-Citizen George
Francis Train saw the Pniladeiphias
shut out the Colts today. The Quakers
won by bunchins two singles. sacri-
flee and a home run in the third. At
tendance, 1900. Score:
Philadclphia.o 10 D "a
Chicago. .....G 0 0 o . 0 o Go
Batterie. Clements and McGinnis. Kilt
ridge and McGil; sarned runs. Philadelphia
3; umpire, Gaffuey; time, :%5.
CLEVELAND. o.. Sept. 15.-CleYeiand
tried some more young blood expert
menting i'll the box, and the Baitimores
WOl JNO 8hiHcS Oh account Dl IL. AT
tendance 2,500u. Score first game:
Cleveland % L o o / 10 Ii /
Baltimore g . i ? 10 81 70 :
Batteries. O'Connor and Hastings Robin
son au0 McMahou; earned runs Cleveland 5,
Baltimore S; umpire, Hurst; time zoo
Second Game r. IL F.
Cleveland. 20 1 o o o o 0 1 o. 5
Baltimore. 3 2 G Il 0 . 2 0-9 10 .
Batteries. thinner, Scheibie: Robinson,
Mulane; earned runs Cleveland j, Bati-
| more ,; umpire, Hurst: time. l.45
PIrrsBURo. Pa. Sept. 15.-The Pitts
burgs won today'S game IN the first
inning by good hitting. The Bostons
put up very poor fielding game. At
tendance, 1880. Score:
| Pittsburg ....41 01f o . 80 0
| Boston. 0 0 l G o. { 4
Earned runs Pitts 5. Boston2; batteries,
| Gumbert aud Eari. Stiyetts and Bennett
ST. LOUIS. Sept. I5.-Rank errors on
| the part of Crooks aud Werden enabled
Washington to take the lead in the first
twa i'entnGs OF today's game. but the
St. Paul daily globe., 1893-09-16

Let me have tue mothers on my side,
and don't care what others think, :"
said great observer. speaking of his
reputation.
On nothing are the mothers OF st. Paul
so united as OH the eXceilence of lac
tated food for babies.
the praise of physicians and mothers,
and stronger testimony yet, the thou
sands Of homes all over the land. radiant
with plump. hearty children, who have
been brought up on this purest and most
aourishing OF all infant diets. make lac
tateJ TODD one OF the NEST famous prod
uctS of modern care aud diligence
In these DAYS or late summer and
early fall Wthn cholera infantuin and
diGrfh9a bring even strong, healthy
chhtrtn In two or three days to the
verge OF the grave, the physicians order
lactated food. not only because 1t is the
most nnariShing, Strengthening. reality
digeStibie food for the baby, but also
because it is absolutely pnre.
There is no secret whatever about H.
Ii Is simply a food.
1t is the most perfect substitute there
is for pure mothers milk. Its basis Is
sugar OF uaIik, and with it are combiBGd
the nutritiye qualities of the three great
cereals, wheat, barley aud oats, thor
St. Paul daily globe., 1893-09-16
Took Ills Word.

The prisoner had been before the
police judge a great many times, says
the Detroit Free Press.
We'll, said his honor. ''you here
again?"
Yes. your honor" responded the
prisoner.
whats the charge?'
honor.
lit seems to me You are here about
half your time"
"A little uppards. your honor"
We'll, what do you do it for? Why
don't you work?''
II do, your honor, more than half my
time.o
''Aw, now," said his honor. good
naturedly. IF you can Tell me truthfulIy
where you have ever worked Pil let you
off,"
Eat the house of correction. your
HONOR" smiled the prisoner, and the
court kept its word.
St. Paul daily globe., 1893-09-16
CAPE MAY CUP.
Britannia in tho Lead at Last Ac-
counts.

Britannia in tho Lead at Last Ac-
counts.
FREsHwATER, Isle OF Wight, Sept.
l5.-The American yacht Nayahoe and
the British yacht Britannia left the
starting ground to take part in the race
for the Cape May cup at an early
hour this morning. The yachts
had considerable difficulty in getting
away, owing TO the fact that they had
TO struggle against food Tide. and had
but very light wind to assist them.
From present indications it seems
probable that they will tn about
twpnty-four hours to sail over the,
course. The latter is the same as sailt d
over in the Brenton's Reef cup race,
namely. from the Needles to Cherb9urg
aud back, a distance of about 12U miles.
After tedious struggle to reach the
starting point, the Navahoe aud Britain
MA were able TO get away on the road
to Cner50urg gt about Uoon.
The boats were Timed as they passed
the Needles lighthouse as follows:
britannia. 1:02;37; Nayahoe. 1:05:I5.
The Britannia kept her lead, and as
they began 10 drop below tie southern
horizon there appeared to be no change
In the relative positions of the beats.
The wind holds very light
St. Paul daily globe., 1893-09-16
kEENE's CoATs.
Prices Realized at the Sale We're
Very Good.

Prices Realized at the Sale We're
Very Good.
GRAyESEND RACE TRACK, Sept. Is.
"A draft of race horses ia training
from the stables of MessrS. J. X. and
+. T. Keene were sold at auction in the
saddiing paddock before the races be-
gan today. The majority OF the horses
were two-year-olds. The prices realized
were III most instances good. Nearly
every colt offered had earned brackets.
There were many very promising
youngsters in the batch. Such horses
as Candelrbra and Restraint should win
themselves out very easily in the fail
campaign.
The best prices were: Candelabra,
10y Imp Kyrie Daiy-Aera. 5000,
Restraint, CHI Z by Imp Rayoh Dor
Quarantine, $500.
OpOrto, b C 2 10y Lisbon Eleanor c..
$500.
Soprano, br 10y Falsetlo-Lady
AthUl. 81, 100.