Carson daily appeal. [volume] (Carson City, Nev.) 1873-1877, 1876-04-15

ferent vievs-that It is the decreased
production Of gold, rather than the in
creased production Of silver, which has
caused the riesent complications in our
local currency. From 1919 to 1883 the
yield of gold from California and Aus
tralia was SO grea. that silver advanced
largely in value. and il the latter year
Chevalier. the French statesman and
political philosopher, advised his Gov
eminent TO demonetize goid and estab-
!sh silver as the exclusive currency. His
work on The Probable Fall OF Gold -
was translated by Golden, and ran to a
third edition in England. 1t is moro
than probable that if the miners of the
Comstock had not since solved with their
picks the puzzle which was beginning to
yex tine financial world in 1859, gold,
instead of silver, might now have been
buffeted by bankers and scorned by
financiers. Since 1860 the gold yield of
the world has steadily diminished, and its
silver production has rapidly increased.
If We would deal intelligently with the
great questions which necessarily arise
from the changed relations Of value be-
tween the noble metals, We must deaf
with them generally and not confine
ourselves to local views. 1t cannot DO
disputed that the relative values of silver
and gold hare changed. not merely here.
where silver has deprecated ten per cent.
IN value as compared with gold, but over
Nil the civilized and semi-civilized world.
The causes Of this change are obvious.
Germany. Holland, Sweden. Denmark
and Japan have demonetized silver. The
Latin monetary union, consisting Of
France, Italy, Spain, etc. have agreed
i'll convention to limit the future coinage
of silver. The product Of Mexico and
South America is steadily increasing,
and the Comstock promises for series
Of years to double or treble i;s already
large yield. AS a consequence Of this
the gold price of silver has fallen
over all the world. In Washington the
United States Treasury Department paid
on the 9th of February, 1879, 1.l3 per
oance for silver; it is now buying at 1.63.
IN San Francisco on the 1st of January
last fine silver sold at i %; it can now
be purchased for 1.1iH. In London
silver has deprecated from fifty
shillings to fifty-one shillings per pound;
and even in India where silver is-and,
as We shall presently show, mus. be
retained as q legal tender, the rupee "A
silver coin Intended to represen. two
English shiliings-has fallen to one shil-
ling eight and three-quatters pence.
The leading journal of British India,
The Englisltn,a'., published at Calcutta.
says in its financial article of the 14th Of
January:
No power on earth car check the de-
probation of any marketable commodity
that is largely increased in production,
Us compared with any other that is sta-
.ionary or becoming scareer.
And the Trio Republics, tie Govern
ment organ, printed at the City of Mex
leo. says:
Nothing, SO far as one can sec, will
check the gull that is gradually dividing
gold from silver, if the relative pro6uc- |
ton Of each metal IL to 60 on as it has
been doing and rs it is likely to do.
England and France, the great creditor
nations of the world, have been aHtici-
pating and for some time quietly provid-
ing for the changed relations of value be- |
tween gold andsil by accumulatiDgtEe |
moro valuable metal in their bank vaults. |
The Bank of England, whose customary |
gold reserve is about twenty-five million |
pounds sterling, has now about thirty
two million pounds in its vaults. and the
Bank of France holds over four hundred
millions of dollars in gold, while the
United States Treasury has less than
fifteen millions of gold on hand.
In India. 1.-THE grave of silver, where
.ilver is the common currency OF tine
country, and gold is rarely seen, it has
oeen proposed 20 substitute gold as
CIRCULATING medium; but this would re-
;uire about five hundred millions of
dollars, and it cannot be accomplished,
irst, because India has not the requisite
means or credit to purchase the vast
mount of gold that would be required;
II Sonnnl hacnnaa there L. not n,l,nrEere |