Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1899-12-22
REP. NEWLANDS
CONDEMNS THE
CURRENCY BILL.
More Basic Money.
Explains the Present Prosperity and
Says that il indicates the
BimstalliSts.
ruE FINANCES SINCE 1898.


Tie Washington Star OF Dec. 18th
gives the following summary of Con,
gresham Newland's speech in oppo,
sition 20 the Gold STANDARD Bill OF
:he Republican party:
Representative Newlands OF Ne.
vada spoke at length in the House
today III opposition TO the currency
bill. Mr.. Ncvlapds traced the his
to-y Of the country through the per-
iod OF depression commencing in 1893,
The panic Of 1898 was not caused by
the coinage Of silver under the Sher-
man act. There were two causes for
this ranic. One WIS the constantly
diminishing price which this country
was receiving from the export OF its
farm products, the price OF these pro-
ducts beng largely determined by
the prices III silver countries, whose
exports were stimulated by the low
price of silver. Another cause was
the failure OF tie Mckinley act TO
meet expectations ~ its trainers rs IA
revenue producer. The free admis-
sion OF sugar took away a large an.
nual revenue, for which no sufficient
substitute was offered by the McKin.
ley bill. and the bill which was in
tended to curc the evils OF a rplus
] -. var tsa fr.EArfa4 oil lla .Vtea1puV-
tages Of Il deficit The
country, therefore, was drained III
two ways: The National treasury
was drained .! It's accumulatiOps by
a deicIt-producius revenue bill, and
the country was drained 10y an adj
verse balance OF trade owing TO the
fact that its agricultural products
had been iessencd in their debt pay
ing capacity. Accompanying this
came Il demand fer gold in Austria,
and the greenbacks and treasury
notes we've used by foreign iinanciers
as a means Of drawing out the gold
required for the Austrian treasury.
Mr.. Cleveland. aided by the banks
and metropolitan press. took advan-
taSe Of tie situation to raise the false
cry that the Sherman act was the
cause Of existing conditions and the
banks themselves, in their keen de.
sire to stop the coinage OF silver,
Created i cIamOr, which III turn caus
"a a run upon the banks. The with
] drawal OF deposits and the constant
diniuuItion OF bank credits was a
natural result. The Cleveland al
minisira,iun having come into power,
Its first act q to repeal the Sherman
act, anu the second was to pass the
Wilson bi!l. No more u~nfavorable
time cou!d have been taken for the
lowering Of the tariff wall. The very
purpose OK this act was to let more
foreign goods il; every foreign pro
duet which was admitted displaced
so much American labor. and thus d
REIMBURSEMENT OF the labor question
throughout the country was forced.
The country therefore during
Clcve.Gnd's administration WAS sub.
jected to two great disturbances; one
financial. by cutting of the increase
Of money throughout the United
States, by the repeal Of the Sherman
act, when more money was needed;
the other w;ss industrial. involving
the lowering Of the tariff wall and a
proportional substitution III our own
markets OF foreign products i1r goods
produced by the labor Of nur "
people. Daring all this time conf-
dent predictions were made Of an i'm
mediate advance II prosperity, to be
caused by all Increased confidence.
None Of these predictions we're real.
lied. and the Republican party came
into power upon the promise Of a pro.
~tcctIve tariff measure and OF an in.
creased volume o. money TO be Sc.
cured 10y free coinage OF silver
through international agreement.
As soon as a Republican victory
was announced 1t Was declared ,ha.
confidence was restored and that Tie
wheels Of industry would Immediate
ly move. Tho Whistles OF the factor.
les throughout the country heralded
the coming of renewed prosperity and
activity, but Congress met in the fol.
lowing March without the realization
OF this confident prediction. II WA
then insisted that q soon as the pro.
t~ectivc tariff bill was passed. the
wheels wOuld move. and SO the Ding
ley bill was framed and allowed to
take its course tnObsirGCted b. the
opposition and aided by the friends
OF silver in the Senate. The In
passed, nud again the whistles were
sounded, but the wheels did not
move and Congress adjourned in July
1877 without my change in the cor.
dition oi the country.
SHORT errors ABROAD.
ii WIS not until after Congress nd.
jourued that the change took place.
The u OF it was Tho great demand
for our agricultural prolucts. caused
by trade elsewhere, the result being
Il favorable balance. which brought
within n few months many million
dollars Of gold TO us. THIS was tol.
lowed toy largo exports Of manufac.
turcd goods. maiDly produced by the
yorv t,usts p,u. r,y,,Iainr1 ~ mud