The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1897-08-19
Silver and
Protection.
Congressman NewlandS'
Views on the Subject.
The Policy Which America Should
Follow TO Insure Prosperity.

The Congressional Record of July
oath. reporting proceeding shad that
dayon the bill III. R. 379) to provide
revenue for the Government and to
encourage the Industries of the Uni
ted States. contains the following as
part of the address of Hon. Francis
G. Newlands, Nevada's represent
ative. Mr.. Newlands said:
Now the question comes up whether
bimetallism can be restored. T
have not time to consider the ques-
ton at length. only wish now to
relieve it of its exaggeration. The
question is, first, whether inter-
national action can be secured, and
if not, whether the United States
alone can fix the gold price of sill
yer, whether the United States can,
by an increased use. of silver, re-
store its value to its old parity with
gold. for wish to deny most dis
tinctly that the silver men are in
favor of a 50-cent dollar. Those
who maintain the present system
believe in 50-cent dollars, but we
believe in restoring the value of sill
yer, so that 100 cents of silver will
be worth 100 cents of gold and the
gold will be the equivalent of the
silver and the silver of the gold.
AN EASTERN MIsAPpREHENsIoN.
1t is not intended to pay debts
with 50-cent dollars or to drive away
gold or to debase our currency
Our purpose simply is, by increas
ing the coinage and use of silver
and by giving it equal privileges
with gold, to raise its value, and by
diminishing the strain on golt
which goll monometallism has caus
ed to take away its unjust apprecia
tion, and thus by putting up th'
value of silver aud putting dowl
the value of gold to restore the ole
ratio, so that 16 ounces of silve
will be worth lin bullion as we'll a
in coin) ounce of gold. Thus tn
old unit of value-the dollar-base,
on both metals instead of one, vii
be restored and we shall have gol
dollar worth 100 cents in silver an
a silver dollar worth 100 cents il
gold.
If you ask why this rate is de
termined upon, our answer is nc
only that has been the custom
ary ratio for years, but also that tn
total stock of silver coin in the worl
is $4,OOO,OO0, 900; that the total stoc
of gold coin is approximately th
same, and that if the total: stock
OF silver and gold were cash melte
into a solid mass, the silver mas
would be about sixteen times {
great in weight as the gold mas
We also answer that to-day the rel
tive production of the two metals
approximately in the same propo
ton. We must establish by la
some relation of value between IL
two metals. And we propose
value silver as it will stand aft
restoration to equality of priviles
with gold, and not while it is di
credited by unequal laws.
ADVANTAGE OF BIMETALLIsM.
The advantage of restoration
bimetallism is apparent. 1t will n
only give the world an increas'
volume of currency, proportions
to the increase of population and
the extension of business, commerc
and enterprise, but it will do aw
with the dislocation of exchang
that has existed between the gol
standard and silver-standard cou
tries, a dislocation which has il
mensely stimulated the product
of silver-standard countries in fal
products, and which is about
stimulate their manufacturing pl
duction, to the injury of the go
standard countries. Our wh'
fields and our cotton fields have
ready felt the force of silver-st'
dard competition, for the price
oriental and other silver-stand,
already stable in silver
have declined in gold, just as g.
has appreciated.
The value of our exportable P
ducts with which we pay our de
has constantly declined. We +
pose by restoring the old gold pl
of silver to restore the old gold pl
of our farm products, and to cha
the balance of trade from an adya
balance to a favorable one. 1
this ought to be accompanied ey
one admits.
INTERNATIONAL CONFERENCES.
The Republican party, by its