Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1876-12-22


change to a single gold standard, but
never carried out, because of unexpected
difficulties in Obtaining and retaining
gold in circulation; and, therefore, Ger
many to-day has 4 double standard.
The investigation also comprises the
ascertainment of the amount Of silver
in circulation in Germany, previous to
the attempted change; the amount of
precious metals obtained from France,
in payment of the indemnity; the
commercial movements of precious
metals into and out of Germany; tie
ment; its purchases of gold; the oper-
atoms of its nine mints, and the pro-
duction of precious metals in Ger
many.
The investigation in relation to the
movement of precious metals i'll India,
comprised the ascertainment Of the
normal flow of silver for thirty or forty
years previous to the Sepoy Rebellion,
which at that time was twelve millions
a year. The occurrence of that rebel
lion cccasioned an unusual movement
of silver from England to India, to
pay for the maintenance of the in
creased number of European troops
required to suppress it. Upon the
suppression of the rebellion, the Gov
ernment of India was transferred from
the East India Company to the Crown
of England-and this occasioned an
increased force of European civil ser
wants il. India, aud an increased ship
ment of silver from England to In ia
to pay the salaries of
The new Government also com-
menced the construction of various
public works, such as forts, arsenals,
irrigating works, telegraph lines, etc.
The money for all these purposes had
to be shipped to India in the form,
chiefly, of silver.
A further stimulus 10 this extra
movement of precious metals was oc
casioned by the guarantee of the East
India Government to capitalists in
London, who should construct a net
work of railways throughout India.
The rate of interest guaranteed was
five per cent. per annum, double the
rate of interest obtainable in England.
This promoted a flow of one hundred
millions pounds sterling, chiefly in
silver, which was invested in India in
these railroads, which were constructed
in the most substantial manner at an
average cost of 10000 per mile.
A still further and more extraordi-
nary shipment of silver to India was
occasioned by the American rebellion,
ty tho stoppage Of the shipment of
cotton to England, a Gotten famine in
| England, and the demand for cotton
upon East India. These various
movements commenced at various
times and ended at different times, the
combined result being to raise the an
nual average shipment of silver to In
dia from S12, DOC, 900 a year to $4,000,
900, afterward to $40, 600. 900, and then
SOS, 000, 900 annually, the last figure be-
ing nearly half the production of the
world. From the eliminating point it
fell to forty millions, hen to thirty
millions, and finally to twelve millions
a year, this period comprising five or
six years anterior to the close of the
year 1875. During the year 1876, thus
far, this movement has again taken an
upward turn.
The effect of these various move
ments on silver was first to slightly
enhance its purchasing power and al
terward to slightly lower it below its
normal level. Taken in connection
with the monetary legislation in Ger
many, which occurred duringa portion
of the latter period, the suspension of
specie payments by Austria in 1855,
Italy in 1866, and the United States in
1862, the throwing of the metals in cir
culation upon the markets of the
world, and also the reported extraordi.
nary yield of silver from the Comstock
Lode, these movements acted like a
series of opposing forces, the result of
which was an important %iuctuation in
the usual relation between gold and
silver. This fuctuation is usually re-
garded to have beer in the main the
fall in silver, but the labors of the
Commission have not yet enabled
also a rise in gold.
NEwsPAPoRIAL.--John Booth, one Of
the proprietors of the Belmont Courier,