The El Reno Democrat. (El Reno, Okla.), Vol. 19, No. 5, Ed. 1 Thursday, April 9, 1908 Page: 4 of 8
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^ *
The El Reno Democrati
■y the oe«r :r *t publi hing company
the democrat is the OFFICIAL CITY AND COL • ' ''ape
hank wonM no*
In *b «
. unl# i
orliaar ' «>""i!'l not be understood.
rt 'c!!o*«:
It read.l coinage of th. atandard .Ilver .1.1 •«w-l«tton of v .-u rn tklpi^ * r-J
t* legal tender MABVfMlurart have bee'i n. re try
lar.
J to rv«-
j. W. MAMER, ,
V. B. aLLEE, Vlct-Pr«t <J«nv
p. p. DUFFY, Secretary.
T. W. MAHER. Treatjrer.
■ 'v *«w* , m
6S4
DAILY EDITION
oerad
n
■ Ihfc cSv *er«J I* city
it a. at\ itrti In city
nth, del'vered In city
€*. dei.xertd In city
WEEKLY EDITION
Or• Year ....
•fx Month* ..
T>r«a Montha
H.H
.75
■Su
THE PARTY OF HYPOCRISY.
Chapter 10—Continued.
By B. P. Duffy. Cottonwood. Idaho.
But to return to our history of the
past under r- publican legislation we
will now commence where we left
off.
In 1890 a new silver bill waa en-
act' 1 into law for the especial bene-
fit of the gold gamblers. This bill
provided for the purchase of 4,500,000
ounces of silver by the secretary
of the treasury, monthly, to be coin
ed for money. If presented for pur-
chase. Of course the pretense was
maih* that this bill was In the Inter-
est of the people and wuld Rive them
the benefit of its equl\alent In sil-
ver money circulation. Still, if that
many ounces were purchased every
month and coined it would not pro-
duce as many dollars as was produc-
ed under the provisions of the law
of 1878, which this bill superseded.
The statute of 1878 provided for the
purchase of not less than $2,000,000
nor more than $4,000,000 worth of
•liver, by the treasury department,
coined into money and when the
benefit of Beignlorage is considered
tt will be seen that the law of 187!
waa far superior to the one that su-
perceded 1L
Since 1873 only a certain amount
mf Bilver has been admitted to coin-
age while all gold has free access to
the mints. It Is wonderful that sil-
ver held up so well under all the
many disadvantages raised against
a.
Under the law of 1890 - were
lraned at the market value of the
bullion received. ThiB was intend-
ed as a blow at the legal ratio exist-
ing between Bilver and gold which
ratio was and Is 16 to 1, while the
market rate of from 40 to 50 will dis-
place it. By issuing notes based on
the bullion value of silver Instead of
the coinage value the legal ratio be-
tween the metals was destroyed.
By this means the people were rob-
bed of almost $100,000 In ' -' ~nk>r-
age for every $1,000.0* < coined. A
grai l scheme for the gold gamblers,
but how about the people?
And then, the purchase of 4,500,-
000 of silver by the secretary of the
treasury each month was not a cer-
tainty. Such amount might not be
put unon the market. Gold gam-
blers could jUBt as easily manipulate
•ilver on the market as grain gam-
blers do manipulate all maimer of
grain. and millions of it might be
•old on paper, with not an ounce to
bark up the sale
The third Bectlon of the bill pro-
rides for the discontinuance of the
■Ilver dollars after July, 1891, except'
in such cases as la required to re-
deem the treasury notes "herein pro-
Tided for:" that Is, the silver certifi-
cates. Everything seems to have
been discretionary with the treasu-
ry department. The denominations
of the certificates to be Issued on the
bullion were made discretionary. It
provided that the denominations
should *•" i e l°s • • $ 1 .. r more
than $1.0v0 as the u.itctcr \y pre |
acrlbe. Good care was taken that the
country was not flooded with notes
of small denominations while the
$1,000 and $100 notes which were
handy for the bondholders were put
out freely.
The secretary of the treasury, Mr.
"window, who stood in with the gang
of gold gamblers. had authority to
redeem those notes in either metal.
In his discretion. Accordingly, Wall
street speculators In bullion could
present the secretary's check for de-
posit. at the T\ 3. sub-treasury and
get gol'l Instead of silver certificates.
