davidaulloa/AmericanStories huggingface dataset:
The eagle. (Silver City, N.M.) 1894-1???, 1896-09-02
ACQUISITION OF THE DAY.
Does More Money Cause Higher
Prices.
Some Interesting Figures Furnished by
the American Bimetaliic
League.

The question was never answered in
but one way until the last few years.
The old political economists all said, as
bimetallists are now saying, that the
value of money rises and falls like the
value OF anything else. The greater
the supply the cheaper it comes. The
less the supply the dearer it comes. No
one ever disputed this general princi-
pie until the defenders OF the gold STAN
dard found it necessary to dispute it, or
else retire from the field.
Those who deny that more money
means higher prices as rule confne
themselves to ransacking history in
search OF possible exceptions to the
rule. But the teachings OF experience
in support OF this law on this point are
uniform. Not to 90 back too far, take
what happened when the discovery OF
America led to veritable flood OF gold
and silver from the mines OF Spanish
America upon the currency oil Europe.
Business expanded in an unprecedented
way, but nevertheless there was soon
nearly three times az much currency in
proportion to the volume OF business as
there had been before. The result was
that prices were nearly trebled.
This was the worlds most striking ex-
ample of an increase in the supply OF
the currency owing to activity at the
mines. We will next take the most
striking example OF an increase in the
supply OF the currency owing to the
action OF governments. During the
Napoleonic wars, both France and Ems
land issued enough paper money to ex'
peIl gold and silver gradually from cir
culaton. The result OF this increase in
the supply OF currency was such les
senng in the demand for gold and sill
yer that the value OF both fell to one
half. (See Jevons essay in the Journa
OF the Statistical Society OF London
1869. In other words, prices measured
in gold and silver coin were doubled
When the Napoleonc wars ended botl
France and England retired their papeI
money and demanded coin in its stead
The eagle. (Silver City, N.M.) 1894-1???, 1896-09-02

The result of this contraction of the
currency was doubling the demand ior
gold and silver and the restoration Of
their old value.
With the discovery OF the gold mines
in California and Australia in l848 the
volume OF the currency, whether gold
or silver, was increased throughout the
world more rapidly than the volume OF
business. The result for years was a
gradual fall in the value of money ana
gradual rise in the level OF prices.
Since the exclusion OF silver from the
mints the increase in the volume OF
money has not begun to keep pace with
the increase in the volume of business
The result is that the value of money
has increased and prices have fallen.
The attempt recently made to show
that the volume OF currency has been
expanding with sufficient rapidity un-
der TIE gold standard are all based upon
false statistics. They all assume that
it is onl ly necessary to increase the cur.
rency as fast as population increases.
Those who make this assumption forget
that generation ago millions OF iamil-
les produced on their own farms practi-
cally everything they used and saw
hardly any money from one years end
to the other. To-day the children OF
these families, women as well as men.
are working for money wages and buy.
ing out OF the stores everything they
consume. The increase in the volume
OF money should equal the increase in
the volume OF business demanding
money. Ii we have such an increase as
this the value OF money remains about
the same. Ii the value OF money rise,
it is concusively proof OF harmful
scarcity.
So much, then, for the the philosophy
OF the gold standard advocates. Now
us to their facts. Night before last lhl
Evening Post, which is a fair represen
tative OF the monometalist press, state,
in answer to correspondent that th,
volume OF our currency in 1866 was 1878,
100000, or $3.50 per capita, while il
1896 it was 81 500, 900, 900, or $2l. 10 pei
capita. In 1865, said the Post, the vol
nme OF currency in circulation stood Il
follows:
Money in circulation July |, 1855.
State bank notes .....,,,.u$l9 1926, l6'
Fractional currency y....u.,".24, 1857 ,O6
United States notes ......,, 327 1872, 30
National bank notes .,..u.. .276, ,0l2,7l
Total .,.......,,... $64S, "a
The eagle. (Silver City, N.M.) 1894-1???, 1896-09-02
.$673,48S,244

