, 1877-07-10
HI1,TER ANN Gn1.n-

aSticie from Tho London EcO716Mtft, in which
was given sono facts having q bearing upon
tho supply and distribution Of silver, aud
the causes Of its decline in valuc. From
those facts it appenrH TINT silver has suffered
no losa Of purchasing power In exchange for
any commodity except gold, or, IN other
words, TINT the increased demand for gold
has Increased It's value in silver. In c1-
chango for oil merchandise or commodities
otller thnn gold, silver has experienced no
loss Of ra1uo or purchasing power.
As far back aa 1871 tho German Govern
mcnt provided for an Imperial gold coinage,
aud In July, 1879, by furthor decree. 1t de-
monolizel silver, which, prior to 1871, Ind
been tho exclusive lcga1-tender coin Of Cor
many. The decree empowered tho Govoru-
ment to call in all tho outstanding silver, mud
to purchase gold Herewith. Tho Latin
Union, which consists Of Franco, italy, Bel
GUM, Switzerland, and Grcoeo. which Ind sil-
yer coinage, ut later day, to avoii hayiug tho
silver Of Germany rushed in upon them,
agreed to limit tho sum of their silver coiu-
ago annually. Tho famo Of tho Nevada
mines, added to these hostile legal measures,
produced panic in silver. Tint Is, 1t
created m extraordinary demand for gold to
supply Germany, and, no official publication
Of tho amount Of gold needed being made,
tho widest spcca!ations wore circulated
Germany hal nothing to offer in exchange
for gold but her discarded silver, md the
holders Of tic gold demanded All unpruce-
dontcd advance In silver. Silver, which had
becn selling nt co and 60 pence per ounce,
fell In London, under tho demand for gold,
until in 1896 1t had fallen a. low as 47 ponce
per ounce. Soon after thoro was recovery,
aud tho ruling price in London has averaged
from It 10 56 pence per ounce. It was
thought TINT the prieo would return
10 lis old standard, and why it hn,
not done 80 is explained pretty aatis-
factorily by tho Econo,aas, Whom
tho price Of silver In gold declined, tho Ger
nun Government suspended it's sales, tioyot.
ing It's transactions to recoinago Of its silver
Into tho new denominations, OF which 1t Inns
put out :sgB, ,000, 900 of subsidiary silver,
From 1873 to 1876 there was imported from
Germany into England only SoO, ,o0o, 900 Of
silver; but from, Juno, 1876, to MAY, 1877.
there have been imported *5). 600, ,O0o OF eil.
yer. In June, 1876, tho British Consul at
1,remen cst,rnntod that the 4er,uap Gnvorn.
.,-.-. s,o., mn 49, =. f. 80
!'cnt uAa anou' v'5E,""o'ooo u n'4'e'' o'e1
S10,0oo,oN OF Ills has boen disposed OF,
and thore arc strong reasous for assuming
TINT Tho hnlk nf II Las 1,een sol1 A. }ho
- .,,,. -.-..-,,- =,
sa1ao una'' 'u1s c1'3"o'u'nasy supply Oh ail'
yer haa boen 10 some extent balanced by tie
fo11irn nH f1f ayrrr}a t1,o Unit fn5 tan
The o1cess Of exporta of silyer from this
,,,,,.~,, l., ,u1a ,,.aa a17 non nv, ,..,,i,,. .
.oaa'.y -. to'o "ns @',ooo'uoo' "a4eu WINS
*oto,ouO less THAN IN 1915, TG,@oo,ooo lcas
than In 1871 aud 80 50O, 600 less than In 1873.
The excessive production of tho United
| st.tou NJ pxh,ch IN r,rc,, ,yos .xno,to<1 nSi7
- ~" eNP90 .s'A
WHICH contfloutoo 10 LUG su9cr panic, has
proved to DO imaginary, tho export having
| annually declfped since 1873.
7, -o<,o~9 n tho t7;str;h,,t;o., rr .;,.... a..
~ ~ ~. 49,.
ha'ns p@Pof fecofos uao iacs lhhs' oat'n8 tno
] four years ending Aprll, 1876, tile amount Of
silver takon by India from. England was
.*at ooo mn. Tho an,,rrt to1.or bv rp,;. ,,,,-.
| t.,> go. ...t~'1.". -, 49,
| lug Iao cle'eh snohtns eatnnB ola1ch' Io",
! waa Sbj, ,O0o,o0U, mud tho exports 10 CHM
! have also Increased. Commenting on these
| fo,,ta TIM E1ono,,ist savs,
me soloelca ea'es u uosman5 nas th''s 1onn''
an adequate sno. ~ We aase always neia, natu-
saa un',o1. sna Nv mo'. potaon y! ths
and pr,ccs in india Of th. great etream Of nav sl.
ver that has been attracted to 1t. Great though
the influx has been. It has apparently become merged
Inc ~ ,,es seSama'
snet NJ nv r,is. i. thr cone1n,iou A. ,.nieh ~.
indian Ooyornmsut has arrived, after careful In.
.cstiqatton Into the variations from January, 1878,
70 feeFaaty lAss N me wholesale pfieo'
m.,.e,s p' Ths tahlss which ut NV so,th .ss .ns
results Of tho nqu!ry .low thas tho p.Iecs Of tht
import. are generally lower at tho end Of thai
peFoa than st sle sesinalne' wal'e ~ regards t's
iv,s ~ III tns .ss ans sh... ..,.,hi. sasa @
siderable riss, these hsye undoubtedly becn sub.
,ees to specia. 'nanonees unconnee,ed With III.
movements OF s'vef which hsse eobaneed heI'
a,.. - tta andon w. onI " nc ,'a SU.
show .umewhs. simils. ysrIstlons. md wh!la ".
should hes1tate fully to adopt tho .,plnon sha
"the tables do not appear to tndleats my decrease
10 tue salas o. "!sef we es..nn!y @ laii 70 ana II
sasI. ,4s,',,;o, nv" ~ ~" a,n"n', ~ SsI