, 1876-09-16
THE SILVER QUESTION.
Criticism OF Mr.. Horace Whites Paper on
tito RECOMMENDATION Of Silver.
IL, IL. Esdliax n TSs 11e1ht.na

tito Recommendation ot Sllvccs
10 the Editor af Ths Tftbuns.
Cu1uAuo, Sept. IL pcruscd Will. attention,
and expectation Of profitable instruction, tho
paper read by NIr. IIoraco White at the late
National Association Science mretlng. But I
must say l wns greatly disappointed and sur
prsct ut Its crudeness, want Of scope us respects
its ideas, and ut It's singular exhibition Of dog
mattcal statements Of alleged po!itico-econoniic
principles and iacts; tho first Of which are not
admitted by the leading writers upon political
economy, and the second OF which arc not to
bu found In my works tlat know Of which
treat, either Theoretically or practically, Ut the
Bcicncc Of lnancc.
rrr,nlt me to noto Mr., Whites most promI-
ntHt errUrs.
alone took Into her circulation during. nine
years following tic 1isroycrics Of California
und Australia m amount Of gold equal to two
thirds Of the whole product Of those gold-1clds.
while the tl1ren eonntrtcs.-FraneG' Great hrlt'
ain, und tic United Stutus-colntd over s., 000,-
sgs!sss gin In tic % prsssdine r in ia S6
years."
nppears, therefore, that any great DECLINE in the
value or purchasing power of gol1 or my great
udvuncc IN tho prlcc Of silver, wins prevcnted
s,.4 55s ,es'as ss p'ase ' a" Increased at'' for tie
Mr.. White scc1ns to, and evidently docs,
thiuls TINT gold during tlcee years did not de-
clue very greatly in price. 1lc admits that,
comparcd witt, silver, ii did .dccltns 4 per
tic error Under which Mr.. NVhiie evidently
1abors IL, that gold only acclIacd per cont Ms
compared with silver, and IN no other way.
But thu truth ~, as compared With commodities,
it declined from 10 70 20 per ccnt. Prof
Juvons-by comparing tho average prices in the
London market uf some 80 leading articles dur
Ing the six years 1916 to 1850 With tlier average
| prices from 1860 to lsSy-found that they lad
tlon Of gold equal tu II per gent. Subsequent
ly, the British Uovcrnfnent instituted inquiries
Ot all their Consuls abroad, aud tha result was
the Government CAME TO- tho conclusion that
tho cost Of lving the world over iad risen some
| 40 to 20 per cent. The Government accordingly
largely ruiscl'the salaries of Its representatives
in ilcArty ali foreign countries. Of course this
decline In gold affected silver, hut pot, to 90 .
demand for4t from tho East Increased. Tho Eust
Indian lines Ut stcaInrrs were constantly taking
IL out III largo quantities. The result Was tl,at
a Gsnen ~ q Mf0n n s 5 pSsrs w
| the mnnipulatlons 0f tho Bank Of France {lndcr
ths direction Of tho Emperor Napoleon and I'd
vlco Of eminent practical tsnanclcrsl, which
substitution was one, Of tl.osu means which
caused frunce to thke such vast strides III
finance md trade, md whicl, justacd Napoleon
III carrying OIL thosu works Of national alld semi
Canai) which viii ever b looked upon as tl.t
glory Of his rolgt, n1ia which lstor enabled
Francc to 50 easily pay her German war ilne
Cheap gold did for France, and England, alsu
% HnotheT rR raRs,it l Il this M uovcacns s oi silver a w
thu British Indian ;Eu.piro llas lnu.lt
sucl yast strides, and been enabled u
scconI only 10 those Of liz Untcd States I'll
prcscnt silver u scare IT, Ila only affects III,