Gardnerville record. (Gardnerville, Nev.) 1898-1902, 1899-12-26

The Washington Star OF December II
tn gives the following summary of Con-
gressman Newlands' speech in opposi-
ton to the Gold standard Bill OF the Re
publican party:
Representative Newlands OF Nevada
spoke at length in the House today in
opposition to the currency bill. Mr..
Newlands traced the history Of the coun-
try through the period of dispersion
commencing in 1893 The panic of 1893
was not caused by the coinage of silver
under the Sherman act. There was two
causes for this panic. One was the con-
slant diminished price which this country
was receiving from the export of its
farm products, the price Of these pro-
ducts being largely determined by these
prices in silver countries, whose exports
were stimulated by the low price of sill
yer. Another cause was the failure OF
the Mckinley act to meet expectations
OF Its trainers as a revenue producer
The free admission of sugar took away
large anual revenue for which no suffic-
lent substitute was offered by the McKin-
ley bill, and the bill which was intended
to cure the evils Of surplus revenue pre-
sented all the disadvantages of deficit
revenue. The country therefore was
drained in two ways: The national treas
ury was drained of its accumulations by
deficit producing revenue bill, and the
country was drained by an adverse bal
ance of trade owing to the fact that its
agricultural produce had been lessened
in their dept-paying capacity. Accomp
anying this came demand for gold in
Austria, and the green backs and treas
ury notes were used by oreign financiers
as means of drawing out the gold re-
quired for the Austrian treasury.
Mr.. Cleveland, aided by the banks and
the metropolitan press, took advantage
OF the situation to raise the false cry that
the Sherman act was the cause of exist
ing conditions, and the banks themselves
in their keen desire to stop the coinage
of silver, created a clamor which
in turn caused run upon the banks.
The withdrawal of deposits and the con-
slant diminution of bank credits was
natural result. The Cleveland admins
tration having come into power, its first
act was 10 repeal the Sherman act, and
the second was to pass the Wilson bill.
No more unfavorabie time could have
been taken for lowering of the tariff wall.
The very purpose of this act was to let
more foreign goods in; every foreign
product which was admitted displaced so
much American labor, and thus a read
justment of labor question throughout
the country WAS forced.
The country therefore during Cleve-
lands administration was subjected to
two great disturbances; one financial, by
cutting off the increase Of money through
out the United States by the repeal of the
Sherman act, when more money was
needed; the other was industrial, inyolv-
ing the lowering OF the tariff wall and
proportional substitution in our own
markets of foreign products for goods
produced by the labor of our own people.
During all this time confident predictions
we're made of an immediate advance in
prosperity, to be cause by increased con-
idence. None OF these predictions
we're realized, and the Republican party
came into power upon the promise OF
protective tariff measure and OF an in
creased volume OF money to be secured
by free coinageof silver through inter
national agreement.
As soon asa Republican victory was
announced 1t was declared that conf
dence was restored and that the wheels
of industry would Immediately move.
The whistles OF the factories throughout
the country heralded the comeing of re-
nswed prosperity and activity, but Con
gress met in the follwing March without
the realization Of this confident predic-
ton. 1t was then insisted that as soon
as the protective tariff bill was passed
the wheels would move, and so the Ding
lev bill was framed and allowed to take
its course unobstructed by the OPPOSITE
ON and aided by the friends of silver in
the Senate. The bill passed and again
The whistles were sounded, but the wheels
did not move, and Congress adjourned
IN July without any change in the
condition of the country.
SHORT CROPS ABROAD.
IT was not till after Congress adjourn
al that the change took place. The
cause of il was the great demand for our
horticultural products, caused by short
crops elsewhere, the result being favor
able trade balance, which brought with
in a few months many millions dollars
os cold 10 us. This was followed by large
axnorts of manufactured goods, mainly
produced by the trusts now complained
of and which constitute so serious a
menace to individual enterprise as well