The News and Observer.
VOL. XXXVIII. NO. 113.
TTDfIEE LAffiffilSTT GgOC3©QJ)lLft'Tn]®M] ®F AOT KI®[BTT[KI ©AMLOKIA [MOOT.
THE MEMPHIS MEETING
A STRONG PLATFORM UNANI
MOUSLY ADOPTED DEMANDING
FREE COINAGE OF SILVER.
SENATOR TURPIE'S GREAT SPEECH
Marion IJutler Makes a Short Address
£ --Private John Allen, the Brilliant
Democrat, Addresses the Convention
f --Stroiis; Speeches by Tillman, Sena
tor Stewart, Senator Jones and
Others.-Democratie Party Strong
Enough td'Champion the Cause of
Silver.
Memphis, Tenn., June 13. —Notwith-
standing the cloud that for a moment
threatened to darken the horizon of the
Free Silver Convention of Southern and
Western States, in the shape of the bolt
ing of prominent Democrats because of
the advocacy of the abolition of party
lines by one or two of the speakers, the
end was harmony and there was no tight
over the resolutions after they were
read to the convention, for the reason
that they carefully avoided any
reference calculated to produce
discord. The resolutions advocate the
free and unlimited coinage of gold and
silver at a ratio of 16 to 1, declare that
international co-operation is not neces
sary and attribute the recent hard
times entirely to the demonetization of
silver. Although nothing was said in
the resolutions about abolition of party
lines as proposed by Sibley, Stewart and
others, the speakers of the day almost
without exception took care to assert
their Democracy and to repudiate any
affiliation with either Republicans or
Populists. The resolutions follow:
“Silver and gold coin have in all ages
constituted the money of the world, were
the money of the fathers of the republic,
the money of history and of the consti
tution.
“The universal experience of mankind
has demonstrated that the joint use of
both silver and gold coin as money con
stitutes the most stable standard of
va’ues and that the full amount of both
metals is necessary as a medium of ex
change.
“The demonetization of either of these
historic metals means a depreciation in
the value of money, a fall in the prices
of commodities, a diminution of legiti
mate profits, a continuing increase in
the burden of debts, a withdrawal of
money from the channels of trade and
industry where it no longer yields a safe
and sure return and its idle accumula
tion in the banks and the great money
centers of the country.
“There is no health or soundness in a
financial system under which a hoarded
dollar is productive of increase to its
possessor which an invested dollar yields a
constantly diminishing return, and under
which fortunes are made by the accre
tions of idle capital or destroyed by a
persistent fall in the price of commodi
ties and persistent dwindling in the mar
gin of profits in almost every branch of
useful industry. Such a system puts a
premium on sloth and a penalty upon in
dustry, and such a system is that which
the criminal legislation of 1873 has im
posed upon this country.
“The bi metallic standard of silver and
gold has behind it the experience of ages,
and has been tested and approved by the
enlightened and deliberate judgment of
mankind. The gold standard is a de
parture from the established policy of
the civilized world with nothing to com
mend it, but twenty-two years of de
pression and disaster to the people and
extraordinary accumulation of wealth in
the hands ofa few.
“There are some facts bearing upon this
question recognized and admitted by all
candid men, whether advocates of bi
metallism or of the single gold standard.
Among then is the fact that the very
year that marked the change from the
bi metallic to the single gold standard is
the very year that marked from a con
dition of rising prices, large profits,
general contentment and great
prosperity, to a condition of
falling prices, diminishing profits,
insecurity of investment, unem
ployed labor and a heavy depres
sion in all branches of trade and indus
try. It is not a matter of dispute, even
among the honest advocates of the gold
standard, that general prosperity came to
an end with the destruction of bi metallic
system and that hard times, falling
prices, idle workingmen and widespread
depression came in with the gold stand
ard and prevails to day wherever the
gold standard has been adopted.
“Every international monetary confer
ence that has beeD called, every demand
in this country and in Europe for an in
ternational agreement to re establish the
bi metallic standard is a confession
that the demonetization of the system
was a blunder if not a crime, that its
consequences have been disastrous and
that the conditions that it has wrought
are full of menace and of peril.
