davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
DEADLY FORK or THE TROLLEY.
AN OLD MAN KILLED IN JERSEY CITY AND
ROY IN NEWARK.

AN OLD MAN KILLED IN JERSEY CITY AND
BOY IN NEWARK.
The first fatal accident on the Jersey city trohey
line occurred at FrcmontSt. yesterday. Inc Nic'iIl
WIS samuel r. Dougherty. well known resident Oh
the city, having been at on" time 'he cohN"i"'S
engineer Of the jersey City Waterwork,. lie WIS
sevrny-sy years old. Mr. DOughcrty ROD" no"h he
Height, on a motor ear. and got OIL at Fr'niohi-9''
A, he did 30 he passed behind the ear h" hao lei'
and stepped directly in front Of ear NO. 3D. ""c"
was going in the opposit" direction Ills booS was
fenrfllly mangled and fastened In III" wheri'
thnt Il could not be removed until the ear was
lacked up. Felix Mccoy. the m"torinan' WIS ar
rested on n charge Of manslaughter ana comm''a
without bail Mr.. Domghcriy prepared the recent
history Of the John Bull" cngin" for the PehhsNl
yania Railroad wien It sent TO 'hcago' y
family OF adult children survives him.
henry Ro,enStcim. fifteen years old, was li''a""'
killed Yesterday afternoon by the collision o "'so
and an electric ear at Newark. The boy was Oh 'h'
scnt of nght wagon belonging to Isaac Ja'h'on'
tcbacco denlcr Of ~. - Canal-st, New-> orh' VII
liam Jackson. the driver. attempted To drive aroaa
tue SpringRed-ave. tack at Bcfforh-'f wl'h '"7
from, wheels Of the wagon were struck by IN" car
ros.ns,,n WAS hurled from the seat ana MS pc Is
broken He lived In Allen St, between 'ratu am
Hester SIS, New YORK
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
MR.. COUDERT COIMPLIMENTED.
END OF HIS ARGUMENT AGAINST PELAGIC
SEALING.
THE MoDUs yIvENDI DECLARED TO BE A TEN
PORARY ABDICATION OF AMERICAN RIGHTS

THANKS FROM BARON DE COURCEL.
Paris May 0.-Frederic X. Coudert. Of counsel for
the United states concluded his argument to-day before
the Behiing sea Tribunal of Arbitration. Mr. Coudcrt
rated the history OF pelagic sealing. and showed
that since the adoption Of the moduS vivcndi the
quoted statements from the counter-casc Of Great
Britain which, he argued. virtually confirmed his con-
tenton that pelagc sealing gradually destroying
the seal species, and he read and commented on tn"
evidence Of London furiers, showing that while the
seal catch the Pribyof Islands wa> chiefly Of
males the seals captured by the peagic hunters were
chiefly females.
putting a stop pelagic sealing. In support Of his
argument as no seal life and the danger of It's complete
extinction he quoted from Professor Huxley and other
naiuralsts and scientists. He contendcd that the
rnodus vvendi entered into by the United States and
Great britain was a temporary abdication of the
American rights which the United states confidently
left 10 the Tribunal of Arbitration to uphold In deal
Ing with the question OF damages advanced by Great
Britain Mr. Coudert said that the British claims III
respect TO a prospective catch were unirnablc.
When Mr. Coudert had finished his speech. Baron de
Courcel the president Of the Tribunal said to him
" You have cap,ivated attention by remarkable
display OF talent We have 10 thank YOU FOR the great
ability lvelncss and humor with which You nave car
lied ms over what would otherwise have been Il rather
dreary field OF questions of fact. Allow me 10 add
in Your manner Of the best characteristics OF
French
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
AT THE QUEENS DRAWING.ROOM.
AMERICAN WOMEN PRESENTED AND THE cos
TUNES WORN BY THEN.

