The midland journal. (Rising Sun, Md.) 1885-1947, 1893-01-20
Stewards Speech on Free Coinage.

Stewards Speech on Free Coinage.
Senator Stewart made powerful speech
in the Senate last week on the free coinage
of silver. We publish the following
extract:
The repeal Of the act of 1890 without a
substitute will soon stop or so cripple silver
mining as greatly TO reduce the supply Of
gold which comes from silver mines. The
arts will then make rapid inroads upon the
stock of coined gold, and ifthe gold stand
ard is maintained gold will advance with
such rapidly as to destroy the producers of
wealth. The obligations now in existence,
if they must he paid in gold under such
conditions, are sufficient to absorb all the
property of the civilized world.
An investigation of the question of the
average price of commodities for the last 20
years will show that tie price Of wheat
cotton, and all other farm products have
responded to and corresponded with the
price of silver. Silver has net deprecated
in value as compared with commodities. 1t
is gold which has enhanced in value, because
the supplp is insufficient, because the de.
mand for it as money is far in excess of the
supply. and because there is not enough
gold to sustain the credit and business of the
world. The deficiency of gold is made
painfully manifest by the struggles of every
financial institution 10 the civilized world
to obtain gold TO save itself from bankruptcy.
enhanced the price of gold as compared
with commodities fully 40 per cent, and
the work of contraction is but just begun.
The price Of commodities must decline SO
long as the gold standard is maintained.
| If il is desirable that the farmer should
obtBin better price for his products; is i.
is desirable that he should be abe to relieve
himself from mortgages which have been
doubled by legislation since they were
executed; if it is desirable that there should
be independent real estate owners cultivat-
ing the soil if it is desirable that our farm
ers should not be converted into tenants of
the gold kings if it is desirable that the
productive energies of the country should
be developed it il is desirable that ciyiliza-
tion should be maintained for all the peo-
pie and its benefits not confined to the
hoarders of gold alone, then silver must be
remonetized, and no fair minded man ought
to complain if such restoration should repair
part of the loss which has already been
susta ined by silver miners.
The gold men demand the repeal of the
act of 1880 and the utter destruction of the
market for silver in Europe and America.
If this can be doue, silver bullion will tall
very low, perhaps to 40 or so cents an
ounce, and the silver miners will be ruined.
| The gold kings will then urge the great
difference between the prices of gold and
silver bullion as reassn for continuing the
use of gold alone. They will maintain that
silver is no more useful for money than iron,
lead, or any other metal Every decline in
the price of silver has been used as an
argument against Its reconciliation. The
repeal of the act Of 1890 is demanded TO
strengthen the hands of the gold kings and
destroy the advocates of honest money.
The advocates Of gold are willing at any
time and at all times TO de anything to dis
parage silver, and the repeal of the act OF
1890. without substituting something better.
would be the last and final blow which
would bring disaster. If the gold kings can
repeal the act of 1890 and close the silver
mines, the farmers and producers will be at
their mercy. In that event the gold now
obtained from silver mines would lie cut off;
the volume of gold coin would diminish
year by year; the monopoly of the gold
combination would be complete, and the
will OF the'gold kings would be the law OF
the civilized world. Nothing could wrest
their power from them but revolution. Let
them take warning. The establishment
of the feudal system in this country can not
be effected without revolution. In that
revolution the gold kings may be dethroned.
The free coinage of silver is the people, s
cause. The unrest and discomfort now
universal is the distant thunder before the
storm. The people know that prices are
falling, that the value of money is advanc-
ing, that business is stagnant, and that
vicious legislation is the cause. Politicians
may deceive them for time. They may
tell them that it is tariff schedules, civil
service reform, prohibition, or any other
reason they can invent and diveet them from
the real cause of their troubles. This de,
ception can not last. The people will dis.
cover that want of money resulting from
gold contraction is the Cause. Discomfort is
on the increase, and will continue SO until
it ripens into revolt against the tyrants
whose cunning in financial legislation has
usurped the civil and political power of the
Government.
| We have received from Hon