Los Angeles herald., 1890-05-26
WINDOW WARNED.
Newlands Fires Hot Shot at the Secre-
tary of the Treasury.

tary OF the treasury.
Frank Newlands, in his open letter to
Secretary Window, arraigning his stand
on the silver question as fagitiousy
violative of the silver plank in the re-
publican platform, sharply criticises his
report and the bill he formulated, and
shows up his inconsistencies in man
ner at once sarcastic, trenchant and an
Initiating. We quote:
In your able and exhaustive report to
congress you concede that the constantly
increasing population of the country
and the growing demands of business
require an increase of the volume of
currency, and you think this increase
can be safely fixed at 100000 annu-
ally.
You also admit that this country
would be greatly benefited by an ad-
vance in the price of silver. You realize
that our exports of wheat and cotton to
Liverpool have greatly diminished since
the demonetization of silver and it's
rapid decline in value in the worlds
market, and that this has been a great
factor in the decline of wheat from 81 AZ
per bushel in 1873 to eighty-six cents in
1889, and proportionately greater re-
duction in cotton during the same
period. You know that one of
the reasons for this is that
England can buy our silver bullion
at heavy discount in gold and use it at
its old purchasing power in India, which
has the silver standard only, in buying
wheat and cotton. You know that as
silver advances in price the inducement
of the Liverpool merchants to buy wheat
and cotton in India diminishes, for they
will have to pay more in gold for the sill
yer which they have been accustomed
to buy in America at 30 per cent. dis
count and utilize in India at par. You
know that during the past seventeen
years the prices of wheat and cotton
have kept pace with the price of
silver, going up when it went
up and down when it went
down. You have recently witnessed a
striking advance in the prices of all
products since the expected remonetiza-
tion OF silver has advanced it's price.
You know that if by increasing the de-
mand for silver as a money metal it's old
bullion value of $1.29 per ounce is
restored, our exports of wheat and cot
ton to the Liverpool markets will be
greatly increased, and thus the prosper
assured. You therefore believe in in
creasing the price Of silver
So far the bimetallists and yourself
stand on common ground. Two objects
are desirable: First, the increase OF our
money volume; second, the increase of
the market price of silver by creating for
it a larger demand. Having reached
these conclusions in your report, in Ian
guage conspicuous for its clearness,
comprehensiveness and fairness, what
do you propose? You propose to repeal
the Bland act and to SO shape the law
that at any moment of time the entire
circulation of treasury notes issued under
your measure in exchange for silver
bullion can be redeemed in silver
bullion, thus contracting the volume of
the currency, and at the same time, by
throwing large amounts of silver bullion
on the markets as commodity, depreSs-
ing its price. NO satisfactory reasons
are given for the exercise of this great
power by the secretary of the treasury.
Is 1t not the greatest ever sought to be
conferred upon that officer-a power by
which by the mere exercise OF his will
500 1000, 900 in treasury notes could two
years hence be withdrawn from the cir
culation OF the country, and at the same
time 100000 600 worth of silver bullion
thrown upon the markets of the world
the power to contract the currency, the
power to depress the price and value of
silver?
You declare that you are in favor of
the full and complete restoration of
silver as the acknowledged money of the
world, if it can be done by the concerted
action of all civilized nations. The signs
are propitious. Mr.. Balfour, the leader
Of the English house of commons, and
Mr.. Goschen, chancellor of the ex-
chequer, have declared themselves in
favor of bimetallism as a. wise measure
for England, though they advise delay
because the commercial sentiment of
England is not yet ripe for it. A few
days since cable dispatch came from
Mr.. Gibbs, ex-governor of the Bank of
England, and president OF the Bimetallic
League, to Senator Jones, in which, after
declaring that over 100 members of the
existing house of commons are members
of the league, he says:
1--WE fully recognize not only that the
support afforded silver by your legisla-
ton during the past twelve years has
helped to protect the industrial world
from an acute monetary crisis, but also
that the increased coinage of silver con-
templated by congress will restore
wholly or considerably your coinage
rates, and will thus made an interna-
tional settlement of this complex ques-
tion comparatively easy"
Such are the fruits of constant agita-
tion and progressive action. All Europe
stands eXpectant. The battle of
bi-metallism is being waged there Wig
orously. The bi-metallsts have con-
quered everywhere in the field of dis
cussion, and the victory needs only to
be followed by triumphant legislation.
Is it not time for courageous leader
ship, and shall we abandon our flag
when victory is in sight?
Papa's Wise Counsel.