«2M A man’s life may be saved in many . ways. . 35?“; commit suicide in a ; great many ways. Shooting himself through the head is quicker, but it is no more certain than neglecting his saw her husband with a pistol to his head, she would take prompt and vigorous measures ~ - to save him; but the same woman might see. her husband on the down-grade to disease and death without seeing the seriousness of it. One— sixth of all the peeple who die, die of ,Ronsumption. Consumption doesn’t come all at once. It is insidious. The seeds of it are seemingly insignificant. Most people do not know how it starts. Thou- sands of people are on the road to con; sumption and don‘t know it. When- ever there is loss of flesh—paleness— wasting away—look out“ Consumption easily finds a foot-hold In a weakened Itody. Low vitality, Impure or poor illood, imperfect digestion, nervousness, sleeplessness—all these lead to consump- tion. Taken in time, Dr. Pierce’s Golden Medical Discovery will prevent the de- velopment of the disease. Taken accord- ing to directions, it will pOSitively and perfectly ,cure ninety-eight per cent..oi all cases of consumption, whether .111- -cipient or fully develOped. Consumption is a disease of the blood. The “Golden Medical Discovery” is a cure for all blood diseases, no matter inhwhat part or how they manifest themselves. ' _ If you want to know all about It, and what it has done for other people, send twenty-one (2r) one-cent stamps to cover the cost of mailing only for a FREE COPY of Dr. Pierce‘s great 1008 page work, “ Common Sense Medical Adviserf’ Every family should have a copy of this book for ready reference. \Vorld‘s Dispen- sary Medical Association, Bufialo, N. Y. summer _ BROTHER —— MANUFACTURERS OF —- IMPROVED SODA AND Dilli- , ERIE WATERS. Flavoring EXIract,s Also the Syrups and Olden Time Fruit Juices, Root Beer. I-emon Soda, Soda Water Sarsaparilla, Supplied in Birch Beer, Steel Fountains. Seltzer and Vichy in Siphons, Address ‘ N. J. 8i (i. S. OBUMNIMI, 44 Main Street. - The elzeeee If # PRINT N Department. Norm-91k, Conn A warm TO * W [SE Merchants, M anuiam m ore, Lodges and Societies will consult their oven inter. ests by giving us, a call. REMEMBER— -If you have work to do, write to us. A man may health. If a woman- “WHAT‘GAGE' SAID?" PROPHESIED IN 1891 THE PREDICA- MENT OF OUR TREASURY DE- PARTMENT IN 1893. ————«o— Bis Often Quoted Addressbf 1894—Im- _ portant as Outlining the Present Views of the Secretary of the Treasury—Im- portance of Credits—Real Money Versus Promises to Pay—Makeshift Legislation— Summary of Defects of Our Currency System. i The new secretary Of the treasury, Lyman J. Gage, is not a novice either in the theory or practice of financial affairs. Long before most bankers and business men were greatly concerned about our national finances he saw dan- ger ahead and prophesied what would—— and what did—happen, unless certain changes were made in our unscientific and unsound financial system. On Feb. 19, 1891, Mr. Gage read a paper before the Sunset club in Chicago. After explaining how silver and gold money had been evolved “by the free play » of human choice, ending in consensus of action, and never by conventional agree- ments made in advance,” he discussed our own monetary conditions. He point- ed out how the United States, by ac- cepting both metals and by allowing its creditors to choose either, kept together the two metals, whose values were di- verging rapidly. TO the question, Can— not the government continue this policy indefinitely and thus“forever preserve a higher value to the silver coin than its equivalent in silver bullion?” he replied that it could not. “The proportion of silver payments to the government, ” he said, ‘ ‘will steadily increase until the treasury department will be obliged to ei‘ther pay in silver .or buy gold in ex- change for it. With free coinage of sil- ver, ” he added, “this result will be the sooner reached.” Nothing could be clearer or sounder than this. It is pre- cisely what happened. In the autumn of 1894 he took part in an elaborate discussion of the money question at the Commercial club of Chi- cago. His address at this meeting is often referred to and is now of much in- terest, since it contains what he says are still substantially his ideas in regard to currency reform. We quote below the greater part of this address: "In speaking upon the subject of our money system one must be aware that in whatever he may say he will excite the hostile criticism and draw forth bitter invective from some one or more of the various factions who are seeking to es- tablish on new and experimental foun- dations our much disturbed financial structure. “Through our heterogeneous system the public mind has seemingly lost the power to discriminate between