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ongrjssional lie rani.
F I F T Y - T H I E D
C O N G R E S S ,
Silver.
S P E E C H
H O N .
H.
H.
P O W E R S ,
OF VERMONT,
I N THE HOUSE OF REPRESENTATIVES,
Monday,
August
21,1898.
Tli© House having under consideration the hill (H. R. 1) to repeal a part of
an act, approved July 14,1890, entitled "An act directing the purchase of
silver bullion and the issue of Treasury notes thereon, and for other pur*
poses"—
Mr. POWERS said:
Mr. S P E A K E R : I am riot vain enough to suppose t h a t anything; I
may say, nor credulous enough to believe i h a t anything t h a t anybody else has said touching the pending proposition, will change
any single member's vote or shade his belief. But animated by t h a t
common impulse of mankind which prompts us to t a l k of those blessings we do notenjoy, I propose to talk a few moments about money.
The President of t h e United States has convened Congress in
special session for t h e avowed purpose of repealing the purchasing
clause of the Sherman act. At t h e very outset of this very laudable undertaking wo are confronted with a condition. The friends
of t h e administration on this floor find themselves torn with dissension and divided into factions. Each faction, claiming itself to be
orthodox, accuses the other of disloyalty to the party plat form of 1892.
Both factions ignore the inherent sin and quarrel over the doubtful
syntax of t h a t composite document. And conformably to a wellsettled rule in law t h a t where the terms of a written instrument are
ambiguous, and especially if they are made so intentionally, the
construction of the parties interested in the document is always
resorted to to understand its meaning, several gentlemen have taken
t h e confessional and advised us of the manner in which they
explained this instrument to {heir constituents during the late
campaign. Gentlemen from the North ami the East say t h a t the
dear people were informed t h a t i t wris an honest-money document,
while gentlemen from the South and West say t h a t it sanctioned
and favored free coinage of silver
So t h a t from this Babel of
tongues it is perfectly evident t h a t t h e Chicago platform, like nature,
speaks a various language. There is one notable exception, however, and t h a t is the case of
tho accomplished Representative from the Seventh Massachusetts
district [Mr. E V E R E T T J . He confesses t h a t he could not understand
t h e intricacies of t h a t instrument. He wanted something more vicarious; so, unlike the gentleman from Pennsylvania [Mr. S I B L E Y ] ,
he does not select the Saviour of t h e world,"but takes what many
people t h i n k is a greater personality, Grover Cleveland, as his platform. And S0j as he tells us, he went u p and down his district during t h e campaign, singing a t t h e top of hfs voice, "Otr, Isn't he a
dandy!" [Laughter.]
But tho true construction of this platform, Mr. Speaker, depends altogether upon liow you read it, where you p u t the accent—
whether upon the penult or the antepenult. Why, many years ago
n p i n my State it was the custom in the churches, when any member
undertook any great and important business, for his friends to request the prayers of t h e congregation; and on one occasion when
Mr. Jones was about to go to sea^ his wife penned a request which
she handed to t h e clergyman and asked him t o read on t h e following
Sabbath. I t ran like tills: " M r . Jones being about to go to sea, his
wife desires t h e prayers of the congregation." But the minister—
like many gentlemen on t h e floor of this House when reading t h e
Chicago platform—having no clear conception of t h e meaning of t h a t
request, delivered i t in this w a y : " M r . Jones, being7 about to go to
see his wife, desires the prayers of t h e congregation. ' [Laughter.]
But, sir, is there no good t h i n g t o come out of this Nazareth? Yes,
sir. Each of these factions assures us in unqualified terms, and with
t h e greatest sincerity, and with t h e most probable truthfulness, t h a t
if t h e views of the other are adopted t h e Democratic p a r t y will
155
F I R S T
S E S S I O I S T .
" g o where the woodbine twineth." Mr. Speaker, the country at
large is less concerned with party platforms and more anxious for
party patriotism. This is not the time, nor here the place, to play
politics. The question demands a play of statesmanship.
