Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1892-08-03
NEWLANDs' SILVER SPEECH.
Full Text OF His Remarks at the
Helena Mining Congress.

Va. I'll. III. Hart of California to tn
cnair and said:
, NJ. Chairman and Gentlemen of tn
COnDentiOn:-W you did me tn
honor to ask me to preside over you
deliberations, you will recollect tina
| stated that | personally preferred
the heat of the conflict rather thar
the quiet ofa judicial position. Sine
] have been diScharging the duties O
this position, the numerous allusion!
which have been made to me indi.
vidually, as well as to measures will
which my name has been identified
have prompted me at times rather tC
abandon the pacific character of my
position, and to enter into the heat
and contest of the arena | feel that
| am called upon to defend the meas
ure in which believe, but | shall en-
deavor, so far as possible, to recollect
the position with which | have been
honored by the unanimous vote OF
this assembly, and to keep in view
always the judicial balance of the
questions which are presented here.
Now, gentlemen, what is the con-
dition of things with reference to
silver? For you will observe that the
resolution which has been pre-
sented calls for the action of
THE SILVER STATES.
Whilst we have the common in
| terest that belongs to the debtor and
producing classes of this country
and the world, we also have this par
| ticular interest, that the mining of
silver constitutes the predominating
industry to the States to which we
belong. You will recollect that in
1873 the value of the silver in the
silver dollar was three cents greater
than the value of the gold in the gold
dollar You will recollect that at
that time the value of silver in this
country was from 81 % to 81 33 an
ounce, and you have witnessed the
gradual decline of the value of that
silver. and the gradual decline of the
industries with which you are identi-
feel.
What has been the cause Of this?
Simply because the demand which
had been created by law was with
drawn and the demand was the de
mand of the government for the free
and unlimited use Of all silver as
money. Now we have had two
remedial measures, one of the law of
1873, which provided for the coinage
of from S2,0O0,0O0 to S4,000,000 per
month, limited always however by +
the Government to the minimum. |
Then in 1888 we had an increase of
coinage to 1880, 900 ounces per month, I
and the immediate effect was an in
crease in the value, which was fol
lowed by decline. And of late we
have witnessed a decline unpre-
cedented in the history of silver-a
decline of less than 90 cents per
ounce. If the producers of silver
will inquire into the cause of this de-
cline they will find that it has been
created by the existence of
A CERTAIN SURPLUS
Of silver resting in the New York
We can search throughout
the world, and We can find no sur
plus of silver anywhere. All the
silver in the world is either in the
shape of foreign and domestic coin,
in the shape of that used in the arts,
or in the shape of bullion; and the
only bullion we find is about 3,000,-
100 ounces-reduced from l0,000,000
to 3,000,000 ounces, in the New York
market; and that bullion surplus is
increased and sometimes
as the product of the
mine varies.
Now, it is a familiar rule of eco
lomic science, that the value of the
surplus of any product fixes the
|
surplus of wheat in any country it
will be found that the price of that 5
surplus fixes the value Of that pro- {
iuct throughout the world. SO that I
We find these few million ounces of
'ilver determining the market price.
And what do we find as to the mar [
let? We find that the only buyers ]
If silver in the world are the Gov
of the United States. which {
)uys to the extent of four and a half
million ounces per month, those who
lse silver in the arts, and the uses of
liver for subsidiary coinage abroad t
China and South America q
nd other nations that use silver. c
Vow we find that /
THE MARKET FOR SILVER I
S in London and New \ ork. There {
II the purchases are made, and we i
ind upon inquiry that all these pur- a
bases are made by a few brokers' 7
rms that conduct the business.
'hese brokers. engaged in businesS
9th in New York and London, buy p
nc upon foreign account, actually p
ave the power to fl the value of Il
he product. They stand aside when \
he Government Of the United States b
makes its enforced purchases of four fl
nd half million ounces per month C;
he amount put monthly upon the W
larket is about eleven or twelve ol
billions. These few brokers, after a.
lie Government has secured its p
ulliOn at its own price, then divide il
p the balance between them, and w
id whatever they choose to bid, and &C
Iere being no combination among w
le sellers, the buyers fix the price. pl
If you have piece of real estate to be
ii and three proposed buyers pre- te
mt themselves at the auction sale, te
I'd prior to the sale say 'Well, now, pl
Q each want this, but we will each to
rec to take one-third," and those tn
e the only purchasers there, you pa
i'll agree with me that they can fix tn
e price at whatever they choose. vo
nd so it is with silver. The buy
8 of silver, represented by these Vi
rec or four silver brokers in New sill
ork and London, are fixing the to
ice of your commodity. to
Now, my friends, | ask how long, to
this condition of things exists, to
EN- the present price of silver will an
md. You have witnessed its tn;
adual decline. You have wit Ne
ssed decline within the past two wa
ars:; Are you willing to wait for an
, decline of four years longer? fus
I'D recollect that if President of fro
United States is elected who will the
TO the will of the people as ex- a s
essed by an Act of Congress, you sui
ii have to wait four years before bill