The DeLamar nugget. [volume] (DeLamar, Idaho) 1891-1900, 1893-05-13
SENATOR STEWART AT OGDEN
His Silver Talk Before the Trans
Mississippi Congress.


/ Senator Stewart eaid in part:
| mo man can be civilized without de-
voting himself to some kind of labor,
Language and money are purely artif-
cial. He must have what yon produce
and you must have what he produces.
In order to do that you must have me-
dium Of exchange. $The more civilized
nations adopted the precious metals.
Everything else became so plenty that
it had little value. You take atmos-
| pheric air, has itany commercial value?
You pay nothing for drink of water.
| So it is. Limitation of money and de-
sire to have it. make gold change it's
value as many as twenty times in an
hour in its market.
! There is nothing in the quality OF
gold 10 increase it's value How are
| changes effected The value of money
is determined by the supply and de-
mand. L eggs are scarce they will be
dear. If they are plenty they are cheap.
The demand for money is always at the
maximum; the demand for money is
permanent If you should double the
money of the world. the price of articles
would double. We want sucb 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.
''It was agreed at very early period
that the price of gold be regulated 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. Fer nearly 1000 years they made
money out of iron, but they regulated
the amount by law. Every modern eff
fort to limit it by law has been failure.
Rome, by enslaviDg the people and up
turning the mountains, accumulated
81 SOC, 100000, and she extended her
empire. But the mines gave out and the
Romans became slaves and she was un-
able to maintain her armies. The bar
barians from the north made raids on
the empire and captured even Rome it,
self That magnificent supply of eigh-
teen hundred millions dwindled away
until they had but two hundred mill
lions. That was the.result of 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 10000
land holders in Great Britain They
we're increased to 100000 by the discov-
cry.
Great Britain adopted the gold stan
dard in 1916. They reduced the land
holders back to 10000. The people be-
came desperate at the loss of their for
tunes and the army was called out. But
they started the factories and the army
was disbanded.
Metallic money can only be made ont
of the precious metals. Ninety-fiye per
cent is made of paper, but they are only
promises to pay.
There was less gold and silver in 1850
than in 1900, prices fell so per cent.
From lS10to 1850 wages fell. Wages
must go down with property. The reg
ular farm wages were $S per month !
That is what got.
Then came the grand discovery of
gold in California and Australia. A re-
markable discovery the world is ex-
plored and there can never be another.
But that great boon came. What effect
did it have? The production from 1910
to 1910 was O,O0o,0Oo. The yield after
the discovery in California was $780,
100000.
THE WORLD ADVANCED MORE
in that time than in any century that
preceded. Why, nearly all your agri-
cultural implements were invented dur
ing that time There was wonderful
awakening in The energies. After twen-
ty-three years of unparalleled prosper
ity, wages rose more than doubled,
quadrupled prperty rose.
The conditions have been reversed,
not by the failure of the mines. The
miners have discovered mines from
Alaska to Patagonia. That insured
continued prosperity. The Comsiock !
was discovered. Alarmed by the gold |
yield, an effort was made by the aris-
tocracy of Europe to increase the pur-
chase power of money, and they at