The Wadsworth dispatch. [volume] (Wadsworth, Nev.) 1892-1899, 1893-02-22

ey marker lot LIdt Ilethi WAS SuG VII
silver bullion declined in value as COM
pared to gold. The privilege of coinage
was confined to gold; the indiscriminate
demand for either gold or silver for
money was transferred to gold alone.
This more than doubled the demand for
gold, and gold bullion, for which the in
creased demand was made, advanced in
price as compared with silver bullion.
"The moneyed institutions OF the civil
lied world Immediately declared that the
silver already coined wal not good mon
ey, because OF the decline in the value
of silver bullion. They claimed that sill
yer, ~demonitized, did not remain at a
parity with gold, monetized. The
eyed institutions of the civilized world
soon discarded the coined silver as a ba-
sis of circulation and credit, and confined
their reserves to gold alone. The fab
ric of business and credit, which in 1875
rested on seventy-tive hundred millions
of current coin, with all the additions
since made, now rests on the narrow
basis of thirty-seven hundred millions OF
gold coin. On the theory of the gold
standard, there is no money of ultimate
payment or redemption except gold;
silver, as well as paper, depends for its
value, upon a promise, expressed or i'm
piled, OF redemption in gold. The credit
and business of the world are already
expanded far beyond the danger line,
on the narrow basis Of gold for redemp-
ton. The gold advocates are now using
their enormous power to repeal the act
of 1890, which provides for the issuance
OF legal tenGer notes in exchange for
four and one-half million ounces of silver
per month, without cost to the govern
ment, for the purpose of destroying the
market for silver and closing the silver
mines Of the world. If this can be done,
one OF the principal supplies for gold
will be cut off, because a very large 'por-
ton OF The output of gold is derived
from the silver mines.
"The arts and other non-monetray pur-
poses have absorbed the annual output
of gold since silver was demonetized.
There has been no material increase in
the gold coin of the world in the last
eighteen years. If the supply of gold
which comes from the silver mines is cut
off the existing supply of gold coin must
rapidly disappear. The contraction
which must necessarily follow will be
more violent and destructive than the
failure of the mines in any former age
and the prospects for humsnity are
gloomy indeed.
"The contraction that has already
taken place by the decentralization OF
silver has cau-ed a decline of fully forty
per cent in the average price of commodi
ties. Farm lands in Europe and Amer
lea, unaffected by emigration or the
immediate vicinity OF cities, have
declined in price fully fifty per cent.
and the destruction of values of pro-
perty has only inst begun.
"The owners of money, and of obliga-
tons payable in money, have reaped an
enormous harvest of wealth in the en-
HANGED value of money, which has
deprived them of all sense of Justice or
honor. They did not acquire this wealth
by fair and honorable means. They took
advantage of their superior cunning, ard
manipulated legislation to enrich them
selves and rob and impoverish the
masses. The question now is: Shall
this scheme OF comiscation and plumber
be consnmmated, or shall the old coin
basis of business and credit be restored
by the reconciliation OF silver?
LET the money kings take warning.
Fifteen million soldiers may silence dis
content in Europe, but in free AmeriLa,
while local self-government remains, a
peaceable revolution is possible. The
feudal system cannot be re-established
III America, without such an uprising as
will appal the civilized world. Cunning
is no more justifable than force. 1t is
unsafe to continue this extortion by
strategy, for, if it is continued, violence
is inevitable.
"WM. M. STEWART"
FOR SALE.