'__—
' IT COM ES FROM FARMERS, WHO HAVE
A REAL MONETARY GRIEVANCE.
They May Be Mistaken as to the Cause
and Remedy but Not as to the Exist-
ence of Their Trouble—Why Interest 15
High In the \Vestand South-Statistics
of Banking Power In Different Sections.
Upon tracing the movement for a
larger volume of circulation back for a
score .cf years it will be found that it
has invariably manifested greatest
strength in the agricultural sections of
the country. Obviously, then, we must
seek for the underlying causes 'in these
communities. ,
When the subject is analyzed, it will
be observed that the. ground for discon-
tent at existing conditions lies in the
fact that not'v'vitlzstanding greatly im-
proved means of production, notwith-
standing greater facilities and materi-
ally reduced rates for the transporta-
tion and distribution of products, the
agriculturist, upon whom so large a
part of our economic system is depend-
ent, finds himself, generally speaking,
after a twelvemcnth of hard work, no:
farther ahead than at the beginning of"
the year, and in many instances his
status is worse. Through the failure to
make a proportionate income he has not
been able to reduce, but has, in fact,
increased his money obligations.
It is not maintained that such is the
case throughout the land, nor are all
agriculturists entitled to equal credit
for care and economy. Many cases there
' are, doubtless, where sympathy is not
deserved, but in most of the communi-
ties where discontent prevails the rea-
son here given is the true one, the dis-
sertations of self satisfied theorists to
the contrary notwithstanding.
Numerous examinations made by
painstaking investigators warrant the
statement that the unequal distribution
of capital and of money and the conse-
quent gross inequality in interest rates
are the chief cause of the inability to
carry on the important business of agri-
culture profitably.
The sections of the country polling
the largest silver vote in 1896 have,
generally speaking, insufficient credit
facilities. The small farmer who, ad-
vancing from the condition of farm la-
borer, seeks a. larger measure of inde-
pendence and greater comforts for his
family, is not only compelled to mort-
gage his realty, frequently at rates as
high as 15 per cent, but is under the
necessity of borrowing upon his pro-
spective crop. Having no banking ofifice
to call upon, he turns to the storekeep-
er, who extends credit for the needed
supplies and taxes the borrower first for
interest upon the loan, second in the
way of increased prices for staples fur-
nished and finally in the way of dis-
counts or commissions upon the product
of the farm turned in as payment.
These items not infrequently aggregate
30 per cent upon the actual credit ex-
tended, and in a very large number of
cases the total exceeds 20 per cent.
Itis perhaps unnecessary to add that
business of any kind under such condi-
tions would be unpofitable.
IS it, then, surprising when the agri-
culturist, who knows little relatively of
the principles of sound finance, imagines
that an increase in the volume of money
would benefit him? Is it to be wondered
.at, when he bears or reads of money go-
ing begging at 2 per cent in the metrop-
olis, he fancies that, by some hocus
pocus, Wall street is constantly striving
to grind him down? .
It is our business to teach him other-
wise; to teach him that the prosperity
of the commercial centers is closely in-
terwoven with his—is, in fact, largely
dependent upon his welfare—but the
lesson can only be brought home to him
by the introduction of means through
‘ which his own prosperity shall be as-
sured. For, even as it is impossible to
interest a starving man in the plan of
salvation, so the debt ridden farmer can
only acquire faith in our views of sound
finance when relieved of his present on-
erous burdens. To him a system which
operates so unequally as the existing
one does must appear not only unsound,
but absolutely tyrannical. Any change,
he feels, would be for the better. Con-
sequently the southern farmer demand-
ed the reinstatement of the state bank
note system four years ago, and last
year the free coinage of silver appeared
to him the best solution of the difficulty.
The remedy is manifestly not to be
found in any form of inflation of our
circulation, but in providing by legisla-
tion or otherwise increased credit facili-
ties, both for long term loans upon
mortgages and short term credits upon
crops, and a better distribution of the
circulation which we have.
