Newspapers / The News & Observer … / Nov. 22, 1895, edition 1 / Page 2
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2 FALSE IDEAS OF MONEY SOUK POPI LISTIC FALL\C!ES BRIEFLY KYAWOEU AM) EXPOSED. A RECENT "CAUCSSIAS”EOITORIAL Facts and Figures in Regard to the Money Question Jumbled by Senator Butler’s Paper with a Liberal Hand .-f>i Here nee Between tureen back'. Treasury Notes and Silver Cerufi cates—Cause ol the l.aie Bond Issue Cleveland and Carlisle Denounced. OXFORD, X. C., Nov, 15. To the Editor of News and Observer: It is a comparatively easy matter to refute or in the popular phrase to “nail a lie,” though a good one and well told. It, is far more difficult to show up the true inwardness of a deal er in half truths. Half truths are cal culated by nature to mislead the thoughtless and ignorant, hut in the hands of dextrous of words, the deduc tions drawn from them are intention ally' vicious and their effect on the peo ple positively wicked, it is to he re gretted that' an abler writer has not appeared instead of leaving the fol lowing matter to the undersigned for treatment. Os late “The Caucasian” has devoted considerable space to a treatise on the bonds and notes of our government. Such parts of the story are told as can he made to gibe with the unbound doc trines of which it is an able advocate, and such facts and conditions result ing from our financial arrangements as can he made to seem to holster up its theories and can he so construed as to influence the passions of honest people in one section, whose property is largely in land, against those of an other who are equally patriotic and have their money invested in other se curities. are dwelt upon with force and skill: hut the rock-bottom real ities. which if made known at the same Cine, would knock the founda tion entirely from under Populism, are ignored or suppressed. At the con elnsioi; of this round-up of selected fallacies there appears a false picture, done in false colors and Heaven is boldly called on to hear false witness to it. On (‘< r . 17th. the editor of "The Caucasian” starts out in an article un der the caption of “Something about Bonds” to inform the people of the State regarding the financial system so that they may l>e forewarned of ap proaching danger. In the second sen tence this profound economist jum bles our paper currency with a liberal hand, failing to distinguish between treasury notes, greenbacks and silver certificates, presumably through ig norance. thus proving himself quali fied to give a living illustration of the proverb that “when the blind lead the the tmnd, etc.” Treasury notes (July Ist, 1895 amounting to $146,088,400) were issued in payment for silver bullion under the so-called Sherman Silver Purchase Act of 1890. United States notes or “Greenbacks” of which a fixed amount of $346,681,016 remain outstanding are the remnant of the forced paper currency of the late civil war. They are considered of doubtful constitutionality in many circles but were justified as an emer gency measure in time of necessity. Since 1879 six years after the so-called crime of 1873, there have been paid out by the government $386,000,000 of greenbacks for which a gold dollar or its equivalent has been rendered. Silver certificates issued against standard silver dollars deposited in the treasury (July Ist, 1895.) were $328,- 894.504. Figures given by “The Cau casian” $155,000,000, about as nearly correct as Harvey Coin and his ilk ever get. There are of National Hank notes, payable by the Treasury, $25,628,937, and exclusive of gold certificates the total of government paper July Ist, 1895 was in round numberssßso,ooo,ooo. The article in "The Caucasian” goes on in an innocent fashion to tell what a treasury note, meaning a greenback is.and says. “Now remember that the man who holds this note has a dollar.” This is a worse one, if possible, than any the imaginative Chicago lx>y, whose reputation for prevaricating is now world-wide, ever jierpetrated. A treasury note or a greenback of the denomination of one dollar, or larger sums, are demand obligations, but are not dollars, any more than checks, due bills, drafts payable on sight or any paper evidence of debt are dollars, and the man who says they are is a falsifier or an ignoramus. After the above follows a child-like definition of a bond to which a fairy tale is appended in language so simple that the unwary, as is evidently in tended, are led to pass on w ithout ask ing what was the original cause of the issue of bonds and of many other im portant and interesting attendant eir cumstances; withal the idea is artful ly conveyed that labor prefers green backs to any other currency, for “it will be the old greenback money,which every body knows is good and passes everywhere.” "And this money would be as good as any that has ever been used; also that the wealthy acquire gold by finding it or some other equal ly eonvenient