Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1889-05-25
SENATOR sTEWART ON SlLVEH.
Enlightenlng the san Francisco Mer.
chants.

SENAEOR STEW AMI ON SAAVkSR
EnlighteninE the san Francisco ller.
chants.
Senator w. Nj. Stewart addressed Z large
meeting of the merchants Of San Francisco
on the subject of silver production and silver
coinage Tuesday. The Post says the Senator
was introduced by Ira P. Rankin, President
of the Chamber Of Commerce. Mr.. Stewart
reviewed the history Of silver, going as far
back as the biblical times, ard gradually
bringing the attention Of his listeners to the
silver question Of the day. In the course Of
his remarks he said that the metal question
was entirely non.partisan. Severe contract.
ion had done great injury to the people Of
tn. old world. The discovery OF gold and
silver in large quantities on our coast had
assured the world, and they were reassured
when precious metals were discovered to
exist in Australia.
Continuing. the Senator reviewed the silver
question Of the world. The plan to reduce
the supply Of precious metals has never been
abandoned. InIs7I, aiterthe Franco Prus-
STA war, Germany reversed her policy, Or
rather the mode proposed to obtain the end
in view. She excluded silver from her minis
and adopted the gold standard for the avowed
purpose Of enhancing the value Of securi-
ties. A billwas struggled through Congress
in 1873, emitting the silver dollar from the
lis, Of coins. BY the end Of 1875 the inau-
ences Of Germany, England and the United
States was sufficient to close the mints Of
Europe against silver. BY such means the
white metal was demonetized and reduced
to commodity. This wicked scheme
changed all contracts in Europe and the
United States, from the contracts payable in
either gold or silver into contracts payable
in gold alone. This was done by legislation
without consent of the people. By this
means the annual supply Of metal from which
standard money could be made was reduced
more than one half. Contraction and hard
times followed.
The prices Of commodities and the wages
of labor have decl ned in the past fifteen
years more than 33X per cent, and will con-
tinue to decline SO long as gold alone is used
standard money. The schemcrs, who
secured the rejection of silver, had no object.
ION to that metal. On the contrary, they
preferred it as money metal TO gold, but
having failed to secure the rejection Of gold
IN account Of the position Of England and
France they, demonelized silver. Their OBJ
ject was to contract the standard money Of
the world, and thereby increase its purchasing
power, and reduce lhe,price of property and
the wages Of labor. The only party inter-
ested in the contraction are the bondholders
and those enjoying annuities and fixed salaries
payable in money.
At the time silver was demonetixed all the
deb;s Of the civilized world and all the fixed
incomes were payable in either gold or silver
at the option Of the debtor. The rejection
of silver changed all contracts, took away
the option and compelled payment in gold
alone. The effect Of this violation Of obi
CATION of contracts was not felt at first, on
account Oh Inc decentralization VI mCtalS Ou
hand, but the rejection Of silver reduced the
supply of money metals from $2oo, ooo. 900
annually to less than $1,000 600, 900, and pro-
duceJ most disastrous results.
Commercial activity, enterprise and pro.
gress, which were universal from 1850 to
1873, we're checked, and the price Of prop
erty and services has constantly declir-
du;ing til. past sixteen years
now reached lower poi
within the
-vnds resting upon undoubted security
have advanced enormously. Four per cent.
United States bonds due 1907 sell for 2o and
90 per cent. premium, which reduces'the
interest which will be realized by the par
chasers at maturity to about per cent.
Two and half per cent bonds of the city
Of New York sell at premium. Railroad
and manufacturing companies are making
strenuous efforts to reduce the price OF wages
on account Of The shrinking volume OF busi-
ness and the declining prices while investors
seek bonds at per cent. interest and avoid
productive enterprises.