davidaulloa/AmericanStories huggingface dataset:
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-01-15
Banks and EankinQ.

Report of committee on banks and
banking which was instructed by an
order of the Legislature to inquire into
the expediency of passing a general
law in relation to trust and banking
companies.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-01-15
Financial Affairs.

BY Mr.. Stetson of Bangor-Petiton
of Eastern Maine General hospital of
Bangor in aid of appropriation.
Resolve in aid of Eastern Maine Cen
eral hospital of Bangor.
Bill. an act to amend the charter of
the Eastern Maine General hospital of
Bangor.
Petition of Eastern Maine General
hospital of Bangor for amendment to
charter.
BY Mr.. HolbrOok of Brunswick-Re-
solve in favor of the town of Bruins
wick.
BY Mr.. KnOwlton of Portland-Peti-
ton of the Maine Woman's Christian
Temperance Union for an appropria-
ton, with statement annexed.
Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-01-15
Education.

BY Mr.. Blanchard of Wilton-Resolve
in favor of Wilton ACADEMY.
BY Mr.. Burns of Westbrook-Resolve
in favor of Westbrook seminary with
petition accompanying the same.
BY Mr.. Dickey of Fort Kent-Resolye
in favor of the training and normal
school at Fort Kent.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02
WHAT DID THEY EXPECT.

A few papers which supported Mr.. Nc
Kinley for President and some Republicans
who voted for him are expressing surprise
and regret that Congress should pass what
they are pleased to term "a high protective
tariff bill" If these persons will m
with themselves a little they will see that
they are unreasonable and Inconsistent.
When Mr.. Mckinley was nominated he was
known to be The embodiment of protection.
fact. conjoined with the fact that the peo-
pie wanted a return to protection. While
the money question was foremost at that
time. Mr.. Mckinley had not been prominent
as a leader of the sound-money movement,
though the people trusted him on that ques-
ton: but as Representative of the policy
of protection for American industries he
was pre-eminent. The largest number and
the best of his admirable and effective
speeches during the campaign dealt with
the tariff question ard the necessity OF pru-
tective legislation. They undoubtedly won
him votes among the believers In that doc
trine. and. outspoken as he was on the
S0DJCSts NhN Nu " ~ SOuilu-lllOllGl
Democrats and conservatives from voting
for him on the money question, His views
were known and read of al men. a Repub-
lican Congress was elected on the same is
sues and by the same votes that elected
Mr.. Mckinley. If any person voted for
Mr.. Mckinley or a sound-money Repub-
lican for Congress under the idea that he
was not voting for a protective tariff il
was a strange case Of self-delusion. If
ever a President and Congress were under
bonds to the country for the enactment of
a particular measure or policy Mr.. McKin-
ley and the present Congress are for the
passage OF a protective tariff. by which is
meant a tariff protective in fact as well
as in name. in practice as well as in theory.
Supporters Of MIR. Mckinley who are sur
prised at the passage of the Dingley bill
might with as much reason be surprised
that the setting of the sun should follow
its rising.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02
The BILL.

