The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1895-12-12
PIOCHE NEVADA, THURSDAY. DECEMBER, u, 1898

stitution of the new for the old must
be instantaneous, without disturbance
to the financial and commercial condi.
tions, of the country"
More than two years ago and many
times since, the Constitution has insist.
ed that there is not gold enough in this
country to form an adequate fund of
redemption for the volume of paper
currency necessary for the business
and individual wants of our popula-
ton; that, in order to get enough gold
it must be imported; that the only way
to import it was to sell bonds abroad;
and that this process must be kept up
indefinitely so long as our volume of
paper currency-not too large nor even
large enough for the business necessi-
ties of the people-is so entirely out of
proportion to our fund of redemption
money, which Mr.. Carlisle has declared
to be gold only.
The Constitution insisted that if we
were to have the single gold standard,
which is simply scheme to lower the
price of American food and cotton
products for the benefit of the pauper
labor of Europe, we must be prepared
to stand the consequences And now
Mr.. Belmont, prominent mem Der of
the syndicate, comes and declares in
effect that the Constitution was right
Bonds must be sold"
But that is not all When, during
the discussion of unconditional repeal,
the treasury department printed an es-
innate to the effect that there was a
fund of $685., ,OOO, 900 Of gold in this coun-
try, the Constitution warned its read
ers that the estimate was not trust
worthy, being, in fact, q mere reckless
) guess. We pointed out, furthermore,
) that even il the treasury's guess came
) anywhere in the neighborhood of the
: truth, the gold was not available fol
. redemption purposes until the govern
ment had bought and paid for it with
: bonds.
Q Mr.. Belmont, who Is in Q position II
q know more about the matter than any
y officer of the government, says tha
d the treasury estimate Is mere guess
e He declares, moreover, that he doubt
y whether our stock Of gold is one-hal
h the estimate. He says, too, that in OF
l. der to supply ourselves with redeml
Y ton money we must sell bonds to FL
IS rope. Instead of availing ourselves
,e our stock OF silver, and using it as II
le demption money, a vast volume OF de-
r. must be piled on the shoulders Of ii
re people simply that the gold specul
re tors Of Europe may find safe inves
of ment for their surplus money.
ay Long ago the Constitution declare
nd that the single gold standard wou
ed operate to make the producers az
lie people Of this country the vassals
ng Europe, not only financially, but P
or litically Mr. Belmont declares tn
all IL the process of bond selling goes
IN. long enough las indeed 1T must go
is il we arc to maintain the single &c
is standard) our country will be reduc
to a condition of financial servitu
,m which Is illustrated by the position
the some of the south American stat
the whose real masters are the capitah
1t of Europe
re- The Constitution warned its read'
re- long ago that If the people OF this col
De- try permitted "rca' i'i'Ch'',
ard her financial agents located here'
,me dictate our monetary standaro,
Ugh would be only question of time WI
or she would be able to contl oil our po
ical and diplomatic affairs. Mr.
and mont makes bold to say that GO
cen tries which have delegated the con
rars of their finances and currency IA
low yielded the coh:ro, ont;na y, 80, and let
d as moreover, ,itias have submitted
feet s;otat;nn iao,.e as IN what they can and c
'eat moi not be permitted to do" Hoy T., t
sill this is of our recent history!-Atla
lent Constitution.