‘In this, as in many other matters, we
must refer for guidance to human expe-
rience elsewhere. In no country has the
system of advancing short time credits
to agriculturists reached the high state
of development which is found in Scot-
land. The Scotch banker has learned
that the farmer is, under a well guard-
ed system, as fairly entitled to credits
to float his venture as the merchant or
the manufacturer.
Scotland has one banking firm; for
each 4,000 of population and a ratio of
banking capital to total resources of
banks of 1 to 12. By this economy in
the use of capital the banks are able to
declare dividends averaging fully 10
per cent while giving credits ordinarily
at rates rarely exceeding 4 per cent,
and every hamlet in the kingdom has a
banking office within its limits or in its
immediate vicinity. * * * .
Taking the states of Alabama, Missis
sippi and Arkansas as an example, it
will be found that these have; about
4,000,000 population and 171 banking
institutions, including private bankers,
with a total capital of $17,000,000; to-
tal resources, $40,000,000, or a ratio of
capital to resources about 1 to 2 1-3,
and one banking ofiice to 23,000 of pop-
‘ulation. _ . .
The reason for exorbitant interes
- rates in the last mentioned section is
1
obvious. And it will continue to exist
unless some means of economizing cap-
ital, as is done in Scotland, is provided
and the storekeeper. is compelled by
competition to reduce rates. The comp-
troller of the currency, in his annual
' report for 1896, presents a table show-
ing the banking power of the several
states and territories, from .which the
following abstract is compiled, to illus-
trate this point more forcibly:
AVERAGE assume POWER PER vCA-PITA, UNIT-
ED STATES, 1896.
Nations Loan
31, state and
and trust Sav-
private com- big;
banks. panics. banks. All.
United States. . . .$52.83 $10.95 $29.91 $93.69
Maximum, Rhode .
Island .......... 121.85 64.02 185.7” 371.62
Minimum, Ar‘
kansas .......... 4.86 —— -—— 4.86
‘5 New Englzuid
states ..... -. ..... 78.90 20.50 152.50 253.00
6 middle states 69.74 22.73 34.5,:3 1:100
13 southern states 17.98 .‘4 .69 18.70
8 central states. 48.14 2.111 (’34 5.6.89
13 western states. 34.89 -— 1.09 3‘15?
4Pacific states... 46.88 26.69 73.57
The great disparity between the
banking facilities is seen ' at a glance.
The six New England states, with an
estimated population (1896) of 5,200,-
000, possess nearly $79 per capita; the
13 southern states, with 20,000,000
population, Show barely $18 per capita,
or 22 per cent of the former. Including
savings banks and loan and trust com—
panies the ratio, is materially reduced,
the south showing only 7 per cent of the
amount given for New England. An-
alyzing the items given in the last col-
umn, as stated in the comptroller’S ta-
ble, it is found that the states and ter-
ritories representing 70 per cent of the
population have less than 33 per cent of
the entire banking power, estimated at
$6, 700,000,000.-,—-Maurice L. Muhleman
in New York Herald.
“Free Coinage” Demand Is Misleading.
If any advocate of the free coinage of
silver dollars or copper dollars or iron
dollars at any ratio, 16 to 1, more or
less, will agree to stop there and ask
nothing more, I for one am prepared to
meet him, and in that way to stop the
present contest. Who would want them?
Not one of these men will consent to
free coinage on those terms. Not one of
them would be satisfied. Not one of
them would then get what he is after
under the pretext that free coinage and
“equal rights of gold and silver” are all
that he wants. I challenge any one to
find an advocate of free coinage at 16 to
1 on these simple terms—that both gold
and silver should be treated alike; that
both gold and silver coins shall be made
for any one who takes the bullion to
the mint to any number that he wants.
I challenge any advocate of free coinage
to deny that free coinage, pure and sim-
ple, is not what he demands, and not
one of them will dare to meet this chair
lenge.
This demand for free coinage is a
cover intended to conceal the true pur-
pose of those who ask it. Most Of those
who support this measure have been de-
ceived and misled. Let such men put
the question to any owner of silver
mines, to any senator or representative
in congress or to any and every candi-
date on the free coinage platform in
the following terms:
“If we grant free or unlimited coin-
age, without charge for the coining,
will you demand nothing more?” N ot
a man who knows what the true pur-
pose is will answer “Yes” to that ques-
tion—Edward Atkinson.
