The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-01-09
SILVER AS MONEY, AND ITS PRODUC.
TION.
New York Bulletin. l

New York Bulletin.
It seems that q bill has passed the Germa
Bundesratt, or lower House of Parliament i
|, Germany, to demonetize the one and tw
thaler silver pieces. If this is agreed to b
the higher branch it will have the effect {
removing the chief obstacle to the full intro
duction Of the new German gold coins of tn
Empire into general circulation. The thale
pieces have heretofore been the effecuv
money IN payment Of debts among citiz sns
as legal tenders to any amount, and there ar
about one hundred millions of the one an
two .thaler pieces in circulation.
Ihey were made the temporary effectiv
coin by an act of 1871, and have succeede,
pretty we'll in keeping the gold coins OF tn
Empire out OF circulation, because they wer
leg IL tender at certain rate. and being a
last about per cent less valuable than golt
coin, were resorted to as good means of pay
Ing debts, because they performed fully til,
purpose OF money. The price of silver ha
fallen. Germany sold a million dollars wortl
of it last week, and the price of it has gon,
down about cent an ounce In New York.
! There Is to be convention in Brussel, il
January to decide the policy to be pursued BY
the States south of the Rhine in reference t.
the future coinage of silver. Their delibera
tons Will be apt to exclude dem onetized
coins from being rec3Ined into five franc
pieces, which continue to be in legal tend,
| circulation. 1t amounts to about this: TOE
Latin States having generally refused to per-
nit coinage OF silver for the public, are de-
termlned to resist the accumulation of the
| German silver coins in their territory. Pgus
STA, for her indemnity from France, after tie
war. got large amount OF gold.
When she loans mo- ey to countries like
hnr trio yCI. hnx, hon.
chronic revolutions, but some credit, she
loans it in silver, but when money is sent to
London or Paris, it is in gold. The bill that
recently passed the lower branch of Parlia-
.ment in Prussia, is a mere notice. form
drawn up by the Chancellor of the Ezchequer.
l. gives no date of its operation, bat it is to
lake effect after thirty days notice. They
propose to make the one thaler silver pieces
legal tender to the amount of five gold marks,
and 10 redeem the two thaler silver pieces.
THE AMERICAN SILVER MINING INTEREST.
The bearing of these facts upon the silver
mining interest of this country is manifest.
and begins to take definite form in the action
OF capitalists on the Pacific coast. II is fact
that q number of gentlemen from the Pacific
coast, some of whom have arrived, actually
propose and expect to carry through Con-
gress, at this session, provision making
silver coins an unlimited legal tender in pay
meut of debts.
Only yesterday there was a dispatch from
San Francico to the effect that, by some
mysterious new process OF smelling, the bust
ness OF Swansea and other ore smelling cities
Of the world was to be wiped out. The story
Of this inventor gains friends, as did the
9 motor F." for Keely, nobody knowing any
thing about it, but all the miners saying,
hes got it,
WHAT SHALL BE DONE WITH OUR SILVER?
The silver mines in Nevada have ore enough
IN sight to keep all the miners that Can work
there busy for years, and with the appliances
they have discovered for getting it out, and
the amount they are certain to put on the
market for years to come, causes with the
owners OF the mines a great anxiety as to
what they will do with it. They do not pro-
pose to make silver plated come down to near
the value OF plated ware, nor to sacrifice their
bonanzas through over-production that might
bring reduction Of price by any reason con-
nected with the law Of supply and demand.
They are shrewd men WHO see the minis OF
Europe closing one by one against silver coin
age. They see in the Imperial demand that
caused the passage through one German
House OF Parliament, as above mentioned
the bill that threatens any day the demone-
tzation of the thaer. They see the threat of |
attn States. thrown out by the announce. |
ment OF the Brussels Convention. And thew |
see our minis turning out silver pieces as fast |
IS the machinery will do If, in order that the |
silver clause OF the resumption act of 1875 |
nay pe carried into effect.
And we are to have another mint in the |
Valley. We are sending trade
dollars 10 Asia, and they Ike them so we'll |
hatwe can not coin them fast enough. There
s to be proposition made soon in Congress
o make trade half and quarter dollar of sill
FER, and it will be likely to carry. So our
nlnts will have all the work they can do to
DIN silver for years TO come. Their entire
lope 49, therefore, in the United States They
re producing silver ton after ton, and they
yant it used.
SILVER AS PART OF OUR CURRENCY.
Now, the currency we have in this country
: the bone OF contention as strongly as the |
egro was in 1853. They talk here of re-
ealing the legal tender act, fu ding the
reenbacks and doing all sorts of radical
1lngs in the direction of specie payments
here are probably ten earnestly and strong
urged propositions looking that way. And
len the resumption act stands promptly for
ard, possessing an imperative place IN the
atue DO ks, to guide and direct executive
lovements.
The issue, therefore, lies between the Gov
.nment and the miner of the Pacific Coast |
D long as the assumption Act says the Sec
,tary of the Treasury shat accumulate silver
I'd gold, so long will he be authorized and
sposed to accumulate it. But neither the ,
resident nor the Secretary Of the Treasury .
slieve in making silver coins legal tender
r more than $40. That proposition will be
1t to be made law at this session There
Q good many little amendments of law, of a
eat moment, to be made by Congress, touch '
6 our financial system, and they will be f
ade within three months, or the Secretary i
i'll distress the country by accumulating sill '
II and gold under the authority he has
The Pacific Coast people, having silver to .
II, and viewing with dismay its present and a
orse prospective debasement and demoneti- Z
tihn, are determined to make the United :
ates and Asia and Mexico take it and use it y
the metal for standard coinage. The gov II
nment officers look upon it, decentralization :.
an evidence OF prospective profit in the
opposed supplanting Of fractional currency
II H. i'll