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like the long river serpenting on its winding course from the Alps to the ocean than is these Churches of Protesters to the great Church of universal humanity, which we HAUNTS OF REUNIONISTS, have not reached as yet, but which we are reaching on to. "Here, let me add, lies the strength of our movement. The desire for reunion is part of our weltgeist; it is a spirit in the air taking a hundred forms, and meeting us, like the cry of the mocking-bird, in a hundred wandering voices in the air. It expresses what all men are in search of; it is part of the Zeitgeist, it is abreast of the ruling ideas of the age."

MOUNT PILATUS.

OUTCOME OF THE OXFORD MOVEMENT. "What are these? It is, in a word, an outgrowth of the Oxford movement, purged of its sacerdotal accretions, and translated into popular and practical form. No error ever grew and spread that had not some grand ideal underneath. That ideal of the Oxford movement was to realize the Church visible as again one united and indivisible. We had so long acquiesced in the quibbling distinction between visible and invisible Church, that the jest of King Charles, who described Harrow-on-the-Hill as the only visible Church in England, had come to be accepted as a true account of the case; and with what result? Every slight schism meant a separation forever."

UNITY, NOT UNIFORMITY.

The great stone of stumbling in the way of past reunionists is, Mr. Heard said, the misconception

that unity meant uniformity in dogma and observ

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In the early days of the American Catholic Church, Dr. McGlynn tells us, it became a custom for the Pope to appoint bishops upon the recommendation of other bishops. In the exercise of their authority the bishops often nominated men distasteful to the clergy over whom these men were to preside. Furthermore. the government of the bishops became arbitrary, and they for a long time denied to clergymen on trial the privilege of counsel. The Pope ordered that a clergyman should have the right to counsel, but added that this counsel must be approved by the bishop. This gave the bishops opportunity to appoint whom they chose.

The present Pope has long been anxious to do something to heal the discontent in America and hit upon the plan of sending over an Apostolic Delegation who should be the legal representative of himself in this country. For a long time this plan was successfully resisted by the bishops on the plea that such a move would be unwelcome to Protestant Americans. But recently the Pope, with a firmness which increases with his growing years, disregarded all protests and established his permanent Apostolic delegation, appointing to the office

ARCHBISHOP FRANCISCO SATOLLI.

This appointment, Dr. McGlynn claims, was peculiarly vexatious to the American bishops because Satolli has gone vigorously to work to expose and check their wrong-doing. A conspiracy was formed, says the writer, to so misrepresent the Archbishop to the Pope that he would be removed, but the Pope remains firm, and in a recent interview with Dr. McGlynn said: "Satolli! I know Satolli. It was I who brought him up and so long as he does his duty and obeys my instructions I will support him."

THE Catholic World publishes an account of an attempt to establish a Catholic counterpart to the W. C. T. U. The editor says: "The Catholic Women's Congress held in Chicago, May 18, gave an outline sketch of the work of Catholic women, beginning with a paper on 'The Elevation of Womanhood Through the Veneration of the Blessed Virgin,' and

closing with the life work of Margaret Haughery, of New Orleans, the only woman in America to whom the public have raised a statue. The enthusiasm awakened by this congress drew a large body of Catholic women together, who organized a National League for work on lines of education, philanthropy and the home and its needs '-education to promote the spread of Catholic truth and reading circles, etc.; philanthropy to include temperance, the formation of day nurseries and free kindergartens, protective and employment agencies for women, and clubs and homes for working girls; the home and its needs' to comprehend the solution of the domestic service question, as well as plans to unite the interests and tastes of the different members of the family. Each active member of the league registers under some one branch of work according to her special attraction."

CONVERTS TO ROME IN AMERICA.