Increasing the Volume of the Currency.
, chpnngc
Wu
Capital—By dividing this one dollar
it becomes two, which makes more
money. I pay you tl g two dollars for
wages, yOu see.
Labor—But when I go to buy bread
I find them only worth one, so I don’t
see it. -—-From “Robinson Crusoe’s Mon-
ey,” by David A. Wells.
Lbfiating 'the DiseaSe.
"We cannotaiford to advertise our
anxiety for the free coinage of silver
any more, ” the Philadelphia North
American (Rep) declares. “Unless
some of the nations want free coin-
age at our ratio or thereabout, it is idle
as well as humiliating to be importun-
ing the great nations to create a market
for our silver. For that is the kernel of
this nut, and but for the desire for a.
market there would be no talk about
free coinage of. silver here. ”
Chicago, , St. Louis,
‘jectlons were not substjntiated.
Insist on the
. Largest package—greatest economy.
' THE N. K. FAIRIA‘NK COMPANY,-
New York,
. "‘4‘
'TIH‘E EVENING GAZETTE ' ‘ ° t
Scranton 'Ma’h' Appointed.
Buffalo, April 23.—'I‘lfe Italian colony
in this city is rejoicing over informa-
tion just received that the Italian gov-
ernment has appointed John Banchetti
as vice consul at Buffalo. Vice Consul
Banchetti is at, present a. resident of
Scranton, Pa, where he has represent-
ed his government in the same capacity
that he will occupy here.
Bank Indictments Quashed.
Helena, Mom, April 23.—United States
Circuit Judge Bellinger of Oregon has
quashedtne indicrments against E. D.
Edgerton, former vice president and
manager cf Lee -ate First National bank
of Helena and against Assistant Cash-
ier George 11. Hill and E. W. Beattie,
accused by the grand jury of misappro-
pristicns.
To Remove Bancroft House.
Newport, R. I., April 23.—One of the
important changes anticipated this
spring on the cliffs is the removal of
the Bancroft house, historic in its as-
sociations, by the new owners, Mr. and
Mrs. Hermann Oelrichs of New York.
It is said that their intention is to erect
a. most magnificent residence on the
site.
The British In Delagoa. Bay.
Lorenzo Marquese,De1agoa Bay,'April
23.—A squadron of eight British war-
ships has arrived here. The advent of
the squadron caused much excitement
here. Six of the warships have entered
the river and two others remain in the
bay. A French warship has also ar-
rived.
Hay Calls at the Foreign Office.
London, April.23.—The United States
embassador, Colonel John Hay, accom-
panied by the secretary of the United
States embassy, Mr. Henry. White,
called at the foreign office this after-
noon and saw the permanent officials
of that department of the government.
Choynski After Fitz.
San Francisco, April 23.—Upon learn-
ing that Fitzsimmons had reconsidered
his' decision to retire from the ring
“Parson” Davies forwarded to Al
Smith of New York a. formal challenge
on behalf of Joe Choynski Of this city
for a. match with the champion.
Allen In Sympathy VVitlI Greece.
Washington, April 23.—Senator Allen
of Nebraska has introduced a resolu—
tion in the senate directing the presiw
dent to express the sympathy Of the
American people with Greece in its
struggle with Turkey. Mr. Allen spoke
in favor of its adv-tion.
W'lll Sing the “.‘lIessiah
New York, April '23.—Hau=’7 "files—
siah” will be performed a. Carnegie
Music hall on Monday evening, May 3,
by the chorus of 1.000 VF-iL'vS of the Peo-
ple’s Choral uni 1. irauk Damrosch
will conduct the performance, and well
known 50’: i- ..-.: will assist as well as an
orchestra of 50 pieces from the New
Tc. .. Symphony society.
Lnlonel Kay’s Speech Cozumended.
London, April 23.—-All the afternoon
new papers cordially welcome Colonel
John Hay. he new United States eru-
bassador to the court of St. James, and
remark upon the good taste he display—
ed in his spereb in reply to the welcome
yesterday ct tlxa mayor of Southamp-
ton {Yr-".1 tiz-t— e.:'-_b;szador's arrival at
that eri‘t.