Fawcett's Handbook OF Finance"
written in 1875 from the same stand
point as that OF the Evening Post, gives
the figures for the paper currency in
circulation in 1866 as follows:
The eagle. (Silver City, N.M.) 1894-1???, 1896-09-02
Add sdecie in circulation on
the Pacific coast st,,........ % ,O0O, ,OOC

the Pacific coast ........... 25,OOO,O0O
Grand total ....... 1878, 1924
Fawcett's Handbook of Finance"
written in 1875 from the same stand
point as that OF the Evening Post, gives
the figures for the paper currency in
circulation in 1866 as follows
State bank notes. cs........... S45, GOO 600
Fractional currency ,.,,.,.,N 900, 900
United States notes ..,,.,,... 4Ol ,UOO, ,OOO
National bank notes. ..... .2l3, 900 600
Ten-day and one-year certif-
Gates Observation-Disclosures. Jas, 600 ,OOO
Two.year and sixty-day notes 3,0O0'000
7.30 three-year demand notes S07 ,000, 900
Compound interest notes lA9, 100000
Total ............,..$l 81 ,804 200, 600
In other words, ii we assume that the
interest-bearng paper currency served
the purpose OF money to anything like
the same degree as the non-interest-
bearing the circulation in 1856 was
nearly $50 per capita.
Equally mistaken are the Posts
figures for the circulation at the present
time. Several years ago Professor
Taussng, OF Harvard, called attention to
the adsurdity oil the official estimate
that we had about $500, 900 OF goldin
the country outside OF the Treasury.
Nearly half OF this sum is indeed in the
bank reserve, but outside OF the bank
reserve, said Professor Taussing, it is alb
surb to suppose that gold coins are
more common than bank notes. Mr..
Bryan put the same TACT in still more
striking way when he said that it is RI
diculous to imagine that the people
handle five times ~ many gold dollars
Us silver dollars. Yet the silver dollars
in circulation only number fiity.two
millions. The gold in circulation
among the people does not exceed this
sum. In short, our present circulation
is certainly one-sixth less than the
Posts estimate.
There are no historic facts that even
initiate against the bimetallic view
that the value OF money, like the value
OF everything else, is governed by the
laws OF supply and demand, Increase
the volume OF the currency relative to
the demand and rise in prices is sure
to result. Decrease the volume of cur.
,.....,, ..,lo..,. A.. A., i.,.,...,l AL ...;,...
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12
ALLISON STILL VERY ILL.
FRIENDS SAY HE HAS no REASON
TO EXPECT 4 PORTFOLIO.
Several Reasons Why He Could Not
Accept the Secretaryship of State
is Satisfied With the HOnOrs
That Attach 10 = SenGtorship.

Chicago, Dec. IA special to a
morning paper from Dubuque, Ia.
says:
Senator Allison is still confined to
his home by sickness and cannot be
seen. However, it may be stated posi-
lively that he has not been invited to
the premiership, nor any other position
in President-elect McKinley's cabinet.
The friends of NJ. Allison say he
has no reason to expect he will be
offered a portfolio, for if Mr.. Hanna or
Mr.. Dingiey is TO have the treasury. If
Illinois, Minnesota or some other of the
Mississippi valley states is to be repre-
sented and if the Pacific coast is to be
given recognition, as II should be. the
east may fairly claim the rest. There
are several reasons, il is said, why Mr..
Allison could not accept the secre-
taryship of state. He has been re-
elected to the senate for the term be-
ginning next March There he occupies
a position of greater independence and
influence than that of tenant at Will
in somebody's cabinet. a position less
exacting and more agreeable to his
temperament. and one with whose du-
ties he is familiar.
OF late years. partly for considera-
lions of health. he has Withdrawn more
and more from the social activities of
the capital. At this late day, it is as
serted he does not propose 10 assume
the burdens of an Office which demands
application and involves many social
obligations.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12
Tfntic's Dividend Payers.