Those who are disposed to crticise the
manner in which the Dingley bill was
rushed through the House should consider
the circumstances If the action of the
House is without precedent so is the situa-
ton it is intended to meet. That situation
is so unprecedented and so fraught with
evil and danger that it may fairly be called
a crisis. With the business of the country
FRUSTRATED, the government credit main
tanned only by makeshift measures, it's
revenues far less than its expenditures
and the Nation clamoring for relief, the
House was justified in rushing through any
measure which the majority believed would
meet the requirements of the situation. To
say that the bill is not perfect, that it
might be improved IN this or that, schedule,
is not to the point. The same might be
said of any tariff bill that could be framed,
as ii has been said by many of every tariff
bill passed from the foundation of the gov
eminent to the present time. If the House
had spent six months discussing the Ding
ley bill 1t would still have been criticised
in many of its features as it will be after
the Senate has amended and passed ii, no
matter npW iOuS lHdl DOuy may QlSCuSS l.
1t must be remembered that a great deal
of time was spent by the ways and means
committee in the preparation of the bill.
and while no one will claim infallibility for
the committee all must concede that the
result of it's joint labors during many
weeks Of steady work should command re-
spect. That it did command the respect
and confidence of the Republican majority
in the House is shown by the fact that
they voted solidly for it. even Speaker
Reed asking that his name be called and
casting his v9te for the measure. But
above all. 70 matter what it's imperfections
may be, it must be remembered that the
country is in the midst of a financial and
economic crisis which demanded immediate
action, and as a measure of relief the bill
could not be passed too soon. When Mr..
Mckinley was elected there was an almost
universal demand for a special session of
Congress. The announcement in his inau-
gural message that he would call a special
session On March 10 met with universal APP
prevail. When Congress met and the Ding
ley bill was introduced there was u unani-
nous expression among Republicans in
favor of its passage at the earliest possible
moment. Now that it has passed the result
should be accepted as the best attainable
so far as the House Is concerned. The bill
will of course be subjected to long dis
cussion and many amendments in the Sen
ate. and il is impossible to predict what
shape it will take in the end. II may be
improved in some respects and made less
obnoxious to criticism than il is now. and
yet. in view of the circumstances and the
urgent need of action. it would probably
be better for the Republican party and the
country if the Senate would pass the bill
within a week. just as 1t came from the
House. than if it spends months discussing
and amending il.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02
INDIANA NEWSPAPER OPINION.

The workma who has work and pays
a good price for what he buys is much bet
ter off than the would-be workman who is
idle and could buy goods very cheap If he
had the Pallaulum.
If there were ever "a fool set of State Leg
islators it is those of Kentucky. They have
an opportunity To elect a United States sem
tor-the only opportunity since the war
and they are playing baby acts in keep
ing up the deadlock.-Elwood Call-Leader.
If our Democratic friends were as certain
as they pretend to be that the Dingley tar
if bill will result in the downfall of the
Republican party. that measure would be
put through the Senate as apidly as IL was
put through the House.-Columbia City
Commercial.
Those who are now opposing the Dingley
tariff bill by saying that it will 'oppress
the poor" should rise 10 a question of per-
sonal privilege and state in the interest of
humanity how the Wilson bill. a tariff for
revenue only helped the poor m~an.-Sey-
mour Republican.
President McKinley's Cuban policy is
proving extremely satisfactory and gratl-
flying TO the people of the United States.
Ii is in marked contrast with that of Pres
ident Cleveland. and its effect in producing
favorable action on the part of the Spanish
authorities has been almost electrical.
Shelby Republican.
There are no bouquets for Kentucky Re-
DuDllCdHS HON- 1tSleTudy llty were
crowned with glory. To-day they are
crowned with shame. They had every OPP
p~ortunity to do great and good work for
the commonwealth and strengthen party
lines. but petty jealousies in high PLACES
have obscured IL all. Bradley is "A fallen
h~ero.-Paoli Republican.
There is need OF some modification of our
financial system. This we think is con-
coded by all who have given the subject
any serious thought. We are not of those
who believe, however, that the needed
modification includes "A return To the free
and unlimited coinage of silver policy. such
as prevailed prior To 1913. But that will be
the crying demand IL better times do not
follow the restoration or "A protective tariff
-Middletown News.
Those who are criticising the Dingley tar
III bill on the grounds t1at il will raise too
much revenue seem to forget that it will
require more money TO run the country now
than IL required during the administrator
Of President Harrison while the Mckinley
law was In existence. not only because the
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02
THE RETROACTIVE CLAUSE.

