Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-08-14

II Wn6T6AA VWO eAN 49, AAtS -
the ueoule OF the world employed gold in
ltheir monetary transactions. while twelve
hundred millions employ silver in their, 30 |
that silver goes more largely into the
worlds business than gold.
Rut what motive could have Influenced
an American congress to such a course was
q mystery to him. He accepted Senator
Stewards explanation that they wanted to
make themselves respectable in theeyes OF
the money kings"
In 1877 the congress of The United States
I in an effort TO correct some OF the evils
| arising from this legislation, passed q law
repeating the act requiring a reduction OF
| the currency, by which three hundred and
| seyenty-fve millions OF legal tender notes
| were preserved to the country instead oil
| being converted into an interest bearing
debt. The same congress passed a law
| nartially remonetizing silver. 1t required
| the coinage OF not lesslthan two nor more
| than four millions OF silver dollars montniy.
| Only the minimum amout had since Deen
coined. The policy in a general way q
ever been to discredit silver. The omeefs
| OF the treasury department, he said, nao
| all been men who had thrown their lnt1u-
ence in the direction OF contraction OF tne
| currency. Gold was coined at the expense oil
| the government while silver had to pay tax
for coinage, SO that silver had been kept
below gold.
It was not hard to convince the people
| of Montana that silver should be money,
but it WAS hard to convince the money
lords. The time was coming, he said, when
by the introduction OF four new states into
the Union it would be possible to change
the balance OF power and with the added
strength Of their representatives in the ma
tionai councils to once again establish the
free coinage of silver. He counselled his
hearers to send senators and representa-
tives to represent them properly in con-
gress and retired amid loud and prolonged
applause.
SENATOR STEWARDS MAsTERLY EFFORT.
Senator Stewart, who was received with
enthusiasm, began by a graceful tribute to
tie efforts Of Senator Reagan, even against
the dictates of the Democratic presidentto
~counteract the opposition that Cleveland
early displayed in his administration to
silver and his famous letter in reply to that
of the president asking the repeal OF the
Bland act. This he did in explanation
OF unfair remarks by some OF the sub
sidized Helena press in their comments
on that gentleman's history. He then took
up the subject of irrigation, and in a long,
able and exhaustive review OF the subject
from the earliest times showed that it had
early been recognized in the civilized world
as the only proper aid to agriculture. Com
ing down to later times he showed what
had been done, and is being done in India
by the English and the good effects being
realized from it. He reverted to the alb
surdity OF this country in persisting in
agricultural traditions possible only under
entirely dissimilar conditions. from those
in existence here. He showed how large
O proportion the arid region OF this
country bears to the region depending on
rain, and how by proper irrigation it could
support a larger population than the
former. He pointed out the legislation
needed and the course to be pursued, and
as he was addressing an audience that un-
derstood the subject of preserving and stor-
ing water supply, he was the more elabor.
ate and complete in his calculation Of the
subject. He explained the beginnings that
congress had made in the way OF appro-
priations and systematic work, and set
forth a plan for the purpose that should
enlist the active cooperation of all living in
the arid region which would ultimately be
crowned with success and make the desert
blossom as the rose.
He then launched into the silver question
on which he confessed himself p crank. re-
garding it as the greatest question now be-
fore the American people, overshadowing
all others, such as tariff, etc. He began by
defining money, which he called the life
blood OF q nation, and even descended into
an explanation Of the necessity OF money
as circulating medium. The value OF every
thing depended on supply and demand. He
denied that there was such a
thing as intrinsic value in gold
or silver, accompanying it with
illustrations that brought his meaning
home forcibly. He referred to Jewish and
ancient history showing the riches OF the
past; drew a vivid picture of Rome in her
were accumulated, when it was estimated
that there was two thousand millions of
gold and silver in circulation besides the
plate and jewels of the rich. He then drew |
a picture Of the desolation that succeeded |
her downfall, followed by the Dark Ages |
when poverty descended On the earth and |
made the poor slaves. This lasted 700
years until the discovery Of
the rich stores OF gold and silver in
America at it's discovery which gave an
impetus to everJ thing in Europe making
men brave. Things ent on improving for
the next 800 years which brought him to
the beginning of this century when another
money famine ensued. That ended in 1850
by the discovery OF the gold fields OF Cali
fornia and Australia when about two hun
dred million dollars q year began to liven
up things and the age of activity in inven-
ton began. Up to 1878 the world had at
large advanced more than in any previous
century, he said. HI showed how this i'm
mense influx OF wealth caused uneasi-
ness among the bondholders of Europe
and the steps they proposed to remedy !
it by denonetizing gold and serious
v norrtIarrr- tho ~-l- |
taking silver, in which they would have sue
ceeded but for England. He sketched the
succession OF events resulting in the de-
monetization OF silver by the European
countries and the conspiracy that resulted
in placing this country on a par with them
by the treachery OF Comptroller Knox and
Senator Sherman, on whom he laid all the
blame. By the end OF 1875 every mint in
this country was closed to silver.
He then combated as preposterous the
theories OF the gold bugs that there could
be such a thing as q double standard.
There was only one and the money could
be made OF either silver or gold. As long as
you could make q dollar out OF a given
amount of gold or silver, the relative value
did not change. The double standard
was what misled people. He went mi
nutely and exhaustively over the ground
covered by Senator Reagan as to
the effect of the decentralization OF
silver increasing the value OF every contract
at least 80 per cent. Prices had fallen and
would continue to fall in this country until
a better supply of the metals from which to
make money a obtained. In this count
ry silver had been restored in part, but the
relief was slight. He believed in fat money
If you could get all the nations OF the earth
to believe in it, but SO long as there
were twelve thousand million OF people
to be educated that was impracticable.
Money, he said, had to be limited to have
a value. For 1000 years it had been
by tie amount that could be pro-
duced. This generation had been blessed
with an abundant supply and would in
crease it indefinitely if they did not de-
stroy the limitation. The bondholders
criminally had changed the contract.
He then in al able, lucid and eloquent ex-
position unfolded the plan that to him
most feasible and possible Of &C.
,omplishment aud which would result in
bringing the nations OF the earth 10 this
for their money values instead of
taking them from England. It was in brief
or this country to enter the metal market
the medium of free coinage ~ G