New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-20
EXPERT TESTIMONY on SILVER.

1t is true say the Boy Orator and his follow
ers that silver has fallen to only a little more
than half its former value so that the metal in
a standard dollar is now worth not more than
fifty-three cents. But that Is all because silver
was demonetized by the gold bugs in the
Crime OF 1878" Remove the cause and the
effect will also be removed Undo that crime
and It's evil consequences will trouble us no more
Remonetize silver and it will stand where it did
before il was demOnetized. and be at par with
gold at the ratio of IL TO l. Such is the Popo-
Gratis contention. upon which all their arguments
and pleas and propaganda of the campaign are
based; most vehemently enunclated by those
who were lads in roundabouts when the Crime
of 1873" occurred But Is it true?
Here is some expert testimony on the subject
every word Of which is more convincing than
whole Eous's cave full of mere assertions.
though uttered by the most euphonious Boy Ora
tor in all the kindergartens Of the West. 1t was
given by a gentleman who was conspicuous In
public life before Mr. Bryan was born: whose
knowledge Of silver is based upon long and sue
cessful experience as practical mine-owner and
operator; whose knowledge of the Crime Of
1873" is based upon personal participation IN
IT; who has devoted many years of his long and
finance, and who is now universally recognized
as one of the foremost living authorities there
on on the silver side.
That gentleman. that witness, is Senator Will
lam NJ Stewart Of Nevada. the venerable guide,
philosopher and friend" of the free-silver COM
bination He testified under oath, in Washing
ton In 1876 that it was the Bonanza mines that
were depressing the price of silver. Germany had
Icifx frn hnf hnth p
nor mention that as a cause. The United States
had done so three years before but neither did
he mention that He knew all about the Crime
of 1873" for he had taken part in 1t, and already
"Silver Dick" Bland and others were clamoring
for its undong But he did not reckon 1t q
cause of silver's fall. In the three years from
1873 to 1876 the value of silver had fallen II per
cent-frorn 100 cents to 50. He had watched
that decline intelligently, for he was an expert
on the subject, and with solcitude. for it was a
matter Of dollars and cents TO him. And he for
mally declared under oath that the cause Of it
was the enormous productiveness of the b.
nanZa mines
1t is not to be supposed that Senator Stewart
at that time spoke heedlessy He was testify
ing in a suit upon the determination Of which
vast interests depended. and he spoke with a
thoughtful deliberation BETTING the occasion. 1t
would be monstrOus even TO suspect that he
spoke falsely, and thus perjured himself. 1t
must be believed that he spoke according TO the
best of his knowledge and belef-a knowledge
OF the subject not surpassed by that of any other
man. And his testimony was, not that 1t was
"the crime Of 1871 but thar 1t was the pro
ductiveness Of the Bonanza mines that sent down
the price Of silver. If, then, decentralization was
not the cause OF the evil, how can remonetiza-
ton remove its effects? If suspension of free
coinage was not what brought down the price,
how could resumption Of free coinage send it up
again: The law of cause and effect is n great
thing: but removing one cause will not remove
the effect Of another and entirely different cause.
According to Senator Stewards own testimony 1t
is not free coinage that is needed to put silver
back into its old place, but a rebural of all the
Bonanza treasures In the heart Of the Nevada
mountains.