The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-23


wEEKiN. 20 ccntsa line no extra charge for large
Hpc. Preferred positions from 10 cents to g.
Important Results of Bonanza Mining.
The silver question has risen to such n
height that II Is perplexing the nations
with fear Of troublesome change in their
monetary systems.
The case Is simple enough. The vast de-
posts of this metal brought TO light i'll the
Rocky Mountains 10y the discovery Of theta
nous Comstock lode some years ago, called
lhe serious attention OF several European
nations, notably Germany aud Holland,
where silver was the standard, to the sub
ject. The sharp fiuanccrs of the Neither
lands, about the time when gold was dis
roverd in great quantities in California aud
Australia, thought they foresaw that gold
was going to be increasingly plentiful in
.tea of silver and that the relationship in
value between the two precious metals
was to be changed in favor of silver In
order to be wise in time. they seized the
exigency by the forelock, and changed their
standard to silver; and thus they stood, and
Germany with them, till the Comstock
lode discoveries again alarmed them with
ne prospective tAttSH u silN IntN uN-
eordincly hnstened to repair their error,
aud went back to the gold standard. The
result is, that silver having been turned
out of It's old homes in vast quantities, and
The supply being rapidly augmented by
he amazing products of the bonanza
Mines sort of panic has taken place III
he metal, and the price has rapidly fallen.
since January. 1874. only little over two
years ago. IL has gone down about II per
cent. In other words. silver dollar thai
two years ago would buy Il gold one Will
uow TAIL Of doing it to the extern. Of fourteen
cents. Measured by gold, the silver dollar
j. worth now only cighty-siX cents.
But it happens that Notwithstanding this
extraordinary fail in price, and this total
change in the relationship of the two
metals, the two nations, Holland and Ger
many. which had most nt stake. and were
most implicated IN the sudden revolution
which has taken place. have escaped any
great disasters. They have retrnced their
steps in season to save themselves from
catastrophe; for such It would clearly
have been if they had found them
selves with Il dcblsed currency, sud-
denly precipitatcd from the par Of the
London and Paris exchanges 10 fourteen
percent below. But it turns cut ,ingularly
enough that England is caught by the
fall Throughout her Indian provinces il
appears that silver is the legal standard. In
this vast portion Of her dominions, there
fore, all debts due to the mother coun-
Try can now be paid AT the rate of eighty
i've or oiehty-siX cents on the dollar. Be
fore he knows it, JoHN BULL j. IN fix
MI. CARLYIE. who had some Investments
in this country when the war of the rrbcl-
lion broke out used TO talk laughinely OF
their all having" gone to greenhacks;' and
now comes n parallel case right mt home
Every body vino has debts or inVcs .menii
In India suddenly finds them al
gone to grernhacks." Indeed it i a it'll,
worse than that. For the greenback a
this moment is actually about two pei
cent. better than the silver coinage
md so JoHN BULL has TO laugh out o
the other side of his mouth. He ha
naturally enough had good deal to say
IN complaint of TNcLE SANS debased cur
rency; but now he has got one of his owl
which is worse, as well as more EXTENSIVE
and dinicult TO manage.
What is siill more veXatious and alarm
ing, this debasement is likely to continu
and increase. The fall has taken place II
consequence of causes still in full opera
ton, the main one being prodigious pro
huction. Silver at the bonanza mines
now coming ont daily by the ton, and tina
is the style by which il is now begnnin
to be spoken of and measured. Its absorb
ton for purposes Of circulation BEN
stopped IN Europe, there is now no outle
for its overflow but the East, and there,
is said, JouN CHINAMAN has got his eye
open, and where he once took silver, h
now wants gold. lie has discovered ia
difference IN the relative purchasing powt
Of the two metals in California and ht
sent word home. We may conclude there
fore, that ~ no distant day the unnun
bored millions of the Celestial empire wi
revolt at silver payments, and join then
selves to the gold standard. So that DANCE
menaccs Great Britain through her Eas
crn possessions from more than one sid
Indian finance is thus seen to DO sue
denly rising into an importance that
likely TO demand all Of Mr. DIsRAEII
astuteness TO treat II successfully. !
vet no light has been cast upon Il
situation by the financial discussion
England. The reliance there seems to
chiefly upon the hope that silver will cea
TO fall, and even recover in part from
prcciptate decline. But we fear this W
prove TO be II fallncious hope. If an
thing certain can he predicted OF mimi
operations, We must conclude that the 5
yer product Of the Rocky Mountains W
rapidly increase instead OF diminishin
and if il does, there seems to be no pos
blty of averting It stll further decline
it- value.
A very serious agitation ia thereto
likely soon TO arise over this difficult sil'
problem. 1t concerns Great Britain,
we have seen, far more than any otf
power, and Enghsh statesmen will have