The purchasing clause of the Sherman act, in my judgment, ought
to be repealed not only, first, because it is vicious in principle, but,
second, because it is dangerous in application. It compels the Secretary of the Treasury peremptorily to buy four and a half million
ounces of silver each month, and to pay therefor in Treasury notes
an equivalent amount in dollars. These notes, although in form
payable,in silver dollars, yet under another provision of the act
requiring gold and silver to be kept at a parity, have always been
redeemed in gold. The effect of such redemption has been to
strengthen the credit of the Government and to assure the people
t h a t the silver certificates in their hands are as good as any other
kind of monoy. But what can justify this compulsory purchase ot
silver? Why should the Government be compelled to buy silver or
any other commodity t h a t it has no use for? Silver and gold are
commodities sold in the market by weight as butter is. The mine
owner takes his silver out of the earth as the marble owner takes
his marble out of the earth, and both have a commodity for sale in
the markets of the world.
Now, if the Government has occasion to buy either silver or marble, it ought to stand as a voluntary bidder in the markets of the
world for such commodity. But this law does not permit it to stand
as a voluntary bidder. I t mast buy nolens volens; no matter whether
the currency is unduly expanded it must-buy; no matter whether
silver is depreciated in price and unfitted for the currency of the
country, it must buy.
•
,
The viciousness of this law is t h e compulsory requirement to buy.
I t is not a proper function of the Government to be a dealer in commodities. The Constitution nowhere requires it to own any kind of
money. It never ought to own any, save such as it collects by somo
form of taxation for its own administrative needs. I t can coin money
and regulate its value, but this constitutional power implies t h a t it
is to exercise supervision only over other people's property. Congress may regulate interstate and foreign commerce, b u t it can not
properly buy ships to carry on commerce. I t may say to the mine
owner, the people need fifty-four million ounces of silver for their
use as money. Now you may have t h a t much of your silver, which
otherwise you would sell to the silversmith to make into tea sets,
coined, free of expense, into silver dollars with our certificate
stamped upon them attesting their purity and weight, and then do
what you please with them. This is a l l ' t h e function t h a t the
Government can properly exercise in the transaction. But the
Sherman act goes further and says in the supposed case, tho Government shall not only coin this fifty-four million ounces into dollars,
but shall certify t h a t these dollars are honest dollars—each worth
one hundred honest cents, and, top of all that, shall be obliged to take
them at their face value and pay for them, dollar for dollar, in gold.
This is the net result, for the Government issues a certificate to the
mine owner on which he can demand the gold to its face value.
Take a concrete case. The mine owner takes to t h e Government
enough silver bullion to make ten silver dollars.. The Government
coins the bullion for him, free of expense, into ten silver dollars,
which are piled up in the Treasury vaults and a Treasury note for
ten dollars which is paid in gold is handed over to the mine owner.
The silver dollars, however, are to-day worth lews than six dollars
in gold, and thus the people are robbed the difference.
Tho proposition for free coinage is merely an enlargement of the
robbery of the people which is now accomplished by the Sherman
act. It proposes t h a t the mine owner may compel the Government
to coin into money, at the same relative loss to the people, not the
insignificant fifty-fonr million ounces assured him under t h e Sherman act, but t h e hundreds of millions of silver t h a t he may offer.
Not only what he secures from his own mine, but all lie can buy
from t h e Old World, all he can secure by melting down his tea pots
and silver spoons—all, in short, t h a t he can buy, beg, or steal. No
wonder that the mine owners are in favor of the Bland amendment.
I t means to them untold millions of profit. Bu t ho\t about tho people? Every dollar of net profit t h a t goes into the pocket of t h e
mine owner under this scheme is taken out of the pockets of the
people.
If these gentlemen proposed to p u t into their dollars one hundred
cents' worth of silver, no objection to the scheme could be made, except that it would unduly expand the currency, and thereby lead
to reckless speculation. B a t the money would be good.
