Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1876-07-27
AS IT STANDS.

A Washington dispatch Of the ooh
says letter has been published from
ex-senator Stewart, arguing that the
principal cause Of the universal depres.
sion is the contraction Of the worla,s
stock OF money. aud the decentralization
OF silver. He maintains that the United
States has the right and power to stop
this contraction, and says: Let all the
minis be set to work coming the stand.
ard silver dollar, abrogated by mistake
or covert design in 1879, and when coined
use it TO pay the debt. according TO con.
tract. This alone will reduce the price
of gold. until gold and silver dollnrs will
again be equal. This would restore sill.
yer as money. restore property to its real
value. secure the development OF silver
mines. and save the country from bank
rnpicy. To any one that looks at the
matter in the light afforded by recent
events. it must seem as it does to our ex-
Senator. England and Germany are
now beginning to sec the mistake they
made in acting as they did. England de-
monetized silver in order to keep her
gold at home and import it from other
countries in exchange for her products.
1t was pretty plan. but hasn't worked.
She proposed to export all the surplus
silver in the Kingdom to India and other
colonies, sell her iron. coal. and manu-.
featured goods for gold and bring the
yellow metal back to England. Now the
London Economist which has all along
been the most Jealous advocate Of the
gold standard, acknowledges the prac-
tical impossibility OF demonetizng silver
In India, and urges that the silver de.
probation will be greatly lessened elf
We allow the ordinary action OF trade to
spread it through the world, 80 that the
depreciation will be everywhere alike and
affect prices everywhere where silver is
currency, and that all plans which i'm
pede that action tend to keep silver in
the London market. and enhance its de-
probation here aud prevent its diffusion,
which is the only cure" 1t is even
worse with Germany, that country hay
ing no India to absorb its surplus. The
United States with that respectful VEN
GRAFTON for European example that
characterizes the majority OF her
legislators had to follow suit BY
degrading that precious metal from a
standard Of value to an article OF com.
merce. As a natural consequence the
millions OF money that had served as
medium Of exchange being converted
into mere mercantile commodity did
just as anything else would under the
es-depreciated. The banks
OF France. England, Germany, Holland
aud Belgium have to-day in their vaults.
gold to the value of one thousand mil.
lion dollars. This is hoard and the
depletion goes on. The National Legis-
lature in its srblimity OF wisdom and
commendable respect for European
precedent goes on in the good old way
aud is too busy watching the money re-
ports Of the old countries to pay any
attention to the suf, ring interests OF
this country. The matter stands thus:
the diff, rent European banks we have
enumerated, together with the United
States aud Canada have locked up thir.
teen hundred million dollars in gold, at
the same time that silver is d. mone,ized
1t may be sound policy and denote sa-
gacity OF financial judgement to destroy
half the monetary wealth Of the world by
taking away its value as money. 1t may
be justi6able, but when those who have
done this confess, as they do. their ina
bility to ward of the danger that their
action threatens. the wisdom of such
policy may be questioned. There is a
silver bill at present tossing on the un.
certain sea OF Congressional dispute,
Its adoption would be public benefit
but its fate is as much problem as any
thing of its nature can be.