method, like gathering from The bushes lining the sides of Wall street or picking it up when it shakes from the overloaded pockets of John Hull as he hustles round Lon don. A greenback as distinguished from a bond is a promise to pay. secured only by lien on the credit of the Govern ment; whereas, a bond is a claim against the commonwealth of the country. Hence, if our present Gov ernment should pass away the green backs would he as worthless as Con federate money now is; but the bonds would lie recognized in a reorganiza t ion. A man of small means who has notes out for all the money lie can get lent to him soon comes to grief. The well to-do firm and rich corporation, who conduct an extensive business (at till times having large quantities of paper in the hands of banks, due at stipulated times, from 30 days to 6 months), even when very careful, are sometimes eon fronted with unforeseen occurrences that make it impossible to realize at once on their assets; then they Itr issme embarrassed, and though perfect ly solvent, are unable to meet their obligations promptly. But suppose a wealthy concern, whose income was only equal to running expenses, and whose property was in such shape that it could not be quickly turned into cash, were to put out notes, pay able on demand, tit the rate of two dollars in notes against each one dollar of funds it had on hand; as soon its these facts became known its credit would be gone and its notes worthless. Now this is just the con dition of the United States Treasury; it has in round numbers $850,000,900 of demand notes; to secure these there are in the neighborhood of $400,000,000 worth of gold and silver. Hut the situ ation is really worse than this, lor ot this redemption fund, three quarters of the amount is in silver, which is practically unsalable. No other organization or nation on earth could stand such a strain; such a system of finance would bring a blush to the cheek of that low-down ruler, the Sultan of Turkey, and t'on fueius, if he were alive, would taint dead away at the mention of it. Greenbacks. Treasury notes, and silver certificates are the weak spots; green backs being the first and greatest of fender. Vet this editor of “The Cau casian,”’ posturing as an educator, a would-be censor of public opinion, w nose statements in the light of facts have proved him to he grossly ignor ant or it fraud, attempts to deceive the people by saying the greenback is as good as any money ever used, “the kind of money that pulled the Gov ernment through the war paid the soldiers, etc.” When greenbacks were first issued, they were pul upon the people after the manner of Hobson's choice; that is, the United States said to its citizen creditors, “take this or nothing.” Ik that the w ay good money is in the habit of getting into circula tion. But the punishment for this forced loan soon came, for the green back, greatest offender of the two, wholly fiat, joined with the silver cer tificate, half fiat, and the Treasury note, a boasted production of the Re publican party, in undermining the credit of the nation, and the\ stand to day right athwart the path of prosperi ty! Is anything more needed to dis credit the leaders of Populism than to make the honest voter acquainted with the suicidal poliev they are try ing to foist on the country tor selfish ends? " Further on in tuis same editorial of “The Caucasian," the following ap pears: “It will he remembered that Cleveland and ( arlisie have issued one hundred and sixty-two million dollars worth of bonds." Instead of coining out honorably and stating that the administration duly elected to take charge ofthenation’saffairs.and draw ing their authority from the people, there is a covert insinuation that Cleve land and Carlisle are dictators and can manage things to suit their jtersonal whims and for private emolument. No mention is made of the fact that the primary cause of the late bond issue was a national income insufficient for Gov ernment expenditures, nor that this condition of finance was brought about bv the wicked senior partner of the firm of fusion, by extravagant expendi tures when in [tower, ami by indefen sible pension legislation. All this deceives, as it is intended to, a credu lous and uninformed constituency and strictly honest country people find it very delectable reading matter, which makes the owner of “The Cau casian" appear in the role of St. George doing battle with the dragoon. They would spurn their champion as though he were the plague if his true char acter were exposed and laid bare be fore them. Now follows this statement: “Sup pose now, instead of issuing one hun dred and sixty-two millions of dollars worth of bonds, that Cleveland had issued one hundred and sixty-two mil lions of dollars in Treasury notes, (meaning greenbacks), etc. 