Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-24

but then l caunot conceive why you
suppose that any such superficial YEA
s~iveness could be imposed upon your
fellow-citizens.
Mr.. Newlands, when you talk about
uncovered representative money you
can mean nothing else than paper cur
rency, like our g%reenbacks, redeemable
in coin, and for which nc special re-
demption fund is provided. AS you are
careful not to suggest any increase OF
money volume but only to create, with
out such increase, an enlarged demand
for silver bullion, why should not your
proposed Pan-American agreement be
for the purchase of a silver redemption
fund equivalent to the uncovered paper
r~edee1nable in silver? This would create
an equal market for silver and have the
advantage Of allowing a choice between
the secured paper representative and
the more cumbersome silver coins with
out in any way endangerlng a gold
standard by an increase of the volume
of standard money. Even as a scheme
"to do something for silver" in goldbug
parlance, it is worthless.
But, Mr.. N~ewlands, you are not salts
fed with the provision to regulate Coin
age for the purpose of keeping silver
bullion upon an equality with gold, but
to make assurance doubly sure propose
also a limitation upon the production of
silver. prefer to give it i'll your own
language, quoting from the Post:
Now, as to the question of limiting
production, we all know that of dc
each government had a monopoly of
the gold and silver found within its
realms. The scarcity of production
led to the various governments offer
ing substantially a premium for its
production by making r grants of
mines when discovered, and so the
custom has existed in the United
. States and Mexico of granting freely
1 to the prospectOrs the mines which
E they discovered. The result has been,
e therefore, to subject these mines to
S the exploitation of tremendous en-
t ergy and enterprise, and has produced
q a flood of silver where formerly there
@ was a drOuth. If. therefore, h reason
for making free grants of mines nc
longer exists why should these free
Ii grants be continued? Undoubtedly
the mines of the present, which havt
been already granted by the govern
ments, are private property and mus
be free from government appropria
ton, but they will soon be exhausted
and even as to their product the gov
eminent has a perfect right to insis
& upon seignioraSe in return for tn
privilege of mintage, for it is tn
C stamp of the government whicl
creates n demand that gives hei
product value, and it is a mere ques
G ton of policy on the part of the go,
as to whether or not it wi
exact a seigniOrage. Should it b
lie deemed wise to limit the productio
We of the existing mines it can be accom-
an plished by eXactinG a seigniOrag'
greater or less, according to existin
requirements. But these mines wi
"a all be exhausted probably within tn
!" mex five years. h government OWL
L to-day the undiscovered mines of tn
&c future. If production is undu
er stimulated why should not the Unite
an states and Mexico and Bolivia, pr
of ducing as they do much oyer tw
re- thirds of the silver of the worl,
he determine to withdraw temporari
from grantin. mines that may be di
covered? Leaving the matter to
O. CIR bSonrrantIv a inSta6 thav can oft n,
hereafter renew free grants, or tn,
.ge can place limitations upon them.
te. limitations upon production, Or tn
IA can exact a royalty which in itse
vi will limit production, and thus a pl
Md ductiOn commensurate with the u
T. will be established and a use col
mensurate with the production c;
be secured.
" 81 contend that there is no use
'or taking European nations into o
ur- councils. As the producers of all Z
re- silver of the world, we can easily
BILE the price. If price is dependent up
ub- us, we can increase the use without
ner flatiOn. If price is dependent up
oil. production we can limit the prOdl
ton without violating any privs
right"
you Of this 1 can only say that the N
but who could deliberately write it and
,est pretend to be a friend of silver place
gal very low estimate upon the intelligel
tied of those by whom he thinks it will
un- read. Mr.. Newlands, you seem not O.
i of anxious to indorse the views of MI. CT
d." as to the gold standard, but you
Vay, ready with a new suggestion in its S
n it port. Not only is it to be guaranteed
in a regulation of coinage, but to be assn
by BY Limitation upon silver production.