Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1876-04-27
Silver Not the Drug it Seems.

/ AsAVNA ANOt th0 40
Leon Say is skillful fnancier.
That is why he was called to be Min
lister OF Finance in the French Re-
public IN an emergency like the
present, when the money question is
the most important to be treated by
| the Government. He is reported
as opposed to the present example
of Germany, Belgium and Denmark
in the demonetization of silver. He
says if circumstances should render
such step absolutely necessary. it
would at the same time be most un-
fortunate for France. He does not
think the necessity yet exists. and
he hopes that what he calls the evil
day may be deferred as long as pos
siDle. NJ. Rouland, Governor of
the Bank of France, is reported as
giving out still stronger express
sions in favor of continuing silver
circulation. He explains that one
great cause of the recent deprecia-
ton of this metal as compared with
gold was 'the panic created by the
action Of Germany'in demonetizing
silver and throwing so many mil
lions of it upon the market OF the
world as merchandise" Like any
other merchandise the glut cansed
a decline, ami the decline in price
was followed by panic among the
holders. London Was tue centre of
the market. There the depreciation
began. The telegraph flashed the
news of 1t to every commercial and
financial city OF the world instantly,
aud the prices fell simultaneously
everywhere-eyen where silver was
scarcer than gold. People argued
and were told that the mines Of Ne
yada We're producing silver in such
untold quantities and at SO cheap
rate as almost if not quite TO de-
grade it from the rank of a precious
metal, And 50 they FASTENED to get
rid of it. This impulse was as gen
eral as the telegraph made the in
formation of the decline in Lon
don, and as rapid. The Governor
OF the Bank of France thinks diff
fo-a..tiy lie s~ss shv Fv,aiive
quantity OF silver and gold in the
world has not been much changed
of late years. The Bank of France
receives silver as we'll as gold on
deposit. The silver reserves now
amount TO 800. 900, 900; gold re-
serves, $265, ,000,9oe. 'if there was
such glat of SILVER as is represent
ed, NJ, Rouland says, people
would use it to pay their debts in Il
country where 1t Is regarded as law
iul money for that purpose; but, in
Guiding the central bank at Paris
and all its branches throughout
France. the amount OF silver SO paid
and deposited is only 80 per cent.
OF the whole amount received" He
reminds the Government that it is
10 new thing for the relative value
OF gold and silver to change; that
sacl changes have often occurred
in the history of enlightened
States. Bat time invariably le-
stores the equilibrium. 1t viii not
fail of the restoration in the present
emergency.
In short, it is a panic, pure an sim
Pile, and not permanent evil that we
have 10 deal with. France, Eagland,
the United States, Italy, Spain, aud
even Germany, in spite Of her laws
against it, Will continue to use and
circulate silver as money, because, ii
for no other reason, they can get
nothing else so well answering the
purposes Of exchange in the small
transactions Of daily and hourly oc-
currenee. There is not rs much sill
yer in the world now in comparison
with the gold as there was in 1913;
and should the Nevada mines pro
duce.Si5, 700, 900 year for the next
ten years, tne equilibrium whicn was
destroyed from 1913 to 1876, inclu-
sive, by the enormous yield of the
placer gold mines Of California;, Aus
traiia, British Columbia and the
Rocky Mountains, would not be re-
stored by huadfegis of millions. For
the present gold seems scarce, but
th.t is because 50 many hundreds OF
millions are boarded in private
vaults and in the Banks of England,
France, Germany and Belgium
san Francisco Post.