, 1876-08-14
TIE SILVER CONTROVERSY.


uuv tyr,D fnxrpnvpnov
AAah oA" 3'AA w" A." o'A'
where Esciuslvesy usnt-rurchasnE rownr
of ao.a s,,ras Sas ~".,,";,". - r,,.". ,." ,s..s.
Thnr,ow Weed.
We LEV @s' As ",acnts "1 l. ',"G'u -. .,n, @
to'I 4,"'.'s oi.sa.o W .ae .ss oos
suggested In these letters already, that It Is
lamtul to pay sslvrr for nll debts contracted rtor
Il, 1871, int ttcy c,ter tho r.cn nf equity, autl
rest it upon tuo Insertions, VIZ: that sl'var hus
clIue still more ii use.l BY this country as le-
eal4c1p]er, Tie first saserttun Is improved, and
the ee,rn} ts nbsur,l.
n !. ntt shown lint thr purtha,tnr uower of
sGt M & a' m ~ "S %c. ,iiy
HUI u.cH W uosst.n1t LILY ,,n ,,,"rI" y
Vt hstt e ,r.ai,,otz ,,nnt. ~ ,otnr rrnsr,,ifS
t ~ T. w'a " III hp'x T,n, Se,r. =" a IT, it,css man
w9a 5 5 ,oas 5eass w. ~ mi i'tses .i' sanrs ,n"
woss ~ ..',ntrscs tl irnt,, ,f
~ prices IN sn!efmss'g conn.riGf, ,1 t,H "u.t' ~
tn.s nn,ssS%t oferS u, Es.hrn,s i:n,n,n;ttcn @
IT. Wn"s,ot ys," 1,nti",7a m rern,n,c,1 "a nf tfc
Hai go.1M ~ nano,' ,.s,a - ..,tsi I
Gacst anto5 s u a'sa m na gst.oi1.. gnoi1, rsa ~
,... m a,,.t, frr ey"mn1n i,
pssn H., y ss;u rnan,t .,,Ii ,c ~ s,.ir ',r.
t.wuS ~ s.,.,,'itns M s, +,,n" ~ s,,ce1fIy
,.ntn. au1u ~ ~ tbat ..,,"rs r. c,mnntiv ,,no;,
sa.. Mar. "ose"sAS fe''''' to 1''''''' 4'>''"e'''
saIss -, .,,t,,o,,, silva, y, .v,,,1
e rsnmi.sd h1 yrrv rr.ally rnfssi n,ces oynf fhs
inrrs sscas Of thc East anywhere exists ile,,en,l
nscos there have not risen III my ancI ratio No 70
per cent: whnt has aionc 20 yares Is ihe rcfaiioM
ot silver ia gold in the London Market aud In Lit
markets guided BY IL ...-..-..
Silver fs used Us the sole measure Of vsl!lcs
tftH1I
WN, 600 people lin Asial. They have in circ,lla.
tion 10 thosu vAst arcas VI tle East 50 lug
In silver ard an advance Of ~ per cent IN prizes
wolild ruquirc nm additional supply Of $43a,0o
oM 1csta'' ,,,'x tns ss1mu usto ah''aat5 ,ass
IL the worlds stock. No sucfi auppEy Gnu
ba uttalncd. Prices Of commodities In tho
Eastern countries, thcscforrr cannot thus ad~
y.uco, md BY prices tiisse tha cotnmore os tlo
What, theu, m.sst happen the rrsattoa of NJ
vtr to gold cl,augcHl Not rfsc Ut prices in stl-
ycr-tlsing countries, since that Is impossible,
but tnl1 ii prices fl gult-usipg countries. The
total change III those ynst rc,:uns whore change
Is most SLOW and difficult. Therefore, II tic ro
lation Of tlle metals change tho result must oc
Hccu tn ~, advance Of the purchasing power al
not it Is not slown that tllcrc has been any d.
crease In The purchasing pnwcr Of silver Ii 1ntlia
mud China, and 1t ta ndlsrutablr that there has
1recn no s,tcll decrease Hs to cause 4 consticEa-
bic rise OF prices there.
But 1t is truc tflat tho rrica Of gold las rscu.
and tilnt remarkably. Prices In all countries
where gold is the lllcsnrc Ut valuca hnvt fullen
ycry materially Within thu past four years. Tllr
decentralization wulili bs easy II the necessary
AFfay IT KurcB could lt given within the limits
OF " newspaper letter, but to intelligent men
who know tho ct,llrsc Of trute anu pricrs It is
superAuous. III this country, sincc 1873, EolA
has btc, practically tho o,sIy measure OF yaiuex,
and VIC know what hns OCCURRED here. III En-
glunl the full Of prices llas been such 10 to
bring disastur to every Important industry. 1n
Germany, though the tusk VI dssr,oncttz4!E sti-
yer i. incomplete, the full Of prleos has vallsed
commercial mud industrial dis!lStcr scarcely less
tlInn, has been seen In Great uvitnfu.
Evidently, then. tne change within tho past
four years i,as l,cun great ndvaneu III tue pur-
cl,usng puwcr Of gold, huchueu prices In court-
trcs where gold Is tic measure haye fallen.
hut tl!ese haa been no corresponding decline In
the pufrllasinE prize of silver, llrst, bccatlsu
prices in silYcr-ltsing countries have not adj
va1.tcd, and scrond, because the bullion prlru
OF silver In gold has not dccl!ned ns 1nl!lt ah
the average prizes of commodities generally In
golt-Jls!ng cuuutrIcs. The average price oE
silver, fur nany ycars prior to 1877, WAS FROM
- to 81 pcrce per uunvc; Il is nov a little less
t!inu I'll ncncc, With an upward tendency. The
decline has l,ceIl less ttln,l 20 per cent IN tha
gold price Uf silver but the average decline ih
the EpId rrcc OF other etlllntNlitea within four
| ycars Inns bcun grcatcr than go per cont.
We arc told that IL Is not equity To pay del,ts
In aliyer, becnllst tts gold price an fallen. But
| ,mt,ltr = rro,,ir,sS thht 1y h1.1i tMy tho 6aHlH