The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1898-06-11
SENATOR STEWARDS IDEA.
An Advocate of the Imitation and
Debasement OF Our
Currency.

enue bin. He addressed himself particu-
larly TO those amendments reported by
the committee on finance which provide
for the coinage of silver seigniorage to
the amount of $42, 100000 and the issue
of legal tender notes to the amount Of
$751; 100000. He held that;
1.-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 1t would
without an issue of bonds"
The senator's contention is that IL
more greenbacks are issued there will
be more money" in the country; that
since there wiz 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 imitation of the currency
that tax on any industry will produce
much more than it would if 'more
money" were not put into circulation.
Consequently the senator holds that il
more money" is not issued, but bonds
are sold the amount of money in cir
culation viii be reduced, il will be hard
er to get money with which to pas taxes.
and the productivity of each and every
tax win 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 $780,
100000, each dollar, whether gold, sill
yer or paper, having the purchasing
1 power of 90 Is 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 rs 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 1,756,000,000
| gold value dollars, 4,000,O00,000 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 4,00O,000,-
900 cheap silver dollars would be the
| equivalents of only 1,600,000,000 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 good thing for this
or any other country when ii is real
! money, not otherwise. During the last
| year the United States has added about
| 500, 000000 to its stock of gold-that is,
1t 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 dcpreciate its value and
thus reduce the amount of real money.
Ilt NdllS " utltl FlJ~,VDb,VbO W lHt Sll-
yer and legal tender circulation in the
hope that there will be slump in the
currency which may reduce the pur-
chasing power of S1,100,000,000 of sill
yer and paper money fully 60 per cent.
The value of that money would shrivel
up $40, 100000 The 192,000,000 Stew
art proposes to issue would represent
only $40, 100000. 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 bust
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 Spectator. And il that
sudden slump in the currency which
Stewart hopes for were to come it would
be accompanied 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 Stewards contention true that
the sale of bonds will contract the cur
rency" and necessitate heavier taxation
to 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. will be paid out
and go info circulation again precisely
like the money received for taxes.
There is but one safe and wise course
for congress to pursue at this time. 1t
is to authorize the sale of three per cent.
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 greatly the
amount of money in circulation by
pretended gift of "more money"-by in
crensing the number of grcenback dol
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