The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-06-09
THE GOLD BUGS.
Senator Stewart Shows How
Their Predictions
Have not Been Fulfilled, and That Every Time
There has Been Increased Coinage Of
Silver, Gold has Accumulated.
Especial to THE HERALD-Examiner Dispatch

Especial to THE HERALD-Examine- Dispatch
New YORK, June S.-Senator William
NJ. Stewart, of Nevada, hammers away at
the gold bugs whenever he has an oppor-
tuaity. In ole of the papers here today
great prominence is given an article under
which is the Senator's signature. The
venerable legislator from the home of the
sage brush and alkali plains, says this:
1.-THE gold men admit the product OF the
mines is growing less each year and that it
is now insufficient to keep good stock of
gold coin on hand, and that the gold re-
serves in Europe are growing less and less
every year, while business and credit are
expanding. / conversed with number of
leading business men recently in New
York and / met no man who contended
that a continued contraction of the cur
rency and an expansion OF credit would
not bring ruin; nor have L seen one who
suggested a remedy. They simply told me
the gold men will create a panic II any
body interferes with their scheme OF en-
HANGING the value of gold. In other words,
the world must submit to them, although
it is admitted their policy will produce in
evitaole ruin TO the masses, L suppose 1T
is fact that the gold men have used
the press so long for their pur-
poses and have iterated and reiterated so
constantly that an increase in the volume
of currency would produce a panic, par
ticularly il that currency were based upon
silver, that many people look upon free
coinage as an immediate calamity, while at
the same time acknowledging 1t to be the
only alternative from inevitable bank
ruptcy and ruin. 1t IS strange so much
stress is placed upon the predictions of the
worshippers of gold where none OF them
have heretofore come true. In 1873, when
the Bland act providing for the purchase of
not less than S2,O00OO0 nor more than
81, 900, 900 worth of silver bullion per month
for the purpose of coinage was passed, the
gold press was unanimous in predicting it
would drive all the gold out of the country
and produce ruin. This act was passed
over the veto OF President Hayes, business
was revived and gold accumulated in the
country. Mr.. Cleveland came into power
in 1854 on free coinage platform, but dis
covered before he was inaugurated that if
the Bland act were not repealed, ruin
would come in three or four months. The
Democratic House of Representatives re-
fused his request to repeal the act Ruin
did not come, but the gold reserves in
creased. Last year, when the act
providing for the purchase of 81, 000,0
ounces OF silver bullion per annum and
issue of treasury notes thereon was passed,
the gold standard contractionists and all
their organs renewed with increased en-
phasis their usual predictions that gold
would leave and the country would be
ruined. The bill was passed and gold did
not leave, and the country still exists. They
now tell US, as they have told US heretofore,
that any further use of silver as money will
produce inevitable ruin. Yet, strange TO
say, there are people who still believe In
these prophets. This is an anomaly. False
prophets In other countries have been slain.
Nearly all aboriginal tribes in this country
are in the habit of Staying their prophets
after the third failure 10 tell the truth. But
the gold prophets appear TO have gold enough
to secure exemption from punishment and
by some magic still charms and deceives
their credulous followers"