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THE OBSERVER.
FAYETTEVILLE, : N.. C.
TUESDAY. MARCH 24, 1896.
E. J. BALE,. Editor and Proprietor.
E. J. HALE, Jr., Basinets Manager.
VENEZUELA AND ARBITRATION.
When the New York World broke up
the President's attempt to incite warwith
England over the Venezuela matter, the
administration reversed its course, even
going to the extent of asking the British
government to protect Americans whose
lives, or liberty were endangered in the
Transvaal affair. There has been nothing
but peace and good will, apparently, be
tween the two countries since.
A Iradon cablegram of yesterday says:
Lord Salisbury, replying to the memorial in
favor of Anglo-American arbitration of the
Venezuelan question adopted by the Peace
Society at a meeting in Queen's Hall, said :
"I am glad ta be able to inform you that
this question is receiving the consideration of
the Government, and that proposals in the di
iection indicated by the memorial are now be
fore tha Government of the United States."
In the end, says a contemporary, it is
likely to be found that the larger boundary,
question is equally susceptible of amicable
adjustment. Then how petty, how inconse
quent and how wanton will Mr. Cleveland's
jingo message look, and how great occasion
Congress will have to be ashamed of its
ridiculous antics over the matter.
THE BIMETALLIC ARGUMENT IN A
NUTSHELL.
We yield our space to-day to extracts from
the very remarkable speech delivered by
Senator Cockrell last week. The reader
who is in search of light on the burning po
litical question of the day, will find a plenty
of it in this luminous document.
IN A OTTSHELL.
The Cue of Free Coinage Plainly Stated by Sena
tor Cockrell.
The case of free coinage is concisely and
interestingly stated in the following ex
tract from the remarks of Senator Cock
rell, of Missouri, iu the senate on last
Monday:
;The law for the free and unlimited
coinage of gold and silver at a fixed ratio
creates an unlimited demand for the metal
at a fixed price. Now,' destroy that law
and you destroy that unlimited demand
for the metal, and that metal falls in its
commercial value because that is the only
demand left for its use, and the other
metal that still has free and
coinage has still an increased and unlimited
demand and it rises in "its purchasing
power. Without law there is no money,
no legal tender, no fixed value, no ratio,
no payment of any obligation at the end
of the law. Without law gold and silver
are mere metals, have no fixed value, no
fixed price, no fixed ratio; they are only
accepted as any other commodity, at what
ever price may be agreed upon. n Now, by
law they are created into mono v. Monev
does not exist by nature; money is the
creature of law and of law alone.
9 "Mr. President, I have numerous quota
tions here to sustain the theory that money
is the creature of law; that the commer
cial value of silver was depressed and low
ered by its demonetization and the discrim
inating legislation against it; that with
the lowering of the price of silver followed
the lowering of the prices of all the prod
ucts of the world real, personal and
mixed and also the increasing purchasing
power of gold. Gold has doubled in its
increased Durchasiner nower. whilA e;tA
has still the purchasing power it always
had relatively measured by commodities.
"I quote from the speech of Hon. John
G. Carlisle in the house in 1878, who said:
'I know that the world's stock of the
precious metals is none too large, and I
see no reason to apprehend that it will
ever become so. Mankind will be fortunate
indeed if the anrinal nrnri nation nt : rriA
and silver shall keep pace with the annual
,ucreMB popwatioo, , commerce and a-
dustry. , According to my view of the sub
ject the conspiracy which seems to have
been formed here and in Europe to destroy
by legislation from three-sevenths to one
half the metallic money of the world is
the most gigantic crime of this or any
other age. The consummation of such a
scheme would ultimately entail more mis
ery upon the human race than all the
wars, pestilence and famine that ever oc
curred in the history of the world. The
absolute and instantaneous destruction of
half, the entire movable property of the
world, including bouses, ships, railroads
and all other appliances for carrying on
commerce, while it would be felt sensibly
at the moment, would not produce anything
like the prolonged distress and disorgan
ization of; society that must inevitably
result from the permanent annihilation of
one-half Ihe metallic money in the world
"It is the truest prophecy that he ever
uttered. It has been exemplified ever
since 1873, and to-day we are experiencing
the disasters which he predicted would be
the result of that policy.
"I want to call attention to Hon. John
Q. Carlisle as a lawveraud the renresenta.
tive of the honest yeomanry of Kentucky
when he was declaring what effect law
had noon monev.
"Said he in 1878:
" 'With an ample currency an industrious
and frugal people will speedily rebuild
their works of internal improvement and
repair losses of property, but no amount
of industry or economy on the part of the
people can create money.'
".Listen to that! 'can create money7
" 'When the government creates or au
thorizes it the citizen may acquire it, but
be can. do nothing more.'
"There is Hon. John GL Carlisle when
he, ppon the floor of the senate, represent
ed the honest yeomanry of Kentucky and
before he was wined and dined bv the
Belmonts and the Rothschilds, the gold
brokers and the bond lovers of Europe and
Lombard street. I say in 1878 Secretary
Carlisle announced the principle correctly.
In 1895, when he attempted to reverse
himself, he stated What is contrary to the
whole history of the world and every legal
writer upon the question.
"When our government authorizes by
law the coinage of gold and .silver into our
dollars of money it stamps upon the faces
of the coined money the year of the coin
age, the words 'United States of America
and the value of the coin ; if silver. 'One
Dollar.' and if erold. 'Ten Dollars 'Fir
Dollars,' and declares the legal tender
value to be nominal or stamped value.
"Mr. President, coined dollars are then
money, absolute money, irredeemable
money, without price and of the exact
value stamped upon their face. There is
no such thing as cheap money. Cheap
money of final payment and redemption !