“The logic of facts establishes beyond
intelligent question that the destruction
cf silver as primary money by a con
spiracy of selfish iuteiests is the cause
of the widespread depression and suffer
ing that began with the gold standard.
Ttiere can be no restoration of prosjicrity,
no permanent relief from prevailing con
ditions until the great cause has been
removed by a complete restoration of
silver to its proper place as a money
metal, equal with gold
“We believe in a money of stable value;
we believe least of all in an appreciating
standard; it is only through the practi
cal operation of bimetallism that a sta
ble standard of value can be secured. A
standard constituted of money con
stantly increasing in value is not a
sound, a single nor a stable standard,
but a constantly changing standard.
“The effect of gold monometalism is to
establish one standard for the creditor
and another for the debtor; and there
can be no more dishonest monetary sys
tem than that which gives short measure
to the borrower and long measure to the
lender. Under the policy prevailing
prior to 1873 there can be no vio
lent change in the relative value of
the two metals, for a rise in value
of one metal is counteracted by a de
creased demand and a fall in value
by an increased demand. Under the
operation of thisj beneficent law a stable
relation was maintained 5 between them
in spite of the extreme changes relative
to productions. From the first period of
our history up to 1873, the right of the
debtor to choose whether he should pay
his debts in silver or gold coin was al
ways recognized. The subsequent policy
has been to transfer this right to the
creditor, thus tending to constantly in
crease the value of the dearer metal and
destroy the parity between them.
“Believing that it is absolutely neces
sary to reverse this iniquitous and ruin
ous policy, we therefore resolve,
“That we favor the immediate restora
tion of silver to its former place as a full
legal tender, standard money equal with
gold, and the free and unlimited coinage
of both silver and gold at the ratio of 16
to 1 and upon terms of exact equality.
“That while we should welcome the co
operation of other nations we believe
that the United States should not wait
upon the pleasure of foreign govern
ment or the consent of foreign creditors,
but should themselves proceed to re
verse the “grinding process” that is de
stroying the piosperity of the people and
should lead by their example the nations
of the earth.
“That the rights of the American peo
ple, the interests of American labor and
the prosperity of American industry
have a higher claim to the considera
tion of the people's law makers than the
greed of foreign creditors, or the avari
cious demands made by “idle holders of
idle capital.”
“The right to regulate its own monetary
system in the interests of its own people
is a right which no free government can
barter, sell, or surrender. This reserved
right is a part of every bond, of every
contract and of every obligation. No
creditors or claimant can set up a right
that can take precedence over a nation’s
obliga’ions to promote the welfare of the
masses of its own people. This is a debt
higher and more binding than all other
debts, and one which is not only dis
honest but treasonable to ignore.
“Under the financial policy that now
prevails, we see the land filled with idle
and discontentad workingmen and an
every growing army of tramps, men
whom lack of work and opportuniiy
have made outcasts and beggars. At
the other end we find that a few thou
sand families o*n one-half the wealth of
the country.
“The centralization of wealth has g me
hand in hand with the spread of poverty.
The pauper and plutocrat are of the
same vicious and unholy system. The
situation is full of menace to the liber
ties of the people and the life of the re
public. The issue is enfranchise
ment or hopeless servitude. What
ever the power of money can do by
debauchery and corruption to maintain
its grasp on the law makiDg power will
be done. We therefore appeal to the
plain people of the land with perfect con
fidence in their patriotism and intelli
gence to arouse themselves to a full
sense of the peril that confronts them
and defend the citadel of their liberties
with a vigilance that shall neither slum
tsar nor sleep.”
The fight over the principles laid down
by Sibley in his speech last night began
early in the day, with no less a man than
Senator Isham G. Harris at the head of
the faction advocating simon pure Dem
ocracy. Wiih him were M. C. Galloway,
of Memphis, formerly editor of the
Appeal, and Governor Clarke, of
Arkansas, besides many others of
political prominence in their own parts
of the country. These men said that
t icy would secede from the convention
if itendi rsed S.b’ey'sl'adicalEseoliment.