Before passing the Dingley bill the House
adopted an amendment providing that it
shall apply to all goods imported into the
United States after April 1, 1897, unless
purchased and ordered to be shipped prior
TO that time. The effect of the amendment
will be. if the bill passes, to make it retro
active from April /. It's object is TO save
revenue for the government by checking
excessive i~mportations between now and
the final passage of the bill. Mr.. Dingley.
In his speech introducing the bill. said:
If the bill should become a law by May /
il is more than probable that ii would yield
an increase of S75, 900. 600. 1t is easy to see
how a delay in the enactment of the bill
to July /. for m would easily take
from the treasury SD, O00, 0O0 of revenue and
turn ii into the pockets of spectators inn
porting wool. wooden goods. sugar and
other articles on which Ii Is proposed TO in
crease the revenue and at the same time
deprive woolgrowers and producers and
manufacturers of the benefit that would
arise from the prompt passage of the bill
proposed.
From that time to the present importa-
tons of foreign articles which will be af-
fected by the new tariff have been very
large, and they still continue. As these
goods come i'm under the Wilson rates the
government loses a large amount of reve-
nue.. The retroactive clause of the Dingley
bill would not affect goods now in transit
or already ordered to be shipped, but WOULD
apply to future orders. When it is remem-
bered that these excessive importations are
being made for speculative purposes. and
that not only the government but American
producers viii suffer from them. Congress
cannot be blamed for trying to check them
by bringing them under the operation of
the new bill. The motive of the provision
is entirely -commendable. and there can be
no doubt of the right of Congress to pass
ii. To call it ar eX post facto law is g.
stitution applies only to criminal legislation
or laws creating and furnishing criminal Of
lenses after the acts nave been committed.
Congress has repeatedly passed retroactive
or retrospective laws relating to the tariff
and other matters. The constitutionality
only be criticised. If at all, on the ground
Of impolicy as a disturbing element i'm bust
ness, but it cannot be any more disturbing
than flooding the country with foreign
goods at a low rate OF duties and depriving
the government of needed revenue. The in
terests OF the government should be con-
sidered as well as those of importers. If
the government can realize S12. 00O, 600 to
$50 eco of revenue by the provision no
body need care If the importers and specu-
lators are pinched.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02
THE LESSON OF THE BOND SALE.

There can be no more significant indica-
ton of returning confidence on the part of
investors than is furnished by the fact that
park bonds. If these bids should be taken
as a measure of the confidence of those
financiers who loan the money of others.
it may be said that in the history of the
country there has not been a period when
faitfrin the financial future of the Nation
has ever been stronger.
The premium offered for the bonds, rang
ing from a fraction below 4 per cent. to ~
per cent, shows that there is no scarcity
of money in the country. and that the rates
at which il can be had on good security
were rarely. If. ever. so low. The premium
brings the rate of interest down to about
3.727 per cent. In the flush times TO which
many proudly refer, when money was so
plentiful. Indianapolis paid 80 per cent. in
money has fallen more in twenty-five years
than the price of any grade of staples en-
bracing the necessaries of life.
These bonds have been taken by the In
diana Trust Company. probably not as an
investment, but for parties in the large
cities Of the East. If the bonds could be
traced to those who will hold them as an
investment. the managers of savings banks
or like associations will probably be found
to be the purchasers. and the thousands of
men and women who nave accumulated a
little money in savings banks are the money
power which has accumulated SO much
that Ii must be invested in bonds which re-
turn 81 per cent. If not found in the pos
session of savings banks. the bonds will be
panies. where they are quite as much the
property of people of limited means as they
would be if held by savings banks. Still,
d~emagogues. in the face of such facts. will
continue to howl about the money power
and the grip of the gold standard as in
Dictated in the rate of interest demanded
by the S~hylocks.'
1t is well to recall the fact that a year
ago an indianapolis BOND could not have
been sold at any price that a municipality
could afford to take. The fear of the sue
cess OF the silverites in the presidential
election made it impossible. That Indian
apolis 4 per cents. sell at 1912 is due 10 the
fact that there is no fear OF the country
passing to a deprecated currency through
the free and unlimited coinage of silver.
Arouse that fear to-day. and all the bidders
for these bonds would forfeit the sum of
$3.50. which each of them put up as evil
dence of good faith.
Another point: A large part of the pro-
upon the park system. If the city had not
sold the bonds at so favorable a price, il
could not AVE undertaken the scheme and
could have given no wages during the COM
ing season. A year ago there was no mar
ket for such bonds. and If the same condi-
tions prevailed now as then they could not
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02