The announcement made in these col
uInns yesterday that the Bullion-Beck
had declared another dividend of $40
geo created considerable comment on
the streets and in mining circles, and
il was said that ii would be hard, in
this or any other country, to find a
property that would or could beat this
reliable old Tintic mine as a wealth
producer.
The other mines of the district were
then spoken OF. and it was surprising
TO learn of the many producers that
the camp could lay claim to-
Heading the list was the Centennial
Eureka, with its millions in ore in
sight, and a big dividend account TO
its credit. The Eureka Hill and the
GSmini keystone came next, with its
untold wealth placed to the credit of
its owner TO an unknown amount. And
then there was the Mammoth, the
Swansea, the South Swansea and a
score or more of mines that have been
conducted on public he ID" prin-
ciple, TO say nothing of the numerous
little mines that have made small for
tunes for their owners.
The camp of Tintic has been one of
the greatest wealth producers in this
western country. and il is safe to say
that if an account had been kept of
it's disbursements the grand total
would surprise the most ardent adj
rrirer of the district
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12

Kingston. jamaica Dec. 4.-[Cor-
respondence of the United Associated
Presses. Gable reports from the east
ern Caribbean islands are to the effect
that exceptionally heavy weather has
prevailed during the last few days, the
islands of Martinique and Montserratt
having suffered most. The latter is
land, which is exceedingly mountain
Gus and cut in all directions by deep
ravines, is reported as practically gut
ted by floods.
The principal, and indeed only. in
dustry of this island since the aDan-
doument of the sugar plantations, is
lime culture and the lines fields are
almost entirely destroyed The town
of Plymouth, the capital, which lies at
the foot of several converging gorges,
was almost overwhelmed by the foods
that poured down from the highlands,
bringing avalanches of rocks and grav-
el, and all the lower part of the town
was Obliterated, with loss OF 10 lives.
The shipping, consisting of small
coastal dredgers and schooners. was
swamped at the mornings by the out
few of water. and a large English
brigantine, which was loading with
lime juice was also swamDed at her
anchorage, and went down with all
hands save one seaman, who succeeded
in swimming ashore.
Altogether. the destruction of prop
erty at Montserratt is said to be COM
plete. including. as it does. the provi-
sion grounds of the peasantry. while
the loss o. life has been excessive.
The plantations being quite out. il
will be several years before the lime
industry will recover itself
Islands to the south and east have
also suffered severely. and for two
days cable communication was inter-
rupted by the breaking of the shore
connections. The islands Of St. Vim
cent and Trinidad appear to have suf-
fered most severely. while in the latter
the estates and provision grounds have
suffered materially.
Barbados also experienced heavy
floods, but no casualties were reported.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12

Superintendent ". c. Watson OF the
Bingham Placer company. who re-
turned Yesterday from Gibbonsville,
Ida, where the property of the com
pany IS located. informs The Herald
that in this locality the weather has
been both cold and stormy, and that
on this account he has been obliged to
stop work in the construction of the
fiume, which was but half finished,
although the grading for the same had
been completed. Most OF the lumber
is on the ground for this work and it
viii take but a little time to complete
it when the weather opens in the
spring.
Work in the driving of the bedrock
tunnel is being pushed. however, which
will be completed this winter, and as
the men are still engaged in the manu-
factrre of pipe for the line. it is be-
lieved that by the 18th of April next
the company will be ready to begin
sluicing for the yellow metal, ana as
the ground is known TO be rich, there
is every reason to suppose that within
year from the present time the COM
rany will be in shape so that it can
declare an able-bodied dividend.
Mr.. Watson, in referring TO the min
eral character OF the country around
Gibbonsville. states that the \. D. &
NJ. company. at that place, is dropping
60 STAMPS on ore and that the com
pany is treating a hundred tons of gold
quartz daily very successfully. This
plant has been running continuously
since August a year ago, and at the
present time the company is putting
in an air compressor for the machine
drills that are to be installed in the
mine.
This company. according to Mr.. Wat
son. is now employing from 175 TO 200
men at the mine and mill, and it is
doing some extensive work in the de-
veloDment OF its extensive property,
which embraces a large number of
claims.
The country in the vicinity of Glib
louisville offers good Inducements to
prospectors, and at the present time
considerable work is being done there
in this direction.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12