CONGRESSIONAL BECOED.
2
The Bland amendment to t h e pending "bill provides t h a t anybody
having silver bullion may have it coined into dollars having 412£
grains of standard silver, and may have these dollars deposited in
t h e Treasury and receive silver certificates therefor " i n the manner
now provided by the law for t h e standard silver dollar." The "manner no^tf provided by the law," as it now is and has been heretofore
construed, enables t h e holder of silver certificates to have thein
redeemed in gold. The privilege to do all this is accorded to " a l l
holders of silver bullion." I t will be noticed, and herein is the
great danger in the proposition, that t h e American holder of bullion is no better off t h a n t h e foreign holder. The output of American mines is from 60 to 64 million ounces per year. The Sherman
act takes u p 54 million ounces, so if the scheme were limited to t h e
product of American mines the country would be but little worse
off than wo are under t h e Sherman act. The proposal, however, is
n o t so limited. On t h e contrary, i t opens the <loor to the wholo
world. France, w i t h her six or seven hundred millions of silver,
England, Germany—all Europe—India, Mexico, South America, everybody from everywhere is invited t o dump his silver dollars into
our vaults and load himself down w i t h gold-bearing currency at
t h e rate of ten to every six dollars of intrinsic value in the silver
dollars.
The scheme makes this Government t h e highest bidder for silver
in t h e known world. There is in round numbers four billion dollars'
worth of silver in t h e world within reach of our bid, and we are compelled to b u y all t h a t is offered. How long does any sane man suppose t h a t our Government would remain solvent? The silver certificates t h a t are to be issued on deposit of this silver are inform and
fact a debt against t h e United States. The silver collateral we hold
to pay this debt amounts, a t present prices, to six-tenths of the debt.
The remaining four-tenths of t h e debt is for the people to pay. I t is
b u t fair t o say t h a t these certificates can only be issued upon the deposit of silver dollars coined a t our mints, and it may be argued that
their capacity will not permit a sudden swell of the output of silver
dollars and by consequence t h e volume of certificates, but that the
increase would be gradual year by year, and the increase in population, industries, and wealth would fairly demand this increase in the
currency of the country. The answer to this pleasing assurance is
t h a t our mints can t u r n out dollars practically as fast as the holders
of bullion can supply it—if not, ne\v* mints will be established—and
t h e increase of paper currency in t h e form of silver certificates is not
regulated by the Government under the Bland amendment, but is
wholly at t h e mercy of t h e bullion holder, and so long aa he is making over 60 per cent on his investment i t is probable he will crowd
t h e business for all it is worth.
Suppose, however, t h a t only a moderate quantity of silver dollars
are coined each year, say one hundred millions, how will the Treasury stand a t t h e end of ten years?
Wo have, in round numbers, about eight hundred millions of paper
money in circulation, not counting the bills of national banks, nor
gold certificates.
To redeem this eight hundred millions of paper m gold, as has
been our policy, and, as to some of it, is our duty, we have say, one
hundred millions of gold in t h e Treasury, and some two hundred and
fifty millions in silver a t its g o l d valuation. Three hundred and
fifty millions of collateral to eight hundred millions of debt, when
we start into t h e paper business under t h e Bland amendment, to
say nothing about our large liabilities for other obligations. Now,
i t is proposed to increase our silver paper currency one hundred
millions per year, or in ten years one billion dollars, with nothing
added to our collateral b u t unsalable silver dollars. How long will
t h e credit of the Government be k e p t good.
