The Providence news. (Providence [R.I.]) 1891-1906, 1892-02-09
SILVER PRO AND CON.
Francis G. NewIands Talks About
Decentralization.
IGNORANT BUT EFFECTIVE.
Free Coinage, He Thinks, should be Adopt
George Fred Williams. Puts in His
l,ehring Sea Commissioners-The
Record ofHouse and senate.

WAgHrNcroN, Feb. Q. Francis G.. New
lands YESTERDAYS addressed the House
committee ON coinage, weights and meas
ures on the International monetary con-
ference phase OF the silver question, OPP
posing the proposition.
The United States, he said, ignorantly
but effectively, was the first nation to
strike down silver by the set of 1873, de-
,nying it coinage and depriving it of its
legal tender quality. The result OF this
action was that Germany demonetized
silver few months afterwards and later
the countries OF the Latin union, finding
Germany was throwing her silver into
their mints, stopped coinage. The tinan-
cial depression between 1873 and 1878 fol-
loving silver demonetization resulted in
the Bland Allison act, fully restoring
silver as legal tender money and partially
restoring its coinage quality.
Two international conferences had been
held since then, resulting in nothing. 1t
was humiliating 70 an American TO read
these conference proceedings and find
America in the position almost OF sup
plicant, begging European nations to
help her to restore silver which she was
the first TO strike down.
In 1886 Edward Atkinson reported there
was no reason to suppose that an interna-
tional conference would amount to any
thing and the President in his last annual
message Mid he had found no change in
European sentiment on the silver ques-
lion.
Mr.. Newlands went on to show why
he United States should adopt free silver
tonnage now and why nothing could be
expected of Europe. The old nations, he
raid, were the creditor nations. These
nations needed little development and
their accumulations were invested in the
development OF other countries. 1t was
TO their interest to make money valuable.
The only way TO do this was by limiting
its quantity The easiest way to do so
was By forming gold trust to prevent
future silver coinage and to destroy the
legal tender quality of silver monep.
Mr.. Newlands said that all the foreign
silver was in use in the countries where il
was held at s1.33 or S1.34, being needed
for domestic purposes, and it was unrea-
sonable Ia suppose that il would be sent
here for S1.29. All the silver which the
United States need would increase its
bullion value 10 q 20 and also diminish to
some extent the purchasing power of
gold.
Mr.. Williams OF Massachusetts, 1t is
true sthat silver is worth S1.33 today in
any country outside that county in
which ii is coined?
Mr. NpwfHnrfs curffd not fsy as to that
and after considerable sparring in which
Mr.. Williams endeavored TO get direct
answer TO the question whether any
country would take another's silver coin
at par, Mr.. Newlands finally said: That
portion OF the worlds silver in the shape
OF coin is worth today and exchangeable
in the countries in which il is held at
from a 20 to S1.33.
Mr.. williams-Is THAT true in India?
Can you there exchange for S1.33 in gold
an ounce of silver.
Mr.. Newlands-There you are getting
back to silver bullion. IN India the sill
YER rupee has the same purchasing power
II always had.
Mr.. Williams Can you in London get
one cent more for rupee than you can
for the bullion in it?
Mr.. Newlands, after some hesi-
tation, said you could not in London,
but in India the rupee would buy as much
Of the products of that country as ever.
It had not deprecated relatively To gold
there.
Mr.. Williams Have you heard OF the
almost universal complaints of the de-
cline cf silver in India?
Mr.. Newlands admitted he had heard
OF complaints there and to a further ques-
tion said that when India had TO exchange
her silver for gold it cost her more than
FORMERLY.
Mr.. Williams-To that extent the silver
standard has injured her?
Mr.. Newlands-No sir; / viii not ad-
init that. ! think India has a right to
complain of the demonetization OF silver,
because when she pays England she has
to turn her coin into bullion at a loss. 1t
was in her International relation as a
debtor 10 England that India was hurt
by silver demonetization. Her exports
would probably diminish, IL silver were
restored to its old parity. The bullion
value of silver in terms OF gold is reduced
by silver's demonetization and so far as a
silver using country has a debtor relation
20 gold using country, it is compelled
TO pay that debt at a loss.