This law of 1839 was ti e cause of
much co-.r: °nt and mlsnnder-tr.nd-
lng. Pew fully understrod :t« work-
ings. In orlrr to obtain the needed
Information on the suWect. Senator
Plumb Introduced the folio Ing res-
ole tlon In the U. 3. senate regarding
Its working*:
"Hi solved, that the secretary of
the treasury he directed to Inform
the senate whether the rule of poli-
cy of hU department which requires
the payment of checks Issued in pay-
ment for silver buillion purchased un-
der the recent act of congress, over
the counter of the sub-treasury, In-
Btead of through the proper cl'-arlng
house, does not result In putting out
notes of larger denominations In-
stead of those s:ilt< I for circulation
and i ,i tb« ordinary '
tr tiom, cf the people, and v..e
ther such method of paynx nt does
or does not practically result In the
paymc nt of such checks In gold coin
Instead of treasury notes."
The vice president: "The ques-
tlcn Is on agreeing to the resolution."
Mr. Plumb: I wish to put in the
following statement here from the
financial article of a New York pa-
per of the 5th day of the present
month:
"Persons who have made up a cal-
culation from the monthly statement
of the United States treasury claims
that It shows that of the $3,609,000
of new treasury notes Issued In pay-
ment for silver buillion $2,375,100
have already been presented for re-
demption in gold, thus leaving only
$1.375,9u0 in circulation. The state-
ment cannot be fully authenticated
at the subtreasury here, but the
treasury officials say a irreat part of
the new notes have come in for re-
demption.
"If that is correct, Mr. President,
and the statement contained in the
letter which has been read at the
desk is also correct, the modus op-
erandi 1b very simple. The checks
are Issued in the payment of the sti-
ver bullion that is purchased, and,
as they cannot be used at the clear-
ing house as ordinary government
drafts and checks and bank drafts
and individual checks are, they go to
the sub-treasury."
Mr. Teller—"1 should like to ask
the senator if he can state why they
cannot be thus used."
Mr. Plumb—"I do not know the
reason why they cannot be so used.
On the contrary, I have no doubt
•he entire mercantile community and
everybody interested would be glad
to have it done. They go to the sub-
treasury. Manifestly the person who
zoes there with a draft to get it paid
will take large bills as a matter of
convenience, If he takes bills at all.
Therefore, the bills which go ot*
are not of a denomination which
would naturally be made use of in
the ordinary transactions of the peo-
ple, and that of Itself would result
In a very considerable contraction of
'.he currency.
"The senator from Iowa and other
members of this body will special-
ly remember the contention there
as In this body over the question
of the issue of treasury not«-s of large
denominations in the redemption of
'reasury notes of smalt denomina-
tions, and it was finally fixed in an
appropriation bill by a provision re-
quiring the treasury, when it printed
new notes In place of old notes
which were retired for any purpose
whatever, to have now notes printed
of the denominations of those retired,
'n order to prevent the consolidation
of i„e currency Into a handful of
large notes.
More than that. Mr. President, the
opportunity is presented with fatal
facility to the bank or person who
presents this draft to get gold for it
becaluse. as stated by my corres-
pondent, the policy of the treasury
is to redeem those notes In gold. In
! olnt of fact. I do not suppose the
notes ever pass over the counter, be-
T.use t : erson r -- ting the draft
•otiid ray: 'I at entitled to a mil-
lion dollars of nc'cg, but Inst- ad of
king me the notes and putting me
to tte luconv. nience of presenting
them back a- ain for the purpose of
getting gold for them, I will simply
take the cold direct; and while a
ply
ids
1
of no eooj
of Senator
consrre.-s
of benefit
hapter 1 s
•ration of th
lated
e all-!
h:i.I fot rich
ver bill of 18&0.
Chapter II.
In our last chapUr I stated that I
a ould try to show that by reason of
the pasisage of the silver b'" 0
the to''" of Wall strett 1" u e
bonne 8- i sen .t • tnr < i ♦ i t!> • . •
id.vb itho«.t stint. After - -.«•
£age of the bill the Wall '
ly Ne , 1, which E'-.r«-ly
forn d, made the f
ment:
th ," ■ c- of
cost of tin-
standard dr
then held It
fcy such
notes b! : !1
treasury
r In pay-
"It Is
sllvet h;
.< nators
i.l con',
amount
;>) 0.
westc.
amors.:
and
pate
sure t !
