Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-21

lieve that you do not understand this,
but then l cannot conceive why you
suppose that any such superficial YEA
siveress could be imposed upon your
fellow-citizens.
Mr.. Newlands, when you talk about
uncovered representative money you
can mean nothing else han paper cur
rencv, like our greenbacks, redeemable
in coin, and for which no special re-
demrtion fund is provided. AS you are
careful lot 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
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 endangering a gold
standard by an increase of the volume
of standard money. Even as a scheme
'to DO something for silver" in goldbug
parlauce, 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. I 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 SC the
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 en-
ergy and enterprise, and has produced
a Hood of silver where formerly there
was a drOuth, If. therefore, 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
been already granted by the govern
S ments, are private property and must
be free from government appropria'
: ton, but they will sOon be exhausted
and even as to their product the gov
: has a perfect right to insist
upon seiSnioraGe in return for the
privilege of mintaSe, for il is the
= stamp of the government which
creates the demand that gives THEN
product value, and it is a mere queS
, ton of policy IN the part of the gov
eminent as 20 whether or not il will.
exact a seigniorage. Should it be
deemed wise to limit the production
? of the existing mines it can be accom-
, plished by eXaCtinG a SeiSniOraGe
greater or less, according to existing
: requirements. But these mines will
III NC cAiIdiSttt DIoptplS III II
l next five years. The government own:
L to-day the undiscovered mines of tn,
e future. If production is undul!
r stimulated why should not the United
n States and Mexico and Bolivia, pro
# ducing as they do much oyer two
thirds of the silver Of the world
determine to withdraw temperate,
fn,, ,, tJ.s -..- I4 Il :.
covered? Leaving the matter to b.
SUI subsequently adjusted, they can eithe
t hereafter renew free grants, or the,
e can place limitations upon them. o
limitations upon production, or the.
can exact a royalty which in itSeI
j. will limit production, and thus a pro
Il ductiOn commensurate with the us
will be established and a use con
mensurate with the production cal
be secured.
- 81 contend that there is no use O
taking European nations into on
councils. As the producers of all tn
2 silver of the world, we can easily fl
lie the price. If price is dependent upO
J. us, we a increase the use without in
er flation. If price is dependent upo
!. production we can limit the produ,
- ton violating any privat
~, right"
u OF this l can only say that the ma
1t who could deliberately write it and ye
st pretend to be a friend of silver places
very low estimate upon the -intelligenc
al of those hv whom he fhir1yc - xri11 \
Il read. MI. Newlands, you seem not onl
Of anxious to indorse the views of Mr.. Gag
=" as to the gold standard, but you al
y, ready with a new suggestion i'll its SUI