Sibley said in a speech last night that
the time had come to abolish the party
in favor of the principle and it was to
his idea the Democrats took exception.
They declared the Democratic party
was strong enough in itself to champion
the cause of silver and they did not pro
p ise to turn over the convention to the
Populism and Republicans, although
these latter were welcome to the ranks
of free silver. The fight spread to the
room where ihe committee on resolutions
was holding its deliberations, but for
tunately it got no further. The platform
as was originally intended (the call being
strictly non-partisan) contains no men
tion of any party. The convention ad
journed to-night after speeches by W. J.
Bryan, A. J. Warner and Senator Wol
cott.
The committee on resolutions also in
troduced the following resolution,
which, like the platform, was unani
mously adopted:
Resolved , That a committee, composed
of one member from each State, be ap
pointed by the delegates thereof in this
convention, whose duty it shall be to
correspond with the representative ad
vocates of bi-metallism and bi
metallic societies, in the differ
ent sections of the union, and
devise measures to advance the cause of
bi-metallism throughout the United
States. That this committee shall have
power to cause a national conference of
bi-metallists whenever, in the opinion
of the committee, the cause of bi metal
lism can be advanced thereby. Said
RALEIGH, N. C.. FRIDAY, JUNE 14. 1895.
committee shall have power to fill all
vacancies.
At the beginning of the morning's
session, Kent St. Charles, of Arizona,
who had just arrived, was made vice
president for that State and John B.
Bark for Kansas. Chairman Turpie then
introduced Senator Stewart of Nevada,
who readily complied with the demands
for a speech. When Stewart had con
cluded loud cries for Congressman H. D.
Money brought him to the front. In
substance Mr. Money said:
Representative in Congress H. D.
Money, of Mississippi, followed Senator
Btewart. In his very first words he
repudiated the abolition of party lines.
He said:
“I am here, a silver man from the
crown of my head to the sole of my feet,
and lam a Democrat all over. We find
that the last Congress has failed to re
deem its promises to the people, and it
has failed, why? Because of the in
fluence of the executive on the rnemliers
of the Congress. Unfortunately, there
were many members of Congress who
preferred the public patronage which
the administration was able to give, to
keeping their promises to their consti
tuents I tell you, my friends, lam one
of those who believes that the Demo
cratic party is quite able to settle this
money question for itself without going
outside. We, however, welcome to the
ranks of silver all those from other par
ties, while we believe we can settle this
matter without depending upon them.
You have been told that Andrew Jack
son, the grand old Tennessee pillar of
strength, was a gold bug.
“If that is so we want to do just what
Andrew Jackson did, declare for the free
and unlimited coinage of silver at the
ratio of 16 to 1. The gold bugs will tell
you that the silver craze, as they call it,
is about over, but they will be greatly
deceived if they think so.'’
Mr. Money was obliged to quit speak
ing early on account of a sore throat.
John Allen, of Mississippi, followed.
Mr. Allen said in part:
“This is a contest between the best
money, the best property and the best
labor* and for my part I prefer that
which has produced the best manhood
in this country, and I take my stand on
the side of the people and of labor
against the idle holders of idle capital.
There will be men in this convention
who will taunt you with listening to a
speech from that ex-Republican, ex-
Populiat, Senator Stewart, but when
we look in vain for help to
New York, when our 1 berty at
the polls was threatened, we found it in
Nevada. But I say to Senator Stewart
and others in this convention, don’t ask
us to desert the Democratic party. lam
not one of those who places party above
principle, but I do believe that the safetv
of this convention to day lies with the
great Democratic party. The great
Democratic heart is stiired to its depths
to-day on this question. The Demo
cratic ship has not always had
smooth sailing. Irs hulx has been
battered and some times it has not
taken the right course, but we are going
to put on new captains and new pilots,
and we are going to sail to victory. The
Democratic party, in its National plat
form, is going to declare for the free and
unlimited coinage of silver. We ask all
those who believe in free silver, and are
yet not in the Democratic party, to come
into the ranks. When I hear
people say this country can’t
do things because other countries have
failed to do them, 1 tell them that this
country should set the pace in all the
leading questions of the day and that I
can do it. Shame on the man in whose
veins runs the blood of his revolutionaiy
who comes here with the piti
ful, contemptible plea that we are not
able to establish our own financial
policy. 1 am told every (lay that 1
should follow the head of the Democra
tic party. I believe that there is no
head bigger than the great body of the
Democratic people. I know the money
interests are against us, but 1 do hop •
that the people of this land will not let
Grover Cleveland have a corner on ail
the backb me in this country and will let
him know that the American people will
not longer consent to be bullied.”
