The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1899-12-28
increased bank credits must involve
increased cash reserves.

increased bank credits must involve
i increased cash reserves.
TRUSTING TO CHANCE.
What folly it WAS, then, when more
basic money was constantly being re-
quired, to inagnrate system which
might gradually retire six hundred
millions Of liver dollars now part Of
the money of the country The answer
was made that the increased production
OF gold would rapidly furnish the money
necessary to take the place of the silver
eliminated.
Thus chance was substituted for GER
tainity. What certainty was there
that the world would produce three
hundred millions of dollars in gold an
nually? What certainty was there that
this country could secure any large pr,
portion OF that product. The war in
the transvaal might, at any time cut oil
One-third Of the production. The great
squirt in the production of gold might
be followed. as heretofore, by a decline
In addition to this, the movement of
the countries of the world toward the
gold standard was not half completed,
and yet this country has suffered dur
ing the past six years by the immense
accumulations Of gold in Austria and
Russia, accommodations not yet com
pleted.
India is about TO hoard gold for the
purpose of establishing the gold stan
dard, and If this movement IS followed
by China and by all the south Amer
lean states the new demands for gold
will be very much greater than the cur
rent supply. II would be reasonable
80, .F1 FILL b.s
example of the United States, and the
action of the United States is likely TO
preeiptate a scramble for gold such as
took place when Germany took steps
toward the adoption Of the gold stand
ard in 1873
Nearly one half of the metallic money
of the world to-day is silver. How far
can even the present production Of gold,
absorbed as it is in non monetary uses,
such as the industrial arts and dentist
ry, avail to take the place Of nearly
four billions of silver dollars which are
in process Of elimination from the
world S currency under the initiative Of
the United States:
1NTERNATIONAL BIAffTALIsM.
Mr.. Newlands then took up the aue,-
tion ot international bimetalism anu
claimed that whilst the Republican par
ty had committed itself To an earnest
effort for international bimetalism,. it
has withdrawn It's negotiations at a
most critical time. He claimed that
France was friendly and that the
British Ministry was friendly, and that
the India goYernmet to whom the Brit
ish Ministry referred the matter, pre-
sented as their principal objection the
ratio demanded by the proposal viz.
l5l TO / that the Indian government
was In favor Of the ratio Of - to |, 10
which its finances were then adjusted
by the arbitrary fixing Of the value OF
Indian rupee az l6d in English gold
He showed that the Marquis of Sails
bury. in his letters declining the pro-
posals Of our enYoys, invited further
proposals az To the ratio and expressed
the hope shat since the proposals were
FIRST put forward France and tho Uni
led States might be able TO form more
accurate estimate Of the amount Of as
sistance they might expect from the
other powers, and that he was DESTROYS
10 ascertain whether they desired to
proceed further with the negotiations.
Nothing could be more friendly than
the final letter Of Lord Salisbury, and
no words could more clearly Indicate
the desire that further communication
should be had with the British Minis
try on the subject Strange TO say the
American government dropped the
matter there and preceded no further.
Its solicitations of the nations of the
world ended and all the Indications
were that the Ad ministration breathed
freely when it aseertained that the ex-
petition which had been sent out in
perfanctory compliance with the Re-
publican platform, ended without ae-
complishing It's purpose.
Mr. Newlands declared that judging
from present indications, ii was safe to
say that there was not government in
the world to-day more determined in
its hostility to the use Of silver than the
Administration now in power in the
United States.