The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1889-11-23
THE SILVER QUESTION.


"What is your idea Of the present
status Of the silver question:" asked
reported of Senator Stewart.
"Thsre are strong indications that
the creditor class are losing conilol of
their debtors, and that contraction is
creating such discomfort rs will cul-
inmate ia rebellion against tire dcs-
potic rule ot the producing class.
WHAT THE REGENT ELECTIONS SHOW.
"The recent elections in the East
show that the people are not weddsd
tn hard times. During the last year
tie currency of the country has been
contracted about So, 100000 Forty
one million of National bank notes
have been retired on account nj the
payment "f the bonds deposited for
their security, and $4,000. 900 more
gold has been exported than the
amount imported, added to the pro-
duct of the mines.
"The only addition to the circulating
medium has been about $33, 00DO0O of
silver money. or certificates represent
ing silver coin. This makes nm actual
contraction of about $83, 900.
This does not represent, however,
all of the contracting that has taken
place. The population has incresed
largely in the last year, requiring nm
addition to the circulation, and not
dimnition.
"If the bondholders's policy had
i,een fully carried out there would
have been no silver coinage, and the
contraction would have been 465.000,-
900 during the past year.
CANT DELUDE THE PEOPLE LONGER.
ut will he impossible for the bond
holders to delude the people much
longer with the assertion that there is
gold 10 supply the demand for money.
The experience of every year demon
strates the absurdty of such propo-
sition.
Adherence to the gold standard |
means perpetual contraction and fall
ing markets, under such circumstance
there can he M prosperity. While the
accumulation of geld and silver on
hand prevented rapid contraction the
people did not realize the disastrous
effects which must follow disc arding
one Of the precious metals.
but prices. stagnation aud hard
times are teaching he people vau-
able lesson. which will result in n re-
turn To tie full use of both meta's.
aud safe principles of finance, which
have been recognized by the world for
several thousand years.
AZ EARLY MEASURE q agFoRs
Il have great faith that the next
Session of Congress will adopt some
measure of reform tn relieve the pro-
ducing class see no measure or
satisfy but free coinage of silver.
at will be impossible for the Ma
tiona Banks In secure the passage of
any law allowing them to issue paper,
and receive a bounty for doing it,
while there is possibility of obtain
ing more silver.
"fhe preiense that there is danger Of
obtaining too much silver is absurd.
No country ever had too much of
gold or silver. There is no surplus of
silver bullion in the world. On the
contrary, there has been carried and
used 10 the arts during the last SIX
teen years Is per cent. more than has
been produced.
"Ths can be accounted for by the
fact that much old silver is rec"ined.
If the the United States could take
all the silver offered at the rate of
sixteen To one, silver would go to par
at once, for no person would sell sill
yer for less price in any other part of
she world than he could obtain for it
in the United States.
A BIG SUPPLY NEEDED
AT the U nited States should at
tempt to relieve the present stringency
in the money market, and reach ME-
tallic basis, dollar for dollar. il would
require present supply of about
5000, ono, 900. and q constant supply
thereafter to keep pace with the pop
ulation
There are about $500, 100000 of
United States paper money in circua-
ton depending exclusively upon the
credit OF the Government. This paper
would not be injured il it had $780,
600, 900 Of silver bullion behind 1t, in
addition To the credit Of the Govern
ment. II would require something
over $500. OO0, 900 additional circu!s-
.;an ~ f,,rnish fha saine amOunt of