HE American Catholic Quarterly Review pub

Clarke entitled "Our Converts." It is for the most part composed of several pages of names of notable Americans who have come over to the Roman Church. Dr. Clarke says: "The convert element in a Catholic population of 14,000,000 in 1893 is estimated at 700,000, which shows the glorious and triumphant gains of the Church from the Protestant sects. It is a significant fact that few converts have been made by the Catholic Church in this country from the ranks of infidelity, atheism, deism, and other schools rejecting Christianity. The Protestant sects, those professing Christianity and struggling for the light of truth to the best of their opportunities, have yielded up to the Church, from the bosom of error, this goodly army of sincere and devout Catholics. Episcopalians by their love of religious antiquity and episcopacy; Presbyterians, by their ardent advocacy of the principle of ecclesiastical authority; Methodists, by their intense culture of the personality of God and of the Saviour Puritans, by their hatred of Erastianisin and opposition to what they took to be idolatry, the zeal of Evangelicals against mere formal religion, and other sects, while blindly rejecting many revealed truths, yet cherishing some particulars of true religion, have proved themselves nurseries of conversions and promotors of some beautiful features of Christian truth, and probably themselves may prove to be the links by which all Christians will some day be brought into the one fold of Christ. When we consider the extent of this element of converted Catholics only in our own country, there is great and pregnant hope for a united Christendom.

"When it is considered that the body of American converts have given to the Church eleven of her eminent members of the hierarchy, and including Bishop Northrop, the son of a convert, twelve, and four of these were archbishops, we must acknowledge not only the numerous constituency standing at their backs, but also the zeal, the faith, the learning, the charity, the fidelity, the apostolic spirit which pervade the entire body of American Catholic converts."

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MISTAKEN CONCEPTION OF JEWISH CHARACTER.

If any one were to attempt to analyze the character of the Jew on the basis of what has been said about him in history (so called), in fiction, or other forms of literature, both prose and poetry, he would find himself confused and baffled and would be compelled to give up his task in despair. The greatest paradoxes have been expressed about the Jew. The vilest of vices and crimes, as well as the greatest of virtues, have been attributed to him. Pictures of him have been painted as dark as Barabbas and as light as Mordecai, while between the two may be found lines of every shade of wickedness and goodness. To cite but one example out of an infinite number, I refer to Shakespeare's portrayal of the Jew in his character of Shylock. This picture is untrue in every heinous detail. The Jew is not revengeful as Shylock. Our very religion is opposed to the practice of revenge, the "lex talionis" having never been taken literally, but interpreted to mean full compensation for injuries. The Jew, in all history, is never known to have exacted a pound of human flesh cut from the living body as forfeit for a bond. Such was an ancient Roman practice. Shylock can be nothing more than a caricature of the Jew, and yet the world has applauded this abortion of literature, this contortion of the truth, more than the ideal portrait which Goethe drew of Israel in his Nathan, the Wise.'"

NO JEWISH NATION.

There is a prevalent error that the Jews constitute a separate race. Rabbi Silverman admits that there was an old Hebrew tribe from which Jews derived their descent, but adds, "there have been so many admixtures to the original race that scarcely a trace of it exists in the modern Jews. Intermarriage with Egyptians, the various Canaanitish nations, the Midianites, Syrians, etc., are frequently mentioned in the Bible. There have also been additions to the Jews by voluntary conversions such as that in the eighth century, of Bulan, Prince of the Chasars, and his entire people. We can, therefore, not be said to be a distinct race to-day.

"We form merely an independent religious community and feel keenly the injustice that is done us when the religion of the Jew is singled out for aspersion, whenever such a citizen is guilty of a misdemeanor. Jew is not to be used parallel with German, Englishman, American, but with Christian, Catholic, Protestant, Buddhist, Mohammedan or Atheist."

TOLERANCE.

By nature and by religious teaching the Jew is tolerant of all beliefs. He would leave every man to "work out his own salvation and make his own peace with God," compelling none to do this in his particular way, nor yet being compelled by any to any other

way. The Jew has only one request to make of the Christian, and that is that he cease to teach that Jesus was crucified by the Jews.

"Let the truth be told to the world by the assembled Parliament of Religions, that not the Jews but the Romans crucified the great Nazarene teacher."

THE PROSPECTS OF A GOLD FAMINE.

`HE leading article in the Fortnightly Review for

THE

vitally affects the whole mass of the community?
That England is the great creditor country cannot be
gainsaid, but I am happy to think there are many in
England to whom the honor of England is at least as
sacred as her debts, but who blush to see England
playing the part of a Shylock who uses false weights
and measures and strenuously resists all attempts to
have them rectified."