1t was not the mysterious potency of sill
yer which caused manufacturers TO thrive
in Japan. but the plain fact that in paying
wages in silver they paid in money of half
purchase power. The manufacturers who
have a market and pay only a quarter as
much wages as their competitors will make
money where the others will fail. And that
was the reason for the prosperity in Japan
for the limited number having capital in
vested in cotton mills. But for the thou
sands who worked in the mills nothing
was said. but people were left to infer that
they shared this prosperity when. as a mat
ter of fact. they worked for very low wages
and subsisted on rice and on otherwise
scanty diet.
All this has been changed. Japan has
declared for the coinage of both metals on
the ratio of 80 to /. The value of the silver
wages of a year ago has been doubled. The
long spun out and somewhat confused ar
guments of a year ago, TO the effect that it
is necessary for the United States to adopt
a silver basis in order to secure an ex-
change which would enable US to compete
with Japan have been made useless because
government has practically adopted
the gold standard. In fact, ali the reasons
which the silverites found a year ago in
favor of the free coinage of silver so that
We should nave the same money as Japan
have. by the action of the japanese gov
eminent, become arguments in favor of re-
tanning the present standard.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02

minister to Austria. but that government
declined to receive him in a diplomatic ca
pacity because he had made speeches in
favor OF Hungarian independence. Then he
was appointed minister to China. a position
which he filled with exceptional honor and
distinction several years. The Chinese gov
eminent conferred special honors on him
and he negotiated the "Burlingame
treaty which opened that country to
Western civilization and secured valuable
privileges for the United States. Finally
the Chinese government appointed him a
special commissioner. at the head of a nu-
merous mission. TO negotiate treaties with
all the European governments. and while
engaged in this work he died. in 1870. All
this is somewhat reminiscent, but Arson
Burlingame was a notable man in his day.
The new consul at Annoy is probably a rela-
tive.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02
THE JAPANESE AGREEMENT.

In adopting 4 monetary system which
will keep both gold and silver in circula-
ton. Japan has destroyed the frightful
proportions of the scare which the advo-
Gates of free-silver coinage had prepared
by representing that by being on a silver
basis Japan would capture our markets
If we did not adopt silver monometallism.
which Mr.. Bryan mistakes for bimetal-
lism. a year ago quite a number of peo-
pie were mystified by the story of the great
prosperity of Japanese manufacturers
under a silver basis. and il was said that
the same prosperity would come TO us If
We should i~egislate so that silver would be
the monetary standard. Japan was paying
much less wages In silver than was being
paid I'm gold I'm the United States. Under
such conditions there could be no mystery
In the statement that the manufacturers
or cotton goods I'm Japan could make very
much more money to each thousand SPIN
dies than was being made by manufacture
ers paying more wages on the gold basis.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02

AS the House has got the tariff bill of
It's hands. at least for several weeks, there
Is no reason why il should not provide for
the appointment of a commission TO inves-
|tigate and report upon a plan of currency
reform. The President recommended il in
his inaugural message, and In his special
message to Congress he said: Before other
business is transacted let US first provide
sufficient revenue TO faithfully administer
the government without the contracting of
|further debt. or the continued disturbance
kof our finances" The passage of "a revenue
bill was the first duty Of Congress. but that
being done IL should address itself TO the
"other business of a special session. by
which the President doubtless meant pro-
|viding for the appointment of a monetary
commission
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02

