The Wadsworth dispatch. [volume] (Wadsworth, Nev.) 1892-1899, 1892-10-08
oUILIEGs B O OODMUs

There has been sent from Washington
to the postmasters of Nevada, with the re.
quest that they be distributed, a bundle OF
the speech of Mr. Codmus of New Jersey,
in which that gentleman quotes what
Senator Stewart said in 1870 on the amend
ment to the banking bill providing for the
establishment of gold banks for the bene-
fit of the Pacific Coast, based upon gold
favored the characterization of silver.
This bill was passed in 1870, and before
the conspiracy to demonetize silver was
concocted, and when gold and silver were
Unfortunately used. This charge was
made by one Michels in the Evening
Telegram" of New York during the de-
bate on the silver question which the Sen
ator had with the gold bugs of New York
a year ago last June. The reply Senator
Stewart made to Michels at that time is
printed below and is a complete answer to
the allegation. The same charge is reit.
Grated in this speech by MIR. Codmus,
whith is being circulated in Nevada by
the gold trust to show that Senator Stew
art was in favor OF demonetizing silver.
The a%bsurdity of the charge will be ap-
parent from the Senator's reply. These
speeches are being sent into Nevada under
the frank of Senator Mcpherson of New
Jersey, who is a rampant gold bug, and
opposed to any use of silver as money.
Michels is a Russian scamp, and has
been often denounced in a scathing man.
ner as a hypocrite and blackmailer by
Judge Goodwin, editor of the Sal. Lake
Tribune. He was an alleged silver man
as long as he could extract funds from
the friends OF silver and when money
ceased to flow from that source he turned
his efforts in behalf Of gold, and is now 10
the service of one of the tools of Sher.
man and Company. Senator Stewards
reply " a. follows:
Evening Telegram. July -, 1891
Mr.. M,chels quotes from the Com
gressionai Globe of January Is, 1870, page
1877, remarks made by me as follows:
..Mr Stewart: / do not rise to discuss the
bill (Senate Bill 1878. Introduced by Sena.
tor John Sherman of Ohio, to provide a
national currency OF coin notes, silver and
gold. January II, 1870, but simply to say
that | should like to see tie provision to
banking adopted. ae nab 9a
Il believe men would undertake to estab-
lish banks on The gold basis,
"Otl course banking on a specie basis
and issuing paper, there must be more
of the paper than there is of god, or the
paper circulation mounts to nothing.
Tina, depends upon the confidence the
csmuni,y has in the circulating ,'.edium.
II believe there will be a great confidence
in a gold note, secured in the mode thai
national banks are secured" a
THE BILL UNDER considerations
: The attempt to construe these remarks as
a declaration on my part in favor of the
single gold standard illustrates the inca
pasity OF Mr.. Michels 10 state facts. The
bill under consideration upon which these
remarks were made, provided for the or
ganization of national banks for the issue
81 gold, notes instead of currency notes
II had no more to do with the coinage
Of silver dollars than the issue of national
bank currency redeemable In ~greenbacks
! Besides, the reserves required to be kept
by these gold banks were gold and silver
coin. That act provided that;
:" Every association organized under the
preceding section shall at all times keep
on hand not less thar twenty five per cent.
um of its outstanding circulation in gold
and silver coin of the United States, and
shall receive at par in the payment OF
debts the gold notes of every other %asssocia.
ton which at the time of such pay ments
is redeeming its circulating notes in gold
coin of the United States, and shall be sub.
ject to all provisions OF this title:-
8 +" Provided that in applying the same to
associations organized for issuing gold
notes, the terms lawful money and law
full money of the United States shall be
construed to mean gold and siluey coin of
the United States; and the circulation of
such associations shall not be within the
limitation of circulation mentioned in this
title. (Reviseh State, Section 5IS6,
page 1902"
The speech Of Mr.. Codmus of New