Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1898-06-16
SENATOR STEWARDS IDEA.
An Advocate of the Imitation ard
Debasement of Our
Currency.

larly no those amendments reported by
the committee on finance which provide
for the coinage OF silver seigniorage to
the amount of $42,000,000 and che issue
of legal tender notes to the amount of
S151, 100000. He held that:
THE amount of money produced from
taxation under the bill would depend large
ly upon the policy adopted relative to the
issue of more money and the issue of
bonds. He believed that with an issue of
bonds It would require largely more taxa
ton to produce given sum than it would
without issue of bonds"
The senator's contention is that If
more greenbacks are issued there will
be more money" in the country; that
since there will be "more money" not
only will the people find it easier to
get money" with which to pay taxes,
but business will be so stimulated by
the proposed initiation of the currency
that a tax on any industry will produce
much more than it would if more
money" were not put into circulation.
Consequently the senator holds that if
more money" is not issued. but bonds
are sold, the amount of money in cir
culation will be reduced, ii will be hard
er to get money with which to pay taxes,
and the productivity of each and every
tax will be reduced.
This entire argument of the senator
from the so-called state of Nevada is
based on the false, ridiculous assumption
that the amount of money in the
United States depends upon the number
of dollars" irrespective of the value or
purchasing power of each of those
dollars" The total amount of money
in circulation last month was S1,756,-
100000, each dollar, whether gold, sill
yer or paper, having the purchasing
power of % 1-5 grains Of gold. If the
purchasing power of each dollar were
to be reduced one-half. the number OF
dollars" remaining unchanged, Sena-
tor Stewart would contend that there
was just as much money in the country
as before. He would say the number of
bills or coins had not been reduced,
and therefore there must be as much
money. He will not admit that money
is worth only what it will buy.
If there were in circulation in the
United States instead of 1856, 100000
gold value dollars, 4,000,000,000 free
coinage sixteen to one" silver dollars,
each of them worth 40 cents, and buy
ing 40 cents worth of any commodity,
Senator Stewart would announce that
the amount of money" in the country
had more than doubled. In reality there
would be less money, for the 4,000,0OO,-
600 cheap silver dollars would be the
equivalent of only 1,600, 100000 gold
value dollars. The number of pieces
would be increased, but the amount of
actual money would be decreased.
Stewart wants the United States to
have more money" Unquestionably
more money" is a good thing for this
or any other country when it is real
money, not otherwise. During the last
year the United States has added about
S90,000,000 to its stock of gold-that is,
it has gained that much real money. But
Senator Stewards mode of giving the
country more money" is vastly differ
ent He proposes to initiate the cur
rency so as to depreciate its value and
thus reduce the amount of real money.
He wants to add $192 100000 to the sill
yer and legal tender circulation in the
currency which may reduce the pur-
chasing power of $1,100,0OO.000 of sill
yer and paper money fully 60 per cent.
The value of that money would shrivel
| up $440,000,000. The 92,000,000 Stew
art proposes to issue would represent
only SIC, 900. Stewart would still
contend that the country had more
money"
The imitation and debasement of the
currency which Stewart advocates
would not make it easier for men to pay
taxes, nor would they stimulate busi-
| ness. If congress were to authorize and
the president to sanction an addition of
over 40 per cent. to the volume of the
greenbacks. feeling of uneasiness
would spring up in commercial, manu-
| featuring and financial circles which
! would depress every industry except
that of the speculator. And if that
sudden sluuf - the currency which
Stewart hcpes for were to come it would
| be accomDa,ried by panic. which would
| make it Infinitely more difficult to get
cheap money for any purpose than it is
to get good money now.
NOR is stewart contention true that
the sale of bonds will contract the cur
rency" and necessitate heavier taxation
70 raise given amount of money. The
bonds will be sold when money is need
ed, over and above the proceeds of
taxes, to meet current expenses. The
money obtained for the one or two hun
dred million dollars worth of bonds
which will be sold will not be boarded
up in the treasury. It will be paid out
and go into circulation again precisely
| like the money received for taxes.
There is but one safe and wise course
| for congress to pursue at this time. It
| is to authorize the sale of three per cen:
| bonds for which the people will pay full
value in gold value money. 1t would be
| the height of folly to take the advice of
| n dangerous blatherskite like Stewart
and proceed to derange the finances of
| the country and decreaSe rrpatly thp