farmers. When farmers gathered in the interests of their calling, on public occasions, Colonel Shaw was always an invited guest. His eloquence and inspiring speeches, always demanded, were an inspiration and caused the future to look brighter and more hopeful to those within the range of his voice.

When the duties of the school offered themselves he undertook them with that earnestness and thoroughness which characterized his entire life. He never did things by halves. All that was of worth in the books he assimilated and it was stored away in the brain cells for future use. How well this determination to let nothing escape his keen observation and study was demonstrated by his easy manner of address and readiness when called upon. Among his schoolmates he excelled and also among his college acquaintances. No subject, no matter how difficult, was beyond the grasp of Colonel Shaw's intelligence.

As his days in school and college were closing, the call for men to fight came. He did not hesitate to throw off his civilian clothes and don those of a private soldier. That same faculty of application manifested itself in his life as a soldier. He was always ready for duty and did whatever was desired of him. He did his duty. That made him a soldier among soldiers for it is a good soldier that does as he is told. He was always on hand at roll call and when his comrades stacked arms his rifle was among the guns. He never lagged behind, but was always found in the front file.

The war over he returned to private life. But not for long. He was called to public life and a speech made by him in the assembly in 1866 bore the stamp of oratory and eloquence which grew more powerful as the man grew greater. Then he was sent to a foreign country as consul: There he showed the same qualification of true greatness-duty. He paid the closest attention to the duties of his office and his reward came in the form of promotion to a higher office and a wider circle of influence.

At Manchester, England, is seen the same spirit. His ready sympathy drew men toward him and his quick love and honesty cemented the bonds of friendship so that even time could not break them. In Manchester he was loved by the poor and of him the Mayor of Manchester said: "He used to aid by stealth," meaning that he preached not his charity to the world. Those high in official circles learned to honor him and those whose minds turned to art and literature found in him true fellowship. All of which showed that he was a man of many attainments.

1

He became a member of the Grand Army of the Republic. In doing so he became a comrade both in name and fact. He saw that the old veteran was not receiving his just dues and he

threw down the gauntlet to those who would deprive the soldier of his rights. They saw his worth. They elected him their Department Commander. The Department saw his worth and called upon the veterans throughout the country to elect him their Commander-in-Chief. They did so and how well he served them. Scarcely a state in the Union did he fail to visit in the interests of organization. He went to Washington and labored for them and by his unceasing efforts he secured for them favorable legislation. When his labors were done they voted him a gold medal of great intrinsic value and beauty.

While he was engaged in Grand Army duties the death of Congressman Chickering left vacant a seat in Congress. The minds of the party leaders, and the rank and file as well, turned toward Col. Shaw. With the greatest unanimity he was nominated and by a large majority elected. Upon his arrival at Washington he at once launched himself upon the duties of his office. He began to lay plans the completion of which would be of material benefit to his constituents. But death cut off his life before the plans could be completed, before his voice could be heard in their behalf. The shock was great. His true worth suddenly swept over them and the loss of this great man overwhelmed them.

His domestic life was one of simplicity and love. He had a most amiable wife and her death, only a year ago, had been a great sorrow to the Colonel and weighed heavily upon him. The love between himself and wife was a mutual one and their happiness complete. He and Mrs. Shaw were model parents and saw to it that their children had every advantage available. Col. Shaw was a Christian man and a life long Baptist, being a member of the Baptist Church.

Col. Shaw was a man of many excellencies—an industrious man-rounded out in all the attributes of gentleness and companionship a wholesome character from whom one could always learn something-a man of high standard in morals, in politics, in business. To him travel was only a means of drawing comparisons between other lands and his own native country, where his kindred lay buried; where he himself was born, where all his earliest ambitions had their inception and first development. Looked upon in any light, he was an estimable personality-one whom it is a delight to remember. He best honored himself when he honored his native country-for it showed him a worthy son, and she will remember him among those other faithful ones, who, in other lands, amid other environment, have "justified the honors they have gained."