"Or
for i
put
id r
■ jest,
l 13 $275, |
credit of a;
Smallest I
ve senators
cf
. es particl-
• clean-up of a
atlon."
aiost active lobbyists
riislat'cn makes the fol-
lowing statemenL v>hich he claims
can he depended upon as strictly
true and accurate:
" We were figuring up the other
day the extent of the deal and the
profits on It. We found that before
.he silver taken In by the various
pools for the expected rise was 40,
0 ounces. That 1b our entire
product for eight months, you know.
The pool that I am In bought some
jt a little less than 95. The rest cost
us a little more than &5. The aver-
age for the whole w as about* 97. Au-
i ist Belmont and his friends got In
at f*im 95 to 98. Silver has been as
IK 1.2". I think 20 cents an
ounce is a fair estimate of the prof-
Its of the pools to this time."
" 'Twenty cents an ounce on forty
million ounces Is $S,000,000. Well,
that represents the profits made by
the New York and Washington pools
on the advance of silver. The larg-
est jiool of all, probably, was one
which took In seven 1'nited States
senators and a number of New York
capitalists That pool had $9,000,000
ounces. The other holdings were
small, but altogether they made up
four million ounces bought and held
for the rise, which we knew was as
sure as sunrise if congress passed a
favorable silver bill.'"
Reader, is it any wonder that
those senators and congressmen
worl:' 1 aga'-m the interests of the
people. There was millions in it for
those grafters. Then, they could af
ford to say, as they have oftimes
said, "to hell with the people."
It seems this was ali the relief
granted by the LI Congress to an
exasperated punllc. It well known,!
too. that President Harrison worked
for and favor--d this bill He was|
the man who intimated to coil.;remj
that should congress p3*-'s a free sil-
ver hill be would veto it. He was the!
one who, before his election, pitched t
Into (Jrover Cleveland l.ecause of his
unfriendly attitude toward silver, and
j: .a- v i. they assort, bar- in-
. , , ,i i i r cent ,nce ! ' :t-*
, iM. lAtst year it
i. u) was pa I by ranroada of the
and damage claims, according tj fis-
given by It. C. Klchard , (?en ra
claim a 1 nt for the Chicago & Nort'v
western railway. In an al'.rtst
in " he aided. " >as 5*0 per
r. ,i ti: i w; paid ten years
n -,, 1. ti trat. portatlon :■ • - ■>.
During the tame' period tb> n i:uber
,,f traffic managers of In iwial con-
i ,« Inrr. a < ! bv about the
a " - I
what
,ther.
will not und r-
relatlon the on#
T! ' great causea
t on an 1 sj t-
lit
this, too. In face of the fsct. as we
have seen, that nineteen republican
"tate conventions had declared for
bimetallism.
The plain truth is that he was al-
ways the wili ng friend of plutocracy
while, like his hypocritical party, he
pretended to be a bimetallisL
This law gave Wall street and all
the money sharl* opportunities to
corner the money market and wreck
'he fortunes of thousands of business
firms and bury many In financial
ruin. Of course, a subsidized press
all over America gave out all over
the union that this new silver bill
passed by a republican congress and
signed by a republican president, was
passed for the special benefit of the
i tr , eoplc," and many believed it
to be so.
The following is a perfect copy of
the bill of 1S30. now under discu
slon and It re- in la one of what Pad-
dy B onn said of his lie, "it th:rk-
rr ns It clear."." It If ; :t t>! i ' -
■-'tiier so th''t not one rt of fifty
could und' r#ta:id It That was the
Ir.tentlon cf ti' makf rs of It—that it
nent of til debts, public and private,
cept where otherwise expressly
stipulated in the contract, and shall
he redeemable for customs, taxes
and all public dues, and when so re-
ceived may be re-Issued; and such
notes, when so received may be re-
issued: and such notes, when held
by any national banking association,
may be counted as part of Its law-
ful reserve. That upoi the demand
of the holder of any of the treasury
notes herein provided for, the secre-
tary of the treasury shall, under such
regulations of the treasury shall, un-
der such regulations as he may pre-
scribe, redeem such notes in gold or
> ilver, at his discretion, it being
the established policy of the United
States to maintain the two metals
on a parity with each other upon tne
present legal ratio, or such ratio as
may be provided by law
"Sec. 3. That the sectetary of the
treasury shall each month coin two
million ounces of the silver bullion
purchased under the provisions of
this act into standard silver dollars
until the 1st day of July, 1891, and
after that time he shall coin of the
silver bullion purchased under the
provisions of this act as much as
may be necessary to provide for the
redemption of the treasury notes
herein provided for, and any gain or
seignorage arising from such coin-
age shall be accounted for and put
into the treasury.