MR. GIFFEN'S CASE AGAINST BIMETALLISM.
N the Political Science Quarterly for September,

September is a review of Mr. Gladstone's posi- Mr. Charles B. Spahr reviews Giffen's Case

tion upon the currency by W. H. Grenfell, the Liberal Member of Parliament, who recently resigned his seat chiefly because he could not support the monometallist attitude of the administration. In a very striking way he brings out the substantial uniformity of prices in the silver standard countries during the last two decades as contrasted with the enormous fall in prices in the gold standard countries. He quotes monometallist authorities, showing that the increase in the purchasing power of gold already exceeds 30 per cent. In view of the recent action in India and the probable action in the United States, he urges that this appreciation of gold will now be accelerated.

Mr. Gladstone, in his speech in Parliament opposing the re-assembling of the International Monetary Congress, had admitted that there would have been a gold famine in the early fifties had it not been for the great discoveries in Australia and California. Setting out from this admission, Mr. Grenfell brings out the present prospects of a gold famine in substantially the following terms: “Trade and population have increased enormously since 1852. The demand for gold for the arts has increased enormously since then (some authorities, indeed, say that the whole of the present gold production of the world is consumed in the arts). The gold production of the world in 1852 was $180,000,000, now it is little more than $125,000,000. In 1852 bimetallism was in full operation, now silver is being discarded and an enormous extra demand for gold has been set up by Germany, Italy, the United States of America, Austria, Hungary and other countries. If, therefore, the possibility of a gold famine is admitted in 1852, can the actuality of a gold famine be denied now when all the causes for the production of a gold famine exist in a much stronger degree? At the height of the gold discoveries an attempt was made and to some extent carried out to demonetize gold. The same cry for 'good' money, for 'honest' money, was raised by the same classes, but then the money cried out for was silver. The same classes, the money-lending classes, the classes whose object is to lend a shilling and to have the debt made by law into eighteen pence, were terrified by the great gold discoveries. Gold, they said, must be demonetized. As the production of gold fell off, the production of silver happily increased, and prices might have remained fairly steady, but the same cry was raised by the same classes: Silver is dishonest,' silver must be demonetized, and demonetized it was. Why should one class alone be consulted in a matter which

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Against Bimetallism," and brings out the contrast between the monometallism of science represented by Mr. Giffen, and the monometallism of selfishness represented by those who either deny or are indifferent to the increase in the value of the standard in which debts are measured. Mr. Giffen's admission as to the increase in the value of gold, due to the falling off in its production, the increase of its use in the arts, and the adoption of the gold standard by nations which had hitherto used silver, are entirely satisfactory to his reviewer. Mr. Giffen holds that the nations which had used silver should have continued to use silver, so that the world might have the full supply of both metals to furnish a sound and adequate basis for the increase of its currency. Owing to the changes that had been made, the same amount of gold, Mr. Giffen admits, represents 30 per cent. more property than it did twenty years ago when silver was demonetized. With this statistical portion of Mr. Giffen's work Mr. Spahr fully agrees, but from Mr. Giffen's conclusion as a historian.

Mr. Spahr emphatically dissents. Especially does he object to Mr. Giffen's argument that bimetallism was not maintained in France between 1803 and 1873 because the value of silver bullion in London sometimes varied 3 per cent. from the French ratio. Mr. Spahr points out that the cost of coining silver in France was 11⁄2 per cent., and the cost of shipping it from London to Paris accounted for the remainder of the difference in price. The fact that both gold and silver were coined each year in France, though there was a seigniorage charge upon both metals at the French mint, proves conclusively, he thinks, the correctness of the general belief that the two metals circulated concurrently. The fact that France was able to hold gold and silver at a ratio of 15% to 1 during a period when three times as much silver was mined as gold, and again in a period when three times as much gold was mined as silver, proves to Mr. Spahr's mind that the United States alone could maintain the old ratio between the two metals, now that their production is more nearly equal. Spahr stands with the opponents of the unconditional repeal of the Sherman act in declaring that it is a repudiation of the pledges made to the people to even lessen the present issues of silver currency. The amendment to the law required by the principles of bimetallism, he holds, is one that makes the notes issued in payment for silver redeemable in silver (like the Bland-Allison notes) and absurdly costly greenbacks promising to pay gold.

Mr.

MR.

THE SILVER INDUSTRY.

R. ALBERT WILLIAMS, JR., contributes to the Engineering Magazine an interesting article which he entitles "Some Facts About the Silver Industry."

HISTORY OF SILVER MINING.