At the beginning of the afternoon ses
sion Secretary Wade announced that
letters endorsing the work of the con
vention had been received from Senator
John T. Morgan, of Alabama, and John
P. Jones, of Nevada, and from James
L Pugh, of Alabama, and E O. Wal
thall, of Mississippi. The letters were
voluminous and were not read to the
convention.
There were uproars of applause wheu
Senator Jones, of Arkansas, rose to read
the report of the committee on resolu
tions. It was received with the wildest
enthusiasm and adopted without a
dissenting voice. A resolution pro
viding for the appointment of a dele
gate from each State to a National
Monetary Convention was then intro
duced by Senator Jones and unanimously
adopted. Senator Jones was called on
for a speech: He said: 1 have made my
speech already. Tue resolutions embody
all that I could say about silver. Ido
not think it necessary to trespass on
your time. 1 have unbounded confi
dence in the people of the United States
and 1 believe tiny will settle this ques
tion and settle it in tbe right
way. 1 think th< y will make no mis
take. The prosperity and happiness of
this country are inseparably connected
with the cause of silver and I believe
there is no help for this country until
the eoiuage of our fathers is restored.
Gov. L. Bradford Prince, of New
Mexico, followed.
Senator Jones, of Nevada, with an
apology, interrupted Gov. Prince to
say :
“I have just received a telegram from
Philadelphia stating that a mass meeting
was held there, and that resolutions
almost; similar to ours were adopted, and
the utmost entl isiasm reigned.” “I
am glad to hear that,” said Gov. Prince,
as he continued his speech.
His concluding paragraph was this:
“When the fashioner of this universe
made it he put"in the fastnesses of the
mountains silver and gold in the propor
tion of 16 tons of silver to 1 of gold, that
they should become the blood of our
commercial life. Shall wo set ourselves
up as knowing better than the God who
made us? ‘What God has joined to
gether, let no man put asunder.’ ”
Ex-Governor Tillman, of South Caro
lina, t *m spoke, as follows: “I shall
open my remarks by congratulating you
upon the representative character of
this gathering. Some three or four
weeks ago there assembled in this city a
body called to teach the Southern people
the meaning of sound money. After put
ting in motion all the secret agencies and
the use of illimitable money and drum
ming up delegates from the Chamber of
Commerce, and that bank they assem
bled to tell us what was the meaning of
“Sound Money” and after having the
people of this city, whose loans from the
banks made them subservient to the
banking interests, turn out, they suc
ceeded in drumming up a large gather
ing, and they had the Secretary
of the Treasury here to tell us
the difference between sound money now
and sound money in 1878. And, God
save them, by request of the President
they had three cuckoos, who sold their
birthrights for the mess of pottage,
through Congressmen only; and I saw
in the paper that there was not a solitary
farmer in that party in this Southland
where tfie proportion between the agri
cultural interests and the farmers is one
to 25 of all other occupations.
“What is sound money? Is it that
money which requires two pounds of
cotton, two bushels of wheat to get the
same quantity that it did a few years
back? I claim that such a dollar as that
is a robber dollar of two hundred cents.
They tell you about the fifty cent dollar.
Let us fling into their teeth the two
hundred cent dollar.”
E. W. Carmack, editor of the Memphis
Commercial Appeal, said he believed the
prosperity of the country depended on
free silver.