But gentlemen say t h a t t h e United States is the richest nation
on t h e face of the globe; t h a t i t stands behind its currency, and t h a t
makes it good everywhere. I am perfectly willing to hear theso
gentlemen boast of our country and its resources i n all the fervor
and with all the latitude of a Fourth of J u l y oration, but theso
things come far short of proving t h a t our credit will be good when
p a y day comes, or even before i t comes. A little more than t h i r t y
years ago we were the greatest nation on t h e face of the globe and
t h e fervor of Fourth of J u l y t a l k was then as glowing as now. Still
Tve had to p a y 12 per cent interest on our paper when the ratio of
assets to liabilities was even greater t h a n to-day. This t a l k about
the- potency of a Government fiat is a delusion and a snare. The
creditor wants to see collateral instead of promise. This was demonstrated i n France a hundred years ago when she issued her
assignats. I t was demonstrated here during t h e late war when we
Tvere throwing oft* paper issues very much as the boy blows off soap
bubbles with a clay pipe, t h a t went to a d i s c o u n t o f 60 per cent.
W e are a great nation, but after aU we are only a small p a r t of t h e
world. Wo are compelled t o recognize this fact, unpalatable
t h o u g h i t may bo.
As long as we remain in t h e world we are forced t o adopt a standa r d of money t h a t our neighbors count as good. That standard,
to-day, t h e world over, is gold. Silver would be j u s t as good if t h e
rest of the world'would only t h i n k so. But we can not make t h e m
t h i n k so. We have tried five times within t h e last twenty-six years,
155
through t h e instrumentality of an International Monetary Confer •
ence, a t which from twelve to twenty of the leading nations of tho
world were represented by their ablest thinkers, to persuade tho
world t h a t silver was j u s t as good as gold, but our efforts have been
fruitless. I t follows then t h a t paper issues based on silver collateral
are less marketable t h a n paper issues based on gold. This brings
me to the very root of tho trouble W i t h tho Sherman act. I t lias
seriously threatened tho credit of our Government. A very largo
fraction of tho investors in American securities—our railroad and
other corporate bonds—are foreigners. They watch our fiscal legislation as sharply as tho individual creditor watches tho business
methods of his individual debtor. They discover t h a t our legislation tends toward a silver standard. They think tliey are confronted
with a probable payment of their debts in silver. They don't w a n t
silver. They loso confidence in our Government as a debtor and in
our people as debtors. Our home investors imbibe the same distrust,
and tho result is t h e money-lending class, at home and abroad, withholds its offerings. The vaults of every bank in tho land aro locked,
simply because t h e Government is indulging in a little dalliance
with silver.
I t does not help t h e matter to say t h a t this condition of things
has been brought about by t h e gold bugs of Wall street. If free
coinage be adopted those bugs could corner t h e market as easy as
they now have. I t does not mend tho matter to say t h a t tho Republican party is responsible for t h e passage of tho Sherman act. Tho
practical question is, w h a t are you going to do about i t ? Both of
tho political parties have said t h a t they aro in favor of bimetallism.
We are all in favor of it to-day. We are all blessed with it to-day.
We have in tho Treasury 540 millions of silver and less t h a n 200
millions of gold. Is there any discrimination against silver shown
in this fact ? We have in tho'hands of the people, in active circulation, twenty-five times as much silvef as gold. Whero is it, or
how is it t h a t the people have not done their full d u t y t o t h e whito
metal ?
The trouble is not with tho people, i t is with t h e metal. Gold
and silver are commodities, salable in all tho markets of the world,
either for money or in t h e arts. Their market value is necessarily
established by the prices paid in tho markets of tho world. I n
those markets gold is worth par and silver is below p a r ; and our
nati on alone can not change this fact. If wo were tho only silver-producing nation in tho world, we could set our own price on silver;
but, unfortunately for this purpose, we are not. Consequently
silver, for the time being, is cheapened in price, and dollars made of
silver have gone down 40 per cent.
Now, if we open our mints to the free coinage of silver and issue
upon the coined metal an illimitable quantity of paper currency redeemable in gold, we are carrying our Treasury to the verge of insolvency and bankrupting our national credit. No nation can afford
to tolerate an impaired credit. No nation can safely indorse an impaired currency. Every dollar, whether of gold, of silver, or or
paper, must be intrinsically worth 100 honest cents, yesterday, today, and forever. Every scheme t h a t threatens to impair tho value
of any one of our dollars is a scheme t h a t impairs our national
credit, and with that, and in consequence of that, tho credit of our
people.
