davidaulloa/AmericanStories huggingface dataset:
The advocate., 1895-10-30
FINANCIAL REFORM.
BY J. W. FOREST.
DenlOnotlze Both Gold and silver:

system is not what it should be. Wiser
y rpsn than I have proposed plans that
,shsy think will prove an effectusl
remedy for whatever is wrong, but not
Withstanding their superior wisdom
and experience shall propose one that
strikes me as better than any other
that / have seen; one that / think will
maintain perfect parity between gold
and silver without free coinage Of sill.
Yer; that viii keep the government
treasury constantly supplied with an
abundance Of gold without borrowing
dollars worth, and will furnish and
maintain an abundant paper clrculs-
ton with every dollar as good as any
Dther dollar without bribing a syndi-
cate of money monopolists not to break
II down.
Xn providing a circulating medium
to be used as money three things are
essential: first, stable and nOn-huctu-
sting value; second, quantity; third,
convenience.
Value depends upon, or is in proper
tion to quantity, more than the fact
that it is redeemable in or made Of gold
ana silver. II we maintain the guam
tity at $50 per capita, other conditions
being the same, the prices Of all COM
modities and property would soon ad-
Just themselves naturally and be just
twice as high as If the currency were
kept at $25 per capita. The value of
the property would be the same In both
cases; the value of the money would be
different. assume that If we had In
circulation volume equal to the guam
tity of gold at represent rate, plus the
quantity of silver in this country or
produced here at about one dollar per
ounce, plus the present amount of
paper circulation that is not directly
the representative Of gold and silver as
certificates, the total quantity would
be about right. The increase by pro.
duction Of the metals would tend to
keep the total amount in proportion to
the population and thus keep the values
steady. think this will be agreed to
by the large mass Of people, and so I
shall consider it proved, and this an
sWers for the first two propositions.
For convenience, can make an almost
positive assertion, after years Of ex-
perience in banking, that for denomi.
nations Of one dollar and smaller,
silver and copper just as we have at
present are far the best; for denomina.
tions larger than one dollar paper Is
most convenient, and this is what l
have observed of the convenience Of
all classes Of people, merchants, farm
ers, mechanics and laborers. l am al
most constantly paying out money in
all kinds of sums from dollars to hun
dreds. It is a common, almost univer-
sal rule that if 1 pay gold the person
viii say, "Can't you give me paper
am too liable to lose this or pay 1t out
by mistake for silver" If / offer much
silver he says, "Can't you give me
paper for part of thisP 1t is too heavy
ana inconvenient to carry" and If
ofler all paper he asks for FIVE or ter
dollars In change. OF course / only
know one locality, but ] should be much
surprised to hear that this is not q
The advocate., 1895-10-30

changed for that commodity, then that
commodity answers for settlements of
trade with the foreign country. Gold
is such a commodity; it has fixed
legal value in all countries, il is &C.
cepted by all countries in settlement Of
trade, and it need not be coined at all;
in fact, being coined is not Of the
slightest advantage, as it is always
taken as bullion at it's actual weight
whether coined or not. by law in the
United States 25.8 grains Of gold is
worth a dollar, by law in England the
same amount is worth 4 shillings IL
pence, therefore as both moneys
are made of or readily exchangable in
to gold, one dollar is equal to shill-
ings and IL pence. If our domestic
currency is readily exchangeable into
bullion at the legal rate whenever bull
lion is needed for foreign settlements,
then all the essential requirements are
provided for without the money being
redeemable at all. The plan 1 shall
propose fully provides for this. Notice
this: Our present legal tender paper
circulation is not absolutely exchange
able into gold, either coin or bull
lion, even though it is by law
redeemsble in gold. The pres
ent administration and all the
"sound money" men hold that the
government is bound to redeem all the
various issues of money, even silver
certificates, with gold on demand. Let
US see. Supposing all the gold had
been drawn out of the treasury; If the
recent issues of bonds had not been
made undoubtedly every dollar Of ii
would have been drawn out; at least ii
might have been. Then supposing
that Morgan, Rothschilds and others
had refused to take their loans and
lend their gold to the government as
they had right to do if they chose
then where would the persons needing
gold to make foreign settlements have
obtained itp only one aOGy left. Ga
into the open market and bug 1t at an
unlimited premium above the legal
rate. Does this redeemable currency
answer all the requirements Of q SOUND
and stable money! Verify not, and ]
fail to see where the system the ''sound
money" men propose would make Il
any better than it is.
Then as / am in favor Of eliminating
geld entirely from our domestic cur
rency, propose to demonetiZe 1t ab
solutely; repeal all laws making it q
legal tender or in any way recognizing
it as money; invslidste any obligation
made hereafter that makes gold th'
specific money with which the oblgs
tion is to be paid; suspend all coinage
of gold and recast into bars Of conVen
lent sizes all coin now on hand or here
after received, each bar to bear
government stamp of its weight ant
fineness. would make all gold, coin Of
bullion, at all times receivable by the
government in exchange for q full
legal tender paper money at the rate o.
one dollar for 25.8 grains STANDARD
gold. would also say by law tina
the government will accept the legs
tender paper in exchange for certi6et
GOLD horo whanaveP rennestAd nv
The advocate., 1895-10-30

