The silver state. [volume] (Unionville, Nev.) 1870-1903, 1888-02-06
SENATOR STEWARDS VIEWS.
Decentralization Of silver the Cause Of
Dull Times.

Dull Times.
The Washington Gazette has inter-
viewed Senator Stewart on the cause Of
hard times, and reports the conversation
as follows.
SWELL" began the reporter, what is
the cause OF 80 much dissatisfaction
among the workingmen of the country :?
Why so many strikes and so much con.
fusion in business circles p
Contraction of the circulating me-
dunn" promptly replied the Senator.
"What has produced the contraction ?"
"The demonstration of silver"
"What do you mean by the demoneti-
cation of silver?''
"Both silver and gold were treated as
money metals by all civilized countries
for about 5000 years, previous to the
year 1875. During all that period either
one of these metals could be taken to
some government establishment, such as
an assay office, or Mint, and exchanged
for money at fixed value. For exam
pie: Up to that time in the United
States 25 $40 grains of gold, nine tenths
fine could be exchanged at the mint for
a dollar. So also, could 4l24 grains of
silver, nine-tenths fine, be exchanged for
a dollar. Between 1871 and 1875, by
governmental action, each civilized coun.
try Of Europe and America, refused to
receive silver in exchange for money at
any fixed price. This action reduced sill
yer to a commodity and demonetized it. !"
ITO put the business interests OF the
country in good condition, the working
men on good footing, make them pros
porous and contented once more, what
would you suggest p
"Rer,onetize silver" answered the
Senator, CELEBRATE the people from the
tyranny of the legalized robbers-the
bondholders and the national banks-and
prosperity is assured. That will relieve
the producer and the working man of the
terrible pressure of contraction, low
wages, poverty, and starvation. My
sympathy is with the laboring man.
have been a laboring man myself. 1t
was by means of the axe, the scythe, the
pick, and the shovel, that made start
in life. / chopped wood at 80 cents a
cord, and many cord at that. / have
moved grass at 80 cents an acre. have
swung the cradle at dollar a day, and
worked good many days at it. I have
made brick for $l2 month and worked
twelve hours day; and / worked in the
mines for two years in the early days Of
California have always sympathized
with the lsboring man, and am rejoiced
that they are consulting their own inter
ests, by organizing, and devising ways
aud means against the wicked conspiracy
of the boRdholders to enslave them"
"What have the bondholders to do
with it? Why are they to blame ~
Because they are the authors of the
unrest, depression, stagnation, low
wages, and hard times now existing.
You will understand that if the money
of the world were doubled at once, prices
would go up You will also understand
that if one-half of the money of the world
were destroyed, prices would 60 down.
The bondholders understand this perfect.
ly. The man that goes in debt sells
money short, in the language of Wall
street. That is to say. he agrees to de-
liver, something that he has not got II
he agrees to deliver certain amount OF
money at future time, and when that
time arrives one-half of the money has
been destroyed, it makes it more difficult
for him to deliver the money. The same
IS it would if he sold New York Central
stock short, when there was, say. l,OOO,-
600 shares, and the stock should be SO
pooled when the time for delivery came
that less than half of the stock was ON
the market. In that case in the Ian.
guage of the street, he would be
''cinched." This woCld be contraction
of the circulating medium in the one case,
and of the New York Central stock in