Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1898-06-08
STEWARDS "MoRE MONEY"
An Advocate 81 the Imitation and
Debasemrnt of Our
Currency.

-NeNduds uidNe Il speech on the war rev
enue bill He addressed himself particu-
larry 10 those amendments reported bv
the committee on finance which provide
for The coinage OF silver seignorage to
the amount of S42 .O0O, 600 and the issue
OF legal tender notes 10 the amount Of
Si5i.00O.OO0. He held that:
The amount OF money produced from
taxation under the bin would depend large
~ upon the policy adopted relative to the
issue OF more money and the issue OF
bonds. lie believed that with an issue OF
bonds IL would require largely more taxa
ton TO produce given aum than IL would
without an issue OF bonds"
The senator's contention is that IL
more grcenbacks are issued there will
be more money" in the country: that
since there wiz be more money" not
only vii. the people find IL easier TO
get money" with which 10 pay taxes.
but business will be so stimulated by
the proposed imitation OF the currency
that a tax on any industry will produce
much more than il would II more
money were not put into circulation
Consequently the senator holds that If
more money" is not issued. but bonds
are sold, the amour; Of money in cir
culation will be reduced. IL will be hard
er TO get money with which 20 paytaxes.
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 St.756.-
100000, each dollar. whether gold. sill
yer or paper. having the purchasing
power of p Is grains OF gold II 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 i'm 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 viii not admit that money
is worth only what II will buy.
If there were in circulation in The
United States instead of 1856. 00O. 900
gold value dollars, 1000 900 600 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 he less money, for the 1000. O0O,-
/ 600 cheap silver dollars would be the
equivalent of only 1,6OO.OO0,OOO 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" Unquestionablv
more money" is a good thing for this
or any other country when il is real
money, not otherwise. During the last
year the United States has added about
S9O,000,000 to its stock of gold-that is.
Il has gained that much real money. But
Senator Stewards mode of giving the
country Tmore money" is vastly differ
ent. He proposes to initiate the cur
rency so as to depreciate it's value and
| thus reduce the amount of real money.
He wants to add 1892 200, 900 to the sill
yer and legal tender circulation in the
hope that there will be a slump in the
currency which may reduce the pur-
chasing power of S1,1O0, 900. 900 of sill
YER and paper money fully 60 per cent.
| The value of that money would shrivel
up S44O,000,000. The S192, OOO. 900 Stew
art proposes to issue would represent
only $40, 100000. Stewart would stin
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 nav
taxes, nor would they stimulate bust
ness. II congress were to authorize and
| the president to sanction an addition Of
over 80 per cent. to the volume of the
| greenbacks, a feeling of uneaSiness
would spring up in commercial. manu-
| featuring and financial circles which
would depress every industry eXcept
That of the speculator. And il thar
/ sudden slump in the currency which
! stewart hopes for were TO come IL would
he accompanied 10y panic. which would
make II infinitely more difficult TO Get
cheap money for any purpose than II is
TO get good money now.
Nor is Stewards contention frue tbo+
the sale Of bonds will contract the chr
rency and necessitate heavier taxation
10 raise given amount of money. The
bonds viii be sold when money Is need
ed. over and above the proceeds of
taxes. 10 meet current expenses. Tho
money obtained for the one or two hmm.
dred million dollars worth Of bonds
which will be sold will not be- hoarded
up in tine treasury. u will be paid ONT
and go into circulation again precisel,
like the money received fortaNcs.
There Dis but one safe and wise co,,rs,
for congress TO pursue at this time n
is TO authorize the salc Of three DER cen.
bonds for which the people will pay fun
value in gold value money. IL would lac
the height Of folly 10 take the advice of
% dangerous blathcrskite like stewart
and proceed TO dernngc the finances Of
the country and decrease pr,atl, ne
amount Of money in circulation bv
pretended gift 81 more money bv in.
crcnsing the number Of grcenback dol.
.ars and cutting threc-ffhs on the
value Of every paper or silver dollar and
driving all the gold dollars ont Of cir
cuiation. Stewards more money" +.
less money Chicago Tribune.
- The governments present income
's about Sl,oOo.OOO day. while IFS OK
pend'iurcs are fully si.5OO.0Oo dav
with The prospect that they Will soon he
increased go S2.OOOOOO with oys1,t,f,