their reserve fund that they are obliged
to hold constantly, not paying out
q dollar Of it, making it answer
to them all the purposes Of any
money and at the same time de-
priving the government Of those who
need it for foreign exchange Of the use
Of it, thus holding it ss commodity
for speculation, helping to make cor
ner on gold, forcing the government to
issue bonds and borrow it and thus
changing the non-interest- bearing cur.
rency into an interest bearing debt.
There are many people who believe
that some Of the great national banks
have been and are now In an actual
conspiracy against the government for
purposes of this kind with the final
view of forcing the government to
grant them q monopoly of the right to
issue a paper currency. They call 1t
relieving the government Of the bur
den of redemption" .tsking the gov
ernment out of the banking business"
Is it not time rather to take the banks
and money spectators out Of, the gov.
ernment businessP
Notice that the New York State
Democratic convention, under the con-
troll and management Of Hill, and
Rothschild's man, Belmont, has just
resolved: "We oppose the coinage of
go cents worth of silver into a dollar"
"The government should not do our
banking business and should limit
itself to safeguarding banking meth
ods." "The legal tender notes should
be withdrawn; their presence in the
currency is menace to business and
prevents the due use of silver dollars
already coined" This is simply crimi-
nal nonsense, opposing the coinage OF
silver and wanting the greenbscks de-
stroyed because they interfere with the
use of silver: and q great convention
under the domination Of one or two
men, as all great conventions are now
s-dsys, not only swallows such stuff as
this, but hurrshs for it. Think of it;
not dissenting voice.
AS to silver. If the present system
is to continue, as it probably is for a
long time, l would favor free coinage
at Is to when it can be done without
seriously disturbing the other condi-
tions of the system; but at present 1t
would create q serious disturbance. /
take no stock whatever in the ssser.
tions of the gold bugs about making
the United States the dumping ground
for the silver of the world, all the gold
going out of the country to buy silver
because one gold dollar will buy enough
silver at the present market price to
make two silver dollars, etc. / think
the answering arguments Of the
silverites are good, that if we
should adopt free coinage at 16 to
the worlds market price would soon
advance nearly if not quite to the l.29
per ounce that would naturally restore
the parity between gold and silver at
16 to /. According to late statistics
the gold in this country would, at the
present market price, buy all the silver
in Europe, and 1 am confident that the
people of Europe would not wish to
exchange all their silver for gold st1.29
The advocate., 1895-10-30

