Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1899-01-15

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suppose that any such superficial yea
could be imposed upon your
fellow-citizens.
Mr.. N~ewlands, when you talk about
uncovered representative money you
can mean nothing else than paper cur
rency, like our greenbacks, redeemable
in coin, and for which no special re-
demption fund is provided. AS you are
careful not to suggest any increase of
money volume but only to create, with
ont such increase, an enlarged demand
for silver bullion, why should not your
proposed Pan-American agreement be
for the purchase of a silver redemption
fund equivalent to the uncovered paper
redee mable in silver? This would create
an equal market for silver and nave the
advantage Of allowing a choice between
the secured paper representative and
the more cumbersome silver coins with
out in any way ~endangering a gold
standard by an increase of the volume
of standard money. Even as a scheme
'to do something for silver" in goldbug
parlance, it is worthless.
But, Mr.. Newlands, you are not salts
fed 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 a limitation upon the production of
silver. I 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 a a monopoly of
n 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 prospectors the mines which
they discovered. The result has been,
therefore, to subject these mines to
the exploitation of tremendous en-
ergy INT enterprise, and has produced
a flood of silver where formerly there
was a drouth. If, therefore, n 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
ments, a private property and must
be free from government %apprOpria'
ton, but they will soon be exhausted.
and even as to their product h gov
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 theiI
product value, and it is a mere ques
ton of policy on the part of the gov.
eminent as to whether or not it will
exact a seiSniorage. should it bt
deemed wise to limit the production
of the existing mines it can be accom-
plished by exacting a seignioraGe
greater or less, according to existing
requirements. But these mines will
all be exhausted probably within tn,
next five years. The government own:
to-day the undiscovered mines of thu
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 Temporarily
from OranfIn q mines that nav no II l.
covered? Leaving the matter to b
subsequently adjusted. they can eithe
hereafter renew free grants or the
can place limitations upon them, o
limitations upon production, or the
can a royalty which in itsel
: will limit production, and thus a Pre-
I duction commensurate with the us
mensurate with the production ca
be secured.
q contend that there is no use q
l taking European nations into OH
councils. As the producers of all tn
: silver of the world, we can easily fl
e the price. If price is dependent upo
us, we can increase the use without il
r fiatiOn. If price is dependent %
production we can limit the produ,
ton without violating any privat
right"
u Of this l can only say that the ma
t who could deliberately write it and y,
pretend to be a friend of silver places
very low estimate upon the intelligen,
of those by whom he thinks it will l
read. Mr.. N~ewlands, you seem not on.
anxious to indorse the views of Mr.. Gas
as to the gold standard, but you a
ready with a new suggestion in its su
it port. Not only is it to be guaranteed
n a regulation of coinage, but to be assur,