I cannot decipher several parts, and I tried a guess work.
I am especially unsure about the blue parts.
此刀ハ我か珍蔵月山貞一之作也□を脱すれハ電光
閃き星芒将ゐ人をして寒からしむ然れども装鞘素朴
鐔鐵剛強維新志士が剱撃闘争活躍ニ実
用せし物たること歴然たり吾其の手澤を愛惜して
改造せす後人をして其間を偲び士気を養ふる資□□
と云□
昭和三年十月吉日 石川水心先識す
This sword is my rare collection made by Gassan Sadakazu. If it is drawn, lightning flashes and sparkles scatter, and it makes a man frightened. However, its fittings/scabbard are simple and iron tsuba is firm. It is obvious that it was practically used in sword battles by samurai of the restoration. I have a deep affection for this favorite item, and I will leave it unrestored to make later generations think of that era and raise their morales.
Showa 3rd year, a lucky day in 10th month Ishikawa Suishin foresees.