The midland journal. (Rising Sun, Md.) 1885-1947, 1896-02-07
LIVE ISSUES.
EXTRACT FROM SENATOR STEWARDS
GREAT SPEECH DELIVERED IN
THE SENATE OPPOSING THE
ISSUE OF BONDS.
ISSUE OF BONDS.

THE SENATE OPPOSING THE
ISSUE OF BONDS.
Look at the condition of the civ
ilized world. The debts of the civ
ilized world, according to the esti-
mates of the best statisticians,
exceed the assessed value of the
properly of the world for taxation.
That is certainly true of the United
States. In the United States it is
estimated that the debts, public
and private, aggregate between
twenty-five and thirty billion dol
lars. and the assessed value of the
taxable property a little over
$40, OOO,O 100000. Is it very small
thing to double that debt by cutting
the volume of money in two? The
value of money is like the value of
everything else. 1t depends upon
the law of supply and demand.
The property for sale on the one
side, and all the money in circula-
ton on the other hand, are recip-
rocally the supply and demand of
each other, and all political econo-
mists agree that if you diminish
the volume of money general prices
must fall; if you increase the vol
ume of money general prices must
rise. We have been decreasing the
volume of money. We have cut
off the metallic supply more than
one half by adopting the gold stan
dard, and still we have not reached
the bottom; still we go on with
falling prices.
What has been the result? Fall
ing prices the last five years have
produced greater loss than the
amount expended by both sides in
the civil war. The whole wealth Of
the country is reproduced in three
or four years by its labor. But all
the labor has been paralyzed, and
millions of men have been out OF
employment for the last five years.
The daily loss now is greater than
the expenses of the war in the most
fragrant times.
Is there no way to avoid it9 All,
but they say you cannot create
values. Governments can create
money, however. From Aristotle
down to the present time every
writer whose opinion is worth any
thing, every sensible man who has
expressed an honest opinion, has
agreed with Aristotle that money
is the creature of law. Suppose
that brown paper of particular
kind were the only material upon
which money could be stamped
Would not that be the best money
in this country? All that is neces
sary to make good money is tc
clothe any material with the exclu-
sive monopoly of paying debts and
taxes. That makes money. Any
thing clothed with the exclusive
monopoly of paying debts and taxes
is money. Then the value Of each
dollar will depend upon the number
of units. If all the gold and all the
silver were banished and we made
our own money, properly limiting
quantity, we would be the riches
: nation on earth, if we would make
enough to keep up the stability O
prices. Prices depend upon guam
tity. You want enough money, 81
that prices will not fall, and stats
ticians can tell you what the gen
eral prices are, whether they arr
rising or falling. 1t is as sure {
test as the gauge that determines
the amount of steam in steam
boiler.
Our dear President talks abou
the money of the world. There
never was any such money. HI
ought to know it. Of course h
does not know it or he never would
tell us that he wants the world t.
know that we will pay our debts il
the money of the world. The worl(
has no money. Every kind o
money is national, not international
1t is made money by law, and what
ever the law makes money is money
HOW NATIONS RISE AND FALL.
Here is the greatest nation in tn
world, with more resources thai
any other, with seventy million
people, and it can make the bes
moray for nOhodV will believe tina