never thinks or cares whether it will
some time be redeemed with gold or
not; all he looks at IL the denomination
and all he knows about 1t, all he cares
to know about It, sll he needs to know
about II is that the money ig current,
chat he can use it at the same value
he takes it at. II he takes q fiVe-dOl-
lar bill he is satisfied to know that he
can pay q Rve.dollsr debt with it or buy
Ave dollars worth of property either
this year or next year or at any other
time. If this custom Is universal, ss l
presume 1t ia, there ig not the slightest
common sense In having half dozen
or more kinds of United States paper
currency, some kinds nominally good
and legal for some purposes and not
good for other purposes exactly similar,
when each and every dollar is readily
accepted and fully answers all the pur-
poses that any other dollar would. /
am speaking now only of q domestic
currency and noEs medium Of exchange
between this and foreign countries. So
with our silver coin; when a man takes
a silver dollar he takes it because he
knows It goes for q dollar, he doesn't
think or care to know the number Of
grai2s and the fractions Of a grain it
will weigh, or the market price of sill.
YER bullion per ounce, or the intrinsic
value of that particular dollar. It
goes for a dollar and that is enough; 1t
does not make particle of difference
to him or any one else whether the ma
terial 1t is made Of cost 100 cents, 80
cents or 25 cents. All this talk about
"6fty.Cent dollars" cheating your
creditor by paying in money worth
only half Of what it represents" etc.,
is just simply worse than childish-it
is the height Of mesnness, because l
don't believe any intelligent man ever
used such, AN argument in good faith;
he is only trying to befog the whole
question for q personal or partisan mo-
tive and not for the good Of his coun'
try, not trying to determine what is
wisest and best for the whole people.
Now If my argument is good and
reasonable, the only thing required
for domestic money is one kind Of
paper currency to be legal tender for
all purposes, and 1t need not be REDEEM
sble in either gold or silver. 1 quote
from the Wal Street Journal, "We
need no gold whatever for domestic OF
internal circulation" and from John
Sherman on the greenbaCk. ''In form,
security and convenience the best Cir
culating medium ever known" "Fiat
money" say you, "thst costs nothing
and is worth nothing" That is not
my idea, as / will show. A purely is'
money would answer the purposes Of
domestic money just as well as any
and 1 will digress here and give an IL
lustratlon. Every paper dollar in use
cost but q few cents to make, but nc
man excepting millionsries, burglars
and other thieves) ever got one without
giving full value for 1t, either In ser
vice or property; therefore 1t stands tC
him as the representative Of value, anG
Just the same as If it were worth In
trinslcally what il represents.
Thoro Ia anokhar dasirahla and Inn
The people's journal. (Pickens, S.C.) 1891-1903, 1895-10-03
Fifteenth, Dav

Ihe convention was ObsOrbed in tho
consideration OF municipal debts and
| taxation, and the exemption of manu-
featuring interests for five years. The
section causing tho greatest debate Is
rs follows: "That cities and towns
may exempt from taxation, except for
school purposes, for five successive
! in their limits, after the adoption of
this constitution, whose paid up capi-
tn Is not less than O,O00."
Stanyarne Wilson said there was no
public necessity or Justice in the Sec
tlon. makes privileged class, and
why should any such exception be
made for capital? There is no prin-
ciple OF right and Justice whereby
those who arc able to pay taxes are to
be exempt, while many a poor man has
to starve himself almost to pay the
poil tax cannot be sustai ned on any
principle OF right. The only virtue in
taxation is the necessity OF it. If you
exempt manufactures on the ground
that they are public improvements,
why not exempt all others The far
mer who builds u granary or mill
would be as much entitled to an ex-
emption. II California, Colorado, Vir-
ginia, Alabama can induce manufactO-
ries to come into their borders with
out this exemption, why cannot South
Carolina do the same, she being the
greatest cotton manufacturing State in
the South Capitalists do not invest
In any place on account of special priv
ilcges, but on account OF " stable and
equal system OF taxation. They don't
want such protective legislation. We
condemn the United States tariff law,
yet by this we propose to do exactly
what we condemn Ia it. 1t is nothing
but protection. There was no princi-
pie of right In it in any particular.
Mr.. Henderson said thc principle
upon which the section was based is
Omy. The exemption for five years
brings in factories, which afterwards
increases the taxable property of the
towns and cites and ultimately reduces
the taxation b! increasing the taxable
value OF property. Mills are moving
to the South Gnd let us encourage them
by policy that will bring capital here
and not run it away.
In answer to Mr.. w. d. Evans he
said tho mills were coming South in
order to get nearer cotton fields, and
othcr States are receiving them with
open arms and let not South Carolina
be laggard in the race.
| Mr.. Patton said that the section pro.
posed to do exactly what some cities in
the State are already doing. Columbis
has acted on that principle and as the
result shows she Is one of the chief cot
ton manufacturing cities in the State
II Columbia wants to exempt these
factoriessfrom taxation what diffierenc,
: does 1t make to other people?
Mr.. HaynswOrth said that in Green
Vile they have an ordinance exemptinl
'-----------------------------
The people's journal. (Pickens, S.C.) 1891-1903, 1895-10-03