The discovery of gold in the west preceded that of silver. Nobody thought of silver, but the gold seeking had developed a set of energetic and adventurous prospectors capable of reaping advantage from the new discovery. Silver mining on an important scale dates from the discovery in 1858-59 of the Comstock lode in Nevada. The next great event was the opening of the Leadville district in Colorado in 1878.

In 1892 the United States produced 38 per cent. of the silver yield of the world. Of this amount nearly one-half was produced in Colorado.

"The American silver of 1892 was worth somewhat more than one-third as much as the pig iron, onethird more than the copper, about half as much again as the gold, and not quite three times as much as the lead. It was less than one-sixth the value of all the metals, embracing, in addition to the above, zinc, antimony, nickel, aluminum, etc. Again, the commercial value of the silver was about two-thirds that of the anthracite, two-fifths that of the bituminous coal, and more than one-quarter of the total coal value. It was worth one-ninth more than all the building stone, and two-thirds more than the petroleum."

ENGINEERING AND METALLURGY.

The first silver mining was done in a very crude manner, the only scientific aid being rendered by European engineers. Costly experiments and failures, however, evolved the present American system, which is the best known in the world.

The advance in metallurgy has been wonderful. At first the cost of milling or smelting the ore was $100 a ton. with great waste. It has now been reduced to $4 and $1.50 a ton, and 95 per cent. of the metal is saved.

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MINES AND MINERS.

A large proportion of the more important silver mines are not owned in the States where they are located. There is a much larger amount of home capital in silver mines in Colorado than anywhere else; yet even in that State probably the majority of the big mines are owned in the East and in England. As a rule, the older and more settled a mining region is, the more home capital proportionately is interested in its mines. The largest silver-mining investments in this country are held in New York, San Francisco, Denver, Boston and St. Louis, in the order named. London long has been a leading market for American silver properties. Paris has not invested so widely, but its few ventures have been on a large scale individually."

It is hard to get any accurate statistics of the number of men engaged in the industry; but it may be assumed, as a moderate estimate, that until the recent

shutting down of mines there were from 150,000 to 200 000 men supporting themselves directly and indirectly from this business. Until recently the wages paid to underground workmen was from $3 to $3.50 a day.

EFFECTS OF CURTAILING THE PRODUCTION. "What will become of the silver States in case silver mining is further curtailed? It cannot possibly be brought to a full stop, for it is too closely linked with gold mining. Ultimately these States will recover, though very slowly, and will develop their other natural resources, beginning with the exclusively gold-producing mines. The immediate effect cannot but be disastrous; the distress that has already prevailed is an index of what may be expected. A reduced production would have a beneficial effect upon the price of silver, without doubt. It will also be possible to mine and reduce silver ores more cheaply hereafter, in accordance with the general law of progress that has obtained hitherto."

I'

THE SILVER CRISIS IN INDIA.

N the Investors' Review for August Mr. Wilson deals with the recent action of the Indian government under the striking title, “An Indian Lunacy." He says: "So the government of India has nailed up its weathercock. Henceforth, blow the wind whence it may and ever so fiercely, it will always be constant and fair around the treasuries of the dusky empire. We stand dismayed. Can it be indeed true that whom the gods wish to destroy they first make mad?

"The consequence, therefore, of this attempt to force silver up in price artificially within India must be a surreptitious import of the coins, and of bars, which will have the effect of undermining the stability of Indian finance perhaps more rapidly even than the government's own wastefulness. Already, we understand, the demand for the uncoined metal has become active in the bazaars all over India. There it will be exchanged by weight, in the ancient Eastern manner, when not coined, and a new instrument of extortion is thus put into the hands of the Hindoo banker.

BANKRUPTCY WILL BE THE RESULT.

"We should be in no way surprised were the gov ernment of India compelled to retrace its steps before many months are past, and driven to beg the home government to come to its assistance, either by taking over a portion of its liabilities or by directly guaranteeing a large emergency loan. Some consummation of this kind is, perhaps, the best that could happen, because thus alone does it seem possible to arouse the people of England to examine into Indian affairs. Brought face to face with a financial catastrophe which would shake the credit of the Empire to its foundation, there might be a chance of reform. There is now none. The critic is as one beating the air; the fools can only hurl their cocoanuts at his head. Ungrateful though the task be, it is none the less necessary to insist once more that the true curse of India is, not cheap silver, not a falling exchange, but debt and extravagance."

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THE CRISIS OF 1893.