IIIorgan Calls Reed Names.
Washington, April 23.—Senator Mor-
gan of Alabama made a sensational
speech against the disorganized condi-
tion of the senate and house commit-
tees today and declared that the speak-
er of the thSE‘, who was called “the
great Should be known
hereafter as the “great white filibus-
ter.”
\‘A‘A.' . __,
Memorial Exercises at Biount McGregér.
Saratoga, April 23,—Post McKean, G.
A. It, of Szgl'atoga, today perfected ar-
rangements for the decoration of and
services at the General U. S. Grant
cottage at Mount McGregor on Memo-
rial day. A delegation of citizens will
accompany the veterans and take part
in the exercises.
A Nrw Su‘izziznfng Record.
San Francisco. April 23.—A world's
record in swir.-=ming was made in this
city. H. ’1‘. Brewer swam 440 yards in
the oi’iirfal .Zme of 624%. Cavilla, the
Australian champion swimmer, is said
to have held the record up to last even-
ing; his time being 6:26.
The New Hn‘mpsliire Bank M'nrdor.
Dover, N. H.. April 3.—Joseph E.
Kelley, the Scmerswort'h murderer, ar-
rived in this city today and was placed
in the Stafford County jail. A large and
greatly excited crowd was at the sta-
tion, but there was no disturbance.
The President of Uruguay Shot At.
Montevideo, Uruguay, April 23,—An
attempt has been made to assassinate
the president of Uruguay, Senor J.
Iyiarte Borda. He was shot at, but the
bullet missed its mark. ‘The president’s
assailantjwas arrested.
Colonel'Shaf'ter Favorably Reported.
Washington, April 23.—Th‘e senate
committee on military affairs today re-
ported favorably the nomination of
ColOnel Shafter‘ to be brigadier gener-
al. Colonel Shafter's nomination had
been up for a short time, as some ob-
jections had been made to his promo-
tion, but the committee found these ob-
A
Genuine
D
03‘
,-
The beSt Washing Powder
made. Best for all clean-
ing, does the work quickly,
cheaply and thoroughly.
. " '
‘ “a e-
. . - .4
OF NE W YORK.
, .v RICHARD a. MoCUBDY, President-‘4
Accordingto the Standard of the Insurance Department of the State of NewYork.
INCOME, .
Received for Premiums \- - , - - . -
From all fllher Sources ’
“ ~ '3 49,105,395 21
DlSBURSEMENTS, . '
To bailey-towers for claims by Death _ — - -
is Policy-holders for Endowmenls, Dividends, elc. - -
/'
x
3 39,93,414 20
3 12,595,113 39
12,342,455 5.
19,191,905 54
333,213,515 14
For all tiller Accounts - I - ' - , — ' - g.
ASSETS.
sifted Slates Bonds and other Securities — - i --
First lien Loans on Read and Mortgage ~ - - ,,
Loans 9n Slacks and Bonds - — _ - - .
. $110,125,932 15
11,543,929 5
11,991,525 119
, 22,151,553 55
12,580,399 119
6,535,555 95
s 234,144,149 42
295,919,63312
——'—————--Ih-——d———
s eases-.19
S 9l8.698.338 45
Real Estate - - - . - -. g - -
(last in Banks and Trust companies - - - - -
tccrued Interest, Net Deferred Premiums, etc- - -
Reserve for Policies and other Liabilities - .- -
, Surplus ‘ - , - - -
Insurance and Annuities in force - - .
I have carefully examined the foregoing Statement and find the same to be correct
liabilities calculated by the Insurance Department CHARLES A. PRELLER, Auditor.
F rr m the Surplus a dividend will be apportioned as usual ._
' O 0 O
- Report of the Exammmg Committee.
