New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-09
ANOTHER HEARING on SILVER.
F. G. NEwLiYDS GIVES HIS VIEWS ND ANS"tR IN
QUESTIONS BEFORE THE HOUSE COMMITTEE.

Y. G.. NF.WLiNDS GIVES HIS VIEWS MD ms" Inn
QUESTIONS BrrorE THE HOUSE COMMITTEE.
Washington. Feb. Strands &. NcwlandS TO-DAY
addressed the Hons, Committee on Coinage Ncsh'7 anu
Measures on the international monetary coN'e'c"'
phase II the sver question opposing the proroSit'a
After reviewing the history OF the silver Ple''l'h' W.
Ncwlands went on t. show why the Ihliei H'a'eS
shrrM adopt free silver coinage now and WHY nothing
could be expected Of Europe The gold nations "er'
the creditor nations. As tho owners OF money. " was
to their Interest 10 make money valnaD'' INC July
way TO do this was by limiting It's quantity Inc
e1seSt way To do 50 was by forming a gold tr'St 10
prevent future silver coinage and TO DESTROY 'h' c'
tender quality OF existing silver money we were u
wealthy Nation in everything except money EnSIahd'
wealth was PRINCIPALLY in money >eventy-fvc millions
o. American securities. he said. were sold mere WlVh
,lx months after the Earrings trouble and s'1,Oooooo
in gold withdrawn thereby from the In''u states.
wave Of contraction swept across the country ana
had England been compelled 10 call for more money inc
result would have been universal bankruptcy. Inc
question was whether should borrow the money to
pay European obligations or make II DIV pi'''"s
silver OF its old standard.
Director Lccch had placed the annual wo'liS SILVER
product at S1GGO0O.OOO. or l3i.0o0.OOo odn''S'
OF This amount the arts India and China ab oibcd more
than S50OOOC0O leaving SllG,OOOOGO 10 be abNorDca
by the United States. Thirty millions Of the amount
w1uld he needed 20 replace the annual vtdr;iwal OF
increasing at the Iatc Of 200 OOO per annnm we would
have to absorb $4,000 900 annually to keep our per
capita average TIE rate as AT present which was
a2f per head That left $2OoOoOOO toward an annual
increase ~ money per capita. and In SIX years
this per capita would be increased only ~ or
Whereabouts. II had been said Nr. Ne"landi con-
timed that we wonld have to coin all the silver OF
Europe which would b. dumped on H.. MI tne iof-
cicn silver was in in the countries where II was
held at 81 ." or II -. being needed for domestic
purposes and il unreasonable 10 suppose that IL
would be sent here for ~ 30. loss OF TO > per
cont But T. we were compelled TO lceisatc according
70 those fears the law could be made 80 aS not -
apply 10 silver the product Of the melting pot All
Tn, silver Which the United States need take care OF
under free coinage waS that mined. Tree coinage
would increase It's bullion value to FL 20. and also
diminish 10 some extent the purchasing power o. Sod'
Mr. Williams q Massachu. ctt-Is It true that sit
yer Is worth ~ 30 to-day in any country OUTSIDE Oh
that country in which it is colncd
Mr. Newlanis could not say As TO That. and after
considerable ,parrnr in which Nr. Williams cndeav-
orcd 10 get a direct the question whether anY
country would take mothers silver coin AT par Mr.
Nevlauds finally said THAT portion 81 Inc
worlds silver in the shape OF coin J. worm
90 dny. and c.clauecaile in TIE COMMITTEES In which
it is held at from ~ % to ~ 30.
Mr. Wnil,as--I, that true In india Gan YOU IN re-
exchanc. for 81 - IN coi an ounce Of 'ilYe''
v
bullion In India he silver rupee has ihe sane pun
chasing power II always had.
Mr. Williams Can Won I'm London g. on" cent moe
for n rnprc tian yOu can fIr the bullion IN u
Mr. Novlaud> after some hesitation. Snd that y'l
coud rot ln LONDON hut that In India The rpe" Womb
Iuy q, much 81 t,c product, - tiat country q ever
Mr. Williams Have you hearl # The almost rnV'f-
al complaints OF the decline in silver In India
Mr. rylands admitted that hc had head OF com
plants there and 20 further question said That when
Indn had 10 exchange her silver FOR gold cost her
more than formerly.
In rr-pon-c 10 further questions by VI WliamS Mr'
Ncwl,nd, said that II "a her international relation
a. n debtor 10 England that india wa' hurt by silver
decentralization.
Mr. Wnliams-Thsn Irla. In yOur judgment, has con
,nrcd n Use silver alone In rs domestic business With
out h. So whereas the moment II c~ OUTSIDE Of IT. own
boundaries and purchases anything lis rupee Is worm
no nor than il, burion yalne
Mr. Ncwlands-That j, true. but the iutrTnatlohhi
hal,nce. which alone would be- ~ettici are not gnat
MIR Williams then went of on another I'm" "i IN
ouir -. ling II senator rcil.r lad not advocated an
coinage hill could become law Al this ~''.nn atd
a.lei N the silver problem w'nld MOI Pee Hi' Hu'h
co.ar # m international agreement coma D. lra' hd
Nr NewandS admitted that II would create in'F
,uir confidence In fr-. cOnag', AMI i1It r'hlu'i''
,s an ir,uoltout element IN the situation. II" II th'F
admitted that thcrr Ind D"n T'a' rNp'.,lY" ~
Iec,n years In the monetary system %. tlc world niI
hat there Wa, s'nt deaf that WI, r'V"l ana without
precedent - Guide action In the conditions PcNaA1 III