TUNES WORN BY THEN.
London MAY 3-Onocn Victoria held Drawing
Room this afternoon AT buckingham Palace. Anong
tho women received YVES Mrs Phelps. VIII" of Ed
ward j. Phelps formerly American Minister 10
England and now one oi the counsel for The United
states before the IclIing S,a Tribunal Of Arhra-
lion Mir. Phelps wore Hack satin dress trimmed
with lace and a brocadr train. diamond ornaments.
Th. wife % General George Il. Williams wore n
male green satin dress wits u'SSelS point lace and
a train Of white satin lrOcadc, diamond ornaments.
Mrs Howell Of New.York wore Il dress copied from
a portrait OF Queen Louise of Prussia IN the palace
at Berlin II was Of old gold brucadc, with En-
pirc c,rSagc and u train of white satin Mr..
Howell also wore u ianond tiara and necklace.
Mrs J. B. Morgan wore n white satin dress en-
t,oidered with pc:rls and train Of white brocad"h
v.lyet Miss Ursula Morgan willie satin
dress spangled with silver, and Miss Romola Dah'-
yron q granddaughter Of tho late Admiral John a.
Dahlrren. United states Navy. a handsome dress
white poult dc sole dress with lace and satin tram
and pearl ornaments. Miss Alice Day wore "n''e
satin n,ore antique dress.
Nrs II,nrv White wife Of the American Charge
d,Agaires presented the American women to The
Ouo.n Mr. White wore n white satin dress. en-
broidcred with black jet. black velvet tram ana ana
almond ornaments. Mrs White also presented Nrs'
Jiunionc Mrs Eugene Kelly, Jr.. Miss JheA."l'
Mis- Aida Chanler Miss Elilaleth Jackson ana MsS
Eliz ilmth Blake. Mr.. White presented 'eh''''
Mr. Derc ode dat ei,ter OF the late Judge Irmhie'
Of Kentucky. also was presented to Queen \T.oi, a
She was accompanied by the MnIchOncss ol l"e'i
dale and Lady Cooper Key The MarciohcSs o'
Twceddale held n reception after the Drawing ROOM
at which many Americans were present.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
MR. BLOUNT TO BE MINISTER.
HE WILL REMAIN AT HONOLULU.
MINISTER STEVENS ORDERED TO TURN The LIZ
CATION OVER TO HIM At ONCE.


CATION OYER TO HIM AT ONCE.
Washington MAY 0-Onicals Of the s'ate DeP"r'
mcnt tonight confirm the predictions heretofore m'ue
that ex.Represenative Blount would b" appoih'eu
Minister Resident to the Hawaiian Islands. II had
been supposed thar Minister stevens would reniih III
charge of the legation until the oath OF ths moh"
al which time he had announced his Intention o'
sailing for san Francisco. II Is now shown u''
Mr. stevens has been instructed to turn over 'he
iegotion forthwith to Commissioner Blount. VINO HAS
been appointed his successor There Is reason ~
believe that Mr.. Stevens not allowed TO reh'""
I'm charge Of the legation until the 2ith INST pe
cause OF his activity I'm Behalf Of annexation.
II is further stated at the Department that MeSsr'
Bowen and Sewall, who went TO Honolulu shor'y
af,er Commissioner Bbunt's arrival, have p'"h
active in their efforts to stimulate sentiment on the
Islands I'm favor OF annexation, ana are thoagh' -
have created the impression that In so doing ihey
were rcprsentirg the President. secretary Gresham
has Informed Mr. Blount that the President repu-
dates everything said and done by these gcnem'h'
Mr. Scwall was an applicant for the Once OF
Third Assistant secretary Of state under the present
Administrations but failed to the appointment
Ex- Minister stevens, who will sail Tor the 'hi'n
states on the 24th inst will be accompanied by
Mrs. stevens and Miss stevens. They VIII bring
with them the body Of the daughter VINO was orow"'u
early in this wear. Letters Received by haVai phce
and other, I'm the Government service Indicate th''
the provisional Government maintains a hrni hoo.
one letter states that the n1tive sentiment IN FAVOR
OF annexation Is growing.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
IMPORTANT DECISIONS ~ NORTH DAKOTA.