real things and the shadows or signs of things. It is necessary that disguises be pulled aside and that real facts appear. “There is, in truth, only one real money—viz, metallic coin. It may be composed of gold or silver. It might be of something else, but it is not. Green- backs, treasury notes and national bank notes are but promises to pay. In the nature of things they can be nothing more. They pass as money, perform the functions of money, often more conven- iently than money itself. Because of this confusion comes, and we are led astray. Seeing that the greenback is uttered by . the government; that it has, by the legal tender quality imparted to it, the power to pay debts. and that it circulates with all the power of money, discrimination ceases—we call it money—and the idea ' that government can create money by its sanction or flat becomes rooted in the mind. The distinctions just pointed out are, however, fundamental distind- tions. They should be taught in the schools. They are simple, easy to he un- derstood even by a child. “ We admit that on many occasions paper money, whether greenbacks, treas- ury notes or national bank notes, is more to be desired than gold. Yet more to be desired than either, as proved by the daily conduct of men, is a. credit balance in a solvent bank. For, to secure this better form of good, people volun- tarily give to the banker these promises to pay—yea, even gold itself—for a credit to an equal sum upon his books. With an entry upon their passbook as evidence of the transaction they claim to have “mOney in the bank. ” In popu- lar language, the claim is well enough, but, correctly speaking, it is positively untrue. They have parted with their money, if money they had. It belongs to the banker; it is no longer theirs. ‘ ‘ The consideration they have received is an agreement from the banker to meet their requisitions, upon him from time to time. If the banker is faithful to his obligations they ,have made no bad bargain, for all these things—green- backs, treasury notes, national bank notes and, to use the popular language, money in bank—are in their nature and essence one—viz, they are forms of credit. Their value, each and all alike, lies in the ability of the owner to con- vert them at last into the only real form of money now existent—metallic coin. And to push the question a little far- ther, the only value of the metallic coin lies, not iii the coin as a coin, but in the power of the metal the coin contains to exchange for other things. “It should here be noted that while our silver dollar is real money its power to exchange for other things is more than doubled by another and artificial value imparted to it through the law, which gives it power equal to the dollar in gold to pay customs dues. Having an equal value in this direction, the quantity being limited, it has equal value in all directions, but the difi'erenco ~ bétween the metallic value of the silver dollar and this arbitrary value lies in the realm of credit. What I have so far said lies at the foundation of the subject and must be first understood. . “We have now current in the United States available in the purchase and sale of commodities and for the payment of labor services the ftziiowirg} agencies: 61 'TUE EVENING GAZETTE“'r Nyf v "First. gold coin, silver coin—Teal“ -- money . “Next, greenbacks, treasury ‘notes, national bank notes and bank checks. , The last four to be classified together as forms of credit. ' “Their respective legal relationships to real money, however, are not alike. The national’bank note and the bank check may both be satisfied by' the tender of greenbacks or treasury notes, while the last two are redeemed only in coin or in payment of public dues. “In passing it may be well to note the relative use of these various agencies in the practical Operations of commerce and trade. N 0 better place to determine this can be found than the counter of a bank, and the following statement of the amount of each received by a bank in this city on a recent day will indicate their relative importance in that direc- tion: Gold coi ‘ ............................... $9,885 Silver c n ............... . ............... 15,826 Gold certificates ........................ 4,045 Silver certificates ..................... . 98.129 Legal tender notes andgreenbacks. .. 82,172 Treasury notes ......................... 25,496 National bank notes ................... 