Arizona silver belt., 1891-07-25
ROW IS Tns IsCREAssSG DEMAND foa
 MONEY T0 BE MET?

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 Senator Stewart to Senator Shelnan.)
 You say, Eff more money is required, there are many ways of pro- viding it without cheapening the pur- chasing power of our motfsy. !, such be the feet, there ia certainly something nSw under the sun, and the axiom that value IS determined by the law of sup ply and demand must be discarded. If you have any method by which you can add to the number of dollars in circu- lation without diminishing the purchas- ing power of each dollar, then miracles are still possible, The farmers of Ohio know if you do hot that when money is plenty, prices rice, and that contrac- ton appreciates the value of their prop erty, They appreciate the baleful ef- feet of contraction by the rejection of silver as standard money in the depre- ciation of their property Those who are ill debt regard with dismay the in- creased purchasing power of our money which you proposed to maintain by re- ducing all values to the limited supply of gold. The people of the United States owe several thousand millions to the people of Europe, which must be paid with the products of this country Such products must be sent abroad and sold to pay these foreign debts, How can this be done if We are driven from the European market by the silver standard countries? About the only exports that We can rely on at present to pay our foreign debts arc Gottcn and petroleum, We can have no regular wheat market in Europe in competition with Asia. It Is to be hoped that this year is an exception, on account of small crops 'n Russia and India No, Mir. Sherman, there will be DO ropudia- tion in this country, but the people will have more money. You express will lipgness to increase the supply of mon. ey whenever 1t is necessary, What is your plan for increasing it? Are you still in favor of issuing per cent bonds to enable the national banks tc incr-ase the circulating medium? After your attack on the miners you would be sur prised if they should suggest that the national banks had been tue recipients of special fayors from the Government. How many millions has it cost the tax payers of the United States to maintain the national banks? Are national bank notes any better money than the legal tenders or greeubacks issued hy the Government? If not, why was the iu- terest- bearing debt increased to retire grsenhaeks and furnish bonds to enable the national banks to supply hank-notes to take the place of greenbacks? The people think that the national banks had special privileges when they could invest money iu bonds, draw interest from the Government on the entire in- | yestment, and receive in addition to such interest 90 per cent of the money 80 invested to loan to the people at high rates of interest II an increase of national bank circulation is your method of furnishing more money, you may es well abandon the idea. The people will not submit to it. The assertion that thls country cannot coin silver and use il as money without the consent of Europe implies that the power con ferred by the Constitution to coin money has been surrendered to for cigners. There is no fear of getting to much metallic money. No country ever had too much of either gold or silver coin.