Daily independent. [volume] (Elko, Nev.) 188?-1915, 1899-12-22

tenn prevails. but the credit system
means a multiplicity Of exchanges,
and increased bank credits must in
Volve an increased bank reserve.
TRUSTING TO CHANCE.
What folly it was then, when more
basic money was being constantly re-
quired, to inaugurate system which
would gradually retire six millions Of
silver 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 sill
yer eliminated.
Thus chance was substituted for
certainty. What certainty was there
that the world would produce three
hundred million dollars worth Of
gold annually? What certainty was
there that this country could secure
any large portion of that product?
The war in the Transvaal might at
any time cut off third of that pro-
duction. The great squirt in the pro.
dnction Of gold nigh be followed as
heretofore, by 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 for the past six
years by the accumulation OF gold in
Russia and Austria, an accumulation
not yet completed.
India is about to hoard gold for the
purpose of establishing the gold
standard and if the movement is fol-
lowed by China and all the South
American states, the new demand for
gold will be Very much greater than
the current supply. 1t would be
reasonable for other nations to follow
the example set by the United States
and the action of the United States is
likely to participate a scramble for
gold such as took place when Ger
many took steps toward the adoption
OF the gold standard in 1873.
Nearly half of the metallic money
OF the world today is silver. How far
can even the present production of
gold, absorbed as it is in the non.
monetary uses. such as the industrial
arts and dentistry, avail to take the
place OF nearly four billions Of silver
dollars which are in the process of
elimination from the worlds currency
under the initiative of the United
States.
INTERNATIONAL BIMETALLISM,
MIR. Newlands then took up the
question Of Information Bimetal-
ism, and claimed that whilst the Re-
publican party had committed itself
to an earnest effort for international
Bimetallism, it had withdrawn it's
negotiations at most critical time.
He claimed that France was friendly
and that the British Ministry was
friendly, and that the India Govern
ment, to whom the British Ministry
referred the matter, presented as
their principal objection the ratio de-
handed by the proposals: viz, 1519 to
l; that the India Government was in
favor Of the ratio of % to l, to which
its finances were then adjusted by
the arbitrary fixing of the value of
the india rupee at I'D in English
gold. He showed that the Marquis
Of Salisbury, i'll his letter declining
the proposals of our ENJOYS, invited
further proposals as to the ratio aud
expressed the hope that since the
proposals were first put forward
France and the United States might
be able to form a more accurate est.
mate Of the amount Of assistance
which they might expect from the
other powers, and that he was desir-
GUS to ascertain whether they desired
to proceed further with the negotia.
ton.
Nothing could have been moro
friendly than the final letter Of Lord