"Sec. 4. The silver bulliou pur-
chased under provisions of this act
shall be subject to the requirements
of existing laws, and the regulations
of the mint service governing the
methods of determining the amount
of pure silver contained, and the
amount of charges and deductions, if
iny, to be male.
Sec. 5. That so much of the act
of February 28, 1878, entitled, 'An
act to authorize the coinage of the
standard silver dollar, and to restore
its legal tender character,' as reqt^re"
the monthly purchase and coinage of
the same into silver dollars of not
less than $2,000,000, nor more than
«! O00 worth of stiver bullion, Is
hereby repealed.
"S< c. 0. That upon the passage of
this act th" balances standing with
the treasurer of the United States
to the respective credit of national
banks for deposits made to redeem
the circulating notes of such banks
and all deposits thereafter received
for like purpose, shall be covered
into the treasury as a miscellaneous
receipt, and the treasurer of the
United States shall redeem, from the
general cash in the treasury'- 'he cir-
culating notes of said banks which
may come into hiB possession, sub-
ject to redemption, and upon the cer-
tificate of the comptroller of the
currfency that such notes have been
received by him, and that they have
teen destroyed, and that no new
notes will be issued in their place,
reimbursement of their amount will
be made to the treasurer, under such
regulations as the secretary of the
treasury may prescribe, from any ap-
propriation hereby created, to be
known as "national notes redemption
account:' but the provisions of this
net shall not apply to the deposits
received under section 3 of the act
of June 20, 1874, requiring every na-
tional bank to keep, in lawful money,
with the treasurer of the United
States, a sum equal to 5 per cent of
Pr< s
whig
ti.
U-U tiK, -
1:1 r In th.
urged grei
between the
roads and declared that through co-
oi^ration the present big troubles of
better both would become unimportant and
shipp"
ra i road mana-
Mr. Richar.U
s co-operation
and the ratl-
ur'her show that the part
moral Ideas" has drifted a
• anrlerit land marks, I i
i.-om the old whig autho
nt William H. Harrison,
>e!ng thg "immediate predece;
so.- of the present so-called republl
can party, as follows:
"If there be one measure
calculated than another to produc- easi.
that state of things so much .lepr.
cated by all true republicans by
which the rich are dally adding to
their hoards, and the poor sinking
Into penury, It Is an exclusive me-
tallic currency. If there is a pro-
cess t y which the character of the
country for generosity and noble- Kate
be destroyed,1 confident that the keystone problem
| "The
: dee-,
not '-<•
jn . i * -■ for the
r -tfcr ..ti iliinois will
lef ated," declared f'o3rr< ss-
Bc
gr, ". rs fcr the ' is.i. m of past lead-
ers? With these it is every man
for c.-.-nseif and "to hell with the peo-
pie.'1
HOOKS AND EYES.
A stranger entered a Guthrie hot 1
and cr.lered his dinner. When the
man discovered that the honey, the
apple-butter and the ice cream each
was embellished with a nice blonde
hair. In a rage he left the table and
aecone.l the landlord, refusing to
pay for the meal. "Well," affably
rejoin ,1 the landlord, "those things
are fas ly accounted for. You see
th hair in the honey naturally came
from ti e comb; the hair in the ice
cream must have accumulated from
shaving the ice; but I can't account
for the hair in the apple-butter, for
that sauce was made from Bald-
wins."
The Democrat is in receipt of the
following non lescript jargon from
some envious, disgruntled cuss of
Chickasha, endeavoring to comment
upon an article In Saturday's Demo-
crat In regard to a "syndicate" be-
ing formed to erect a number of
houses here for the accommodation
of the incoming railroad men. The
fellow is evidently some "boomer"
who never calls one spot home for
any length of time. Deciphered, the
scrawl reads: "Br: kemen not in it;
will have to live in tents, as con-
ductors an.l engineers are the last
class that can rent in El Reno. What
is the chance to rent a livery stable
so I can partition off the sails for
brakemen and firemen to live in?"
In answer, we will state that no
doubt a barn would be very home-
like for the envious critic (with apol-
ogies to tlje horse family). The
Democrat realizes that the supply of
tenement houses in El Reno at pres-
ent is inadequate but every effort is
being put forth to supply the de-
mand, and soon there will be plenty
of houses for the railroad men we
gladly welcome to our midst Of
course we might be able to find an
extra corral for the jackass who has.
been so impertinent.
