, 1877-03-03
The Fall in the Price Of Silver hot Duo
to Over.Produotion Of tho.
Metal.
but Caused by It's Decentralization In
Germany and Other
Countries,
Assisted by Reduced Aaiatic Wants
and Exaggerated Bouauxs
Stories.
A Restoration Of thu Double Standard
the Only Remedy for Exist
ing Evils.

CptntnfsstDu. which Mas presented to EQEETee9
to-day. signed by Senator Jones, OF Nevada,
md BoRy. Reprcscntattycs Willard aud Bland,
anil tic lion. William g. uroesbeek. The
first question relates to tho causca Of
the reccnt choupc In tho relative value
OF gold and silver, md the effect
of that rhanro 1non trade, commerce, finance,
and tic productive interests Of the country.
The Commission concur in the following opn-
In, If tho rl-i.,.,, ptlvo- t+o,nuI..lon NJ 1g70
.s.. .,, 49, ss.'. ,.,s"a.s ~ .,,, ,,-r,,rot,t, ~
tuas tne sesens lusSas' ~ .i.a", ~ 10y a".as ~ tna
decline in It's relative value. Notwithstanding tho
,yi,h r1ia IN nronortion to rnl., IA st1 constd.
WI" ho'at 10 pt'Petto ~ h hn.c :" .s... .1,.
cfaoly pclo" WHAT II WIS III 4oAo' " ouy Ho11'nt
Of the period when the proportion uas three to
uuc, and thu conclusion seems justified that
review of thu relations Of metals III times pas:
% ,t'ws hat h III the | fali IN tho nrlco Of silver is
NOT DUE TO ANY EXCESSIVE PRODUCTION
rs compared with gold. 1t Is not now seriously
mentioned auyvhero that pny recent fuet in tho
nrn,,,,ctton ~ nf si,vcr IL nmonn tho cause. of tts
"ouuet'o' ~ " s''o4 t' "''o'e >"o e'"1"S* ~ ~
rciai'vc ucclInc'
latton Of go1d and silver ase mainly tue
e'a It,ta, s.os". " mn, '''u o,hcr ,orn,rIc: AMI,
uh'tea stAtes' anu othc' eeu"''tse, aua
the closing OF tie minis against
Glfef, WHICH fGSulte4 HUH LILLE 4GI1uHtLIZAttoHs
These principal cauzes were aIded By thu con-
te1npo.aneous dlanution o. thc Asas'c t.e ae-
1nand Tor silScf' anu ny INC enormous e@assct@
ttons OF the actual and prospective yield OF the
Nevada silver mines, a, tho effect Of all three
o,,,.o. rrin,t,o, uptf nrrceaorv
causes, pt'nupal ~. aa aseessoy ,o,r
"E~e'so -" eo..%,S".'"1 a tos"A
In tt4e pnu1c of Jn!y, lo1o. III tae Loaaon Alsef
u,Rrket. Many Of these cAuscs arc essentially
Temporary. The Aslatie demand for silver hus
nltcady recovered It's accustomed force, and the
lciusl0us in respect to thu NcTada mines no
longer uxist.
III tho opinion Of the Commission, II tho
United States restore the double standard, tho
prpEreas Of ueinonctixfng silver will
re nEc1slvELr CHECKED.
plsshcu, and of the resulting disturbance Of ti'c
| relative value of guild anil silver upon trade,
commerce, finance, atlu productive interests In
| thfs country anil throughout the coil,-
| tNuEcial world, hare bccn eiXAally dis
nstreus, unti especially to countries
which hayc r.ccutly dcn!nnctlzel
silyer, or tn whtcl, the gold standard was a.
| ready established. In Nil commercial countries
| the came phenomena Erc simultaneously pre-.
scented III falling prices al commodities and
real cstate, diminishing public fevc.!ugs, stasy-
lng, l'ooFly;paId, md unemployed la',orers,
and rapidly multiplying bankruptcies.
These flvts, existing cEcrywherc, must
arssu from, some cause operating everywhere,
and nu sue1i causc Is VI. cum be pointed uut e.
| CGpk tuG pEDLTEsB lItAnE III tAc tuAkAA4Ntsu
standard Of yalueA from gold mud SILVER
to gold a1unc. This distress uatca with
thc law Of the United States Of
Feh. II 1919, and thy Inv of der'nany ot july.
q iii tit Empfo Of d. l. iii, ior tis cstabiIsh
nent Of n single standard of}silyer to tho amount
Tafssa int s Or wyS y'1a a w5o e
worlds commerce that t talmot 10 discarded
without commercial. political, and socal eastas.
tropAe. 'rhc evil Is enormously aggravated BY
selccung gold Ms . metal TO be retained. at.d
silver as metal to b. glvHn up.
1t Ia thcprnlurtio Of silver which ID tue mol
orator Of tho tlnrtuati0ns OF gold, aud which,
duriug the sudden and enormous additional
merciu world from rutnous disaster. IlIc Call
furil!a aud Australian pfacers would have In
llrted practical coniscation upon t!lr creditor
cusscs u the silver, which lnanY OF them now
seek tu d!scnl, lad not protected them.
sewers the two points ii restor,tlou Of 1ouh'.
stalliurtl III this country and Ut tic hest legal
relutlnn between gol1l. mud silver. The Com
mission recommend thu tesnrutia!l aud unrt-
etycteu eulnAye uf both metals 1T thu double
standard, bur uru unable to aErce upon thu best
lesal rclaton u Tho two metals.
tin,Iug lrga!-te.,.ler notes currently with tlsc
liz iaour Industries and weall. Of The country
Tho Commission TO not s,,ppose that It is pos.
]
| circulation with coli, unless paper Is ulatlo
suuAt IN MARKET VALUE
to coin by attul conycrttblllty into 1t, anu thai
the auswrr tu Ills q,,cs.tuu inny be embraced
iu tlIr answer to tho last question, Which relate.
10 Inc resuult,ttun pf krcrtu payments,
'Thr f,,Irtl uues stIun Coycrs 'thu beat meutls
for uruyidtnE Tor facilitating The retulnp
thu Of spctlu payments. The British
r,.s,n,ttiun nf f9af, a. II was actually
uc.sjn uIisheJ, wos iuloweil by an une1asuplel
cuntIlrrsal aud industrial slcprrssion cuyeriug
s. l., }ru,y fr,tn ttat historical cxafuD1v lutjc{
to c,,tisiten III tU tbs proper pulley 10 bc nov
"tsst.a gye ~ 'Iu nse, o ntle t. a1ye IT on,
lin IN. s1mgiu rnnrlu,iun that resumption Il
ills t,untry ia not practicable under the c[re.,li.
stanecs until the cxistiug laws makiug goi.! tllt
ala n,rr"lI.. isyu.trt,,ier nru rrnealcd, Re
sunnfiun whilc fi,tsa, iaws rcn,uin in t0fcc {,
thn estahlish,ncut Ut nj exclusive Eo,.
stsn,lard In It's unite,l Suites illst as tho In
1rlIst ra.,,,nntI.,n in lx!l puyu s(frrt t.
fhn i.,,,fi.t' fI,i Law II 1sftt eT'Eat lin twt