New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-01
GERMANY'S SILVER HOARD.
THE QUANTITY SHE HAS YET TO SELL

ESTIMATES OF THE BEST AUTHORITIES - FROM
EIGHTY 10 ONE HUNDRED AND TWELVE MIL
IIoNs-FIFrY-EIGHT MILLIONS SOLD THE PAST
YFAR-PRODUCr OF THE UNIFIED STATES.
70 the Edttor OF The frfGHne.
SIR: Ia the discussion of the recommendation of
silver ii is Of great Importance to learn the approx
innate amount of the metal still to be withdrawn
from circulation in Germany There has been good
deal of loose talk on this point by the silver men.
and without taking the trouble to get at facts they
have insisted that the quantity is Insignificant, and
would not influence the price Of the metal IN this
country if it should be precptated upon us. Author
tiles abroad have differed rather widely in their
Inmates although few of them have afforded amy
support 10 the theory advanced by American adyo-
Gates of reconciliation.
More definite information than has heretofore been
available arrived by the last German steamer. The
Hamburg BGrsm Hqiie publishes an article from
Professor Soetbeer. calculating the amount of silver
coinage still aiioat in Germany, and his sources Of
information and statistical ability give his concu-
sious great weight lie holds that the results of the
Withdrawals Of the smaller coirs. and of the South
German guldcn, make it highly probable that not
more than one-lourth Of the original thaer coinage
viii prove to have been lost melted priOrtO ISL
Tina. coinage originally amounted to 1881 $50 900 ;
if cne-fOurth was lost or melted the amount 90 be
withdrawn in decentralization was l257, 100000. IT,
as ne thinks possible but less probable the proportion
lost or melted was 0nethird, the amount to be with
drawn was 800, 900, 900. But the amount actually
withdrawn 90 September 80 was in all 9G6, s59.9l4
marks. and OF the thaler coinage about $i1J,0OO,-
900. 1hus there remains for withdrawal probably
SIP 600 coo, but possibly not more than FoO,OOO-
900. Il is further stated That the limit OF subsdi-
airy coinage fixed by law and public convenience
has been nearly reached, that no considerable
proportion of the silver remaining will be thus used
Hence there remains for sale from $SO,OOOO00 to
SIP 900 O0O and the higher estimate Is sustained,
not only by the best authority but By excellent
reasons drawn from experience IN the work OF de-
monstizaton thus far.
An excellent English authority recently quoted by
The TRIBUNE, The london Economist makes an esti-
mate little under the lowest amount named by
Professor Soetbeer, which, however, is practical
confirmation or his figures. The still Underestimate
of Mr. G.. Petsch, manager of the Deutsche Bank IN
London which was received by che Silver party
mere with great satisfaction, has been cohcilaNeiE
d,uroycd bv facts lie estimated that not more
than SI75. 600 900 Were to he Withdrawn. Bnt mp
10 September 30. - >. $50, 900 had been Withdrawn
from ircuatiOu, ard tie salc or use IN coinage OF
that amount is now fully proved by the German
coinage reports, aud by the trade reports oi he
shipment, OF silver 20 England and 20 the last d.
rect Thus the higher estimates on tAe amount sun
to bo Withdrawn are rendered sui more probable
ably definite as to the amount of surplus silver re-
naming to be moved. Germany has succeeded, as
has been shown. in selling al least sos 10000 dur
Ing The currcnt year. The shipments TO India and
the Est According to statistics recently given by
The london Economist were elj,0O0,00O from Jan
nary to the middle of October, and the weekly
bullion circulars show shipments thither amount-
ing 70 q 3lo.31O from October : to November u.
Thus $7g. 800 OOO has been shipped % the East
during tine year. of which Germany furnished all but
about 500 800 900. British trade reports show that
the net receipts 10 November l. were from this coun-
try and from Mexico, South America and the West
Indies. were IN all about - ,OVOVOo. Snali fe-
cD.Uf, from other writers, anu shipments Ol ABOUT
- 300 900 10 spain and France omit tor .he dt-
f.ronce I'm brief India and China have taken about
S;jgOJO 900 from Germany, aud. by way OF Eng
i..ud about $1,000 900 from this country. Yet
the price has not advanced but has quickly declined
at every indication of increased sales by Germany
Clearly the surplus of that country cannot be cX-
psctcd 10 De moved more rapidly hereafter without
q greater fall in price But n the estimates ot lro-
fessor SOetberr correct The entire surplus cannot
be expected 20 be moved within q year and a half
By that time. the Latin union viii have been COM
p.lpd to decide whether It's silver shall also De
thrown upon the market.
Under these circumstances what can the United
States DO to raise the price And if 1t cannot raise
the price can afford 10 make silver legal-endcrl
The notion that reconciliation here will create a
vast additional demand Tor SILVER is completely dis
proved by mint reports. During the year ending
June so the nt,d states coined silver OF the nomi-
nal value OF S2S > 93Jthe value IN trade dollars,
or their equivalent was $20,979,5sG The minis
were fully employed If the minis can coin only
S27, 900 600 IN year, about SlJ,oOO,Jc0 Of the
yearly product Of the mines Of the United States
will remain for use in the arts and for export; in
other words we shall have for export as much a We
r.is, d..
fore will m no degree iii nsh the surplus which
pr.,,e, upon the market. AS has been shown, that
surplus must continue TO depress the price for year
and half Then VIII come the decision lf the Latin
union which reconciliation here az different ra-
| to- viii greatly affect. GOLD STANDARD
Nec- York, Nov 30, 1871