Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-18

out tEen L cannon conceive why you
that any such superficial YEA
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
demption fund is provided. AS you are
not to suggest any increase of
money volume but only to create, with
such increase, an enlarged demand
silver bullion, why should not your
proposed Pan-American agreement be
for the purchase of a silver redemption
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 e~ndangering a gold
standard by an increase of the volume
of standard money. Even as a scheme
''to do something for silver" in goldbug
pa~rlance, 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. 1 prefer to give it in your own
language, quoting from the Post:
production, we all know that of old
each government had Il 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
mines when discovered, and so 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 flood of silver where formerly there
was a drouth If, therefore, the 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
e already granted by the govern
nantS ora rrixratn Drnr,artr op1 rnnSt
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 insist
upon seiSniOrage in return for the
privilege of mintaSe, for it is the
stamp of the government which
creates the demand that gives their
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 il be
deemed wise to limit the production
of the existing mines it can be accom-
plished5 j. by exacting a seigniorage
greater or less according to existing
requirements. But these mines will
all be exhausted probably within the
next five years. The government own.
to-day h undiscovered mines of the
future. If production is undul.
stimulated why should nOt the United
States and Mexico and Bolivia, pro
ducing as they do much oyer two
thirds of the silver of the world
determine to withdraw temperate,
from granting mines that may be dis
covered? Leaving the matter to b
subsequently adjusted. they can eithe
hereafter renew free grants, or the,
car place limitations upon them. o
limitations upon production, or the
can a royalty which in itsel
will limit production, and thus Pre-
ductiOn commensurate with the us
will be established and Il use con
mensurate with the production ca
be secured.
81 contend that there is no use O
taking European nations into GU
councils. As the producers of all tn
silver of the world, we can easily fl
the price. If price is dependent upo
us, we can increase the use without in
flation. If price is dependent upo
production we can limit the produ,
: ton without violating any privat
/ right"
Of this l can only say that the ma
who could deliberately write it and y.
pretend to be a friend of silver places
! very low estimate upon the Intelligent
, of those by whom he thinks it will /
read. Mr.. Newlands, you seem not onl
anxious to indorse the views of Mr.. Gas
J., as to the gold standard, but you a