The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-04-13

Progress Has Always Followed the
Production Of the Precious Met
~aIs-silveP Decentralization.

My investigation leads me, said SEN
ator Stewart. OF Nevada. the other
day, to the conclusion that every pre-
eeding civilization has come into exist
cnce with productive mines and dis
appeared with their exhaustion. This
is because the volume of money has
been limited to the supply Of gold and
silver. Prosperity and progress as in
variably follow an increasing supply
OF money as night follows day; and
poverty and want have always fol-
lowed tho exhaustion Of gold and sill
yer mircs. Mining for gold and silver
during the l,400 years preceding the
discovery of America was an unknown
industry. The property Of what was
once the Roman empire was gradually
drawn together by the dea.hly grasp
of contraction into feudal trusts. A
few feudal lords r.oted in luxury,
while the great miss of the people be-
came serfs and were sold with the
land.
Gold and silver from the new world
rev~olutioEized the old. and in 80 years
after Mexico and South America com
menced pouring cut their treasures a
Luther appeared. and all Europe was
in the throes of reformation. The
new money gave new life and created
modern civilization. For 800 years and
until the commencement of the pres
ent century the product of silver,
with a little gold, continued to flow
without cessation. Then the Spanish
American wars interrupted mining,
and Europe suffered financial depres-
sion for nearly half a century. In the
United States the money famine was
less disastrous than in Europe, be-
cause the great Mississippi valley was
open TO all who would come and make
a home. When the supply Of public
lands was fast being exhausted. and
when Europe was in the throes of rev.
olution, the gold of California and
Australia came to the rescue and ere
ated an era of prosperity throughout
the world which had no parallel in pre-
vious history.
The cupidity Of the creditor class to
enhance the value of money ard OBJ
legations payable in money induced
Europe and America to cease printing
legal tender upon silver and 10 print
il upon gold alone. The demand for
gold was so increased by this legisla-
ton that in 20 years an ounce Of gold
would buy as much property in gen.
eral as two ounces of gold would have
bought in 1870. The United States OBJ
tanned partial relief from this drastic
contraction by the Bland-Allison act
Of 1873 and the so-called Sherman act
Of 1890. by which over $500, 600, 900 of
new money was printed on silver and
put in circulation. The repeal Of all
laws for coming silver into money
took place in 1898. and %thercupon the
business of the country was paralyzed.
In the last four years. according to the
director Of the mint, there has been an
output from the mines OF the world Of
over a thousand millions of gold.
This enormous and unprecedented
output OF gold has reduced its pur-
chasing power. or. what is the same
thing. has enhanced the price OF prop
erty. The w~orshipers Of gold call at
tention to the fact that the country is
more prosperous now than it was three
years ago, and argue that the gold
standard has accomplished this result.
They overlook our large war expendi-
lures and the fact that while the sup
ply Of gold was shrinking prices were
falling. and that prices did not cease to
fall until the supply Of gold was great
~ augmented. II they would give this
matter a little thought they would see
that IL is the quantity and not the quail
ity Of gold which has given prosperity,
because the quality of gold during all
our years of adversely was the same as
il now is. The check in the fall of
prices and the advance already gained
by the new supply OF gold proves the
contentious of the silver men. They
never pretended hat there was any
thing in the quality Of silver that would
make coed times. but they did contend,
and do now contend. that an increase
in the volume Of money is what makes
good times. and hat silver would nc
complish that desirable object as well
as gold.
I will not elaborate. but will defy any
one 10 give an instance of great pros
perity in any country. in any age, when
there was not at the same time an in
creasing supply Of money. and ! also
defy anyone TO name a time of pros.
perity when there was shrinking vol.
ume of money. The limitation of the
supply Of lcgal-tender money to the
commodity gold creates n fuctuating
measure Of value. II the gold standard
had been adopted on the discovery OF
the precious metals in the new world
the feudal trusts would not have been
disturbed by the output Of gold. Won
Humboldt. the best authority we have,
tells us hat from the discovery OF
America until 1903, A ounces Of silver
were produced to one OF gold. and we
know, ms n matter Of fact. that nearly
all the gold tina. wns produced during
that period was found in combination
with silver. II silver had not been used
as money the silver mines Of the new
world would have remained untouched