Our national credit is now second to t h a t of no nation on tho
globe. We can float our gold-bearing securities at 2 por cent. Our
greenbacks, because they are payable in gold, as freely circulate in
the Old World as they do at homo; our national-bank bills, because
redeemable in gold-bearing bonds, are current t h e world over.
Nothing can change this confidence in our currency b u t t h e persistent clamor, t h a t has prevailed for the last twenty years, for legislation in t h e interest of silver-mine owners and the unfortunate
surrender to t h a t clamor which has been made.
No currency of any kind can circulate at par unless t h e holders
havo faith in the government that issues i t ; not the blind t r u s t
t h a t friend places in friend, b u t that more discriminating trust t h a t
the intelligent creditor places in liis debtor.
If our c i r c u l a t e medium is distrusted nil our securitiesi individual and national, will be distrusted. If wo persist in coining
silver dollars worth 60 cents, stamping on their face our certificate
t h a t they are worth 100 cents, we are guilty both of f r a u d and falsehood. If t h e Government should begin to-day to redeem t h e silver
certificates already issued, in silver dollars, as it has a right to do,
those certificates would drop 40 per cent in value in t h e pockets or
t h e people. The silver dollars might, from their legal-tender quality, be used to pay existing debts; but no new engagements could be
made upon their credit. If tho Government should refuse gold redemption to one kind of its paper money, every other kind would a t
once be under t h e ban of public distrust. The only solution of t h e
problem is to at once suspend the purchase of t h a t metal which t h e
world has discarded, until such time as we can bring the world to
its senses, even though t o do this the governor of Colorado will be
obliged to stain t h e head-gear of his frothing Bucephalus w i t h t h e
blood of heretics.
I t will not help the matter to increase t h e ratio which silver now
bears to gold. We are bimetallists; we desire to bring t h e metals to
a parity. The world must liave both in circulation, Nearly all t h e
CONGRESSIONAL RECORD.
nations w i t h whom we liavo dealings of any considerable amount
have said tlioy do not w a n t silver. Now, if we at once rej)ly t h a t we
do not w a n t it, we will, in the near future, he asked to join them i n
t h e effort to restore it to its old position in the monetary system of
t h e world. But to do this you must keep t h e ratio where it is. P u t
i t a t 20 to 1 and you a t the start dishonor the metal you are anxious
t o elevate to an equality with gold.
If, as our friends contend, the demonetization of silver is the work
of t h e gold hugs of Europe, t h e quickest way to counteract this
villainous scheme is for our nation to p u t itself on a gold basis. Our
resources are ample enough to enable us to get our sharo of t h e
world's gold, and w h a t wo get they must lose.
W i t h t h e permission of the House I will append to my remarks a
table showing t h e aggregate gold and silver in the world, with their
per capita and relative distribution.
\
The stock of gold in the world, as shown by this table, is a little
over $3,500,000,000, and it is now divided not very unequally
between t h e nations of the world. But all nations are bidders for
i t and each will get w h a t i t can. Now, i t is a well-known fact t h a t
American securities—our vast corporate bonded indebtednessj our
public securities of every name and kind—bear a higher rate of interest t h a n like foreign securities, and all things else beiug equal
t h e foreign investor prefers them and will buy them and pay in
gold. If, therefore, we keep this temptation alive by so shaping
our legislation as to dispel the fear t h a t wo are coming to a silver
basis, is it not as clear as sunlight t h a t we shall outbid other nations
for gold and equally clear that they will be short of t h a t metal?
"When they discover this fact and see t h a t i t is a vantage ground
t h a t wo shall always have in t h e f u t u r e they will discover t h a t their
supply of gold is inadequate and will then see t h a t silver must be
recognized as a basic metallic standard.
