Daily independent. [volume] (Elko, Nev.) 188?-1915, 1893-08-25
NEWLAND'S SPEECH.


members, and then was refused
further time through the objection Of
Tracy of New York. Below will be
found Il short synopsis OF his speech:
He first called England the great
creditor nation Of the earth and the
United States the great debtor,
both being the greatest in their
classes.
England is the greatest gold owner
in the world, and by reason Of its
gold discoveries in Africa is rapidly
becoming the greatest gold producer,
while America is the greatest silver
producer and owner.
Our legislation should not be favor
able either to Eugland's accumulated
gold or it's production of gold, as that
legislation would tend to the EN- jar
rassment OF one IF America's great
Industries. The area over which the
silver industry extends embraces SIX
States and three Territories. Silver
mining stands at the base of every
industry in that region. The money
centers of New York, Boston and
Philadelphia direct the monetary in
terest in that section.
Henry Willard, representing not the
stockholders, but the German bond
holders Of the Northern Pacific rail
road, has been clGmoring tov the re-
peal of the Sherman act SO that they
could secnre the payment Of Their
bonds in gold. The Northern Pacific
is in the hands of receiver, already
the victim Of the decline in silver.
Mr.. Willard was in the position of a.
man holding gold mortgage upon
silver mine aud aiding in the destruc-
ton of the very security which stood
at the basis of his prosperity. There
s not u single transcontnental or in
ter-mountain road running through
out that country of which the
capital and bonds amount to S1,OCO,-
OG0 that will not be in tho hands
OF receiver within sixty days after
silver mining is suppressed by legisla-
ton.
This is cited to show that you can.
not strike the great interest and pre-
dominating industry Of any section of
the country without involving other
sectious. The East has great mon
etary and proprietary interest in the
West, greater monetary interest than
the West itself.
Upon the financial phase of the
question MI. Newlands said that self
interest constitutes the prevailing
motive OF the government and politi-
cal action Of England, whire we are
spending our energies in building up
other nations, in approaching the
value OF their accumulations aud pro-
auctions and neglecting our own.
We have proprietary ana monetary
interests in Mexico, and now we pro-
pose to sink its only currency to 25
cents on the dollar and destroy the
value of the product upon which the
value Of the transportation interests
OF that country, which are owned by
us, are based,
With silver destroyed where will
we get gold with which to do bust
ness2 We shall have to issue bonds
and draw In more gold, and thereby
increase further the value OF Eng
lands gold and diminish the value Of
American products. And when we
have that gold it will be subject to be
withdrawn at any tmewhen the de
sire or caprice may seize EGgiand, so
that we shall be in the position Of Il
/, debtor ,.oh. '"oall," responsive to the
demand of his creditor ut any time
and liable to have his securities sac.
Fificed.
Mr.. Newlan ds then rebearsed the
financial n iatnry NJ fba ,,,.I,, =; .