Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1890-03-08
THE SILVER QUESTION.
SENATOR STEWARDS MAsrERL,
EFFORT on THE SUBJECT.

x ~ rss s#.uF- 49,
Tho supply Of Money Utterly made.
Quate-how the Spectators Use This
lssnhicie''cy to Cypress the Produ cer.
-IAs B"adholdsrs Legislate Agaius,
~ People. i .~
The Senate, as in Committee OF
the Whole, having under consider.
alton the bill Is. 14l7) to amend an
act entitled IAN act to provide for
sdking tho eleventh and subsequent
censuses," approved March l, 1880
Mr.. STEWART said:
Mr.. PREsIDENT: When this bill
WAS last under consideration some
suggestions we're made in regard to
sscer,aini"g the facts in relation to
the public indebtedness, and be.
u wing that investigation of more i'm.
portance than almost any other, I de.
sire to make = few remarks upon tina.
subject.
THE CREDIT SYSTEM
which has come into operation within
the last few years is a radical depart.
ure from the principles OF political
economy heretofore accepted. 1t is
undoubtedly an important factor in
The rapid development Of material
resources. industrial enterprises,
particularlysin the United States, for
theelast twenty FIVE wears have been
largely conducted with borrowed
money. The,advocates OF the modern
system OF pledgiog the proceeds Of
the future for the benefits OF the
present point to the wonderful in.
dustrial development now taking
place rs result of the new depart.
ure. Others, who are more conserve.
tive, recall to mind such unfortunate
experiments of unlimited credit as
the gigantic trading company Of John
Law and the assisnats of France, and
predict similar results in the near
future. The enemies of the system
overlook the fact that large per.
'centage of the money borrowed, after
deanc'iGg commissions and unearned
profits absorbed by middle men, is
actually used in developing material
resources and creating property.
This WAS not the case with the
South Sea Bubble and the various
other credit bubbles. They were
mere sp"c"lations. created no prop
ertv. and exploded as soon as their
REAL character WAS discovered. 1t
would he impossible, if it were desir.
ABLE. to stop or even to materially
check the extension Of credit. Ii
must go on. The question is, how
will It end
IN BANKRUPTCY, ANARCHY, AND LOSS
OF LIBERTY,
~ continued development and pros.
peri'v? Which Of these results is to
follow this unparalleled extension of
cs~dit depends upon the supply OF
STANDARD money upon which it is
based.
Before considering the question OF
y" adequate supply of money att-n.
tio" Is called to the rapid growth of
debts. 1t Is impossible to collect
accurate Inform stion as to the volume
1T private Indebtedness.
THE NATIONAL DEBTS OF THE CIvI.
LIED WORLD ARE OF RECORD,
and hay" been tsbu!xt-d by Professor |
Adams in his learned work on Public
Debts. The following. with an ad-
dition from the American Almanac
for 1889, is Mr.. A"xms's table show.
ing the growth Of national debts for
stated periods:
Acc ~ ling TO Mr. Adams Capital aups owed
11h...... ...........,.......S .'aO. Ono O&rn
1872 NEUTRALITY-SUSPICIOUS.. 2.5Np, 90, noe
1870 NEUTRALITY-SUSPICIOUS.. IN OoO e0t
S64s... ............ ........... $780, ", 900
ls6s INSTRUMENTATION. ...... l37Sl.OOO 400
1872. 23025. mo- zoo
i"so .......... ........ 30 ?y0. 30. 900
Aec0rsttnw h. American AlManac;
lsae............ ................ s2.al7. ass.i