Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-12-21
NEWLANDS CONDEMNS
THE CURRENCY BILL
More Basic Money
EXPLAINS THE PRESENT
PROSPERITY
Says 1t Virdicates the Bimetal>
lists - The Finances
Since 1898

The Washington Star of December 18th
gives the following summary Of Con-
gresham Newlands' speech in opposi-
ton to the Gold Standard Bill of the Re
publican party:
Representative Newlan1s of Nevada
spoke at length in the House toby in OPP
position to the currency bill. MIR. New
lands traced the history OF the country
through the period OF depre>si III COM
mencing in 1898. The panic of 1893 was
not caused by the coinage of silver under
the Sherman act. There were two causes
for this panic. one was the constantly
diminishing price which this c~euntry
was receiving from the export of its farm
products, the price of these products
being largely determined by the prices
in silver countries, whose exports were
stimulated by the low price of silver.
Another cause was the allure of the Nc
Kinley act to meet expectations of its
trainers as a revenue producer. The free
admission OF sugar took away a large an
nual revenue for which ne sufficient sub
stitute was offered by the Mckinley bill,
and the bill which was intended to cure
the evils of a surplus revenue presented
all the disadvantages of a deficit revenue.
The country therefore was drained i'll
two ways: The national treasury was
drained of its accommodations by a deficit
producing revenue bill, and the country
was drained by an adverse balance of
trade owing to the fact that its agricul-
tural products had been lessened i'll their
debt-paying capacity. Accompanying
this came a demand for gold in Austria,
and the greenbacks and treasury notes
were used by foreign %tinanciers as a
means of drawing out the gold required
for the Austrian treasury.
Mr.. Cleveland, aided by the banks and
the metropolitan press, took advantage
of he situation to raise the false cry thai
the Sherman act was the cause of existing
conditions, and the banks themselves in
their keen desire to stop use coinage OF
silver, created a clamor which in turT
caused a III upon the banks. The with.
drawal of deposits and the constant
diniinutiOn of sank credits was a natura
result. The Cleveland administratio
having colns into power. lis first act was
to repeal the Sherman act, and the SECOND
was to pass the Wilson bill. No NOR,
unfavOrable time could have been taker
for the lowering of the tariff wall. Th,
very purpose of this act was to let NOR,
foreign goods in; every foreign produc
which was admitted displaced so much
American labor, and thus a readjHstmen
of the labor question throughout tn,
country was forced.
The country therefore during Cleve
lands administration was subjected t.
W great disturbances; one financial, b,
cutting off the increase of money through
out the United States by the repeal Of tn
Sherman act, when more money wa
needed; the other was industrial, inyOlv
ing the lowering of the tariff wall and
proportional substitution ia our owl
markets of foreign products ter good
produced by the labor of our own peopl
During all this time confident predi(
items were made of an immediate &C
vance in prosperity, to be caused by il
dictiOns were realized, and the Republi
can party came into power upon tn
promise of a protective tariff measur
and of an increased volume of money t
be secured by free coinage of silve
through international agreement.
As sOon as a Republican victory wa