Wadsworth semi-weekly dispatch. [volume] (Wadsworth, Nev.) 1899-1904, 1899-12-26
NEWLANDS' VIEWS.
The Nevada Congressman Speaks
on the Currency Bill.
He Explains the Cause of Prosperity and
Advocates the Use Of More Basic
Money.

lowing:
Representative Newlands OF Nevada
spoke at length in the House to-day in
opposition to the currency bill. Mr..
Newlands traced the history of the coun-
try through the period of depression,
commencing in 1893. The panic of 1893
was not saused by the coinage of silver
under the Sherman act. There we're Two
causes for the panic. One was The ron-
stantly diminishing price which this
country was receiving from the export
of its farm products, the price OF these
products being largely determined by
the prices in silver countries, whose ex-
ports were stimulated by the low price
OF silver. Another cause WAS the failure
Of the Mckinley act to meet expecta-
lions OF the farmers as a revenue pro-
Queer. The free admission of sugar took
away u lars annual revenue for which
no sufficient substitute WAS offered by
the Mckinley bill, and the bill which
was intended to cure the evils OF q sur
! plus revenue presented all the disad-
vantages OF a deficit revenue. Tho coun-
| try therefore was drained. in two ways
The national treasury was drained OF its
accumulations by a deficit producing
revenue bill, and the country was
drained by an adverse balance of trade
owing to the fact that its agricultural
products had been lessened in their
dsbt-paying capacity. Accompanying
this csmc a demand for gold in Austria,
and the ~greenDacks anu treasury notes
were used by foreign ~tinanciers as II
means of drawing out the gold required
for the Austrian treasury.
Mr.. Cleveland, aided by the banks and
the metropolitan press, took advantage
OF the situation to raise the false cry
that the Sherman act was the cause Of
exis ing conditions. and the banks them
selves, in their keen desire to stop the
coinage of silver, created a clamor which
in turn cause a run on the banks. The
! withdrawal OF deposits and the constant
~diminution OF bank credits VAS a natural
result. The Cleveland administration
having come into power, its first att was
to repeal the Sherman act, and the sec-
ond was to pass the Wilson bill. No
more u%nfsvorable time could have been
taken for the lowering OF the tariff wall.
The very purpose of this act was to let
more foreign goods in; every foreign
product which was admitted displa ced
40 much American labor, and thus an
reimbursement OF the labor question
throughout the country WAS forced.
The country, therefore, during Cleve-
lands administration was subjected to
Two great disturbances. one financial, by
cutting Off the increase OF money
throughout the United States by The re-
peal of The Sherman act. when o
money Was needed the other was in
dustrial, involving the lowering OF the
tariff wall and a propori ional suhstitu-
tion OF our own markets al foreign pro-
ducts for goods produced by the labor
OF our W people. During all this time
confident predictions were made OF an
immediate advance in prosp arity, io be
caused by increased confidence. None
OF these predictions We're realized, ami
the Republican party came into power
upon the PROMISE OF a protective tariff
measure and of an increased volume OF
money to be secured by free coinage Of
silver through international agreement.
As o o "a q Republican victory was
announced it was declared that conf
dence was restored and that the wheels
OF industry would Immediately move.
The whistles OF the factories throughout
the country heralded the coming Of re-
neweo prosperity and activity, but Con-
gress met in thu following March with
out the realization of this confident pre-
diction. 1t wat then insisted as soon as
the protective tariff bin was passed the
wheels would move, and Congress all
journed in July, 1897. without any
change in the condition OF the country.
SHORT CROPS ABRoAD.
1t was not until after Congress adj
journed that the change took place.
The cause OF it WAS the great demand
for our agricultural products. caused by
short crops elsewhere, the result being u
favorable balance which brough within
u few months many million dollars OF
gold TO US. This was followed by large
exports OF Manufactured goods, mainly
produced by the very trusts now COM
planned of, and which constitutes 80
serious q menace 70 individual enter
prise as we'll ~ 10 the compensation OF
labor. The gold trust proinced the in
dustrial trust. The cause fnr their or
g%anization was failing prices and the
necessity OF cheaper productions, and so
various industries were combined inn
proved machinery was secured; midhlle
men were dispensed with; clerks, sales
men and officials were consolidated an,l
the result was u cheapenei ~proinction
which sought the markets III foreign
countries. Thus the great demand fnr
our agricultural as well as our manufac-
tured products brought tn this country
within three wears very nearly 500,
600. OnO IN gold. aud tho increase u BROS
repeat 80 ilr Nhtiilan ut. not 10 To.
pa-raer ~ tie bin-, y act, though tn