New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-10
WASHINGTON.
. DECLINE IN SILVER PROBABLE.

WASHINGTON. JAM cit is reported from Paris
nat the French Government has proposed to the
o,her powers comprising the Latin Monetary Union
20 nostpone the annual meeting of delegates which
os 70 have been held this month, until the end of
,he present year. This convention fixes the maximum
smonnt of silver coinage to be issued in the several
countries composing the Union during the year.
These countries are Belgium, France Italy, Swizer-
land and Greece which has recently been admitted;
and the other four Powers said to have consented
20 the adjournment proposed by France, on condi-
,;on that the coinage of silver for 1877 shall be
limited IN each of the States to onehalf tho cOntin
csnt for 1876 The maximum amount allowed to
no coined during the past year i'll all these countries,
es fixed by the meeting held in Paris year ago, was
about SOS O00, 900. The amount to be coined dur
INC the present year. therefore, should no meeting OF
che delegates be held until next December will be
only $14O00,000.
Political economists in Europe are now engaged in
discussing the late apparent scarcity of silver both
in the London market and in NewYork, which is
r-obablv the cause of its recent advance In price.
This scarcity is certainly not due TO any decrease in
IN. amount of silver produced in this country dur
ing the wear just closed The Superintendent of the
BnlHon Department of Wells-Fargo & Co.'s Express
Company at San Francisco has just published his
annual statement. from which it appears that the
total product of the precious metals passing through
the hands of that company during 1S76 was $685.
s64 700 of which Sal ,536 700 was silver bullion.
This amount is considerably in excess OF that pro-
dnced in any former year. The total amount of gold
and silver handled by Wells-Fargo d Co. in 1875
was $40. 7O3. Alb; in 1874, ST., 965. 500; and i'll
1878, $40, 139, S45. AS the product of Nevada is
greater than that of any other State or Territory,
and the proportion of silver taken from its mines to
that of gold is estimated TO be about as 90 to 40,
and as the production of silver in other States and
Territories has certainly increased, it follows that
the increase in the silver product OF this country
during the past year has been greater than that of
gold These figures, furnished by Mr.. Valentine OF
Wells-Fargo d Co.. cannot be received as exactly
correct because some allowance must be made for
a duplication of occasional packages of treasure
which have more than passed through the
hands of that company and their identity lost The
statement also includes ore and base bullion for
warded by EXPRESS of which the value given is not
merely that of the precious metals but of the other
metals from which it has been separated. AT the
same time for purposes of comparison they are suf-
GENTLY accurate and show that while the silver pro-
duct of this country was overestimated last sum-
mer it certainly increasing, and is likely soon to
reach the annual amount at which it was then
placed.
1t is much more probable that the recent scarcity
duction. 1t must be remembered that at the last
session of Congress the Secretary of the Treasury
was ordered to issue $50 600 900 worth Of subsidi
ary silver coin for the purpose of redeeming and re-
firing the paper fractional currency OF the United
States. The execution of this order required large
tor of the Mint. He bought large amount before
the advance in the price of silver took place. and has
not enough on hand for present coinage purposes 1t
is understood that the highest price paid for any sill
yer bullion purchased for the subsidiary coinage was
not more then 81 pence per ounce.
The withdrawal from the market of so large
quantity of silver bullion since the passage Of the
last Subsidiary Coinage act being an amount at
least threefourhs as great the entire product of
the Pacific coast for a whole year, would naturally
reduce the stock both in Europe and i'll this country
aud as it is impossible to Iepenish that stock at
fixed price as formerly by drawing silver bullion
from France or other States which nominally have
dmbe valuation, since its legal value in all OF
them is about 81 pence per ounce, or greater than
its market value the influence of these large pur-
chases on the price is much greater than IT other
wise would be.
Another cause of the recent scarcity of silver is
no doubt the increased demand for it In India and
the East OF course domestic prices in those coun-
tries which have single silver valuation were not
very greatly affected at once by the unprecedented
depreciation i'll the value of silver during the past
year. although it disaTangcd their exchanges ana
caused great loss on all incomes in Europe which
were payable in silver. But the continued low price
Of silver has already begun to affect the prices in
India and the East and the most recent statistics
show al increased expectation of this metal, without
q corresponding increase of imports INTO Europe
from the East For instance, the exports OF silver
from Great Britain to British India during the first
eleven months of 1876 were G7,534,734, against
f3,072, 116 during the corresponding period IN
1873. The exports to China including Hong Kong
during the same months Of 1876 amounted to
fl143, S04, against fS40,O51 during the CORE
spending months of 1875. The London Economist,
referring to these statistics recently, made the fol-
lowing remarks:
looked in practice of the economical theory when mas
been 30 frequently put forth IN these columns lnat
lents of countries using silver as legaenuer currency
70 expand
This undoubtedly explains the unusual demand
which has recently existed in San Francisco for
trade dollars and silver bullion for export to India
and China.
The latest reports from Virginia City bring the IN
tellgsnce that within few weeks the removal OF
The ore in the Bonanza mines between the LOU ana
1850 feet levels will begin.and the owners OF those
mines say that this Is Of the richest masses OF
Ore that has ever been discovered The removal OF
this ore has been delayed by the great fire III VIZ
glnia City in October, 1875, which has not only OBJ
ftructed the opening of new levels, but for portion
OF the past year seriously nteriered with the work.
ing of those already open. Taking these mat
ters into consdeIation-the reduction of the cOntin
gent of coinage in the Latin Union during the
Present year. and the probable increase of
q 81. thar do