funds to private use, then tho Cover.
| nor shall direct the Immediate prose.
cutlon OF such officer by the DroDc.
officer OF the circuit in which he resides
ana upon true bill being found thc
Governor shall suspend such officer and
appoint ono in his stead until he shall
have been acquitted by verdict of
the jury"
AS soon as this was read heads nod
dcd all over the hall and there was
u general expression Of concurrence.
Inc substitute WAS put to the house
and adopted like 4 flash after having
been read half Il dozen times for the
enlightenment of members who were
lnatlcntivc on who were prevented bv
the prevalent confusion from hearing.
1T being then three o'clock, Senator
Illlman, who had expressed his salts
faction with the substitute, moved that
the section be passed over until itcould
be printed.
MIR. Ta,GerL moved to lay this on the
table, complaining Of waste Of time and
slow progress and Senator Tillmun
Withdrew his motion, rcmartiny that
he didn't want to have any row about
it.
Mr. EGrd renewed the motion 10 pass
the section over when it could be seen
IN print and members could uudcr-
stand 1t better than they could 10y
hearing IL read. lie warned the con
Vcntlon that the section it was passing
would have to undergo the test Of the
cOIrtS and that there wOuld be found
rock after rock in the way Of the on
lorccmrnt Of tho laws unless the almost
pains were taken. The convention
voted To continue the section
The herald., 1895-08-08

was evident when the hour for opening
court arrived. Counsel foi the state and
for Durrant had held long conference
before court opened. The judge had no
sooner taken his seat than he announced
recess and requested the opposing attor-
evs to accompany him to his chambers.
The consultation lasted some time. When
the court session was resumed the dis :
trict attorney asked for an adjournment
until tomorrow. n request in which the
defendants counsel joined. The attor-
neys stated that the adjournment was
necessary for the consideration of matters
of the greatest Importance which have
arisen in this trial. 1t was understood
that the sensation had to do with the
prosecutions dissatisfaction with Juror.
Walter s. Brown. who would not con-
vict M. D. Howell. the counterfeiter upon
strong circumstantial evidence. Another
disturbing factor was the discovery tnat
another accepted juror. Charles P. Nathan,
has record for refusing to infliot the
death penalty a"d for his discredit of
circumstantial evidence. In granting the
motion for an adjournment the court
said that delay now would save tims
later on. Tho judge added that certain
The herald., 1895-08-08
she MAUsoLEUn RETAINS OF ROBERT


eral feet. and noticing the articles thrown
around at once thought that something
was wrong. Several times before he had
had to closs the door, but never before
had it been 30 wide open as then.
Charles, who is nicknamed Pinto, ;"
started with Young Haskell and entered
the vault. single glance showed that
it had been entered and more mischief
than formerly done.
Leaning against the wall was the mar
bic slab, while on the opposite sides were
the two wooden ones that had hidden the
collins in the lower inches. About the
floor were pieces of broken vases, while
the marble images were overturned and
although on their backs were still kneel.
ing.
Both of the boys were surprised beyond
expression and dim apparitions of ghosts
began to shape them selves before their
eyes. Young Haskell was the first to re.
cover his wits. however for casting his
eyes into the lower niche where rested
the casket containing the remains of Car
Isle. he saw that the coffi n1had been
broken into and instead of a skull grim
ming up at him through the aperture.
there was but tangled mass OF long
The herald., 1895-08-08
SUNDERLAND IS PRAISED
For Faithful Conduct as Los Angeles
County Assessor
The State Board Of Equalization Scrutin.
izes His List Of Assess.
ments

