The Courier. (Genoa, Nev.) 1899-1904, 1900-01-26
Newlands' Speech on the Money
Question.


, standard or value to maintain the
parity of all forms of money issued or
, coined by the United States, and for
other purposes" Other purposes not
mentioned are a contraction of the
money currency at the will of the ma
tional banks by giving them absolute
control of the money of the country,
giving power to organized capital,
through the money system of the coun-
try, to control industries and the in
dustrial people of the country.
Mr. Newlands, while reviewing the
contention between gold standard adj
vocates and bimetallists, made state
: ment of the causes that establish the
: contention of bimetallists to be the
only correct money theory, which in
cludes free coinage of gold and silver
in unlimited quantities, as ehey are
taken from mines containing these
metals, which coinage would place the
country upon a metallic money basis,
which is a true and correct theory and
the only reasonable basis upon which
a stable monetary system could be
made.
The check or credit system is foreign
to the purpose in money and CONNER
cial usage to give stability to money
exchange interests demanded by the
industrial and commercial interests of
the world. The claim made by gold
standard advocates that gold is sufii-
cient for exchange purposes because of
an increased output from the mines of
the world, establishes the contention
of bimetallists for plenty of money, be-
cause the continued increasing demand
for more money as commerce expands
has consumed gold as speedily as it
was given to the markets and the de-
mand continues for more money.
Mr. Newlands reviews the panics of
1878 and 1898 and the causes that pro-
duced them. The cause of the panic of
1873 was a continued decrease in the
gold product of the world and the
characterization of silver in that year.
The causes for the panic of 1898 was
the repeal of the Sherman act by Cleve-
land and the passage of the Wilson
tariff act.
While Mr.. NeYlands gives credit to
Congress for the repeal of the Sher-
man act and the passage of the Wilson
bill, the exact truth is that Cleveland
caused the work to be done by Con-
gress.
When Mckinley was elected to the
presidency, Republicans were of the
opinion that matters would change for
the better, but The blanket that Cleve-
land had placed over the country and
/ its industries continued to cover the
land. The Dingley tariff act was
passed, which was claimed would re-
move the evils that were upon industry
aud commerce, but no relief came to
the people and the depression con-
timed till Mckinley las is believed by
the editor of the Gazette caused good
crops in the United States and bad
crops in other parts of the globe, which
caused money to flow into the United
States to the relief of the country, then
bank credits increased and gold flowed
into the treasury.
During this panic and in all panics
the deposits in the banks had been
largely withdrawn which caused the
banks to call in their loans which
brought the crash that involved the in
dustries of the country. Values depre-
ciated and men who were possessed of
large property interests were closed
out and given an opportunity to again
begin the struggle of life.
/ Mr.. Newlands when presenting the
position of bimetallists said their claim
is, that the world needs all the gold
and all the silver that has been and
will be produced to meet the demands
of the industrial and commercial world.
That the vital question before the
world is sufficient supply of money
which will be better supplied from two
sources than from one. That a raise
in prices increase prosperity and plenty
of money increase prices and plenty of
money cannot be had from one source
of supply. That the claim of bimetal-
lists is established to be correct by the
increase of money in the country from
good crops and large sales abroad.
That plenty of money is the key to
success and all il includes.
The metallic stock of silver in the
country for use is about six hundred
millions and the stock of gold is about
nine hundred millions and the bill be-
fore Congress provides that the six
hundred millions of silver shall be re-
deemed in gold by the Treasury under
the head of exchange, which will have
the effect to reduce the metallic circu-
lating medium of the country to nine
hundred millions which will be disas-
trous to industrial interests.