Minneapolis May "a Bismarck (N. d. dispatch
10 "The Journal says: The Supreme Court to-day
handed down two important decisions. One afirms
the validity OF the Constitutional Prohibition amend
ment which had been attacked through writ OF
habeas corpus applied for on behalf OF n Fargo
saloon keeper. The other Is that Governor short
ridges appointments made since the senates ADJOURN
ment are invalid. since not madc with the senate =
advice and consent. The senate refused 10 confirm
his appointments for the Board Of Trustees OF the
State Prison, and after II adjourned h. named the
same men. Under the decision the old officials hold
over until the senate confirms the Governors appoint
meuts The Governor l. "A Populist aud had ap-
nontcd Populists and Democrats whom the Repub-
iican senate would not confirm.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
A CHILD SINKS IL THE MIRE or SWAMP At
ASTORIA. l.. J.

Mr., Katherine COX. widow liking ri No. .o-
Wc, SiNtv-sevenih,t New ork. went &" Long lslAhd
civ Yesterday morning To visit her friend Nr'.
David Mann Of No. 80, Hamilton ST.. Astoria N.Y.
Cox was accompanied by her sixteen mon'h''oih son
Charles While dinner was being prepared N" 'hid
wandered into the street. When lit m"'h"T "'h' !"
search Of him he could not b" found. Tn" case wa
reported 10 tn First Precinct station. and f"cr'h
provn and Reilly went IN search Oi the yOungsi"r
They found him almost eneuf'd In swamp near Tao
juncrion of Broadway and The boulevard. Th"r" was
little or 10 water In the mir". hui ihe gronhn WIZ
soft and elastic enough 10 give way h'n"a'h 'h' nov
WIGHT leaving only The top o. his h'lh N'l''''
II was with much dMcnlty that the hoy wa drawn
10 the surface. lie WAS conscl"n, wh'h i"nhn' pr.
strong was summoned. bnt after working over his
lt,lc paiicnt several hour, II was found that the ov
corld NOT rally and at ahont p. IN. h" died. III,
body was taken 10 his home In New York CIV later
I'm the evening.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
INFANTA EI'LALIA PLEASED WITH HAVANA

Havana MAY 0.-The Inianta Enlala has apparently
greatly enjoyed second day Of her VISIT here enc
declares that the situation and aspect OF Havana III"
charming and expresses regret that her sol0rn mere
r,u I.s, only six days swing she would willingly
reside here for the rest lifetime. The principal
budings of the city are decorated and all the DAYS
OF this week are holidays by public declaration Early
this morning the band OF the German warshp "he
senau played before the palace several sclections IN
cluding the Spanish royal march. Later in the day
the Duke OF Tamamcs, the representative OF tlc
lpfanta and her husband, paid visit to the Gnel-
senau.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10

Verdi leading III lIl">lc IL IL i'"'' ''''
appcarancc would be made the ooo"S'"" VI an "
ridcnust demonstration.
For the third time within few DAYS the most
,,pnortant news from Europe. asld" rom tha' r'h'
a., ,b aiss,ullon OF the German Reic-tag. refers 10
,rs,a .nd consequently TO the maintenance OF Irlehn-
din betwecn Italy and Austria. when ihVo'V'" INV
maintenance Of the Triple Alliance. 1h' ih're"s''
Austrian prosecutions OF Italians In trieste NAV prI
anotbcr renewal In the Rome Chamber o' inc a'"'"'
already directed by the Rad'cais as""'' N''- '"''
,ot,s Government and at least fore" ], 70 assume
W. ,,,,d toward lis presen, Austro Hungarian
~, rhe noicy of the latter Is 10 suppress al op-
nor,upties which It's Italian subjects In Trieste eouu
se,ye upon TO proclaim their ann-AuSrh'h "'"''n'',
aud Il is certain that they would pnrS' on' u '''",
bo,ld himself attend at Trieste t'c pron"c"o" VI
bis latest opera an, -, Tr,.ste nm this
=. or. Justified by what occurred thcie OH
"a, % On the evening OF that day '"c '''''
norfo,mance OF Mascagnps opera, Inc hnh'"""'' wa"
., he ciyen The public arrived III h"so ""
=, the Politeama ROssi and displayed great '"'s""
- =. .,o action OF the Austrian police In suppress
ING the performance Oh the Previous o"'"'
wnor the maestro Ferrari appeared to dircct 'ne
uh.s,ra he was received with tremendous applause
,,oh was repeated many times during the pcrlorh'-
- A, the second act the audience called ior uie
-, italian March, while from the galleries "co
,hrown daises, called IN Italian Marehei''c i"o
no,ce ordered the clearing OF the theatre "cn ""'
not accomplished without violent slrusR'e M'' o''
audience, and the arrest OF scVer'i young HUI"
rho oxc,,ement I'm the city was intense
To this narrative the "Progresso ltao- Americana
~, New York highly patriotic Italian organ though
s,ronglv Ministerial adds another fact showing the
Austrian sentiments Of the population OF Trieste.
Despite the dissolution OF the Munic'pai 'o"nen
because It had voted an address Oh co"sra'uauon
~ ,,o occasion Of the silver wedding Of tine Italian
OF the nd Queen. the Of the city sent to
Rome splendid crown G,s% OF aS~Irs 10 ay "s Te % Young
sepuoS ,r,p f Trieste O3 Tnc arns Of the House
Of the AStS ri Inc ixn srnwn cry bbon and
q Vas ornsmentod with daisies or marghertes' anu
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
TIE RESULTS OF THE SEAL FISHERY.