'Hie notes would have been just, as good money as the people want.” In this sentence Carlisle disappears form the combina tion. Greenbacks are again affirmed to be the kind of money the people want. This, notwithstanding that since President Grant killed by veto the greenback movement, the people have lost no opportunity to stamp their disapproval on that kind of green goods. President Cleveland is asssum ed to have power to issue bonds or notes at will, in fact is converted into a man r 's straw for the special purpose of being knocked over by this knight of “The Caucasian.” who valiantly proceeds to do so with a courage born of printer's ink. He charges t>e Democrats with “jugglery, injustice, and rascality.” without producing a fragment of evidence, confirmatory thereof; also that the administration is in league with oiaer evilly disposed citizens to dispoil the country by ta Na tion; to increase the hours and add to the toil of the laboring classes; in proof of which he offers only his un impeachable word, a pretty poor se curity for anything, as has been shown. Raleigh is the political stage, the sovereign State of North Carolina the breathless audience, in a Roman toga, or more modern senatorial vesture stands a figure, with drawn sword, reeking in Democratic gore; amidst the muttering of thunder, (lightning lieim: furnished by the speaker's eyes, f<; 0-lights turned down to make it •■re effective, till the little Bops, in t;u‘ orchestra performing the iisutd dbeords). are heard these words: "There is yet a deeper rascality, and more flagrant robbery m the scheming titan is suggested here, but of that more anon,” which, being translated, means look out for another dose of "[>' nnv-dreai til” in our next issue. LOU IS DE LACROIX. NOTE. Authority for statistics giv en above will be furnished on applieu t ion. morrow your digestive organs will be regulated and you will be bright, active end ready for any kind of work. Thte has been the experience of others; It will be yoars If you take Hood’s Pills. 280. Bucklen’s Arnica Salve The beat salve in the world for Outs Bruts;a, Sores, Ulcers, Salt Rheum, Fever Sores, Tetter, Chapped Hands, Chilblains, Corns, and all Skin Erup tions, and positively cures Piles or nr pay required, it is guarantee!i to n». oerfect satisfaction or money refrmue' Price 25 cents per bos. For sale by John Y. Macßae. HUMOURS Instantly Relieved And Speedily Cured by (gticura WHEN ALL ELSE FAILS . A warm bath with CUTICURA SOAP and a single application of CUTICURA,* (ointment), will afford instant relief, per mit rest and sleep, and point to a speedy, 1 permanent cure of the most distressing of itching and burning sk in and scalp diseases, after all other methods fail. Sold throughout the world. W Ilritinh depot! F. Nkwhkrt A A T« A Boffs « l.King EdwanUt , Lon- L; | 1 Ufj jf don. POTTKR Dbi:«A»D CIIKM. N jL CoEr.,Solc I'ropa.,llo«ton,U.S. A ? BETTONS PILE SALVE A Positive, Perfect, Permanent Cure Success for over 56 years tells the story of Betton’a Pile Salve, hacked up by thou sands of testimonials from prominent peo ple. Instant relief on first application cure in from one to nine days. At all drug gists, or mailed on receipt of Price, M)c per box. Winkelmann A Brow n Drug Co. Prop Baltimore. Md. r/f£ M/MG# QfffOPS. m SEEDS. Thla ir'iimou* Rrmrrir mff. and permanently '6U‘ ‘all nervous disease.® such as Memory. Logs of Bruin Bower. ■■ Headache,Wakefulnegs l.oai Vitality, nightly emissions, evil dreams, tm potency and wast ing diseases caused by youthful error* or ex cesses. Contains do opiates. Is a nerve tonic and blood builder. Makes the pale and puny strong and plump. Easily carried In vest pocket. 81 per box: 8 for #5. Bytr.all prepaid with a written guar antee to cure or money refunded. Write us forfree medical boob, sentsealedlnplaln wrapper, which eontalnstestlmonlalsand financial references. NS charge for consultation*, thwart of imitation* Sold by our advertised anents.or address Ik'EKVJE HEEA (XI., Masonic Temple. Cbtcugo in. For Sale by W. H. KING & CO., Raleigh, N. C. ", i^sllßrl It - 1 . -sblt tSrJi c-r-wj ynrm.-n! that J£* ff.Ml.rhM.mte I tutti* Front V:jlW. Lu»«v -LUZERNE KNITTING MILLS.-Jfc* LOOK AFTER YOUR UNDERWEAR And keep comfortable. Our stock is large and prices low. OVERCOATS, For men, boys and children. If will pay you to inspect our stock before buying elsewhere. We Do Not Claim . To be at present the big gest thing In North Caro lina, although we hope to be, and expect to be, the le ding nook-sellers of the State; but We Do Claim To be able to sell books, stationery, school sup plies, and everything lr. our line, cheaper for cash than any other house in the State. Try Us With a cash order for anything you want and we wili do our best to please you, Address North Carolina Book Company, Raleigh, N. C E. G. HARRELL, SSF“ Send for catalogues. Tonight If your liver Is out of order, causing Bilious ness, blek Head ache, Heartburn or Constipation, take a dose of Hood’s Pills on retiring, and to- The New* and Observer. Friday, Nov. 22. *o«; HOUSEHOLD LINENS. Attention is called to our extensive lines of household linens, which include some things at prices less than usual. Half-Bleach Table Damask, 54 to 62 inches wide, at 25c,, 35c., 40c. and 50c. per yard. Bleached Table Damask, 62 to 72 inches wide, at 50c., 60c., 75c. and 90c. Heavy bleached satin damask with napkins to match. Specials in Huck Towels at 13c., 15c. and 20c. each. Extra large, tied fringe Damask Towels at 25c. each. Dinner Napkins. 