The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-03-29
The silver Question.

When Comstock discovered an argen.
tiferou. ledge among the hills OF Nevada,
in 1850 he had little idea what trouble ne
was causing for rulers of the world, and
what worry and mys tication for able
writer's and students. But the leuge
which bears his name has Yielded more
than 1915. 100000 of silver, has disturbed
the markets of Europe and Asia, driven
SIN Francisco dealers to refuse silver IN
psymept for good.. placed the United
Stat es Treasury in SO singular predica'
mant that the Secretary frankly calls up
on Congress for formal direction before
nrocoeding to enforce law, and so con-
tuscd the heads of sound bullionlsts that,
though they stoutly mainia III that go'd
will ALWAYS flow where 1t Is wanted, they
fear that the substitution of eSportable
silver for non-exportable fractional
currency may lead to dire disaster.
That the silver problem puzzles many
men of sound opinions on the money quGs-
ton is not strange. For centuries the
relative value of silver and gold has con-
stantlv varied, but never before has 1t
changed so greatly within 80 short a time
-Four wears AGO in February, silver was
worth 6lI pence per ounce IN LONDON
in February, 1876, it was worth only ~.
ana during the current month II mas
fallen as low rs 52s pence per ounce
The decline, eight and one-halt pence, Is
Is 80 per cent Though the decline
has been quite steadily since February,
1872 tho price only sank to 593 IN De-
cember of that year, and TO % Lilo IN
December, 1873, and to 513 III December
1874. 30 that during three years the de-
cline was only three and three-eighth
pence. This extraordinary decline IN
the value of silver has impressed econ
omists and statistic ians the more strongly
because it was not NJ all unaccountsoIe.
Germany, Holland. Sweden, Norway,
and Japan are demonetizing silver; the
demand from Asia. hitherto practically
Unsuitable, has been checked by the con-
dtion OF British trade with India; and
meanwhile the most productive mines
the world has ever known have begun TO
pour forth the treasures of bonanZas
which seem lnexhaustible. 1t Is not
strange if, under such circumstances.
students who had supposed that their
theories respecting the utility oithe prec-
ions metals or the measures of values
were founded on n rock, and could never
be shaken. begin to doubt whether II
NAV not be necessary to except SiIVer'
and henceforth to recognize gold alone
as the most steady measure sttainaoie'
Perhaps they do not perceive that the
same reasonings would have driven them
to reject gold as measure of values, H.
after the discovery Of the mines OF Gal
ifornia, several commercial nations hso
united in an effort to demonetize gold.
We are even now witnessing. event.:
which may help 10 restore the shaken
faith of believers in bullion. The price
of silver, of gold. or of anything else Is
governed in the last resort BY the cost OF
production Fer some years silver has
been produced in such quantities that
the demand also being checked the price
fell rapidly. The natural consequence
already appears; the production OF silver
at the present cost of labor, machinery,
and chemicals, has become unremunera-
tive at mshy mines, and has therefore,
been arrested. Already, the sensitive
markets of the world feel that the bottom
has been reached and the price of silver
in London, which was only % 6-s pence