Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1876-08-15
1.-THE PRECIOUS mErALs. (,

graph: For the present, ut least. sill.
yer is not among the precious meta,s.
but We see no particular reason 10 bs.
moan that fact. Iron is not precious
metal, but it Is very useful for all that.
The same thing is true OF copper, tin
and zinc. but mono of these are 90 orna.
mental ms silver. The cheaper silver be.
comes the more general will be its use.
and we confess to preference for IL in
the shape OF . teapot to that OF the LEGAL
tender dollar. The effects of a sudden
fall in the value OF such an article are
apt to be permanent. because il reveals
what was unsupported before. We see
In the depreciation and Auctustion OF
silver proof that it is . mere commodi-
~ affected by the law of supply and do.
mand. This has never happened IN
gold, and until now IL never happened to
silver. Should silver continue to be
governed by this Law Of trade it's use az a
money standard will be out of the ones.
tion. aud until we know whether the de-
probation is to be permanent tho only
safe course will be 10 let we'll enough
alone" The above can be considered
as fair average OF Eastern argument and
idea relative to silver. A good many old
men and women sitting on high-backed
editorial chairs have faint notion that
silver is gouged out and broken OF in bio
chunks in Nevada and straight-way run
into coin. The Herald is tickled at the
idea that teapot is a better form and
use Of silver than United States dollar.
and throughout the whole OF the article
referred to speaks deprecatingly OF that
metal. No speciousness Of argument in
the Herald or elsewhere can degrade sill.
yer FROM its rank as q precious metal.
Discussion on that point is unnecessary.
The Herald thinks the full 10 silver will
result in permanent depression "because
il reveals what was unsupported before"
The sudden revealing OF unexpected
status by no means insures it's perman.
ence, serving rather as contrary argu.-
ment. Silver is daily appreciating in
the London market. Other causes. now
being understood are at work to produce
better feeling. A late issue OF the
London News: I've have received from
the Manager Of the Deutch Bank rather
long letter on the subject Of the stock Of
silver on hand in Germany. He denies
emphatically the statements which have
been made that the stock consists OF
many millions, that the Government in.
tends to offer 80 many hundred tons per
month, and that attempts have been
made to force sales at the reduced prices.
He says that the present available stock
is only $500. 900 to G400. 900; that the
sales have only averaged two or three
millions sterling year, and large offers
at present prices have been refused.
Those who are competent TO form an
opinion In Berlin only estimate the
available surplus at seven and half
millions, and as the old silver is coming
in slowly the present stock is not likely
to be unduly increased" This. together
with the late report Of the English Silver
Commission, the appointment Of q
similar American Commission. and the
dissipation of certain eItravagant re-
ports render it extremely probable that
the late panicky feeling will be entirely
dissipated and silver regain its normal
value. But In the extract We have
quoted the Herald says We see in the
depr. citation and fluctuations OF silver a
proof that II il . mere commodity affect.
cd by the Law Of supply and demand.
This has never happened to gold. and
until now it never happened to silver"
The Berald is totally in error. Gold va
riss and has varied in value just as sill.
yer. Ia 1857, Chevalier. an eminent
French fnancier, argued that silver was
about to change places with gold aud
wanted France to demonetizs gold aud
elevate silver. At the time Cbevalirr
was in certain measure right, the only
mistake be made being In carrying his
conclusions too far. No product of earth
is immutable, gold has appreciated and
deprecated again and again. but az it is
the most valuable metal in general use
the process is somewhat hidden. A
good many people will remember that a
quarter of century ago dollar would
buy great deal more than it will now.
NJ. Lavasseur, a French statistician. has
figured up the average incresse in the
necessaries OF life as rs per cent. This rs
per cent. represents the depre citation in
gold since 1850. English economists
have, after careful examination, arrived
at the same conclusion. Thus We see
that gold has fallen as mpch in value a.
silver. The difference in the depreoia-
ton ofthe two metals is: FIRST gold fell
more gradually than silver for obvious
reasons; second, the only way to note
the fall Of gold is in the higher rate of
provisions clothing, &C.. while gold it.
self has always served as Q valuation
standard for its sister metal. Yet the
Herald talks fippantly about silver tea
pots, and assures us that gold never has
deprecated in value, and implies that
1t never can. In like strain other papers
jabber about silver costing 50 per pound
to mine, and suggesting that it be quoted |
with lead. tin, zinc, &C., and swing
through column after column Of kindred
bosh in low attempt to degrade Nsvs.
da's metal. Yesterdays quotation In
the London market Uailvar .koodv NJ