SACRAMENTO. Aug. o. Theodore
Summerland, the assessor of Los Angeles
county, is in the city today. He called
upon the state board Of equalization and
said he increased the roll of Los An
geIes county this year IS, 200, 900 and the
county board OF equa lization, instead OF
reducing his roll added over $1O0, 900 to
it. He regarded it as fair assessment,
in strict accordance with law, and ex-
pected to add another IS. 000, OO0-next year.
The members of the board com plimented
Mr.. Summerlano for his faithful and hon
est work and said his county would not
bs cited to appear and make explanations.
but would be held up as the banner as
sesse county in the state.
The time OF the audito RS reports to be
filed with the state BOARD of examiners
expires next Monday. AS soon as the
clerk gets in all the figures from the hfty-
seven counties of the state. the counties
that are considered below the average will
be cited to appear. Twenty-seven of these
have run below last years values. and
they will have to show good and sub
-stantiabreasons for their falling off or they
will he rniged
The herald., 1895-08-08
JUSTIN NJ 'CARTHY'S VIEWS
A Manifesto to Ireland by the
Eminent Politician
HE STRONGLY URGES UNITY
Causes of the Overwhelming C0nserva.
tive Victory Discussed
Heaiy's Treason at the Famous Omagh Con.
vention nentioned With Bitter
Denuncation
Associated Press Special Wire.

Associated Press Special Wire.
NEW YORK, August IA special to
the World says:
Justin Mccarthy, M. p, has addressed
the following manifestojto the Irish peo-
pie here and in America:
Fellow countrymen The election of a
great coercionist and anti-homs-rule ma
iority to the house OF commons makes it
my duty to point out to you that dissen-
tion in our ranks IS ruinous to the ma
tional cause; the only means by which
we can hope to repair the disasters which
discord and insubordination have brought
upon us are through the restoration of
discipline and genuine observance OF
the Irish nationalist party pledged to act
Loyalty together.
With a united party in united country
even the present situation would afford
no ground for dependency in the Irish
party. NJ man can doubt that but for
unhappy events in the autumn of 1890
the verdict in 1892 in favor of home rule
would have been absolutely decisive.
Friction alone prevented this result. I'm
happily this friction has continued since
and outbreaks in discipline in our own
ranks have given the enemies OF Ireland
another lease of power In Great Britain.
In spite of all discouragement nts and diff
culties the national spirit has once again
asserted itself. Ireland voted with un-
conquerable resolve, but it cannot be
doubted that Ireland would have done
so still had it not been for the so-caled
Irish nationalists who have been endeav-
oring openly to bring back the coercion
lists to power and still more in lamenta BILE
blows aimed at the Irish party and the
Irish national cause by one of our own
colleagues at the most critical moment
in the elections IL would be almost i'm
possible to overestimste the disastrous
effects OF Mr.. Healy's unfounded charges
against his own colleagues at Omagh,
made, as they were, on the authority of
Leading members OF the party and at q
period Of the election when there was no
possibility of counteracting their effects
on the polls.
1t is with deep regret that I feel
Obliged to characterize Mr.. HeaIy's ac-
tion at he Omagh convention as dis
loyal to the Irish party. even setting
aside our own special obligations to each
other as breach OF ordinary codes of
honor and discipline essential to the ex-
istence of every political organization.
The Omagh scandal is unhapily only the
latest OF a series of attacks upon. the
unity and efficiency of the Irish party.
Let us cndeavor that it shall he the last.
Convinced as l am of the injury such &C
tions have alieady inflicted on our great
national cause and of the injury their rep
etition causes. l feel bound on the eve
Of the meeting of parliament to address
n respectful word of warming to our fell
low countrymen and to inform my col
leagues frankly of the views hold views
which, III case l am honored by re
election to the chair of the party, it will
be my duty to my utmost power to en-
force.
(Signed.) JUSTIN MCCARTHY.
The herald., 1895-08-08
INTERIOR is
the skull Iwast taken

b:own hair that was strewn over the sides
OF the box.
"Oh, look, Pinto" he exclaimed; ''the
skull is gone.''
And sure enough. it was. Both of the
boys looking back in the niche saw that
tho pine boards which covered tho coffin
had been taken off, by unscrewing the
nails that secureu them, while in the bot.
tom OF TIE casket ana along the sides of
the box were strewn the pieces of glass
ana the frame that had held them OH
the top o. the casket. But the skull was
not there and was gone beyond q doubt.
On the sides of tho box on the floor were
the screws that had held the boards to .
gether.
The boys then put the boards over the
hole in the coffin and turned their at
tention to the remaining inches. It was
found that an attempt had been made
to remove the screws from the box in
the lower niche, but as the top board had
not been taken off the boys did not dis
turb it.
The Only Clue
On the side was discovered the only
clue to the robber or robbers. 1t was
cheap. ordinary-sised pocket knife. The
blades, several in, number, were stout,
Continued on Second Page.