Thus bimetallism will come about by natural causes, and when
once established on such basis i t vrill come to stay. How much
better, wiser, and surer this plan than the bold, defiant, reckless,
and illogical scheme of free coinage of silver by our nation alone.
But it is said t h a t we must continue the purchase of silver, in
order to expand our currency to the needs of our growing population. Suppose t h a t this is t r u e : can wo not d o i t and still keep the
expanded currency good in every market on t h e globe?
Strike off t h e 90 per cent limit affixed to the circulation of our
national banks, and you will a t onco expand the currency about
3
twenty million dollars. Not only this, you will tempt capital to
invest more freely in such bank stocks, and the number of national
banks will be largely increased and t h e currency still further expanded. Coin the surplus silver^ now in the Treasury vaults and
you put into circulation forty millions of silver. If the currency
then needs further expansion, authorize the Secretary of tho Treasu r y from time to time to issue 3 per cent gold-bearing bonds, to a
limited extent, to bo used as a basis for t h e circulation of new or
old national banks t h a t may desire them.
But whatever bo tho character of supplemental legislation, the
pressing command of the people to-day is, " Stop buying silver."
But, Sir. Speaker, silver is not alono t h e cause of our business
depression. Tho money investor, a t home and abroad, is out of
business because wo are rapidly approaching to a silver basis for
our currency. This brings untold disaster to all business enterprises. I t touches t h e wheat farmer of t h e West and the cotton
farmer of the South, who must have money, or their crops will rot
on their hands. I t touches every tradesman in the land, who can
neither buy nor sell, for there is no money. I t has depressed the
value of our securities in every market in t h e world.
But alongside this business paralysis lies another t h a t has overtaken every manufacturer or tradesman who deals in articles affected
by a change in tariff legislation.
I t is not my province to advise t h e dominant p a r t y in the House
what its action should be i n respect to tariff legislation; if it were,
my advice would hardly be followed. For present purposes, tho
country cares less w h a t t h e policy is ultimately to be, and more for
an immediate announcement of w h a t it is to be. Don't ask us to
study tho Chicago platform to learn your purpose. You will probably bo as much at loggerheads youselves over tho tariff plank as you
are over the silver plank. Don't give us t h a t conundrum. But in
the name of the hundred thousands of workingmen and working
women of this land, who are already thrown out of employment
and who in their hunger for bread, before the rigors of winter
shall set in, will storm tho Walhalla HalLof every important city
and town in t h e land unless something be done to give them work,
I implore you to tell us, and tell us now w h a t tho " r e f o r m " you
have promised is, to be. The manufacturer will shape himself to the
emergency whatever it may be.
But action! action! action! should bo tho eloquence and the watchword of to-day. [Applause.]
APPENDIX.
Monetary systems and approximate stocks of money in the aggregate and per capita in the principal countries of the world.
Countries.
Monetary system.
Gold and silver
Unitod States...
United Kingdom
Gold
France
Gold and silver
Germany
Gold...
Belgium
Gold and silver
Italy
....do
...do
Switzerland
Greece
—do
Spain
...do
Portugal
Gold
Austria-Hungary.. ...do
Netherlands
Gold and silver
Scandinavian Union Gold..
Russia
Silver
Turkey
Gold and silver.
Gold
Australia
..do.
ifexico
_ _ Silver
Central America. ...do
South America
...do
Japan
Gold and silver
India . . . . . . . . . .
Silver..;.--....— do
China
The Straits
Canada
Gold....
Cuba,Haiti, etc.... ...do ...
Total
156
Ratio between gold
and full
legal-tender
silver.
Katio between gold,
and limited Population
tender sil-
Stoeli of silver.
Stock of
gold.
Full tender.
Per capita.
Total.
Uncovered
paper.
Sil- Pa- Total.
Gold. ver.
per.