. Office of the Mutual Life Insurance Company of New York
To THE HONORABLE, THE BOARD OF TBUSTERS or ,
, THE MUTUAL LIFE INSURANCE GOMPINY OF NEW YORK _
The undersighed, 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
REPORT
That, pursuant to the power and authority thereby conferred, the Committee have at various dates between the date of the
said reference and the date of this Report atteude d 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 respective aSSIStamS or such ofliceis, 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 price at u hich the
same are carried in said Statement with the market quotations and find the samcnot exceeding such quotations—in fact, in
many cases be 2 w them. They have examined and counted the bonds and mortgages on real property held by the Company,
and find the Same 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. . . . .
certify that all the books, papers. documents and evxdences of title of every description necessary in
And the Committee _ _ , .. .
such examination have been freely submllted to the Committee by the said officers and their assmtants, and that the same are‘
. . 2‘
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 system and
methods adopted by the Company in recording its transactions and caring for the assets are entitled to commendation
All of which is respectfully submitted ROBERT OLYPHANT J. HOBART, DERRICK
JAMES N. JARVIE CHARLES D. DICKEY, JBAI
NEW You. JANUARY 25, 1897.- JAMES c. HOLDEN CHARLES R. HENDERSON
flZVThe company has issued an order whereby women can be insured without the extra
charge heretofore required. More definite mformatlon 011 the subJect Wlll be furnished by
the local agent, Mr. A H. Camp.
‘Board. of Trustees
GEORGE G. H AvEN
ADRIAN ISELIN JR.
GEORGE S. BOWDOIN
Taro. A. HAvEnEYER
WILLIAM C. WHITNEY
WILLIAM BOOKEEELLER
JAMES N. JABVIE '
CHAS D. DIGKEY JR.
ELBRIDGE T. GERRY
HENRY H. ROGERS
Jxo. W AUCHINCLOSS
THEODORE MORFORD
WILLIAM BABCOCK
STUYVESANT FISH
AUGUSTUS D. J UILLIARD
CHARLES E. MILLER
WALTER Id GILLETTE
H. VI ALTER Wan
FREDERIC CROMWELL
J ULIEN T. DAVIES
ROBERT SEWELL
S, V. R. CRUGER
CHARLES R. HENDERSON
RUFUS W. PECKHAM
J. HOBART HERRICK
WM P DIXON
ROBERT A. GRAstss
ROBERT A GRANNISS Vice-President.
. W'ALTER R. GILLETTE, General Manager. '
ISAAC F. LLOYD, 2d Vice-P1 esident. , HENRY E. DUNCARJR,‘Corresponding Secretary
WILLIAM J. EASTON, Secretary. . ALBERT KLAMROTH, Assrstant Secretary.
. FREDERIC‘CROMWELL, Treasurer. '_
’ JOHN A. FONDA, Assistant Treasurer JAMES TIMPSON. 2d Assrstant Treasurer.
WILLIAM P, SANDS, Cashier. ' EDWARD P. HOLDEN, AEsrstant Cashier.
EMORY MCCLINTOOK, Actuary.
JOHN TATLOCK, JR , Assistant Actuary. .. ~
CHARLES A, PRELLER, Auditor. . ' - WILLIAM W. RICHARDS, Comptroller.
C“. CLIFFORD GRETSINGER, ASsistant AuditOr. HENRY S.-BRO WN, Assistant Comptroller.-
JOHN C. ELLIOT, Superintendent of Domestic Agencies. '
EDWARD LYMAN SHORT. General Solicitor.
MEDICAL DIRECTORS: , _ ,
ELIAS J. MARSH, M. D' GRANVILLE MHWHITE, M, D
SAMUEL D, BABCOCK
RICHARD A. MCCURDY
JAMES C. HOLDEN
HERMANN C. VON POST
LEWIS MAY
OLIVER HARRIIIAN
ROBERT OLYPHANT
GEORGE F. BAKER
DUDLEY OLCO’I‘T
GUSTAVUS S. WINSTON, M. D.
Gehe’ralllgenl for
JOHN ,w-NIGHOLS Ilsa "31199;: . Slate olconn'ecllcul'
Boston, _
Philadelphia. ., . l, .
AH» GAME-1- “g-
THE MUTUAL 1.111: [1131111111113 fin
Statement 11111113 Year Endive 11331111113191, I891,
' l0;ll)9,28| 0?...
. 1“-
Norwalk Chronicler