34, 263 Total cash. $269,816 Checks, drafts, bills of exchange ..... $5,398,945 “Percentage of cash to total credits, 5 per cent. “The lesson to be drawn from these figures is this: ‘ ‘Much the larger part of all our com- mercial exchanges are carried on by bank checks or other instruments of pri- vate credit. These instruments all relate to a certain form of money, in place of which they for the moment stand. If uncertainty intervene as to what this related thing—this money—is, or is to be, distrust and confusion enter in. The mighty agency of personal credit is shaken. Commercial exchanges fall Off, trade languishes and industry declines. I t * 8 * t a: “The greenback was issued to pay debts, not to acquire value, or, if value was received, such value was either con— sumed or converted into value not avail- able in the market. The greenback paid soldiers and government employees; it bought powder and munitions of war. The existence of a greenback is the evi- dence of a debt not paid. It is alien upon the future. - “A national bank note, on the con- trary, is the evidence (f some existing value which lies somewhere as collateral for its redemption To transfer such values is the only ordinary and proper occasion which c:;.is for their issue. The volume in which they will appear marks the rise in prices or an increasing quantity of existing things. Like the bank check, they will be in active serv— ice when trade and commerce are active. Thus they enjoy the principle of elas- ticity, wholly lacking in any possible foriii of direct government issue. The metfod of their retirement is wholly diti' rent and subjects the trade and com- me:, 'e of the country to less dangerous stra.;1. O .O C t It * * “There is no reason why the govern- ment should act as warehouseman for either gold or silver. Such afunction is outside its proper limit of action. But we are faced by the condition, and it is the bete noire of the treasury. The enormous amount of $500,000,000 of silver, represented by $338,000,000 in silver certificates, added to the $150,- 000,000 purchased by the government under the Sherman act, constitutes a standing menace to every business inter- est. “Our whole monetary system is the unscientific compromises. It is time that reform began. I do not assume to offer more final remedies. In myown opinion the greenbacks should be permanently retired. The silver purchased under the Sherman act should be gradually sold and the treasury notes redeemed and canceled. Some well guarded system of bank note circulation, broader and more elastic than the present national bank act provides, should be inaugurated. Such bank notes should be redeemable at a central place and be redeemable in gold only. “To sum up, the defects of our pres- ent currency system are: 1. A confusing heterogeneity which needs simplifica— tion. 2. The greenback controverts the principle of paper money—viz, that ev- ery note injected into the commercial system should represent an existing commercial value. 3. The treasury note is a standing evidence of a foolish opera- tion, the creation of a debt for the pur- chase on a falling market of a cOmmodity for which the purchaser has no use—it lies Open to the just charge of being both idiotic and immoral. 4. The national bank note nearly conferms to the true principle of paper money, but the un- reasonable requirements for security paralyze its efficiency and operate‘ to destroy its elasticity. 5. The silver cer- tificate encourages the use of silver to a larger extent than consists with the safe preservation of that metal on a parity with gold. “Would a national commission help to promote reform? There is reason‘to hope that it would be of great serviceain that direction. Such a commission,§if light upon these involved questions. The information it might gather would be of immense value to all our people and would guide us to wise legislation. “Emotion and sentiment are not safe guides in matters of science. A clear apprehension of true principles will led to correct action. ” 1 Tom \Vatson Accepts the Verdict. ‘ ‘In a letter printed in the New .Ycrk World of March 9 Thomas E. Watsdi, ex-candidate for vice president, says::' If there was any clear meaning in the verdict of last November, it was that there should be no free and unlimited coinage of silver at th£l01d ratio of D6 to l. . . Condensed Japanese History. ; The Japanese government has adopted the gold standard. The J ups are the ‘ most progressive people of the east. lll- ' progressive nations are on the gold buds. —Pomeroy (0.) Leader. ' resultant of makeshift legislation and' ,rightly selected, would throw a flood of ‘ .1’ THE MUTUAL Lire 0303mm: [:0. OF NEW YORK. ‘ RICHARD A. McGURDT, President. ’ . Statement IDI the Year Endier December 3IsI, I89. According to the Standard of the Insurance Department of the State of New York. INCOME, Received for Premiums - - - - - From all Other Sources - - -' - - ' s 39,593,4I4 20 IO,IOO,28I O'I .___.