The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-11-11
The whole Truth About silver.

|
The Whole Truth About silver.
Hitherto discussions Of the silver ques-
ton have been somewhat unfruitful, be-
cause the data on which judgments have
been hazarded were obviously incomplete.
We have at last something which is prob
ably the nearest attainable approximation
to an exhaustive exhibit of the facts.
IN the report of the English Parlia-
mentary Committee, the. text OF which is
now before us.
The committee, which was presided over
by Mr.. GoscHEN, held during the summer
a number Of sessions at which great
many competent persons were examined,
and u vast quantity Of official documents
communicated from foreign countries were
analysed and collated. The most striking
facts thus elected may be condensed III u
few brief sentences.
The total annual production of silver
has risen to more than seventy millions of
dollars, instead Of forty to forty-fve mil
lions, which was the average yield fifteen
years ago. OF this quantity the committee
estimates that the mines Of the United
States have furnished about one-half, and
1
be augmented during some years to come.
On the other hand, should the price OF
silver remain AZ its present figure IL is pos
sble that production may diminish in
other quarters. According to the docu-
ments forwarded from Berlin. the amount
OF silver which Germany still retains, but
which she is preparing to throw upon the
market. cannot fall short of forty millions
of dollars, and may possibly exceed one
hundred millions. Nevertheless, the com
mittee was of opinion that the German
subsidiary or token coinage might ulti-
mately absorb 4 much larger quantity OF
silver than was expected. The Scandina-
| Wan states, like Germany, huvo abolished
the use Of silver rs legal tender, but the
demonetized bullion which they have so
far offered for sale, or are likely to offer
in the future, is unimportant.
1t appears that Austria is rapidly sub
shutting gold for silver, the quantity of
the latter metal in her possession having
shrunk from fifty millions of dollars to
thirty-three millions in four years. From
Italy silver money has gradually been
drained away. Since 1sG5 immense sums
have been exported. and the present COM
| pulsory paper currency seems TO have
almost totally expelled the metals former
| ly i'll circulation, among which silver
| figured at the beginning Of 1886. to the ex-
tent of eighty-hve millions of dollars. The
| silver bullion which has recently been
| coined in Italy has been Immediately ex-
ported into France In diametrical oppo-
| sition to the course of most European
States, the latter country has OF late years
| npUnly r.iit fnpeal har stock nf fha xvhifa
metal. Since 1871 the excess OF silver i'm
ported over the amount exported has at
tanned the astonishing total Of one hun
dred and sixty-eight millions of dollars.
During the four years from 1872 to 1876,
both inclusive, Russia Spain, aud also Eng
land, which employs silver for its fraction
al auxiliary currency absorbed each n GER
| tain quantity Of this metal, not exceeding,
however, in the aggregate, sixty-hve mil
lions Of dollars for the whole period. In
| the same term, India Is estimated to have
demanded forty-6ve millions. or only one
half the amount exacted in the previous
quadrennium, while the requirements of
| China, japan, and other Eastern nations,
were satisfied with fifty-two millions.
Finally. the United States is credited with
using during the years mentioned, about
| thlrty-eight millions of dollars. Thus the
total consumption of silver throughout
| the world in the quadrennial term under
review is fixed at three hundred and sixty
eight millions, while the aggregate produo-
ton, inclusive of the quantities thrown on
the market by Germany, the Scandinavian
States, Austria, and Italy, Is set down at
three hundred and seventy-three. There
is, OF course, a difference of Ave millions
unaccOunted for, but considering the diff
culties or the investigation the above Will
be admitted to be tolerably close balance
sheet
As regards the legislation OF the several
countries, the situation of silver is us fol-
lows: Germany Is gradually demonetizing
silver, and means hencelorward to reject
it altogether, except for the purposes of a
fractional token currency. Both Holland
and the States of the so-caled Latin League
(whose compact has still some years To rum
maintain for the moment IN expectant
attitude; nevertheless they arc all con-
tracing their coinage OF the white metal.
This is conspicuousy true of France, where,
just before the adjournment Of the ma
tional Legislature, decisive step was
taken In that direction. On tho part of
Russia and Austria there are no present in
dicatons OF intended legislative interfer-
ence with the metals in circulation. Lastly,
the committee cites that masterpiece of