“I speak,” he continued, “as a Demo
crat, and I believe it will be the destiny
of the Democratic party to achieve this
triumph. I stand here to protest
against anything that has been done
in the past, or will be done
in tbe future to prostitute the Demo
cratic party to the money power of Eng
land and to protest against any effort to
disorganize the party. lam here, how
ever, to work in harmony with all par
ties who have the interests of the people
at Heart and to further the cause of free
silver. As far as the South is concerned
all that is best is concentrated in the
Democratic party.”
Gov. Adams, of Colorado, next ad
dressed the convention and then fol
lowed Marion Butler, the Populist
Senator of North Carolina.
“This gathering here,” said he, “is
more significant than the one at Phila
delphia at which American indepen
denee was formulated. Never before
has such a gathering come together
from all parts of the country
to declare a peaceful revolution. Will we
seize the opportunity and use it to the
lull measure of opportunity ? But I need
not asx this, and we could not stop this
evolution if we tried. This is not a poli
tician’s movement, and if there are any
politicians trying to get anything out of
it, they will wish they had not. The
Populists have in their platform a
plank advocating the free coinage of sil
ver, and they went before the country
last, year and gained two hundred per
cent in votes and next time we will gain
four hundred per cent. I believe in the
government ownership of railroads, but
I do not believe in it, so long as the Roths
childs own the government.”
Si-nit tor Tii r pie’s Speech.
Senator Turpie, the permanent chair
man of the convention, made the follow
ing address :
“Mi. President and Gentlunen of the
Convention : The |eoined money of the
government in full meaning stands four
square to all commercial transactions of
the people. It has four functions or
uses. It is a medium of exchauge; it is
a measure of values; it is a means of re
duction of i f s paper proxies, ai d it is a
legal tender for the payment of all debt.
There are many things besides coined
money which have some of those powers
and uses—it has all. Os these functions
two are created by law—those of legal
tender and redemption; those are artifi
cial. The other two-of exchange and
value measurement—are natural. There
is no doubt that coined money existed
and was used to effect exchange of com
modities and to denote the values long
before legislation concerning dtbtor re
demption.
“But, although the natural functions
of coined money are older—much older
than its artificial functions—yet both
these classes of functions are very an
cient—almost coeval with the commerce
of civilization. The natural functions
of such money used in designating the
prices and effecting the transfer of com
modities do not depend wholly upon
law, have never so depended, but de
pend also upon usage and agreement ;
they have no natural or necessary exist
ence . The artificial functions depend
wholly upon law. W'hen an article is
sold and delivered and the price paid
and received, this is a finality. It is
what we call a cash deal. But when
only a note is given, whetheritbeapublic
or a private note, this is not finality, but
creates the need that some measure shall
lie enacted by public law providing for
the payment of the private notes for the
redemption of the public note in coined
money of the country.
Credit is Artificial.
“This need is not a natural one. It is
altogether artificial, and it is caused by
that thing which is called credit. Credit
—that creature of legislation—that pro
duct of the statutes. Credit, the prom
ise of to-day, the casffof to morrow, look
ing to the power of the government for
the collection and enforcement of its
obligations, cannot gainsay the right
of the same power to enact what sort
and what quantity of coined money shall
be paid and shall be received in dis
charge and liquidation of the same. Such
is the legal tender quality, and though
it is highly artificial, yet it is doubtless
one of the most valuable functions of
coined money.
“He who would deprive one sort of
coin of this quality, and leave it only
with the other, where two kinds had
bsen used before from time immemorial--
from the very origin of the credit sys
tem is a utility of gross injustice. And
that equivalent policy—another way of
doing the same thing which would per
mit only the making and use of one sort
of coined money, and which would pre
vent the free and further making and
use of the other, where both had form
erly been coined and used as money of
final liquidation, perpetuates and main
tains a system of bondage.”
