The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1897-12-01
ChangIngthe silver Issue.

mated to number much more than
half that party in the Western
States, are considering change in
the silver issue. Abandoning all
idea of International bimetallism.
Republican silverites are breaking
ground for the demonstration OF
silver by the action of all the peo-
pie and countries of the Western
/ Hemisphere. Senator Chandler,
New Hampshire, in his recent let
ter, referred to the ..The Post
some days ago. takes this position
He says the people of the two
Americas need only be aroused and
organized by the influence of the
United States. A Pan-American
remonetization Congress, Senator
Chandler urges, may be held, and
united request in that direction
from all the Governments of North
and South America Will be sure 70
be favorably considered by Euro
pean powers.
Hon. Francis q. Newlands, the
silver Republican Congressman
from Nevada, has addressed letter
to Secretary Gage advocating the
expediency of making silver pure
| ly American question. somewhat as
indicated by Senator Chandler.
Showing that the Western Hemi-
sphere produces nearly four-ffths
of the silver of the world, Mr.. New
lands argues that through Pan
American agreement we can regu-
late the price of the metal so far as
to restore its actual parity at 16 to
1, or any other measure we may see
fit to adopt. An important feature
in NJ, Newlands' scheme is the
substitution in all American coun-
tries of real money for representa-
tive money. He quotes from the
mint directors report for 1895 to
show that the uncovered paper
money is as follows:
The United States. ,$416, 700, COO
Mexico ...........2,O 100000
Cen. American States. :. 100000
South American States 550,000,000
Total. 1915. 100000
For this nearly one billion of
representative money. Mr.. New
| lands argues, we can substitute
metallic money, gold or silver.
The Americas, he holds, can alb
sorb in coinage all the $53, 100000
of gold and S144, ,Ooo,0o0 of silver
which they produce. "At this
rate, . he says, sit would take four
or five years before all the uncov-
cred paper money would be retired,
even though none of the gold OF
silver would be absorbed in the
arts, and this demand leaves out OF
calculation entirely the necessity fol
increasing the money volume in
proportion to population or bust
ness" This would not be undue
imitation or expansion. Mr.. New
lands argues there is no danger of
an overproduction of money met
ais here or elsewhere, holding that
the demand for purposes of retir-
ing uncovered paper and fol-
meeting the requirements of in
creasing commerce and population
4 will more than keep pace with the
supply. He shows, however, that
the United States, Bolivia and
Mexico, acting in concert, can
limit production to any needed ex-
tent by laws enacting seignorage
They produce much over two
thirds of the silver of the world
Mr.. Newlands adds:
81 contend that there is no use OF
taking European nations into ou1
councils. As the producers of all
the silver of the world, we can easi-
ly fix the price. If price is de-
pendent upon US, we can increase
the use without imitation. IF price
is dependent upon production, we
can limit the production without
violating any private right"
This is simple proposition, and
will no doubt go into the future
consideration of the silver question:
The problem remains to be settled
It was not solved by the election
of 1896, as has been abundantly
demonstrated by the elections oi
1897. Next year in the Congress.
lsional elections the fact of non set,
tlement will be emphasized The
American people will accept noad.
justment that does not give silver
! ;+s 1oro,1ay. 11lace Sin the monetarJ