Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-23
-VoN ,J1E

ooA All oAAo way Jo
suppose that any such superficial yea
~siveness 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 greenbacks, ~redeemable
in coin, and for which no 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 81 yer bullion, why should not your
proposed Pan-American agreement be
for the purchase of a silver redemption
fund equivalent to the uncovered paper
redeemable 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 endanger1ng 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.. Newlands, 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. l prefer to give it in your own
language, quoting from the Post:
Now, as to the question of limiting
production, we all know that of old
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 free grants of
mines when discovered, and SO h
custom has existed in the United
States and Mexico of granting freely
to the prospectors the mines which
they discovered. The result has been,
therefore, to subject these mines TO
the exploitation of tremendous ell
erSy and enterprise, and has produced
!. a Hood of silver where formerly there
was a drouth. If. therefore, h reason
for making free grants of mines no
longer exists why should these free
grants be continued? Undoubtedly
the mines of the present, which have
I been already granted by the govern.
S ments, are private property and must
. be free from government appropria'
: ton, but they will soon De exhausted
and ever as to their product the gov
has a perfect right to insist
upon se~igniorage in return for the
/ privilege of mintage, for il is the
= stamp of the government which
reate the demand that gives then
product value, and it is a mere ques
: ton of policy on the part of the gov
eminent as to whether or not it will
exact a seigniOrage. Should it b,
e deemed wise to limit the production
e of the existing mines it can be accom
plished by exacting a seigniorage
greater or less, according to e~xistin:
requirements. But these mines will
all be probably within tn,
Il next five years. The government own
l to-day h undiscovered mines of tn,
future. If production is unduI
r stimulated why should not the Unite,
n States and Mexico and Bolivia, pre-
ducing as they do much oyer tw,
thirds of the silver of the world
determine to withdraw temperate
from granting mines that may be di,
covered? Leaving the matter to b
subsequently adjusted. they can eithe
le hereafter renew free grants, or the
5e can place limitations upon them, @
e. limitations upon production, or the
a can exact a royalty which in itsel
j. will limit production, and thus a pr,
Ia ductiOn commensurate with the us
T. will be established and a use con
mensurate with the production en-
be secured.
81 contend that there is no use {
or taking European nations into on
r. councils. As the producers of all I'll
e. silver of the world, we can easily fl
lie the price. If price is dependent upO
us, we can increase the use without j.
or fiatiOn. If price is dependent upo
:, production we can limit the produ
ton without violating any priva
right"
1t.
Oh Of this I can only say that the ms
ut who could deliberately write it and y
st pretend to be a friend of silver places
,al very low estimate Upon the intelligen
ed of those by whom he thinks it will
H. read. Mr.. Newlands, you seem not on
of anxious to indorse the views of Mr.. Ga
," as to the gold standard, but you a
~, ready with a new suggestion in its su
it port. Not only is it to be guaranteed
in a regulation of coinage, but to be assur