Daily independent. [volume] (Elko, Nev.) 188?-1915, 1899-12-22
REP. NEWLANDS
CONDEMNS THE
CURRENCY BILL.
More Basic Money.
Explains the Present Prosperity and
Says that it indicates the
BimetaIIiStS.
THE FINANCES SINCE 1893.

The Washington Star of Dec. 18th
gives the following summary of Con.
gresham Newland's speech in oppo.
sition to the Gold Standard Bill of
the Republican party:
Representative Newlands of Ne.
vada spoke at length in the House
today III opposition to the currency
bill. MIR. Newlands traced the his
tory of the country through the per-
iod of depression commencing in 1893.
The panic of 1893 was not caused by
the coinage of silver under the Sher-
man act. There were two causes for
this panic. One was 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 in silver countries, whose
exports were stimulated by the low
price OF silver. Another cause was
the failure of the Mckinley act to
meet expectations Of it's trainers as a
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 cure the evils of surplus
revenue presented all the disadyan-
tages of deficit revenue. The
country, therefore, was drained in
two ways: The National treasury
was drained of it's Accommodations by
detcit-producing revenue bill, and
the country was drained by an adj
verse balance OF trade owing to the
fact that it's agricultural products
had been lessened in their debt pay
ing capacity. accompanying this
came a demand fer gold in Austria,
and the greenbacks and treasury
notes we're used By foreign financiers
as a means Of drawing out the gold
required for the Austrian treasury.
Mr.. Cleveland, aided by the banks
and metropolitan press, took advan-
tage OF the 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 clamor, which in turn caus
ed run upon the banks. The with
drawal Of deposits and the constant
diminuition of bank credits was a
natural result. The Cleveland nd
ministration having come into power,
its first act was to repeal the Sherman
act, and the second was to pass the
Wilson bill. No more unfavorable
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 pro.
duct which was admitted displaced
30 much American labor. and thus
reimbursement Of the labor question
throughout the country was forced.
The country therefore during
Cleveiand's administration was sub
jected to two great disturbances; ono
financial, by cutting off the increase
Of money throughout the United
States, by the repeal OF the Sherman
act, when more money was needed;
the other was industrial, involving
the lowering Of the tariff wall and
proportional substitution In our own
markets OF foreign products Tor goods
produced by the labor OF our own
people. During all this time conf
dent predictions were made of an i'm
mediate advance in prosperity, to be
caused by ali increased confidence.
None OF these predictions were real