The midland journal. (Rising Sun, Md.) 1885-1947, 1889-03-01
MONEY ANSWERETH ALI
THINGS"
SPEECH OF HON. VIM. NJ. STEWART, OF
NEVADA, IN THE SENATE OF
THE UNITED STATES
JAN. 2, 1889.
WHY SILVER SHOULD BE REMoN-
ETIZED,

WHY SILVER SHOULD BE REMoN-
ETIZED.
What objection can there be to the
reconciliation Of silver? 1t had been
used as money for more than four
thousand years and was universally
considered previous to 1878 better suit.
ed for that purpose than gold, and
more than two-thirds Of mankind are
still Of the same opinion. If the supply
Of gold and silver had been exhausted
and necessity had arisen to substitute
some other material for money, a good
reason for doing SO would have existed.
If in the ninth century, when society
was practically dissolved for want Of
money. it had been possible to have
substituted some other medium of ex-
change for gold and silver, civilization
might have been revived before the
discovery of the mines of the New
World; or if, in 1880, when progress
was paTalyzed by money famine, the
world could have agreed npon univer.
sal currency, there might have been
some reason for discarding metallic
money altogether. But who could have
anticipated that in 1878, when the
world was in the full tide Of prosperity
from an abundant supply of gold and
silver, and all civilized nations we're
realizing more Of the comforts and lux.
uries Of life than the fondest dreams of
philanthropists had ever contemplated, !,
that any combination of men would con.
spire with view of enhancing their
own fortunes to rob the world Of the
only agency by which that prosperity
could be continued? Strange as it may
appear, SO it was.
AS soon as prosperity became univer-
sal by the flow of gold from California
and Australia, Chevalier and others ad-
vocated the characterization of that
metal for the purpose of limiting the
supply to silver alone, and thereby en-
hance the value Of bonds and other
obligations for the payment of money.
Germany, Austria, Belgium, and other
countries engaged in that conspiracy
and demonetized gold.
Failing in that, in 1871 Germany
led the scheme to demonetize silver, for
the avowed purpose of enhancing the
value Of securities. The United States
and the countries of the Latin Union
followed blindfold the lead of the bond
holding conspirators. Before the world
knew what was proposed the work was
accomplished. The yield OF the mines
for the purposes Of money was reduced
one-half, and the glorious prospect of
an adequate supply of money for many
future generations was cut off. The
United States was the most stupid vic
tim lured into the conspiracy. She
was atthe time most emphatically
debtor nation. She owed more than
S2,OOO,OOO.Oo0, and produced more
silver than all the rest of the world
combined.
Nearly all the States and municipal
corporations in the Union were also
large borrowers of money. Enterpris-
ing citizens had borrowed vast sums of
money to build railroads and develop
the resources of the country. ALI these
debts were payable by the terms of the
contracts by which they were created
in either gold or silver. The right to
pay them in silver was surrendered
without consideration. Many hundred
millions were extorted from the people
to pay obligations in gold which, of
right, should have been paid in silver.
This manipulation of currency has done
more to make the rich richer and the
poor poorer than all other causes COM
bined. The end is not yet. The prices
OF wheat, cotton, and all other products
of labor in this country are fast being
reduced below the cost of production.
Still the holders of accumulated capital
resist every measure Of relief and de-
mand the last pound Of flesh.