Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-12

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but then l cannot conceive why you
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 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-Amerlcan 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 d gold
standard by an increase of the volume
of standard money. Even as a scheme
ito 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. I 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 old
each government had a monopoly OF
the gold and silver found within its
realms. h 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
to the prospectOrS IN mines which
they discovered. The result has been,
therefore, to subject these mines to
the exploitation of tremendous en-
erey and enterprise, and has produced
a flood of silver where formerly there
was adrouth. If. therefore, the reason
for making free grants of mines no
longer exists why should these r e
grants be continued? Undoubtedly
the mines of the present, which have
been already granted by the govern
mentS, are private property and must
be free from government %apprOpria'
ton. but they will soon be exhausted.
and even as to their product h gov.
eminent has Il perfect right to insist
upon s~eisniora@e in return for the
privilege Of mintaSe, for it il the
stamp of the government which
creates the demand that gives thcii
product value, and it is a mere qucs
ton of policy on the part of the gov
eminent as to whether or not il vii
exact Il SeigniOraGe. should it be
deemed wise to limit the production
of the existing mines il can be accom-
pliShed by eXactin2 Il seigniorage
greater or less, according to existing
uufTeIl1tEt IDut THESE ItiIttS WI
all be exhausted probably within the
next five years. The government own!
to-day the undiscovered mines of the
future. If production is unduI,
stimulated why should not the United
States and Mexico and Bolivia. pro
ducins as they do much oyer two
thirds of the silver of the world
determine to withdraw temperate,
from granting mines hat MAJ be dis
covered? Leaving h matter to b.
subsequently adjusted, they can eithe
hereafter rcnew r grants, or the
can place limitations upon them. o
limitations upon production, or the
can exact a royalty which in itsel
will limit production, and thus a pro
duction commensurate with the lis
:. will be established and Il use con
mensurate with the production "a
be secured.
81 contend hat there is no use G
councils. As the producers of all til
= silver of the world. we can easily fl
E the price. If price is dependent upo
us, we can increase the use il
r 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
t who could deliberately write it and "
t pretend to be a friend of silver places
very low estimate upon the intelligen.
of those by whom he thinks it will |
read. Mr.. Newlands, you seem not on.
f anxious to indorse the views of Mr.. Gas
as to the gold standard, but you a
ready with a new suggestion in its su
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