Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-09-06
Mr.. STEWARDS SPEECH.
he Says the People Were Deceived wbep
Silver Was Demonetized
He Reviews MT. Sherman's Course
His View of the Cause of FL
nancial Strfngency.

Mr.. Stewart added a contribution yester-
day to the senatorial eloquence on the re-
peal bill He devoted much of his time 10
answering MIR. Sherman and reviewing The
course Mr.. Sherman had taken on legisla-
ton affecting silver. claiming that the SEN
ator from Ohio had been on the side Of a
single gold standard. He reviewed the pro-
ceedings leading to the passage of the mint
act OF 1873. holding that Congress and fhe
people had been deceived. as they were not
properly informed that it demonetized sill
yer. The people. he said. knew nothing Of
It Mr.. Stewart. after referring 10 the re-
publican and democratic platforms in The
last national campaign, said:
Il saw no difference IN the position Of the
two candidates and could trust neither. The
administration of President Cleveland Is
doing today just what ] predicted IN The
canvass. Immediately after the polls were
closed the bondholders and the national
banks claimed that the victory was theirs
and that the verdict OF the people demahd-
ed the repeal OF the only law which recag-
nized silver as a money metal
The bankers panic was inaugurated 20
force Congress to demonetize silver and pre-
vent predicted evils; not to remedy evils al
ready produced by the Sherman act The
Cooperation Of Mr.. Gladstone and Mr..
Cleveland was TO degrade silver. the former
by suspending coinage in India and the lat
ter by refusing TO obey a mandatory Law
purchase four and half million ounces Of
silver bullion per month. They accomplish
ed their object by closing the silver mines
and increasing the panic"
Mr.. Stewart attributed the distress IN the
country to the Vaccinations of the banks
and the bondholders. The honest remedy.
he declared, was to restore silver.
The Matter of Confidence.
THE pretext for the passage of this bin
he said In conclusion, lis not only fiimsy,
but II is absurd. We are told that the OBJ
Ject of the bill is to restore confidence. Con-
fidence in what and in whom? Confidence
in the government? Nobody has questioned
the solvency Of the government or the quail
ity Of any money bearing the stamp OF The
government. Confidence in the people them
selves2 Nothing has happened TO shake the
confidence OF the American people in their
own ability TO live and prosper, except Che
robbery which has been practiced In The
past and is threatened IN the future. Con-
fdence in the bondholders and banks7
They have sufficient confidence already
in their power TO acquire the wealth OF
others. They have been In the habit 20
long of reaping where they did not sew that
their confidence in their own ability Is sAf-
fciently strong. The fact that they regard
the Sherman act as an obstacle to their
schemes Of plumber Is no reason why 10
should be repealed. On the contrary. IL il
the strongest possible reason why IL should
be retained until all the sherman acts frsm
1913 10 1871. both inclusive, can 60 ana 80 TO-
gether. The country wants no more Sher-
man acts; but before we repeal the ect
which was extorted from him let us bot
from the statute book the act which he
placed there without the know ledge or con-
sent of the American people in 1873.
when that is done prosperity VIII be re-
stored. and not until then. There can be no
progress or prosperity while the iron grasp
Of contraction binds the limbs Of enterprise
Contraction canr OF be permanently prevent
ed without the reconciliation OF silver. = he
metallic basis OF gold Is too narrow for The
present generation, and win continue 10
grow narrower and narrower as the supply
grows less and less. The creditor class may
as wen know first as last that the people OF
this country will not consent 20 confines
falling prices. hard times and stagnatien-
II the bondholders can change the contract
and make Il payable in gold ana take away
the option OF the debtor TO pay in either
gold or silver, the people will ultimately see
TO IL that the debtor has money Of no more
Tor less value than the money OF the con-
tract.
1.-The people DO not ask TO change the con-
tract: the bonaholders do. They have al
ready doubled the value OF gold and by 50
doing they have doubled the ohiiCations 81
the debtor This was revolutionary. II II
dangerous for capital TO engage In revoiu-
ton and i appeal 20 the Senate today 90
listen 20 the voice Of the people as express
ed IN twenty years OF elections and turn a
deaf ear TO a subsidized press and hanke-s
petitions extortsd from their trembling
debtorss