St. Johns, ~ F., May 9.-The published statement
Of the Anal results Of the seal fishery shows the total
catch TO be 1.s.33o. against 34s6o4 last year. The
weight is 3367 tons, against 1895. That the weight
Is proportionately much greater this year than last IS
due to the greater number OF Old seals caught Inc
average share ~ the men engaged IS $40 II. The
steamer NewfoundiaId's men cleared $oo each' lhe
Ashery is the worst Of the century.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
CHANGES IN THE MEXICAN CABINET.

CITY of Mexico via Galveston, May 9-JoSe ives
Ijmantour, formerly UnderSecreary OF the treasury
has been appointed secretary Of the Treasury IN p"cc
Of Matias Romero, resigned. The new oecreunS -
forty-wo years Did and IS wealthy. IL Is rcpof"|
tat Mr. Romero will he appointed secretary oi o''c
and that Ignacio Marscal at present secretary Vi
C,,e uiu no made Minister 10 the United States or
Emil
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
Ut PtTL'S NEW CDTTORTTN OPENED.

Il Paul Minn., May 0-The opening Of the mammoth
n.w ST Paul Auditorium tonight was great artistic
and socinl success. It's 5000 seats being filled by
appreciative auditors for the granc concert. Frau
N,,,rnu the dramatic soprano. whose appearance
marked the opening of her second American concer;
,our WAS heard ut her best In hl dozen selections
Mr. rnnket Green the famous English baritone, gave
several songs. Assisting them was an orchestra Of
forty-fve pieces and chorus OF 500 trained voices
oc,tion Under the leadership OF Professor Baldwin
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
FIGHTING THE CHOLERA ABROAD.

MEDICAL STUDENTS SENT TO SIDEMA-FEENCH
VESSELS oUARANTINED AT BREMEN.
ST. Petersburg. May 9-The cholera Is Increasing
In nobOlsk the most westerly government OF siberia
and several medical students who were completing
their curriculum at 81. Petersburg have been sent to
reinforce the Siberian physicians and assist them in
dealing with the peStilence.
Bremcn May 0.-The authorities at this port have
ordered a quarantine against all vessels arriving from
French ports. This action is due TO the spread OF
cholera In France.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
xpw.uEeRIpEs SWEPT BY A HURRICANE.

Sydney, n. 5. w.. May 9.-The mall brings detaliS
Il hurricane which swept the Ne"'iepr'deS' i"e
mi, set,,ement at the port Of Sandwich bbnter-
atsd and half OF New Caledonia was submerged. At
Tcbio the floods washed 10000 tons OF nickel ore
into the sea and filled the mines with water and
vreckage. The coffee plantations were swept clean.
The natives are shelterless and destitute.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
GERMAN PILGRIMS RECEIVED BY TIE FoPE.