5-8, at $1.25, $1.50 and $1.75 per dozen. Satin damask Lunch Cloths, 30x30 and 35x 35 at 49c. and 59c. each. Hemstitched Tray Cloths, with fancy open work corners, at 40c. each. Double-faced Damask hemstitched Tray Cloths, at 50c. each W.H.&R.S.TUCKER&CO. TAKE FOR HEADACHE. -yjju |IU II fcsu Tit!!/ /IS LiMiR- CALL UP 28 and order whatever you want CABBAGE, COFFEE, FLOUR, SUGAR, HAMS, MEAL. Anything, no matter what, In the grocery line. You touch the button; we do the rest. D. T. JOHNSON.a b , MORTGAGE SALE. I?y virtue of authority granted in a mort gage deed executed by A. C Council and wife to W F. Utley, on the 21st day of Feb ruary, 1891, and recorded in book 113, page 4(53, Register of Deeds office for Wake county, I will on Monday, the 16th day of December, 1895, at 12 o’clock in., sell at the county court house door, in the city of Raleigh, N. C-, to the highest bidder for cash, the following piece or parcel of land, described in said mortgage deed, situate in White Oak township. Wake county, N. C., on the waters of White Oak Creek, adjoin ing the lands of G. A. Upchurch, Seth Broadwell and others: Beginning at a maple of said Upchurch’s corner, runs south 57% poles to a sweet-gum in Broadwell’s (for merly Ellis’) line, thence east 141% poles to a stake at Broad well’s corner, thence north 51 poles to a stake, thence north 80 degrees west 142 poles to the beginning, containing fifty acres, being the land conveyed to A. C- Council by W. S. Mason by deed, dated July 31, 1871, recorded in book 32, Register of Deeds office for Wake county. This November 12th, 1895. HERBERT E. NORRIS, Att'y. W. F. Utlky, Mortgagee. A. G. SAUER,— ARCHITECT. —=Raleigh, N. C. Remodeling old buildings a specialty. Co respondence solicited. c Loan and Trust Company. WINSTON. N. U. —o — Paid up Capital, 5200,000 Authorized Capital, $1,000,000 STATEMENT. At the close of Jbusiness'JSeptember 28, 189 S Loans, $357,359 07 Overdrafts, 44 as Bonds, - 1,570 oo Building and fixtures, - - 88,535 14 Heal estate, s.Ofil 05 Cash on hand and in banks, - 114.503 83 Total, $505,123 03 Capital .... 200.008 00 Surplus, .... 11,09507 Deposits, .... 384,330 93 Due to bunks, - - - 9,137 14 Cashier’s Checks, * - . ,v>» 88 Total, .... $505,123 03 .1 une 15, 1893, $ Dec. 15, 1893, 39,708 93 nFPfIQITQ* -Line 15, 1894, 98,985 00 UL- UNI 10 . I)«jc. 15, 1894, 147.903 53 May 15, 1895, 201,324*43 Sept. 28, 1895, 984,380 98 YOUR BUSINESS SOLICITED. F. H. FRIES, JAS. A. GRAY, President. Vice Presd’t. H. F. BHAFFNER, Sec’v and Treat?. cgme = ~ -AND - -EXAMINE The handsomest ste?’ -ange made, it lg —THE JEWEL. —SEE OUR NEW— Bissell Grates —W£ HAVE- Three Bicycles ON EASY TERMS. Seven Baby Carriages At a cut price. Thos. H. Briggs & Sons, Raleigh. N. C. Branson's Almanac for isse -ssNOW READY -1 copy sent per mail 10c. 20 copies per mall SI.OO 1 doz copies per mail 75c. % gross per express $3 75. I gross per express $7 00. 500 copies per express S2O CO 1,000 copies per express $35 00 NOW READY 23 Order at once and have your card printed on the backs LEVI BRANSON jPUBUSHKR, Raleigh, N C SILVER Everythin Silver and Gold Beau- Ltlfully M tde at the Manufactory of Samuel Kirk & Son, 106 Baltimore St., East. Prices Very Moderate. Also Diamonds, Pearls, Sapphires, Emeralds, Etc., Etc., Etc. FINE WATCHES, JEWELRY. A. R. 0. JOHNSON. JNO. S. JOHNSON Johnson & Johnson —WHOLESALF. AND RETAIL — Wood \ Coal Phone 150. Office 117 Fayetteville street General Commission and Brokerage. Land for Sate. On Tuesday, December 3rd, 1895 at the court house door in Raleigh, X. 0., I will sell at public outcry fifty-live and one-half acres, on the side of the tractof land known as "T. B. Bridgets’ Home Place.” This land lies about one-half utile northeast of Raleigh and adjoins the land of William Taylor, W. A. Myatt and others, and will sold be in three parcels, one of 27.57 acres, one of 22.43 acres and one of 4.75 acres, exclusive of the road. Each of the parcels fronts on the public road. Sale made under powers conferred by the will of T. B. Bridgets, recorded in clerk’s nffioe of Wake superior cou rt. a plot and full description of each parcel may be seen upon application to Battle & Mordecal. Terms cash. Hour of sale 12 m. MARY M. CHRISTMAS, Executrix of T. B. Bridgers. October 31, 95. Battle A Mordecal. Attorneys.
The News & Observer (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 22, 1895, edition 1
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