PHENOMENAL Aspects of the Financial

Crisis" is the title of an article in the Forum by Mr. Albert C. Stevens, the editor of Bradstreet's, in which the writer says:

"The panic of 1893 stands unique in that it presents an unrivaled record of failures' of solvent banks, corporations, firms and individuals in a country having unsurpassed facilities for production and distribution and possessing the highest average of civilization and refinement. Aside from overproduction of iron and excessive speculation in shares of industrial properties at the New York Stock Exchange, the menace of an unwise silver law, and the logical conclusion (after the November election of 1892) that many manufacturing industries were to be subjected for the second time within four years to further tariff legislation, there were no rocks in sight in domestic waters. Our relative prosperity had for two years, since the Baring panic in London, been an object of admiration or envy to transatlantic commentators, particularly as the United Kingdom and leading Continental nations were passing through a period of enforced liquidation."

CAUSES OF THE TROUBLE.

"Such a convulsion was possible only through the extreme sensitiveness of the now highly-developed and intricate international commercial mechanism." To this the writer adds the fact that our credit system has within the past twelve years been so elaborated that now from 95 to 98 per cent. of the entire wholesale business of the country is conducted by this method.

"The inevitable in the shape of the disappearance of gold and a depreciated currency, in case of the non-repeal of the compulsory-purchase clause of the Sherman Silver law of 1890, had been repeatedly pointed out. But nobody seemed to realize that that very contingency must be met through our inability to 'go it alone,' financially or commercially. Much less did anybody believe the change was so close at hand. London and other foreign investors, long prior to January 1, had begun to withdraw investments from this country because of a distrust of our ability to maintain the standard of value under the provisions and operation of the Sherman law."

"Private money-lenders, capitalists and other individual depositors in banks had ere this begun to draw out balances and place them in safe deposit vaults, to insure their availability. For nearly a year prior to last May mercantile collections were slower than they had been for six or eight years previously, and other well-recognized symptoms of a general and widespread stringency of funds in the interior were apparent."

"Collections became more difficult to make, banks hoarded their cash, refusing in many cases to pay the checks of depositors for sums due the latter, merchants began canceling orders placed with jobbers and manufacturers last spring, confining themselves to taking the most salable goods, for immediate

wants, and over all that béte noire, the diminished gold reserve in the National Treasury, raised its hideous front. Then appeared the psychological phase. Panicky symptoms were apparent after each fresh group of heavy failures, the number of which ran up from an average, in normal times, of from twenty-five to thirty daily, to from seventy-five to eighty daily, and the banks promptly discerned the necessity of increasing the cash on hand."

Another phase of the disturbance was the closing of factories and mills all over the country in a number unprecedented in other financial panics.

PROSPECT OF RELIEF.

Mr. Stevens does not think that we can expect a rapid recovery from the consequences of this crisis. The country required four years to get over the panic of 1873, and two years to fully recuperate from the slighter disturbance of 1884. But he thinks that the conditions are such as to warrant the hope that relief from the present distress will be comparatively speedy.

EX-SPEAKER REED'S VIEW OF THE POLITICAL

SITUATION.

HE leading political article in the North AmeriThomas B. Reed. One could almost tell in advance what Mr. Reed's views were on any given political subject, and one is not surprised to find him laying all the blame for the present financial depression and threatened disaster at the door of the Democratic party.

“After you have made all the deductions you can make from the demands of the Democratic platform," says Mr. Reed, "after you have made all the allowances you can make for change of heart resulting from the object lesson,' and all the changes which will result from the effect of the action of business men or their representatives, there still remains the great cause of the present depression and the disasters which are to follow. The great cause of the present depression is that nobody knows what will happen to the business interests of the country. Not even the Democrats of the highest caste know. From one end of the country to the other there is only ignorance of the future and distrust.

THE EVILS OF UNCERTAINTY.

"Even if you grant that the demand of Watterson and other earnest men that the party shall stand by the pledge, shall carry out the platform adopted after full discussion by so great a majority, will never be acceded to, however resonant and vociferous the Kentucky statesman may be, there yet remains the fact that nobody knows how much he and his followers may do. In other words, the manufacturers of this country do not know what is going to happen to them. Nothing but uncertainty is their lot, and uncertainty is the great paralyzer of business. Nothing the Democratic party can do is half so bad as the state of not knowing what they are going to do. No manufacturer can know whether it is safe to buy

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