-—_— DISBURSEM ENTS, To Policy-holders ‘for Olaims by Oealh 9 -’ - S |2,595,I I3 39 T 0 Policy-holders for Endowments, Dividends, clc. - - - I2,842,456 I ' ' 10,1_m,0_05 64 For all Olher Accounts - - - - g i - . ‘ $37,210,515 I4 ASSETS. . nilccl Slates Bones and olhcr Securities - - - - $|lO,I25,00Z l5 1|,543,929 56 II,03I,526 00 22,161,666 65 l2.000.000 00 5,535,555 06 —-—__..___. First lien Loans on Bond and Mortgage . - g - - Loan‘s on Stocks and Bonds - — - - - Real Estate - - - - _ — - _ Oash in Banks and Trust companies - - - -_ . Accrued Interest, Net DeferredPremiums, cIc. - - - - - 205,0l0,633 B —_—.- 6 2933331170 ..._—.__.__._.—————_. S 9l8.598.338 45 Reserve for Policies and other Liabilities Surplus - - - .. - - - - - Insurance and Annuities in force - - -. - ‘l h ave carefully examined the'foregoing Statement and find-the same to be cc liabilities calculated by the Insurance Department, CHARLES A. PRELLER, Auditor. From the Surplus a dividend will be apportioned as usual Report of the Examining Committee. Office of the Mutual Life Insurance Company of New York 'I 0 THE HONORABLE, THE BOARD OF TRUSTEES OF , TNE MIITIIAL LIFE INSURANCE COMPANY OF NEW YOIIK The undersigned, a Committee apppointed by your honorable body on the twenty- third day of December, I896, to examine the Annual Statement of the Company, and to verify the same, .espectfully . , That, pursuant tothe power and authority thereby conferred, the Committee have at various dates between the date of the said reference and the date cf thiiseport attended at the office of the Company, and have been waited on by the Treasurer the Comptroller, the Auditor and and the Cashier, together with the the respe :tive assistants of such officers, and have care: fully gone over all the items contained in the said Statement, and have found the same to be correct. They have examined and counted every certificate of stock, bond and other obligation held by the Company, and compared the priize' at which the same are carried in said Statement with the market quotations and-find the same not exceeding such quotadons—m fact in manv cases b- 1 w them. They have examined and counted the bonds and mortgages on real property held by the Compahy and find the s . rm to be as stated. They have also verified the valuations of the Company’s holdings of real estate and have; verified the deposits of money in the various banks and trust companies, and have counted the cash on hand held by the Cashier And the Committee certify that all the books, papers. documents and evidences of title of every description necessary in such examination have been freely submitted to the Committee by the'said officers and their assistants, and that the same are accurate, in good order and well kept , . -. ‘ And the Committee further certify that the investments of the Company are of a high order, and that the Sys‘em and methods adopted by the Company in recording its transactions and caring for the assets are entitled to commendation ROBERT OLYPFIANT J. HOBART HERRICK JAM ES N. JARVIE CHARLES D. DICKEY. JR! JAMES C. HOLDEN CHARLES R. HENDERSON All of which is respectfully submitted NEW YORK JANUARY 25, 1897. The company has issued-an order whereby women can be insured without the extra charge heretofore required. More definite information on the subject will be furnished by the local agent, Mr. A H. Camp, Board of Trustees GEORGE G. ‘HAvEN ADRIAN ISELIN JR. GEORGE S. BOWDOIN THEO. A. HAYEMEYER WILLIAM C. WHITNEY \VILLIAM ROCKERELLER JAMES N. JARVIE CHAS D. DICKEY JR. ELBRIDGE T.[GERRY' - HENRY H. ROGERS , JNO. W AUCRINCLOSS 'IIIEODORE MORFORD WILLIAM BABCOCR STUYYESANT FISH AUGUSTUS D. J UILLIARD CHARLES E. MILLER WALTER R GILLETTE H. \\ ALTER W EBB SAMUEL D, BABCOCK RICHARD A. McCURDY JAMES C. HOLDEN HERMANN C. VON POST LEWIS MAY OLIVER BARRIMAN ROBERT OLIPHANT GEORGE F. BAKER DUDLEY OLCOTT ' JULIEN '1‘. DAVIES ROBERT SEwELL S, V. It. CRUGER CHARLES R. HENDERSON RUFUS W. PECKHAM - J. HOBART HERRICK WM P DIXON ROBERT A. GRANNIss ROBERT A GRANNISS Vice-President; W'ALTER R. GILLETTE, General Manager. “ ' ' ISAAC F. LLOYD, 2d Vice-President. ’ HENRY E. DUNCAN, JR, Corresponding Secretary WILLIAM J. EASTON, Secretary. ALBERT KLAMROTH, Assistant Secretary FREDE RIC CROMWELL. Treasurer. . JOHN A. FONDA, Assistant Treasurer. JAMES TIMESON. 2d Assistant TI easurer. WILLIAM P, SANDS, Cashier. EDWARD 1’. HOLDEN, Assistant Cashier. EMORY MCCLINTOCK, Actuary. _ JOHN TATLOCK, J_ R , Assistant Actuary. ., CHARLES A, PRELLER, Auditor. . . WILLIAM \V. RICHARDS, Comptroller, C. CLIFFORD GRETSIN GER. AsSistant Auditor. HENRY S. BROWN, Assistant Comptroller. ' - JOHN C. ELLIO 1‘, Superintendent of Domestic Agencies. ED WARD LYMAN SHORT. General Solicitor. MEDICAL DIRECTORS: ELIAS J. MARSHgM. D' GRANVILLE III. \VHITE, M. I) I FREDERIC CROMWELL mm in. menu-5 . ' ‘2 i 7‘ AQH" @AMEu-g Locallgenl. 27-3 ,- .v fl . a , . . . . l '. _. I I -r’ji: ‘
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