The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-05-06
SENATOR STEWART At oeDEn.
His Silver Talk Before the Trans
Miasissippi Congress

" VOnCoNsay Va A0oU VONA T" 80 ~
voted, by the Trans-Mississippi
Congress, to the discussion of the
silver question. There were
number of short addresses which
were followed by Senator Stewart,
who spoke for two hours, closing
the debate. Senator Stewart said
in part:
"No man can be civilized without
devoting himself to some kind OF
labor. Language and money are
purely artificial. He must have
what you produce and you must
have what he produces. In order
to do that you must have a me-
dunn of exchange. The more civil
lied nations adopted the precious
metals. Everything else became so
plenty that it had little value. You
take atmospheric air, has it any
commercial value? You pay moth
ing for drink of water. So it is.
Limitation of money and desire to
have it, make gold change its value
as much as twenty times in an
hour in its market.
"There is nothing in the quality
of gold to increase its value. How
are changes effected? The value of
money is determined by the supply
and demand. If eggs are scarce
they will be dear. Ifthey are plenty
they are cheap. The demand for
money is always at the maximum !;
the demand for money is perma-
nent. If you should double the
money of the world, the price OF
articles would double. We want
such a volume of money as will
keep the general range of prices
level. When the quantity of gold
goes down, the price of gold goes
up?"
at was agreed at very early
period that the price of gold be reg
ulated by the
QUANTITY OF GOLD AND SILVER.
We see Greece in her glory; we see
Athens and the universities of the
world. We find that the mountains
have been upturned and they got
their silver and gold. For nearly
1000 years they made money
out of iron, but they regulated the
amount by law. Every modern ef-
fort to limit it by law has been a
failure. Rome, by enslaving the
people and upturning the noun
tains. accumulated 81 ,SOO,OOO,OOO,
and she extended her empire. But
the mines gave out and the Ro-
mans became slaves and she was
unable to maintain her armies.
The barbarians from the north
made raids on the empire and cap
tured even Rome itself. That mag
nificent supply of eighteen hundred
millions dwindled away until they
had but two hundred millions
That was the result of a failure Of
precious metals.
when Spain got money she
conquered the Netherlands and
humiliated France. That is the
power of money. At the time Of
the discovery of gold in Mexico and
South America there were 3O,OW
land holders in Great Britain. They
were increased to 100000 by the
discovery. :,
"Great Britain adopted the golo
standard in 1916. They reduced
the land owners back to 10000
The people became desperate at the
loss of their fortunes and the army
was called out. But they started
the factories, and the army was dis
banded.
Metallic money can only b
made out of the precious metals
Ninety-fve per cent is made o
paper, but they are only prom
ises to pay.
"There was less gold and silve
in 1850 than in 1900, prices fell 81
per cent. From 1910 to 1850 wage
fell. Wages must go down will
property. The regular farm wages
were $S per month! That is wha
I got.
"Then came the grand discovery
of gold in California and austria
LA. A remarkable discovery-th
world is explored and there Cal
never be another. But that grea
boon came. What effect did it have
The production from 1910 to 1S4'
was $4O,OOO,OOO. The yield afte
the discovery in California wa
, $500, 100000.
THE WORLD ADVANCED MORE
Ii in that time than in any centur::
that preceded. Why, nearly al
YOUR agricultural implements wer
invented during that time. Their
was wonderful awakening in tn
energies. After twenty-three year
of unparalleled prosperity, wage
rose, more than doubled, quadru
: pied; property rose.
aThe conditions have been re
versed, not by the failure OF tn
mines. The miners have dlscov
cred mines from Alaska to Pata
gonia. That insured a CONTINUES
prosperity. The Comstock was dit
covered. Alarmed by the gold yielt