Omaha daily bee., 1896-09-26
STEWART REPUTES STEW ART
The Nevada Senator Explains Che Fall in
Price Of Silver.
A BIT OF FORGOTTEN HISTORY
Testimony Given Under Outh Com
trnstcd with His Campaign IT.
tcrnnccs-DcVclopm of
the NonHnzus.

1t seems to make a grcat difference to
many poople--cycn to some senators Of the
United Statcs-whclher or not their tesu-
mony in regard to economic questions Is
given under oath There is the venerable
Senator Stewart of Nevada. for example,
writes the Washington correspondent OF the
New York Tribune. He has had many a
hard tusslc with facts in his time, espc-
cially in the last ten years, and has usually
been worsted But no defeat daunts him.
As soon as he RECEIVERS his wind
he is as eager ana ardent for
another set-to as was the pale
youth whose one-slded encounter with
Pip is described in Great Expectations.
For the last ten years at least, Mr.. Stew
arts time has been largely occupied in de-
nouncing the "crime of 1S73' and asserting
that 1t has been and Is, responsible for the
steady and heavy decline IN the commercial!
value of silver bullion. lie would not con-
sent to admit for an instant that any other
cause whatsoever had contributed TO that
decline.
At first Mr. Stewart solemnly denied-but
not under oath-that he was one OF the
perpetrators of that crime" When forced
TO admit that the contrary was true, nc
solemnly asserted-but not Under oath-that
he had ignorantly voted in favor of meas
urc the provisions of which had been re
peatedly explained and discussed IN con
gress during a period of three years. while
he was a member OF that body from silver
producing state and that as soon as hs
discovered the crime he began TO de-
nounce it and its authors and would con
tinue to do so as long as his breath re
mained in his body or until the crime
l,l hg,.,
indeed and it made some impression until
Mr. Stewards speeches iii the senate OF the
United States in 1874 were overhauied. ana
tho discovery was made that he was then
only year after the crime was com
mitted-not only cognizant of the facts, but
a stout and sturdy advocate and defender
of the gold standard. When these facts
we're made public, he solemnly denied them
but not under oath-and accused brother
senator, in coarse, vituperative language, OF
garbing his speeches and misrepresentihs
his attitude The accusation was not true,
as careful reading Of his speeches them
selves will convince any intelligent man
whether he be a free silver man or gold
bug" .
THE FALL IN PRICE.
So much for Senator Stewards unsworn
testimony in regard TO the crime of 1873
and his part therein. Now for his sworn
testimony in regard to the real cause oil the
depreciation of silver. He was in Washlns-
ton in the spring of 1876, although ms term
as senator had expired in March. 1873, and
he was in close touch with public men and
public affairs The agitation in favor OF the
remonetization of the standard silver doiiar
and its free and unlimited coinage had De,
gun months before Bland and Kelley had
introduced free-coinage bllIs IN the mousse
of repre- sentatives, and the subject had Dten
repeatedly discussed and was sun uhuel
discussion in that body by such men as
Bland, Garfield, Kelley and others. In the
senate also bills were pending, ana the SUD
iect was being discussed by Stewards former
colleague Senator Jones-who delivered
speeches in March and April-Sherman'
Morrill, of Vermont, Booth, Mcdonald, Thur-
man and others. Everybody In congress al
least knew by that time that the standard
silver dollar had been dropped from the
authorized coinage of the United states
and also that the price OF silver had falteh.
1t would be an insult to his intelligence o
suggest or even hint that Mi: Stewart diu
not know these facts, or that, pelhs ,arSeiy
interested in silver mines as he was. he hau
not carefully investigated and studled lhe
cause of the depreciation In tact, ne nm
self testified under oath that he mad done
so. and had discovered the cause OF 'he
fall in the price OF silver.
He was an important witness before lhe
committee on foreign affairs OF the mousse
of representatives in the Emma nine ihVes-
tigation He had been attorney tor some
of those interested and also an active pr
in the value of the property that ne. WIN
others, persuaded General Schenck to be
come stockholder and director. Ltlgation
was pending and Witness stewart III ms
testimony explained why he wanted thlt
brought to an end as soon as possible In
the course OF this explanation, which was
given under oath, on March 2l 1876, he said:
TOO MUCH BULLION.
mines have their ups and downs, and
everybody familiar with mines must kho"
bonanzas. ! could give you a history ol
nearly every one. The Gould and Curry
paid enormous dividends for three or four
years and challenged the yorld; the STOCK
was selling at the rate OF $1,000 root lor
the mine In 1863 they struck barren
ground and they have been in 1t ever since
They are now down over 1000 feet, ana the
stockholders have paid assessments ever
since. That is the fate OF that nine Inc
Ophir another great mine on the Comstock,
paid dividends the earliest of any OF them
for about two years, and quit 1t about 1867;
and they have paid assessments ever since.
The celebrated Bonanza mines that are now
astonishing the world and depTeciating the
price of silver were sold for song five years
ago. They showed something on the sur
face and now, down at the depth OF l,l0o
feet there opens up the most enormous bon
anza known in the world. Mining property
there that could have been bought for few
thousand dollars five or six years ago Is
now worth a great many millions, and they
are taking out millions every month
Net a word there about the crime of
1873" as cause OF the depreciation in the
price of silver between 1873 and 1876! Not
a word, even, about the decentralization Of
silver by Germany in 1871 as a cause of
the depreciation in the price Of silver be-
tween 1871 and 1876! No. MIR Stewart,
who had carefully investigated the subject,
testified under oath that the depreciation
had been caused by the increase in the out
put of silver bullion from the mines Of the
United States, What had the depreciation
and the increased output amounted to in
that time?
In 1878 the average value of the fine silver
contained in a standard dollar of 4l2A