“Those great artificial functions of
coined money were not the cause of its
primary worth and use, although they
have added very largely to it in both
these respects. Coined money has always
been and yet is in itself a thing of value
and this value is of tv o kinds—a gen
eral value derived from the material out
of which it is minted, a specific or par
ticular value determinate* by law. The
first is called the metallic or bullion
value; the second is known as the mone
tary worth or legal value. The latter is
always a matter of law; the bullion value
is one of estimation and opinion. Neither
of the two coin metals of the world has
the best or highest elements of intrinsic
or inherent value. Both are used in the
arts, but if the use to which a thing is
put is to be a sole measure of the value,
iron with its necessary product, steel, is
the most valuable, as it is the mast use
ful of all metals. But the vast abund
ance of this useful metal, denoting a
supply unlimited, has deprived it of
monetary functions.
Always Two Precious Metals.
“Silver and gold, in this order, have
been from the earliest times, and yet re
main, the principal coin metals among
mankind. Silver and gold have been
deemed and called the precious metal?.
The word precious indicates their money
use and origin. It leads directly to
price; it is very closely related to and
connected with price. Price is the name
of that sum of money in coin which we
pay in exchange for what we wish to
purchase, and it must have always been
in itself a thing of value—a material
capable of easy carriage, of other quali
ties suitable for coinage—and it must
have always had, relative to other com
modities, the quality of scarcity, or
scantiness in the supply.
For four thousand years silver and
gold have been mined, coined, and used
as money. During all that time those
two precious metals have been furnish
ed, both as to quality and as to the cost
of production, in such manner and
amount as not to be compared with any
other commodities, as to admit of no
comparison save with each other. It has
already been said that the bullion value
of the coin metals was largely a matter
of opinion and estimation.
“The bullion value of silver and gold,
here and elsewhere, has always rested,
and rests to-day, upon the conception,
upon one opinion, upon one single and
simple item of belief; it is an old belief
universally credited, based upon the
ac‘ual experience of 100 generations of
the human race. It is this: That, as
there has been in the ages past, so there
will be in the years to come, no discovery
of either of such metals which, as to
quantity or as to the expense of produc
tion, shall make them comparable in
value with any other materials suitable
for the use of mankind as money. It
is not impossible, it is not incon
ceivable, that away down in some
deeply subterranea i etrata of our planet
h therto unexplored, there may bo found
extensive deposits of silver and gold,
miles in area, whole belts, zones in cir
cumference of the metals heretofore
known as precious—Lut this is a mere
dream; no one believes it. The faith and
credit of mankind in the natural and un
conquerable limitation of supply as to
those minerals rests unshaken and un
disturbed, as it did at the first dawn of
commerce; as it did in the days of the
old patriarch whose silver was “current
money with the merchant.”
Differential Values ot Metals.
“There has always been a difference
between the commercial or bullion value
of the two metals and the legal or coin
age value. This characteristic or differ
ence attaches to both. No denomination
of the gold coinage of the United States
has a bullion value equal to the legal
value thereof. The gold dollar is not
what it purports to be. The whole se
ries of these gold coins is made from bul
lion only nine tenths tine. Ido not go
into the reasons for this-I state the
fact. The whole of the gold coinage is
tithed—it is placed under par bullion
value by the substitution of one
tenth ; this is why these coins
outside of our own country pass
only by weight, not by count. The miss
ing tenth is what is called alloy. This
alioy is not gold at all: it is a mixture of
copper and silver only one-tenth of sil
ver, nine of copper. Os course this alloy
reduces the commercial value as metal of
the whole series of gold coin. This is
n>w here spoken of because of a very
;Vil
r met FIVE CENTS.
curious claim made by the advocates of
gold monometallism, that a piece of
money whose bullion value may be less
than its legal value is unsound and is
dishonest.
“It is thus with the silver coinage, the
dollar and that part called subsidiary
money. This is coined under par com
mercially. Like the gold coins the alloy
is one-tenth, wholly of copper, and be
sides this the proportion of grains Qf
metal used diminishes with the denomi
tion of the coins. The half dollar has
but 194 grains, a good deal less than half
the number of the whole dollar, the
quarter dollar has only ninety
six grains; the dime has only
thirty eight grains—the holder of ten
dimes has only two hundred and eighty*
grains, yet he can get halves of quarters
or the whole for those dimes, notwith
standing the commercial price of the
metal in them is very far below its law
ful value. The nickel passes tor five
cents—the bullion value of the metals
which compose it is not half the legal.