high grade ore is being taken out of
the old workings.
Tony" West and John Milligan left
Tuesday for Death canyon to resume
work on the Ettawanda claim They
expect to remain at work for at least
four or five months. The Ettowanda
adjoins the property of Messrs- Bishop
and Fleiner, in which ore was recently
struck and has at least as favorable
surface indications. Tony says he
will make a mine of it before he comes
in again.
w. ]. Lawrence is back from his ten
days stay in Salt Lake, where he went
on business connected with the con-
templated operations on the Evening
Star and January. He advises us that
necessary buildings will shortly be
erected and that work on the ground
will commence in a few days. Clarence
Mccormick ami w. II. Donneli of Salt
Lake, who are interested on the prop
erty, were also down last Sunday look
ing it over and we understand were
much pleased at the showing it makes.
Shipments from the district for the
week are as follows:
From the Bullion-Beck mine 10 car
loads ore, from the Bullion-Be mill
10 carloads concentrates. from the
Centennial Eureka 10 carloads ore,
from the Humbug carloads ore, from
the Ajax is carloads ore. from the
Mammoth mill % carloads concen-
trates, from the Sioux carloads ore,
from the Swansea s carloads ore, from
the Sunbeam ] carload ore, from the
Buckeye 1 carload ore, from the
Dragon Iron mine 3 carloads ore daily.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12
working the Syndicate.

A. Murphy. the well known mining
operator who has been closely identi-
fed with the uDbuilding of Mercur,
came in from this great gold camp
Thursday night with the expectation
Of returning on Monday, as he is very
busy at the present in superintending
the DEVELOPMENT of the Syndicate and
West Mercur groups OF claims on the
western slope.
In speaking to a Herald reporter re-
garding these properties, Mr.. Murphy
stated that the showing in them was
most encourag ing and that az the pres
cnt time they We're getting good val
ues almost at the surface. where gold
assays of Sl-5O were of frequent oc-
currence-
In the vicinity of the Omaha, accord
ing to Mr.. Murphy, there is a great
deal of activity and the hills are full
Of miners and prosDectOrs, who are
meeting with good success in their
search for the precious metal. On the
Daisy, in this locality. large bodies OF
ore have been uncovered that carried
average values of 81 TO IS in gold to
the ton, while in some places in the
vein the ore was even richer than this
and the deposit, so far. has been cut
into only a slight depth below the
surface
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12

There was but little business trans
acted on the floor of the mining ex-
change yesterday and the stock mar
ket was both weak and dull, and near
Iy all OF the stocks developed d down
ward tendency.
The listed stocks were especially
weak and attracted bat very little at
tention during the call; and yet there
are securities in the list, which includes
a gOOdly number of dividend paying
stocks, that offer splendid opportuni-
ties for safe and lucrative investments
as well as chances for profitable spec
1lation, and it is safe to say that if
the properties that they represent were
located in Colorado or Montana, the
people of these states would go wild
over them, and instead of going-a-b beg
ging at the figures ct which they are
offered at. would find a ready market
at much better prices.
Builion-Be for instance, which has
just declared a S45.e0 dividend. and is
good for many more, is a great pick
up at So and yet it is offered at $3.50,
and the cautious buyer. who
wants to get gilt-edged stocks for half
what thc- are worth. demoraliZeS the
market by ambling into the pit and
bidding S6.75 for the stock. This is an
instance of the class of people who
are engaged in the stock business in
Utah. and what has been said OF Bull
hon-Beck applies TO nearly every divi-
dend payer on the board.
OF the listed stocks Daily. Daily West,
Mercur and Mammoth were about the
only ones that We're able to withstand
the bear attack, and at the close of the
call the pit resembled a slaughtering
pen with the exception that no game
was 10 be found. as no sales were re-
corded, so that the onslaught Of the
bears was fruitless barring the fact
that the stocks had been hammered
down
The unlisted stocks Jared but little
if any better. as, at the close of the
call. most of them had fallen in the
bidding as well as in the asking. Swan
sea was fairly strong at the quotations
given below while South Swansea was
stronger in the bids with a declining
tendency in the offerings. Dalton
dropped almost out Of sight, while Sun
beam was weak with both the bulls
and the bears. Even Northern Light
felt TIE depression and made sales at
IS cents, 200 shares changing hands at
this figure.
The closing quotations were as fol-
lows:
CALL OF LISTED STOCKS.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12