Rome. May 9-Pope Leo received day 500
Catholic pilgrims who had come from Germany TO
testify their devotion TO him. The pilgrims were
introduced BY the Archbishop Of Eichstaedt, III
Rayaria The Pope has made arrangements 70 re-
cs,v. 500 p,Icrims from Malta May 81. They
will D.. presented by p Pace Archbishop OF Rhodes
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
sr1cLnE OF 4 wELhKxowy NIyIyG EyGIXEER

n
Denver May 9.-J. H. Ernest Waters. well-ho"h
mining engineer and manager Of mines. was ionhd
dead I'm his bed nj the Denver Clubhouse this morning.
lie had committed suicide 10y taking morphine Mr
Waters probably Of the best known hinih;
engineers IN America and had European rpu'alioh
also. Some Of his greatest engineering wJrh "h'
done for the Japanese Government near TOXIC
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
ANOTHER FAILURE IN AUSTRALIA.
SUSPENSION OF THE BANK OF VICTORIA. WITH
IJ.pIIJTIEs OF ABOUT e2doo.ooo

IN
H.pIIJTIFs OF ABOUT c2aooooo.
Nc,bourne May 0.-The bank Of Victoria.
1,uited has suspended. According TO the balance
shoot Of last December the deposits amounteo 10
over c7OOOOOO. J. D. Law Is the general
manager. and A. E. Wallis the accountant. Inc
faiIure IS Of great importance. The bank had scv,
eral branches, and It's London Office was al NO. -
Clements Lane. f.. c. , -, ooo ooo
The subscribed capital of n" bank Is El2'o'"''
ord Tho liabilities are about double that amount
The number OF bank failures In Austria Ia rec"h'N
Ia. ,oon romarkable The most disastrous was the
coopse OF the Australian Joint stock Bank Oh
April 90 with liabilities Of cl30ooOOo and deposits
Of eli 100000. ON April 30 the National Bank oi
Australia suspended payment l's ha"hueS' J"
the Colonies only. were G1,3OO.ooo. The last pre-
vious failurc was a conparaivcy small one-that oi
tho Colonial Bank Of Austraia-on MAY D. NJ
thcso hanks had hundreds Of branches throughou the
Colonio. as well a. Offices In London In hIhos'
every case the suspension was due to heavy WIN
drawals Of deposits.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
THE GUSHING TO PRACTISE AT NEWPORT.

Newport, II. l., May 0.-The torpedo boat Cushing
has been formally attached To the torpedo station,
,vh.r, she will be- used for practice work.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
ro REPEAT HIS EULOGY on BLAINE.

lewiston Me-, May O-In response to an Invita-
.,o from leading citizens, senator Frye will repent
his euogy on Blaine In City Hall. Lewiston. Friday
evening, May ~.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10

London, May 0.-1he betrothnl OF The DuRc Oh
yo,k .nh Princess Nav OF Teck, celebrated with
9 family dinner at buckingham Palace this evening
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
COUNT SPONNECK TO GO TO VIENNA.
SNOTHERED ~ THE MUD.

Copenhagen. MAY 0.-Coun' sponneck. Danish WIN
istcr I'm Washington. will be transferred 10 Vienna.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10
ppon,.cr1ON OF "FALSTAFF" FORBIDDEN.
TUE AUSTRIAN GOVERNMENT FEARS Vhhpi
AnpEAEANCE AZ TRIESTE.

Vienna. NAV 0-It Is rumorcd tnat the Govern
mon, has forbidden the production oi fais'"''
with Verdi leading, In Trieste as IL iearS 'i' 'e'"
ou,e,r,nce would be made the occasion OF an If
ridontI,t demonstration
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-10

with panaies. indicating that Trieste never iorso'
Italy.
The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1893-06-23

Try little sallpe,er or soda or a
rusty nail in water TO keep flowers
fresh.
The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1893-06-23
Girls, Go Slow.
Kansas City Star.

