The times. [volume] (Richmond, Va.) 1890-1903, 1892-12-16
MR.. STEWARDS NEW FREE COINAGE
RIIL.

Dental election was notice from the peO-
ple of the United States that they will not
have their standard OF values upset by
compulsory legislation of Congress that
endeavors to force them TO exchange
o $40 Of gold for 4l2 IL grains of silver
when the latter is really less valuable
than the former by oEe-third. The free
silver men have had their hearing before
the people, they have exhausted every
argument and every artifce in their en-
deavor to persuade the people that sixty
five cents are as valuable as one hun
dred cents, but the reply of the people is
the election of a man TO be President
who declared On substance) before the
election, that he would veto any act OF
Congress that attempted to make AZ II
grains Of silver a legal tender for dollar
Of debt. In all reason the agitation OF
this subject should have stopped with
the last election, and no doubt 1t VIII
cease very soon when The Times VIII
give itself a hearty handshake for the
part II had in bringing the noxious move
ment to an end. But all energies make
movement even In death. and those now
made in the silver craze are probably its
expiring throes. However this may be.
that amable gentleman, Mr.. Stewart, OF
Nevada, far too good at heart to remain
in the Republican column. has offered
in the Senate a measure which again
opens the flood gates Of defamation upon
a worlds fatigued ears. Mr. Hill, Of New
York, had introduced bill to repeal the
law requiring the Government to purchase
1900, 900 ounces Of silver each month,
whereupon Mr.. Stewart offered as an
amendment a bill practically for free
coinage making Az IL grains Of silver
full legal tender for dollar. Mr.. Stewart
accompanied his bill with some remarks
in support of it, and, as we have already
complimented the character Of his heart,
1t may not be out Of order for US now
to look into what he said with a View to
properly estimating the value Of his head
He said amongst other things that "a
return to the gold standard meant a re-
turn to the feudal system Of the dark
ages"
Now there is so much involved in this
statement, and it has got the actual facts
and lessons of history so ineXtricably
mixed up, that we find ourselves very
much embarrassed in selecting the point
at which to begin in showing its alsndity
and we very much fear that when we
really get ourselves adrift we shall never
find a landing place.
The feudal ages were period Of ariFto-
cracy and privilege for the barons and
lords and Of practical slavery for the
masses Of the people. Just in proper
ton as liberty spread amongst the masses
Of the people, the daily price of the in
dividuals labor rose in value; but just
in proportion as the masses wanted
liberty and were ruled by the PRIVILEGED
few, the daily price of The Individuals
labor fell in value Where labor is very
cheap, gold cannot be used as the money
Of the country, because ii cannot be sub
divided into pieces small enough to pay
so small that they could not be carried
or preserved with any sort Of safety
or convenience. A baser metal must there
fore be used when slavery exists. This
is why silver is the money Of iii eastern
countries. The inhabitants are prac I'll
cally slaves, their wages are 50 small
that they cannot be paid in gold, and the
products of their labor so Oh zap that a
baser metal must be used fer the pur-
chase Of these. A little coin goes so far
in the East, that in some localities a
mans purse IS his mouth, beneath his
tongue. For this reason gold was prac-
tically unknown currency in the feudal
ages. The coin used by the people in
those dark times was silver because labor
was too cheap to be paid in gold. The
lords and feudatories used gold as
ornament, but they had no need for it as
coin. since they could command most OF
what they desired, and silver was album
dainty valuable to purchase all that they
had to buy.
How then there are any anaiogies in
the situation that could lead Mr.. Stewart
TO think that "a return to the gold stand
ard means return to the feudal system"
is is hard to understand. II there was any
thing the feudal system stood In no need
Of, 1t was gold. and II any one agency is
more powerful than another ia taking
US away from the feudal system II IL
gold, since use Of gold means incrcase
OF daily wages, and increase Of daily
wages means liberty TO the masses.
Mr.. Stewart falls. too. Into a very popu-
lar error when he speaks OF "a return
to the gold standard" This country
has not got ito return to the gold stand
ard in order to have the gold standard.
1t has never had any other. From the
beginning of the Government down 10
1873. there had been coined by this Gov
eminent only $S.OOO.OOO of silver dollars.
Tbs is not conjecture. IL is absolute re-
corded fact, as anyone can see who Will
take the trouble to examine any recent
report Of the Director OF the Mint. How
could a country be on silver standard
thai has always had free coinage OF gold
but has coined and used no silver?
Mr.. c. G. Napier. of New York: Mr.. Il. |
A. Reilly. OF Philadelphia, and Mr.. M. w.
Catch. OF Cincinnati, o.. are at the Ex-
change Hotel.