Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1876-07-14
NEvADA's METAL.


Among all the questions at present
before the people. the most important to
this coast Is the extraordinary deprecia.
ton in Nevada's staple product-silver.
A variety Of causes are put forth for the
existing glut. The English Parliament
airy Committee. say il is because of the
auctuation in the Indian trade. the
change in the currency OF Germany and
the enormous increase in tho produc-
ton Of American silver mines. This is
sufficient cause for tbs evil aud it aow
remains to 6nd adequate remedy. Every.
body feels the need Of something being
done. II is matter that at present at.
fects rs all far more than the Presiden.
tial campaign or kindred topic. OF all
the plans so far proposed. that OF Senator
Jones seems to US the best. Briefly
stated il is this; retire the greenbacks
and issue silver notes in their place
English and German legislation has de-
graded silver and made It On article of
commerce. One hundred thousand dol
lara in silver will to-day, bring but
seventy.A Ave thousand dollars in gold in
London. The foreign glut in silver. is
fast extending here; there is no prob
ability Of an ultimate excess OF silver in
the world and BY issuing silver notes as
legal tender In place OF gresnbacks for
the internal uses OF trade, the result
would be a gradual appreciation OF
silver to Its old figures. One year ago
silver was sc pence per standard ounce
in London. now it is drug at At. The
question Is serious one. but fortunate.
~ one that admits Of favorable legisla-
ton. In time, the matter would adjust
itself, but not till much ruin and disaster
had been wrought. Prompt legislative
action is necessary to avert threatened
prostration on this coast and Senator
Jones' views cannot, in this in.
stance be too highly endorsed.
1t may be urged such action will expel
gold from the country. Only partially
no. and what II it doss9 The setting up
Of the golden calf and bowling down be-
fore It, is what has helped as much as
anything else to bring about the present
untoward state Of affairs. At the present
quotation, two half dollars are worth IA
cents in gold In New York. The silver is
really worth as much as it ever was. We
have been bulling gold all along. and now
taking advantage Of the prevalent misti.
ness 10 relation to the much.talked Of
standard Of value " shrewd operators
are making q good thing out Of it. The
position 10 an anomalous one. and not to
be considered lightly. With gold az the
generally accepted unit Of value and at a
premium, silver, which is in reality the
basis OF the retail business. is at a heavy
discount. The chief objection raised
against Jones' theory-apart from the
absurd one OF repudiation-is that it
1t would drain the country Of gold
and raise the rate Of foreign exchange
in proportion as silver deprecated. But
here natural causes would step in to
regulate matters. The balance OF trade
would be in cur favor. and our exports
would exceed our imports as sufficient
Offset. Again the supply OF silver and
gold is not 30 disproportionate as to ex-
cite grave fears as to its continued de-
probation. Silver makes the measure Of
value for more than half the world to-
day. and the supply is not increasing il
any undue proportion to gold. Their,
may be better way out Of the muddl.
than the one Senator Jones proposes
but it is as yet in the womb OF time. Al
to the ultimate result, that is almost tor
far of to speak Of it with safety. Ger
many Is Prussia, and Prussia is Bis
marck. He has checkmated himself anc
Is tied up with an enormous amount o.
silver that can not be sold except at q
heavy loss till faith in Germany's pledges
is revived. In the meantime the wheel
of commerce are clogged and trade OF al
kinds retarded.