Kansas City Star.
Revenges is sweet! Fifteen
years ago girl Tilted her sweet.
heart in a really cruel way. She
was then only Is. After being en-.
gagged a whole year. she said she
guessed he was too old, and. with
that, away she tossed him. He
was then 20, ii day and 80 seem.
ed old to a girl of Is. But then
that was no excuse. Now she is
well, IS and 10 are 2S and 5 are.
You see she is getting on. She
isn't married and she is getting on
in other ways besides years. So
many women begin TO get tat after
20. AS lor him he is older, of
course, but no one counts a mans
age after 35. lie goes on and on,
aud is good in The matrimonial
market as long as he can stand.
And now he is introducing his
young bride, who is IS or less, and
somehow, the other woman does
not feel a bit that she has the
worst of il, even though she can
remember that she Tilted him
long ago. lie says softly:
"Do congratulate me, my dear
old friend"
Tragedies like these are happen
ing all around us in society every
day. Think twice, girls, think
twice.
The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1893-06-23
ISSISSIPPI. FRIDAY, JUNE %. lS
For the Democrats Star.
JUNE.

II is the glorious month of June,
The month. of birds and roses rare,
And to the toling bees low tune,
The clover blossoms bend in air.
The sunsine rests on field and tree,
The wheat fields wave before the breeze,
The plow-boy plods along the lea,
Where lazy cattle lie at ease.
sUpon all nations rests peace,
Like that which fell on stormy sea
When Christ the Lord bade tempest cease
And Gained the waves of Galilee.
They say the world is dark and sad,
That clouds must cover bluest sky,
That singing birds, in June so glad,
With Autumn's winds must nee--or die.
They say the roses tender leaf
Must shortly fall in all its pride,
And honey in lonely grief,
Go mourning for its blossom bride.
Oh. why must sadness mingle so
With all the fairest things of earth,
And Summer always turn to snow,
And brightest days to dark give birth.
love the darling month Of June,
Its birds and clover blossoms bright.
But oh, the day will come too soon
When summers green will turn to white
b.
Moss Point, Miss, June IA, 1898.
The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1893-06-23
NUMBER lS.
START OF PAPER MONEY.
San Francisco Examiner.

san FRANCISCO Examiner.
Paper money developed from
the bills OF exchange or certificates
OF the banks was first probably is-
sued by the Italian bankers of the
fourteenth century. Governments
found 1t an easy way of obtaining
money in times of necessity, being
in effect, forced loan from the
people. Paper bills are promises
to pay, when the Government is
sues them IN exchange for supplies
or services it has actually borrow
ed just so much from the man TO
whom 1t pays them. 1t, however,
allows him TO pass this note in
payment of his debts, so instead of
being loan from hlm singly, it is
loan from the whole people.
The ease with which The notes
may be issued has led many Gov
ernmenls Into disastrous expert
ments in times of war and stress,
The promises being issued in such
prolusion that they become of no
value.
The continental currency issued
during The Revolution by The Am
erican Congress and the assignats
of the French Revolution may be
in'tancea. Paper money depends
for its value on the ability OF the
au' hority that issues it to give val.
ne for il when payment is demand.
ed. When The Issue of the civil
war was in doubt the value OF the
2reenbacks issued by the United
States sunk to one-thlrd their face
value, due partly 10 lack of conf
dence in the Government, and
due still more TO the certainty that
payment OF the notes must be in
definitely postponed.
Even when The war was closed
and there was no longer doubt of
the Government, The currency was
deprecated for fifteen years. The
Government was in the position of
the man who was known to his
neighbors as "gOod, but slow pay"
His notes pass at a discount. The
Government was; known to be
good Tor The amount. and it was
certain that ii woul! be ready to
redeem its notes some day, but
that was not enough for the man
who wanted to use The money
right away. He thus passed the
notes at a discount.
The value Of paper money thus
depends at any given moment on
the promise of the Government to
redeem it. If the promise will be
met when the notes are presented
they pass at their face value. #
there is doubt on this point the
notes must pass at a discount,
greater or less, according to cir.
cumstances. If there Is no chance
that they will ever be paid, they
are worth nothing at all. AS the
United States Government has
stood ready since 1879 to redeem
in gold any note as soon as presen.
ted It's currency passes without
question at its face value.