Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1892-10-08
GOLD BUG TRICK.
The Means Gold Bugs are Being Driv-
en- to TO Eniure stewart.


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 benefit of the Pacific Coast,
based upon gold and silver coin, to
show that the Senator favored the
decentralization of silver. This bill
was passed in 1870, and before the
conspiracy to demonetize silver was
concocted, and when gold and silver
We're Unfortunately used. This
charge was made by one Nichols in
the "EUentng Telegram" of New
York during the debate on the silver
question which the Senator had with
the gold bugs Of New York year
ago last June. The reply Senator
Stewart made to Nichols at that time
is printed below and is complete
answer to the allegation. The same
charge is reiterated in this speech by
Mr.. Codmus, which is being circulat-
ed in Nevada by the gold trust to
show that Senator Stewart was in
favor of demonetizing silver. The
absurdity of the charge will be APP
parent from the Senator's reply.
These speeches are being sent into
Nevada under the frank of Senator
Mcpherson of New Jersey, who is
rampant gold bug, and opposed to
any use of silver as money. Mlchels
is Russian scamp, and has been Of
ten denounced in a scathing manner
as hypocrite and blackmailer by
Judge Goodwin, editor of the Salt
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 in the service of
one of the tools of Sherman and
Company.
1t will be observed that this oc-
CURED in 1870, before the conspiracy
to demonctiZe silver was formed,
and when gold and silver coin were
equal in every respect, and that the
gold banks established under the pro-
posed amendment, We're to do bust
ness on a coin basis of gold and silver,
in contradistinction to the greenback
basis upon which the other banks
Were founded. The charge in the
speech of Mr.. Codmus was taken
from Michel's article, and is the same
to which Senator Stewart had al
ready replied. Senator Stewards
reply is as follows:
Evening Telegram, July 10, 1871
Mr.. Michels quotes from the Com
gressionaL Globe of January Is,
1870, page 1877, remarks made by me
as follows:
"Mr Stewart: I do not rise to dis
cuss the bill (Senate Bill 37S, intro
duced by Senator John Sherman Of
Ohio, to provide a national currency
of coin notes, silver and gold, Janu-
airy II, 1870, but simply to say that l
should like to see the provision to per
NIT banking adopted.
~ believe men would undertake to
establish banks on the gold basis.
"Of course banking on specie
basis and issuing paper, there must
be much more of paper than there is
of gold, or the paper. circulation
amounts to nothing. That depends
upon the confidence the community
has in the circulating medium as a
matter of course.
"The gold basis, as I understand it,
will a good deal affect it anyway.
81 have no doubt if the business
men of California, Nevada ond Ore
gon undertake to proceed to estab-
fish banks on the gold basis they will
be able to float a large amount of
these gold notes among the people as
circulating medium.
81 believe there will be great conf
dencc in a gold note, secured in the
mode that national banks are Sc
cured"
TIKI BILL UNDER CONSIDERATION.
"The attempt to construe these re-
marks as declaration on my part in
favor of the single gold standard il.
illustrates the incapacity of Mr.. Nj.
chefs to state facts. The bill under
consideration upon which these re.
marks were made, provided for the
organization of national banks for
the issue of gold notes instead OF
currency notes. 1t had no more to dc
with the coinage of silver dollars
than the issue OF national bank cur
rency redeemable in grecnbacks
Besides, the reserves required to be
kept by these gold banks were gold
and silver coin. That act provided
that
"'EVery association organized un
der the preceding section shall at al
times keep on hand not less thar
twenty-five per centum of its out
standing circulation in gold or silver
coin of the United States, and shall
receive at par in the payment OF
debts the gold notes of every other
such association which at the time
of such payment is rcdecming its
cuIcilating notes in gold coin Of the
United States, and shall be subject tc
all provisions of this title:--i
provided that in applying the
same to associations organized foI
issuing gold notes, the terms Lawful
money and lawful money of the
United States shall be constructed
to mean gold and siiuer coin of the
United States; and the circulation OF
such associations shall not be within
the limitation of circulation mention
ed in this title Revised Statutes
Section 5lS6, page l002)"
The absurdity of constituting the
remarks of Senator Stewart, made
on the bill to establish banks baseo
on gold and silver coin instead Of
greenbaclks on the Pacific Coast
shows to what extremity the golG
4 :