, 1877-08-27
'6eet merely to drive away the Eola coin without

effect merely to drive away the lola coin without
inclcn-na the vnluc Of atlvrr hnt The present df.
ference In value hctwcrn gold and silver bullion
YER hna bccn effected: And this !, based upon Tia
based upon permanent dcprec!at on In tlt value
OF silver. In concurrence OF the 4rKc increase Of
IL rsEent nnnn,l production ftom cur mlnes.
Aisel5 a. erean, n,tances Of no s,aniacanee liz d.
moneiisatfon Vt silver In lhe Gernlan Empire. she
inIon. Tho demonesitaton of slser IL iii coar,. %
Try. and The financial deraL aLRentns that nave pre-
eonap1scd simultaneously to din,otali ,he den,snd
for - II the very tna when The supply was largely
Tnk EFFECT or nEMoxEr1z,yo st,.ysn FULLY
may bc inferred IRON tnc lnfuctec already, ex.
eEted BY ths 'atro%netion into orr coinaxe q The
fomparait'e!y .ms!' aMounta needsd Tor subsidiary
1Ion.u of coinmons by the sel.ci Comm!ttee of
which s1r. Gosehcn was Chairman. In Jnly, 1871,
that the iattst lnercAee in tho new mines in fhls
country had npt thrown any addiiionsI SUPPLIES Of
silver vn the Eurortan markets; tha. the Gauar Of
lie increased production, il to be sought jn tae
eo!ninR operations et tho United states GoYern-
ment, and Due, In Tho main. to IN act passed. Tot
ensrency", And In speaking Vt the effect Of ts,o
characterization ot sf.st upon tts e.ehangeable
!, Il ohsious that Il eject shnad dps't Sa sssn to ths
policy Of anbstttatinE gold fof syer, whc{ever it
b fsss!ble /. su giving go!a for ths s.ks Of III
ence even amoug populations whosa habits and
customs aro IA favor of stlver and thus di1pscing
stl'es from tnt position !"hlch II las alwl5s &C.
~ eo 81 po,ses er
,.Snsa! to tss iu.he. fi Il 4. y.lSa whisi woald
ineytsblJ take plaee. u - equally oavisus that
: cantf0sv po!'cy wonld havc contrary effect.
AZ M at WI, 9ne 2! w. Pert sathori
April 1911, said: ~ eoa,fdet that The rIes IN
soe pfse s.. u! el . aao 4.d !sst summer to b5Ad
POW ehoNs taa pEeeea1hR etett fsll ffonl hH4,
lstt Ftotnaly. 70 te only momcntary ateldcnl Ia
new and weak market, dHdHo tie Dsrt4antaf kf.
Jfet 9. sGsunl eaafes tPfelace to "Deprccta.
tion 81 e'svSi. si hna enewhete. contrasting the
tb.r, !, ~ exteace ~ stss H. eaplie!If taat
IN nx carntrs ,n,s thas general psces
~ .ys rscn N .Dr e measafed 70 r.
ves; ss "s'7 1sea !" any suea sAuo; IN osaer "ofda,
ANe' o,+r,, ~,
49,. ,.,. J.. xi.... - j., las ~ Aor sALLEns
oot kVia s ~ .tscn ~ Psopotnon 70 the avtmoed
ssme wrtsf. speaking expressly Of the effect of
Ila:,nH sssst a2a!h lnto uae ~ cufrcncy In this
eonotIJi EYE;
49,. eneJ snS umtea state1 d!a, i is cettaln
taat sne DIE or ases "ona tot shu moment rlac.
oeec ~ rsomiI. ~ gn e1 9nna To'a
Pee mlRnt NJ n1s a9nih is,.. 1aa aaaI feenlatlon
the prlsa o. stscr u tae eost ~ which y tan %
pfooaeea ~ tno !ensL 'efti!e mine taat can main.
~ nain ltecn III ~ Wofkias. ~ ane ptessnt moment
sefy various M eeeoos, "nlen may snpsfsedo some
" w s ~ ~ H. =. anu ~ !easen tae
Maamnu W. " tna E.ountt!tm q hseE--tho coal
" .ae tst y; ,nix.n ~ 9s9e neN aenand
u .a urus e,sra as 'a, uta % .a5 sas n1sa qta1es
VIII monE1 wg1e ,h ets e4ugu 10 ~ exing denands
M.x"' .,,a. us SGu,. pe.oso @ .n.t demand
W. s.A''Is"t A"ese nen nuut1 Ul!eQt
eema g ~. ~ ~. 70 .. .mnsn bettet than
t .nt =, o.m ,art. ~, II ~ ~. .rt. ~ mi9e