There is no such thing. Paper currency,
although a legal tender, is a redeemable
money. It is not absolute money, it is
not the measure of value. It is redeema
ble, and depends upon the solvency of the
government issuing it. The government
may issue it to such an amount that it
will become utterly worthless and not even
worth the paper on which it is printed.
' ''In 1868 the advocates of bimetallism
pointed out and gave warning of the in
evitable results of demonetizing silver by
anv leadin&r nation then usinc it with frA
and unlimited coinage. . Their warnings
were unheeded; and scorned by the gold
advocates, who refused to see the pitfall
before them and madly and'biindly rushed
iowara tne pnantom light of the gold
standard, just as t bey are doing to-dav,
perfectly infatuated, unmindful of reason,
facts and: arguments.
"I quote from the speech of the distin
guished senator from Ohio (Mr. Sherman)
of July 11,1876, in the senate. I have
quoted it before. The senator knows it is
correct:
'"The enormous effect of the law in Ger
many and as a consequence the partial
demonetization of silver coins I suppose
is felt, by every man, woman and child
who buys or sells anything. A struggle
for the possession of gold at once arose be
tween the great nations, because anybody
could see that if $3,200,000,000 of silver
coin were demonetized and $3,500,000,000
uj. goia coin maae me sole standard it
would enormously add to the value of sold
and the Bank of France, the Bank of Eng-'
land, and the Imperial bank of Germany
at once commenced grasping for gold in
whatever form. Therefore, what we have
observed recently is not so much a fall of
silver as it is!a rise of gold, , the inevitable
XCbntinuejJ pp 3d page.J ,
Aetna Life Insurance Co.,
; HAETF0ED, CONN., . '
Assets January 1, 1896, - $43,560,073.
h. I. Mcduffie,
District Manager,
wly-d3m -" Fayetteville, N. C.
At MOORE'S
NEW BOOK AND MUSIC STORE i
Box Paper and Tablets, Blank-Books,
School and Office Supplies
, Specialties. .
MUSICAL INSTRUMENTS, ETC.;
32-tf . ' '
Cleaning and Dyeing.
T wrmlrl rpsnpnr.f nllv infnrm thft nflnnlft of
f J X
Fayetteville, and the public generally, that I
have opened a
Cleaning and Dyeing Establishment
on flay street, next to Marble Yard, and I am
prepared to Cleanse, Color and Repair Clothing:
of all kinds, both for Ladies and Gentlemen.
Satisfaction guaranteed. I am also prepared
to Cut Patterns from the latest styles.
42-3t MASXBATAVIA.
NOTICE.
Fayetteville Oil Mill.
Notice is hereby given that we will buy all
See1 offered at our Mill until April 25th.
Highest Cash Price paid.
d42-5t w26
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Are You Harfl Convince?
The other day when we first read of W, W.
Hamilton's wonderful record reducing 3 re
cords in 3 races, all within 90 minutes we
were not certain it was on a
CRIMSON RIM,
so we wrote to Philadelphia and asked if It
was. This is the reply: "Yon ask as to
whether W. W. Hamilton's records were won
on a Syracuse Bicycle ? Indeed they were,
they couldn't be won on anything else or on
any other Wheel.
More Road Records, more 1895 Track
Records and 10 timei the number of 1896
Track Records were captured by the riders of
the Syracuse Crimson Rim, namely the Syca
more Band, than has been the case with all
other wheels combined.
It is a. pretty strong statement, but a true
one." . ..
We are aware the average rider does not
want a Racer but a Roadster. - When we
show you the Crimson Rim has not only the
Track Records, but also th WnrlH'a VfnaA
Records, you should be satisfied.
If you want a fine bnersrv horse, vnu wnnld
not go to a breeder of draught horses, but to
one who had the best Racers and Roadsters,
Seep Your Eye on the Crimson Eim.
HUSKE HARDWARE HOUSE.
UAv tfl o naur makksb?
COPYRIGHTS. Nl
'JA3 1 ORTATN A PATENT ? . For
Ef? CId honest opinion, write' to
ATX J
tx, .iir who nave naa nearly fifty years'
Communica-
experience to the patent businp.
tiona strictly confidential. A Handbook of In
formation concerning Patents and how to ob
tain them sent free. Also a catalogue of mechan
ical and scientific books sent free. ""vui.
SS?ACo. receive
r,.r iKyi"."" American, and
""1? r l7 , ivcijr ueiureme PUDUC With
out cost to the inventor. Thia aa,rn J.
Issued .weekly, eleRimtlyiilnsWrhasby far
Sif fc g"511""10" 01 any scientific work in the
- jtaf Biuuuia copies sent free.
uiuon. monr.it iv. ' fi
uuuamK nxiition, monthly, $20 a rear Sinffl
latest designs end recurs contracts. Airtrmw
McDOWALL'S COUGH CURE 13 SOLD IN THE
States of .Virginia, North Carolina, South
Carolina, Georgia, Alabama, FloridaMassa
chusetts, New York and Indiana
Verdict: "It is as represented."
CWIdren; Cry for Pitchers JfeSS
the Clyde Steamship Co.
NewYork-Wilmington.N.c
AND
Georgetown, S. C, Lines.
FROM PIER 29, EAST RIVER, NEW
Located bet. Chambers and Roosevelt Sts
At 3 o'clock P. M
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Through Bills Lading and Lovr-utTtronva
Rates oaranteed to and from points in vrx
South Carolina. nm
For Freight or Passage apply to
II. O. NUIAI., PHONES
Superintendent,
Wilmington, 3f. c.
TKEO. G. EGER, T. M., Bowlint-Green V Y
W. P. CLYDE & CO., General Agents, "
5 Bovdin Green, N.y
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