Daily independent. [volume] (Elko, Nev.) 188?-1915, 1893-08-01
MISSOURps SILVER GOVERNOR.

Governor Stone, Of Missouri, de-
livered an address before the Aurora
Club OF Kansas City, few days ago,
An which he spoke as follows concern
ing the financial situation in the
Uuited States:
The present financial furry is the
result Of deliberate design. This I
believe as firmly as that good God
teigns above. This scare came us n
thief ut night with feathers on it's
feet that we might not hear its CON-
ing. We had won a grand victory.
The democratic party was headed for
tariff reform, when a wild, mad hur-
ricaEe came out Of Wall street q d
struck us amidships; and now we are
scUdding away, only the devil knows
where, Wall street made an assault
on the gold reserve and reduced it
for the first time in our history. I
wish to Cod they had reduced it to
S10,OOO,OOO. have voted more than
once to reduce it to s25,OOO.OOO. The
government doesn't need to keep 1914
per cent. of its circulation as re-.
serve. 1t is waste Of the monetary
energies and opportunities Of the peo-
pie. The reserve was pulled down by
Wall street and the country was
called on to issue new bonds. The
government called on the western
banks for aid and nob!y did they re-
Rpond. The western banks felt ths
coils tighten about them as the great
banks Of the east refused to supply
them, The western banks CALEB on
their country correspondents; these
in turn called on their creditors and
so the distress became universal. 1t
happened that the balance nf trade
was against us, which rarely happens.
Gold WAS exported and every dollar
exported was advertised. The AS
sociated Press and the city press
called attention TO ths fact that gold,
timid as hnre and sensitive rs hoA-
or, had be come alarmed and fed from
this barbarous country. Distress
was everywhere; enterprise vas pal
sled. The banks, unprepared, fell by
the wayside. himid and o, erprudent
men withdrew from the banks and
aided in the precipitation Of the fl
nancial condition that need not have
existed. Never was there panic
threstened with less reason. 1t WAS
the result Of foul conspiracy.
And it nus all been blamed to the
Sherman net, but instead of doCreas-
ing we ought to increase our money
circulation. There is rot enough in
circulation to meet the demands OF
business. Financial experts tell US
that business ID done on credit. So
it is, but it tukes money to pay debts.
You can't pay debts with oxen or
mules or wheat. You can contract.
but not sntsify debts without money.
Our country is continental in it's
scope. Our population is augmen-
ting and great developments are pro-
jected. We are the storehouses and
the graneries OF the world. 1t is a
large land ind needs larger ourren-
cy; larger than England, more redun-
dant than France. We can take more
than half the states Of Europe and
lay them down in Texas and still have
enough leftto make good sizsd cat
tle range.
Congress was elected for a certain
purpose end that was not the demon
etization OF silver We could not
havo carried tho country on that is-
sue. We could not harc rrrr;nd Mis-
souri. The time has com wheo { =
west and south should begin To take
care OF themselves IL little more. /
am dom ,Crat, but I nm tho same
kind 10 July, 1893 ne 10 July. 1892. I
believe in tho cardinal doctrines Of