A reader of the Journal sends ii some cir
cular letters which he says he has received
lately from get-rich-quick concerns in New
York. There are ten of the circulars. rep
resenting three different firms. or pretended
firms, In New York city. To an experienced
eye they all carry on their face the marks
of a swindle. One says. Our last combina-
ton pool paid 133 per cent. TO its SUBJ
scribers. and the markets are better now
than they were at that time. We never lost
a dollar in a pooling operation. and we ex-
pect to pay 100 per cent. dividends on this"
Another circular is headed. Wheat Pool
No. 2-Money earns m~oney-Fifty per cent.
a month is better than having 1t lying idle"
After setting forth the attractions Of this
pool the circular says: ITO accommodate
those who cannot spare a large amount, we
will receive for this pool amounts as small
as So" The firm states that for the six
months ending Feb. /. 1897. our pools paid
60 per cent in dividends and asks. Can
you beat this as q money maker?' In an
other circular the same firm says: I'VE
made for individual accounts last week over
900 per cent. profits in the wheat market"
and they promise to report dividends every
fifteen days. This circular concludes. "All
business done with us is strictly confiden-
tial," a plain invitation to clerks and en-
ployes to steal money to speculate with.
Another firm, which claims to be very con-
sentative. says. 1--WE trade entirely on in
side information" and adds. confidentially.
that "MOre money can he made i'm the spec
ulative market ten times over than in any
other branch of business, if you speculate
through a successful broker. who works
conscientiously for your interest. and who
is on the safe side at all times" All the
circulars are Of the same tenor. giving as
surances of immense profits and quick re-
turns. In style they resemble green goods
circulars. There are indications that the
country is being flooded with them. and no
doubt the sharpers who are sending them
out will reap a considerable harvest.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02

country has grown in population and the
demands upon its public service during the
four years. but because the Democratic adj
ministration has fastened a new debt OF
$500. coo. 600 and raised the annual interest
charge over half, or $12. III. 1Si-Crawfords-
vile Journal.
AS a manufacturing nation we are press
ing rapidly to the front rank. but we can't
grow in the power and permanence OF our
producing capacity except with the home
market. giving it the preference and
then going beyond our borders i'm COM
petition with other countries. The policy
of building up our manufacturing power
by competing Will the countries of the
world while our home market is open TO the
products of other lands has been proved TO
be barren of s~alutary results, and the in
telligence of the country will be deluded
Ledger.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-02
ABOUT PEOPLE AND THINGS.

A London photographer has overcome
the fog nuisance by a system Of fans and
fiues. by which he pumps out the fog and
pumps in a supply of clear ethereal air."
Where this latter rare commodity is i'm
ported from is not stated.
Queen Olga. of Greece. is a stately-look-
ing woman and handsome after the Polish
type. though she is the daughter of a
Cars daughter. She is much beloved for
her graces and charities by the Greeks,
who call her the Queen of the poor"
Ouida has more fads and fancies than
even a fn-de-siecle college girl. The scent
she uses is made specially for her by a cell
ebrated Venetian perfumer. and costs $40
an ounce. She cannot bear starched mus
lin: the touch of velvet makes her feel
creepy. and she faints at the smell of
honey.
Mrs. Bradley-Martin is the owner OF
the most complete and valuable collection
of watches in this country. Among the
gems is a watch pendant which at one
time belonged to Queen Anne. Another
unique timepiece in the collection is set
in the heart of an apricot made OF onxy
and the works of which are of solid gold.
No wine was served at President McKin-
ley's first state dinner. and it is said that
this will continue 10 be the White House
practice during the present administration.
following the example set by President and
Mrs. Hayes, An exception VIII be made at
dinners TO the diplomatic corps out OF re-
gard to the conventi0nalities OF the coun-
tries represented.
II was due to the judgment of his wife
that Editor Whites famous editorial,
What's the Matter with Kansas" was
not lost 10 the world. After writing il Mr..
White laid il aside. thinking il too satir-
zeal for the Gazette. but one day. while
he was out OF town. his wife had temper
airy charge OF the paper, came upon the
manuscript and used II.
A newly married couple from the country
recently went 10 a Boston restaurant and
the bridegroom, wishing to show that he
was something of a high-r0ller, haughtily
called for wine. He was asked what kind.
and replied: we want that kind of wine
" asre the cork busts out and the stuff be-
GIN 10 bile and keeps on bilin' till you
get the worth of your money"