Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-24

the means OF redemption.
The Mint Directors report for 1895
the following statement OF I'M
covered paper money in America:
United States..... ................ S4I6, 100, 900
American States.......... 100000
South American States............ 100000
Total..'.... OBSERVATION-DISCLOSURES 91o'Ioo'ooo
We have then nearly 81 200, 900, 900 of
representative money for which we can
substitute metallic money, both gold and
silver. Why should not the Americas
absorb in coinage all of the SIS, o
of gold and all of the SI44,ooo,ooo which
they produce? Atthis rate it would take
four or five years before all of the uncov-
cred paper money would be retired. AS
suming that the demand in the arts for
both gold and silver should remain as at
present, it would take ten years before
this paper money would be retired.
Tie object of the restoration of silver
coinage on equal terms with gold is to
gradually restore the volume of money
in the world, and with it to restore
prices. Mr.. Newlands declares in the
foregoing extract that this object can be
defeated by the retirement of one dollar
Of paper money for every dollar coined.
1t is trae that real money-money OF
redemption-is the actual basis of values.
The volume of money by which values
are measured does not, however, consist
solely of metallic coins, but includes so
much credit money as i'll the public
belief is absolutely and instantly con-
vertible into coin. OF course the mo-
ment paper money is known or sus-
pected to be irredeemable, its value
depreciates rapidly. But up to the point
of certain redeemability, legal tender
credit money may safely be added to
the money of redemption in making
up the sum total of the volume. The
credit money of the United States, re-
deemable in coin, consists OF greenbacks
and other treasury notes. They are a
legal tender in the payment of debts.
They are redeemable in coin. They are
= as much a part of our volume of money
as is the gold and silver coin. Mr..
: Newlands advocates the substitution of
: a silver dollar for every greenback, and
' the absolute retirement of each green
back that is thus replaced. He is
: perfectly willing to trade greenbacks off
y for silver, dollar for dollar, and to allow
n the g~reenbacks thus exchanged to be
fo-ara- Ia~OroJ How 1oac that
process increase the volume of money?
u So far from doing so, Mr.. Newlands
j. assures us that it would take four or five
d years for the American states to produce
& gold and silver enough to take the place
of the uncovered paper money i'll
America. Of course the silver certi-
is icates are O uncovered.
What he promises the gold men is that
le free coinage canno possibly increase the
III volume of moneyin the next four or five
er years if it is provided that as fast as a
a. silver dollar is coined a paper dollar is
~ to be DESTROYED, and this he favors. He
lie goes further than this in the inducelnen
III held out to the gold contractionists. He
H. says that the use of gold and silver il
h. the arts will so reduce the tina
IN can be used for coinage that it would
Ii take ten years of free coinage of botl
n metals to wipe out all the paper money
or During all that time the hoped-for in
IL crease in the volume of money through
Iat free coinage would be like the Dead Sc
OF fruit, which turns to ashes on the lips
III The increase of population and bushes
ac- without a corresponding increase of tn
volume of money forces contraction, g
he Mr.. Newlands we'll knows. An increase
yer demand and a stationary supply c%ontrac'
lot the money volume as surely as a station
I'm airy demand and a decreasing suppl,
be- On this subject he says in this speech:
ted without considering at all the nece
re- sity for increasing the money volume
of each of the Americas in proportion
population or business, the substitute
an, of real money for this paper stuff woul
red exhaust the entire production of silv'
he for the next eight or ten years"
rty He recognizes the constantly i~nceasir
demand for money, but says he is willil
:air to offset the coinage of silver by IL
sed contraction of the paper money, doll
pie for dollar. Surely Mr.. Newlands is -
lat hireling and careth not for the sheep
you
w" Since Newlands recommends t