Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-17

but then l cannot conceive why you
suppose that any such superficial yea
siveness could be imposed upon your
fellow-citizenS.
Mr.. Newlands, when you talk about
uncovered representative money you
a mean nothing else than paper cur
rency, like our greenbacks, r~edeemable
in coin, and for which no special re-
demption fund is provided. AS you are
careful no to suggest any increase of
one volume but only to create, with
out such increase, an enlarged demand
for silver bullion, why should not your
proposed P~an-American agreement be
for the purchase of a silver redemption
fund equivalent to the uncovered paper
redee1nable III 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
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
fled 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 d limitation upon the production of
silver. l prefer to give it in 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. The scarcity of production
led to the various governments offer
ing substantially a premium for its
production by making free grants of
mines when discovered, and so the
custom has existed in the United
States and Mexico of granting freely
to the p~roSpectorS the mines which
they discovered. The result has been,
therefore, to subject these mines to
WV vi Sn-
erSy and enterprise, and has produced
a O of silver where formerly there
was a drouth. If. therefore, h reason
for making free grants of mines no
longer exists why should these free
grants be continued? Undoubtedly
the mines of the present which have
been already granted by the govern
mantle mo r:r,t .,,,n, ,,,J ,,,,.t
be free from government ~appropria.
ton, but they will soon be exhausted.
and even as to their product the o
eminent has a perfect right to insist
upon seigniOraGe in return for the
privilege of mintage, for it is the
stamp of the government which
creates the demand that gives then
product value, and it is a mere ques-
ton of policy on the art of the gov.
eminent as to whether or not il will
exact a SeiGniOrage. ShOuId it be
deemed wise to limit the production
of the existing mines it a be accom-.
piiShed by eXaCting a seigniOrage
greater or less, according to existing
requirements. But these mines will
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
ducing as they do much oyer two
thirds of the silver of the world
determine to withdraw temperate,
: from granting mines that may be dis
r covered? Leaving the matter to b,
t subsequently adjusted, they a eithel
=, hereafter renew T. grants, or the,
a place limitations upon them. o.
limitations upon production, or the,
can Il royalty which in itseI
will limit production, and thus a pre-
ductiOn commensurate with h us
i will be established and a use com
t mensurate with the production ca1
: re secured.
r Il contend h there is no use O
r taking European nations into GU
councils. As the producers of all tn
silver of the world, we can easily fl
h price. If price is dependent upo
{ us, we can increase the use without il
fiatiOn. If price is dependent upO
II production we can limit the produt
|. ton without violating any privat
II right"
:, Of this I can only say that the ma
+ who could deliberately write it and Vt
= pretend to be a friend of silver places
u very low estimate upon the Intelligent
! of those by whom he thinks it will /
read. Mr.. Newlands, you seem not onl
anxious to indorse the views of Mr.. Gas
as to the gold standard. but you a,
y ready with a new suggestion in its su,
port. Not only is it to be guaranteed /
- a regulation of coinage, but to be assure