The cent coined by the United States,
made of 95 parts of copper and 5 parts
tin and zinc, is worth as metal commer
cially not more than one-third of its law
ful or legal value, which is the one-hun
dredth part of a dollar.
Present Coins Received.
“Still we have no other coin than this.
All our balances, when settled on coin,
are paid in it. The largest payments are
made in the alloyed gold, and the silver
dollar with its group of fractional parts
and subsidiary coinage performs the in
junction of money—is passed, paid and
received as coinage of ultimate liquida
tion. Is this an honest condition of busi
ness and finance ?
“According to the test of the enemies
of bimetallism that the legal value of
coined money must be the same as the
commercial or bullion value of the metal
in it nothing could be more dishonest.
According to that test there is not, and
cannot be, an honest dollar of either sil
ver or gold, nor an honest part or frac
tion of the same—as for the nickel it is
viler than the dime, and tne honest
penny is banished forever.
“According to this same test and rule
of coinage there is not an honest coin in
the treasury, there is not a piece of
sound, safe money in the country. I
have read the story of a good woman, a
poor widow, who long ago cast her mite
into the treasury, and it was ssid of her
that she had given more than them all.
The mite was the smallest Jewish coin.
It was worth in legal value about two
mills of our money. W hat was the bullion
value of the morsel of copper out of
which it was made? Notone mill: not
half a mill—less than this. The coinage
reformer of our day would say this was
dishonest money—unsound. Why, then,
did the celestial benediction test upon a
fraud so palpable ! Nay, but this was
lawful coin, having a legal valuo. It
wps indeed honest money. The law
made it, she gave it, and the blessing
and the glory of the mite yet remain.”
~ »
STOLE #1 50,000.
The Trusted Clerk of tbe Inman’* Goes
Wrong.
New York, June l3.— Albert S. Moore
combined the superintendency of a Sun
day school in Harlem with the treasur
ership of a silk company in Wall Street,
and the study of Tolstoi in his private
library with the study of speculation on
the stock exchange to such an extent
and with unfortunate results that he is
now a prisoner in the Tombs on the
charge of having swindled several banks
in this city out of an amount estimated
to be almost 1150,000.
The names which he forged, according
to the complaint, are those of Inman,
Swann & Go. of the Cotton Exchange;
Robert W. Inman, and George Menkok,
commission merchants.
The banks which suffered, so far as
known, are the National Union Bank,
the Bank of New York, the Southern
National Bank, the United States Na
tional Bank of America.
The forgeries, Mr. Inman says, extend
over the year.
Albert S. Moore is a well appearing,
neatly dressed, thoughtful looking man
of 35 years. He began his life’s work as
a schoolmaster in a small town up the
State. He was noted as a deeply-read
student. When he came to New York
for a larger sphere of action, some six
years ago, he had no difficulty in secur
ing a place with Inman, Swann & Co.,
the big brokers, at the head of which is
John H. Inman. He progressed rapidly
in the firm’s favor, and showed so much
ability that despite his lack of
commercial training he was made book
keeper, which position was one of trust.
All went well until last November. Then
one day Mr. J. H. Inman was astonished
at getting a quiet tip that his book
keeper was speculating outside. He in
vestigated and found that it was true.
He went direct to Moore, so he said this
afternoon, gave him three mouths' ad
vance salary, and told him to put on his
hat and never come back. “We don’t
allow our employes to speculate,” said
Mr. Inman emphatically this afternoon.
A. C. L. AND SOUTHERN.
Reported Alliance Between These Two
Great Railroad Systems.
New York, June 13. —It is reported here
that the Southern Railway and the A
tlantic Coast Line have made an alliance.
The Atlantic Coast Line comprises 1,179
miles of road under various names, in
cluding Richmond and Petersburg, Wil
mington and Weldon, Northeastern Rail
road, Manchester and Augusta, Wilson
and Sumraerton, South and North Caro
lina, Central of Bouth Carolina and
others.