Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-20

Nv Aee va No
but then l cannot conceive why you
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
Iency, 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 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
all 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
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
o1co 1;;t,{io, ,,o, fI,a ~rNI,,ctiop IF
silver. l prefer to give it in your W
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 the
custom las existed in the United
States and Mexico of granting freely
to the prospectOrs the mines which
!. they discovered. The result has beer
therefore, to subject these mines to
the exploitation of tremendous en-
ergy and enterprise. and las produced
: a flood of silver where formerly there
: was a drouth. If. therefore, the reason
for making free grants of mines nc
, longer exists why should these free
grants be continued? Undoubtedly
the mines of the present, which nave
been already granted by the govern
6 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
: eminent has a perfect right to insist
upon s~eigniOrage in return for tn
privilege of mintage, for it is thu
stamp of the government which
reates the demand that gives theil
= product value, and it is a mere ques
ton of policy on the part of the gov
S ernment as to whether or not it will
exact a seigniorage. Should it b,
deemed wise to limit the production
G of the existing mines it can be accom
e plished by eXacting a s~eigniorage
II greater or less, according to e~xistin:
n requirements. But these mines will
# all be exhausted probably within tn,
II next five years. The government own
to-day The undiscovered mines of tn,
future. If production is undul
stimulated why should not the Unitet
States and Mexico and Bolivia, pro
IL ducing as they do much oyer two
d thirds of the silver of the world
2 determine to withdraw temporaril
Ie from granting mines h may be di,
n covered? Leaving the matter to b
at subsequently adjusted. they can eithe
hereafter renew free grants, or the
can place limitations upon them, o
:, limitations upon production, or the
can exact a royalty which in itsel
q. will limit production, and thus a pr,
i ductiOn Commensurate with the us
Id will be established and a use con
1t mensurate with the production ca
H. be secured.
or Il contend that there is no use {
or taking European nations into on
councils. As the producers of all tn
. silver of the world, we can easily fl
h price. If price is dependent upo
AZ us, we can increase the use without il
u fiation. If price is dependent upo
er production we can limit the produ,
IL. ton without violating any prival
IN right"
Of this l can only say that the ma
~ who could deliberately write it and y,
9, pretend to be a friend of silver places
70, very low estimate upon the intelligen,
al of those by whom he thinks it will
n. read. Mr.. Newlands, you seem not on
anxious to indorse the views Of Mr.. Ga,
), as to the gold standard. but you a
" ready with a new suggestion in its su
il port. Not only is it to be guaranteed
in a regulation of coinage, but to be assure
by limitation upon silver production.
iS NOT nu1y fraa coi,,ooo hit fraa r,;,;,