The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-08-01
Senator Stewart Goes Prcselyting In
New York in the Cause
or Silver.
He Deeoants on the UnamericAn
Press Of tho Eastern Me-
6 tropolis.
Two-sided Discussion for the FIrst Time
Nevada Estimate Of McKinlcy's
Chances In Ohio.

around him, the Nevada senator who looks
like Santa Claus, sits in his library these
hot July nights and coins arguments Tor
free silver, until the clock strikes twelve.
He ID terribly In earneat. Otherwise he
would not have undertaken the task of con-
verting New Workers. For two months
Senator Stewart has put in hia time In
Gotham talking silver to everybody and
anybody who would discuss the question.
II Think said the senator, ''this ia the
first time there has been anything like two
sided discussion in New York on the sub
iect, and l find that the people themselves
are very much divided. l am by no means
sure that there 10 not a large majority in
favor of silver in the city of New York
to-day. But the press, of course.
will voice the sentiments OF
the bankers. Bankers take orders
from Europe and deliver. them TO this press
and the administration at Washington. l
should DO very glad to see an instance
whore the administration would differ with
the money loaners Of Europe US to the
financial policy of this county. l am quite
certain it never has occurred, but I hoie it
may. In fact, / think it is certain it will,
for the people are being educated and they
will be henrd."
The senator admits that he carried on
his campaign OF education for free silver
under difficulties. Just before congress ad-
iourned the silver republicans in the ssnate
got together and agreed that they would
devote a considerable part of the summer
to missionary labor. Senator Stewart was
one of the foremost IN this movement, and
he pledged himself for II protracted effort
in the east. In reply to an inquiry tue SEN
ator said: "Ihege is very little American
sentiment on the subject of silver in any
part of the east, and New York city is no
'1 s%he, do YOU mean by American senti-
ment. senRtor?" was asked.
al mean,'' he replied, "himrly this: That
for the last twenty-fv years the desires OF
the foreign bondholders have been pub
lished by the New York press as the public
sentiment of the people. These desires are
communicated by bankers i'll Europe to
bankers in New York, and from them COM
municated to the press and to the admins
tuation at Washington. The preas talks it
and the administration acts it. The people
of this country owe to the people of Europe
several thousand millions of dollars. The
exact amount can not be nscertained, but it
il very large. These loans wore made by
the European people through their great
New York are agents and sometimes patt-
ners of the Eu opean bankers. They loan
and collect money principally on foreign
cceount. The European Investors in Am
Jean securities desire to obtain the greatest
profit thay can out of Their invest
risnta. When they loan money they desire
not only the interest, hat they rre vecv anx-
ious to have the principal increasea: that Is
they want Gearer nlohey-money Will
greater purchasing power than that Which
they loaned. That is very natural"
How do they increase the principal?"
"Simply hy diminishing the quantity
The demand for mone7 is equal to the de
mand for everything else. 1t ia constant
pressing and nevelceoslng. Tbs value OF
each dollar depends upon the number o,
dollars in existence to supply this demand
If the number of dollars we're doubled, thu
demand being the fam+, the demand 10
each dollar would be scduced ono half; tina
IS, the purchasing power OF the dollar Woult
be only half SIS great as it WAS before tht
number of dollars in REGULATION wer
doubled. II one-h&lf of the money WAS dc
st~o ed the entire Gemsnd must necessaril.
fall OH the othe' half, ana the value o
money must necessarily advance. IN
principle is recognized hy every man Of
woman who goes to market. They under
stand that if eggs urp scarce they will b
dear. 50 with cnlcEens, SO will everythln!
else they have TO purchase. They undel
stand that when vegetables are plentiful i
tho market, they will hs cheap; but if
dscuth comes and destroys the crop the
will DO dsar. the dealer in wheat judge
of thu probable price by the probable cup
ply. So the dealer Of any commodity est;
what will bs the probable price, and ac'
accordingly. Tho same is true OF none,
But rot one man in SEQ recognizes the fat
that when the c'up Of money Is short mons
will be dear. European loaners. howeve
understand il. They unde stood it mar
years ago. When gold was discoye eli
California and Aust ALA they undertook
delnonetizs gold 50 that it should not |
used as money. They said 5hout fear {
the people in those monarchicnl couutrie
that their object was to enhance tt
value of bonds aud fixed incomes and to il
crease TIE purchasing power of none
They failed in demonstrating gold. III
war was tfen made on silver. Tnry dsmol
etizsd silver and destroyed it rs a mono
metal. I HIS ofe"ntiun reduced the volun
of real money in tho world mean Ivy re
money, money Of ultimate redemptlo
money that does not require redemption
make it valuuhle-mors than one-hRl
There were IN 1873. $1,000, 600, 900 of go
and silver coin in the wotld that require
no redemption. bot was good MONEY. D.
this volume of real money. paper nom
and all credits %rsste'. There liz now in Il
world, according 20 tas fepo't of the &
rector OF tae mint, only S3,727 O0o,OIo
gold coin, which, on the gold theory. is tt
only real money, which IS less than ha
what there WIS eighteen yeats ago. No
withdrawing XII utS efforts to esist fallil
prices by the en:erprising people OF t.
country, the legitimate effect to dcstroyi'
half OF thu worlds money is b. ing shoV
throughout the entire farming region
the United states. There is ptobablr not
farm in this United States. outside of /
cities and their Immediate vicinity, that
worth mole than half what it wan befo
halt of the real money was destroyed. N
have We seen the worst OF it. Since silly
waa dsnonetized there has been 10 increr
in the volume OF gold coin. The emit
prodolt of gold has been used for non-me
etary purposes, and such n~on-monetary Y
Is increasing
"you say there is only half m much &c
and silver CO. n in tbs world as there "
eighties years aRoy"
mo; did mob SAY that. said that thu
was only half as much zeal money on I
gold theory. The silver coin STILL exists.
it Id not money OF ultimate redemptit
The gold advocates rcaui o silver to
redeemed in gold. Tho trouble is, 4
value of the silver coin depends w
4 promise to redeem in gold.
is not itself money, IA formerly.
it is simply credit money. Ii ia ne bet
than Taper. Paper 10 valuable beca'
the 9 is n promise 10 redeem it in so
There is no reason for using silver at all
it is not money of itself. IL III not as CT
venient rs paper, and much more ex pcnsiv
In view of Seuaior Stewards ultrn-pn
ton on tho silver question:, it seems sini
l A.. t-..l .-. *. ~. - n