Tickets will be sold on December 10
to 13. inclusive, and Will be good for
continuous passage, to arrive at Phoe-
nix on or before December 16, and
good for return to arrive at starting
point not later than December 81.
Stooovers will be permitted on return
trip. giving chance to visit cities of the
Pacific coast.
Attention is also called to the fact
that tickets will read via San Fran
cisco, and, although good for only con-
tinuous passage on the going trip, this
will afford stoDover of a day or night
in San Francisco, if parties so desire.
The limit of tickets for return is
December 81. but an exception TO and
extension of can be obtained by par
ties so desiring and depositing tickets
with joint agent at Phoenix. Such
PARTIES can secure continuous trip from
Phoenix, to arrive at selling point not
later than January 81, 1897.
Patronage is respectfully solicited
for the Southern Pacific company via
Sacramento or San Francisco and Los
Angeles.
For tickets or further information.
please apply to Mr.. c. A. Henry, ticket
agent, ogden Union Depot company,
Ogden. Utah. or to d. r. GRAY,
General Agent. pa Dolly block, Salt
Lake City.
T. II. GOODMAN.
General Passenger Agent, San Fran
cisco, Cal.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12
Struck 1t In Idaho.

Fred Wilson. the popular Main street
confectioner. is happy over the fact
that his father. who is an old pros
pector, has just made a rich strike uD
in Idaho.
MIR. Wilson, ST., has been prospecting
for d good many years, but this is
the first time that he has struck 1t
rich, and it is stated that his find
consists OF an immense ledge OF quartz
that carries average values of 25 per
cent. lead, 16 ounces silver and S51 in
gold to the ton and the showing is so
promising that arrangements Will be
made to thoroughly develop the new
find and it is believed that in the
spring the Wilson's will begin regular
ore shipments, as the mineral is Of
character that it will pay we'll to shin.
Quite a number of Salt Lakers are
meeting with good success in Idaho
this year and their ventures in Ne
vada and Oregon have also been sue
ceSSful.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12
Has Quit the DiSSraced Peoples
Party Which Sold Out to Silver.

Massillon. O.. Dec. III. S. COxey
issued an open letter today to Senator
Marion Butler denOuncing the dis
graced Peoples party that sold out
to an issue so insignificant as silver"
he adds: u decline to help chase
Tainbows of election frauds in Ohio.
but hereby announce my resignation
as q member Of the national commit
tee I once left the Democratic party
and now find. in order to be out of it
for sure, I must leave the once grand.
but now disSraced Peoples party. This
is done in deep sorrow. and with the
hope TO Join a party soon which the
hope of the republic must look for
succor from financial and industrial
isl-.
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12
PRIEST SUES A PAPER.
Denies That He Got Drunk. Played
the Races, and Did other Naughty
Things.

Brooklyn, y. Y, Dec. ia trial Of
6 suit for libel brought by Rev. Pat
rick Mcdonnell. an ex-priest formerly
connected with st. Paurs church this
city. against the Brooklyn Eagle, is
now occupying the attention of the
legged libel was contained in an article
published in the Eagle, in which the
plaintiff was accused of playing the
races. intOxicatiOn and other question:
able practices, while lie was SOjourn-
ing in Washington on a certain Occa-
sion in a clerical capacity. The priest
has since been silenced.
Mr.. Mcdonnell places the damages
at 500 900
The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-12
MINES, MINING and MILLING.

company of this city, which is the
owner of valuable group of claims
on the western slope, in Camp Floyd
mining district, levied an assessment
few days ago of l cent a share, and
the delinquent stock was TO have been
sold Thursday. but just as the
sale was about 10 be made it was
discovered that the assessment had
not been advertised properly, inasmuch
as notice had not been published in a
Mercur paper, and the sale was de-
clared off on this account Soon after,
however, another assessment was
levied, payable Immediately. With the
proceeds of this assessment it is pro-
posed to open up the ground in a
thorough manner. and it is to be re-
GREETED that the former assessment
did not conform to the law, as the
delay will hinder the company in do
ing the work that it had mapped out
for the present time.
The Eldorado is located south of the
Omaha, and it is said that it is one
of the most promising prospects in
that locality