1 to 15.98 1 to 14.95 67,000,000 $604,000,000 3538,000,000 $77, COO, 000 $615,000, 000 $412, 000, 000 $9.01
100,000,000 100,000,000 50,000, 000 14.47
1 to 14.28 38, 000, 000 550,000,000
l'to'isi" 1 to 14.38 39, 0 0 0 , 000 800, 000,000 650,006,660 50,000,000 700,000, 000 81,402,000 20.52
1 to 13.957 49,500, 000 600, 000, 000 103,000,000 108, 000, 000 211, 000, 000 107, 000, 000 12.12
1 to 14.38 G, 1 0 0 , 000 65,000, 000 48, 400,000 6, COO, 000 55,000.000 54,000, 000 10.66
1 to 15i
1 to 15$
1 to 14.38 31,000, 000 93,605,000 16,000,000 34,200,000 50,200,000 163,471,000 3.01
1 to 15£
1 to 14.38 3,000, 000 15, 000, 000 11,400,000 3, 000, 000 15, 000, 000 14,000,000 5.00
4,000,000 14, 000, 000 .91
1 to 15J
1 to 14.38 2,200,000
2, 000, 000
1,800, 000 2, 200, 000
1 to 15J
1 to 14.38 18,000,000 40, 000, 000 120,000,000 38, 000,000 158, 000, 000 100, 000,000 2.22
1 to 14.08 5,000, 000 40, 000, 000
10, 000, COO 10, 000, 000 45,000,000 8.00
CO, 000, 000 260, 000,000 1.00
1 to 13.69 40,000,000 40,000,000 90, 000, 000
4, 5G0,000 25, 000,000 61,800,000 3,L
1 to 15
'O
' O.OOO" G5,000,000 40,000,000 5.55
1 to 151
1 to 14.83 8, GOO, 000 32, 000, 000
10, 000, 000 10, 000, 000 27, 000, 000 3.72
113, 000,000 250,000, 000 22,000,000 38,000,000 60,000,000 500,000,000 2.21
1 to 151' 1 to 15
000
1.52
1 to 15.1 33, 000, 000 50, 000, C O O
45, 000, 000 45,000,
7,000, 000
25.00
1 to 14.28 4,000, 000 100,000,000
7, 000,000 15,
000,000
14.29
1 to 15. 63 7,000,000 100,000,000
15,000,
000
50, 000,000 2,000,000 .43
11,600,000
5,000,000 50,000.000
1 to 16*
500, 000 2, 000,000
3,000,000
500,000
1 to 15.J
25,000,
000
35,000,
COO
1*29
25,000,000
"45!
ooo,"
666"
ltolS£
50,
000,000 600,000,000
40,000,
000
56t 000, 000 2.25
50, 000,000
1 to 16.18
900.000.000 - 28,000^000
255.000.000, 90,000,000 000,000,000
1 to 15
700, 000, 000
4 0 0 , GOO, 0 0 0
7 0 0 , 00s), 0 0 0
100,000,000
100,000,000
000 40, 000,000 3.56
16,000,
000
1 to 14. 05 4,500,000
5, 000. 000 5,000,
2, 000, 000
40,000,000 10.00
2,0C0,000 20,000,000
1 to 15J
1,200,000
800,000
3,582,605,000 ;3,469,100,000 553,600,000 4,042,700,000 2,635,873,000
59.18 56.15
2.63 1.32
17.95 2.09
4.26 2.16
9.02 8.85
1.62 5.27
5.00 4.67
1.82 6.36
8.78 5.56
2.00 9.00
2.25 6.50
14.42 8.89
1.16 3.14
.53 4.42
1.36
1.75
2.14
4.31 .17
.17 .67
.71
1.25 17.14
3.53. 1.40
1.75
$24.34
18.42
40.56
18.51
25.53
9.91
14.67
9.09
16.56
19.00
9.75
28.88
8.02
7.16
2.88
26.75
16.43
4.91
.84
19.14
4.90
1.75
1.11 i 8.80 13.5G
1.00 20.00 31.00
@FedFRASER