RESUME OF IMPORTANT BILLS

CURRENCY ACT, KNOWN AS HOUSE BILL No. 1

This bill became a law after a long and exhaustive debate.
The bill is composed of eleven sections as follows:

Sec. 1, 2, 3, and 4, provide for the establishment and maintenance of the gold standard. In declaring gold to be the standard of value the bill clearly states that we are already operating under such standard. The first provision is that the standard unit of value shall, as now, be the dollar, and shall consist of 25.8 grains of gold, .9 fine, or 23.22 grains of pure gold, being the one-tenth part of an eagle. While claiming that gold is now the standard, its reenactment acts as a reaffirmation and dispels all doubt which may have arisen in the public mind.

Sec. 5 and 6 provide for the coinage of subsidiary coin and worn and uncurrent coins, and the repeal of the statute limiting the issue of subsidiary coin and fraction currency to fifty million.

While the old law limits this issue to fifty million the present law legalizes the increase in subsidiary coin which was on September 30, 1899, $76,523,333.00. Owing to the growth of population and the great volume of small transactions the further increase of subsidiary coin is necessary. This necessity has been common of late on account of the vastly increased business of the country, requiring change in small transactions. The Secretary of the Treasury is thus given the power to use his own discretion as to the amount of subsidiary coin to be issued.

Sec. 8 and 9 provide for the issue of national bank note circulation to the par value of the bonds deposited for their security.

The changes in the national banking law are as follows:

Under the old law the circulation of a national bank was 90 per cent. of the face value of the bonds deposited by such bank to secure the circulation. The new law allows the circulation to be equal to the face value of the bonds.

Under the old law the banks paid an annual tax of 1 per cent. on its circulation. Under the new law they pay one-half of 1 per cent. Under the old law the current bonds of the several issues

bearing interests at from 2 1-2 per cent to 5 per cent. had to be deposited to secure circulation, making it necessary for the banks to pay a premium of 12 to 20 per cent. for the bonds purchased for the purpose. Under the new law provision is made for the issue of 2 per cent. refunding bonds, which, when issued, may be used by the banks in depositing bonds to secure the currency.

Sec. 10 provides for the repeal of the tax upon National-bank note circulation and the substitution of a tax of one-fifth of one per cent. upon the franchise of National banks as measured by their capital, surplus, and undivided profit.

The difference in favor of the banks may be ascertained as follows:

Under the old law a bank putting up $100,000 in 3 per cent. bonds as security for its circulation, received $90,000 in national bank notes. The expenses of this circulation are, first, a I per cent. annual tax, or $900 per annum, cost of preparing notes, retaining mutilated currency, redemption by the government, etc., $100 per annum; the bonds being at 12 per cent. premium cost the bank $112,000, and at their maturity it gets only $100,000. Average depreciation per annum of the value of the bonds, about $900. Total expenses of circulation per annum, $1,900.

In return for this the bank receives: 3 per cent. on $100,000 in bonds............. 6 per cent on $90,000 currency loaned.

Total

Deduct expenses of circulation.

Net profit of circulation...

$3,000 5,400

$8,400

1,900

.$6,500

If the bank instead of investing its $112,000 in circulation, should loan that amount at 6 per cent.,its profits would be $6,720, or $220 more than its earnings by issuing bank notes.

These figures explain why the banks have not taken out circulation to the full extent allowed by law and why it is necessary to make the issue of bank notes more profitable in order to enlarge the circulation.

Sec. II authorizes the organization of National Banks with a capital stock of $25,000.00 in towns having a population of 2,000 inhabitants or less.

The effect of the law will be if, as is generally believed, the number of National Banks and the aggregate of their circulation be largely increased, to give us lower rates of interest on bank loans. In the first place the banks can afford a lower rate by nearly I per cent. without diminishing their profit on the money invested and in the second place the

competition for good paper will increase with the increase in the number of banks and the amount of currency in circulation.

Some think that this will encourage speculation and inflation of the currency and drive our gold abroad to seek foreign investments. But if money falls in value to the loaner, the tendency to inflate will be checked to correspond. However much of our gold is sent abroad as an investment it cannot long stay abroad while the balance of trade in our favor amounts to a billion a year, or anything like that enormous sum. The balance will have to be paid in gold or its equivalent and there seems to be no particular danger of a gold famine in the United States.