Complimentary to our honored cit-
izen, the Oklahoman says: "Lieu-
tenant Governor Bellamy left for his
home in El Reno. He was able to
walk, supported on either side, from
. . .. . . , . .. spring, there will be an advance in
his room in the hotel to the earn-1
age. As he pased through the lob-
by, he was cheered. He responded
by a nod of the head. He is still
very weak, but is rapidly recovering
from the attack of pneumonia with
which he has been confined for a
month."
i's c irculation, to be h l I id _
for the redemption of its circu.^
note-: and the balance rerrninlng t,!
the deposits so covered shall, at th -;
close of each month, be report. ! on'
th' i onthly public debt stat- nt ;>
debt of the United St-"s bearing m !
Interest"
Now-, there yr ■! are. The 5th see
tlon repeal "an act to authorize the
CHICAGO NEWS LETTER.
Shippers of groceries, soap, hard
all over the count: fear they are
going to enable eastern railways to
recoup any losses due to pass uger
rate
tions, and
man who in p3rjfl
sugar, flour
hlbition will doubtless b.
most, successful ever held
coa*t. Society le
OaVl >nd and Pan Franrisr-o
tiful nnl
arded to ■
A A *
man William Urim< r, at the conclu-
sion of his campaign throughout the
for the waterway He feels
nesB of feeling may be destroyed, conln.1 , ,
bv the great increase and necessary of the Lakes-to-the-Gulf project, the
toleration of usury, it Is an exclus- one In Illinois, will be solved, which
tvel metallic currencv." will mean that a federal appropria-
w hat cares thl/ generation of tlon of $60,000,000 then will be forth-
coming to complete the channel to
1 the gulf. Assurances from Speaker
i Cannon and Chairman Burton of the
I rivers and harbors committee of the
[ house are very favorable. The se-
cret hope of the Chicago sanitary
i 'rustees that they, Instead of the
state, wi',1 get the water power
rights below Lockport seem fatuous,
their hope being dependent upon the
defeat of the waterway and a further
crant of rights from the Illinois leg-
islature. As the waterway has been
endorsed by all political parties the
only danger lies in the failure of the
voters to cast "the little ballot,''
which is to decide Illinois' con«tltif
tional amendment. The cost of the-
entire waterway will aggregate f 1 >50.-
800,000, of which the city of Chica-
<o will expend $80,00",0^0, the feder-
al government, $60,000,000, and the
sta'e of Illinois $20,000,000. The fed-
eral government will defray the ex-
pense of construction and maintain-
ing the locks In the canal, dredging
tfce various rivers, and the entire
cost of the waterway from LaSalle to
the gulf. The proposed ippropria-
tion from the state of Illinois will
be used in constructing dams and
power plants from Lockport to La-
Salle. About $13,000,000 of the $20,-
000,000 will be necessary to construct
tbat portion of the canal from Lock-
port to LaSalle. It is now proposed
to construct locks at Iioekport Joliet.
Dresden Heights, Ottawa and La
Salle.
High prices for beefsteaks and
pork chops have followed the high
prices for corn and hay which flood-
ed the live stock market here and
elsewhere through January and Feb-
(ruary. The farmers received high
prices for grain and low prices for
cattle and hogs, and now the house-
holder is paying higher and higher
prices for his meats. This, curious-
ly enough, applies to bams cut from
low priced hogs. The receipts of
livestock now have become so light
that the rise in fresh meat is ex-
plained. The cattle which should
have been kept back and fattened on
good feed for April and May con-
sumption came hern in January This
condition probably will continue and
prices will go higher yet before the
movement of range cattle commences
or until present stocks of half fed
Bteers In Iowa, Illinois an! Kansas
are fattened and sent here. This
rents, milk and meats to keep city
people from easy street, but the hen
i is doing nobly to provtde sn.I eggs
are down to the lowest mark known
In many months.
Dog Show on Coast.
OaHland, Cal., April 7.—Some of
the best canines of the United States
and England have been entered in
! , tl.«* second annual bench show of the
ware and many classes of dry goods t.- , , , . ,
.. . .. Oakland Kennel club, to be held dur-
ing the next four days and the ex-
e of the
on the
•lcrs of
le show.
rize wln-
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The El Reno Democrat. (El Reno, Okla.), Vol. 19, No. 5, Ed. 1 Thursday, April 9, 1908, newspaper, April 9, 1908; El Reno, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc120794/m1/4/: accessed July 18, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.