, 1877-07-28

Tie Future Value Of Silver.
III.


NEW yoNx. July "a. III Is not denied, oyen hy
Tho nrnst violent opponent Of silver, that the re-
tnOnctlXAt!0h Ut tho 411l3 .graha dollar by the
EuI.cd Statcs, accompanied ny proper measures
for resuMpt,on. would create q rise Ut tho metal
ctusl 10 abnut 6sI3d In London; bu. tt Is asserted
that such udvanco would only bc temporary,
II lo say, until the Enttcd States would have re.
cotycd all the "disratdcl" metal Of other m.
tons, and then be cnrscd with continually.
depreclating currency, for which II had paid fplf
value. Theru II undoubtodly a0me truth In tlls,
and perhaps moro than eTcn ccrtain gotl-mono.
metallic writcsn. especially Engllshiuen, will nd.
nit. Silver 10 very weak II tho bltnctallc school
does not reca!re q powerful ally In tho Cnltodl
statcs, md thereby the cry Of tha gold ulonon1e.
talllc school Of puse water, which declares silver
IL not ds for monetary purposes. and ~ ultimately
OF no ra1uc. b. checked. Every aacsast1on.
and especially IT such huctuation b.
downward, creates soldiers for tho army
Of thar school. INV far tho action Of TIM United
fasaro value Il slser T. asieult Sae.t,"n 10 is ns
decided. because It deptnda upon many couttnxen-
c'rs, With no uian ean exactly f"rstel!.
ss,se. po!ntcA out past experience; aud may here
ndd Tint any attempt to draw eonei1suns trDn'
fo5 .pSaf '
sratl, and tcle:saplia, uppcar 70 ine ss ~orthrsa
- the pre.ent discussion Vt e ssanda. 10 A9.trla
Or the attachment y value to ths tact lhat turkey
All wo know i. that 20 fsr there would havs
been 20 ,osetproanst!o&a & of s1xsr; ana staa ~
lilly. which cscnlcd How Of ttalv'a metallic cur
reacy Into France; and then mainly to tnu usu1onr.
Ffsnco, moi!anI aud belgium arc pre,sy we'll
dllct n aud Will bare to meet great dn'ealt!ts ln
FeAinlng their stock u sflves IN circulation onn
rar Yti teit STANDARD, In case confidence III silver
tnouM not soon bo ru-tstalIlthrI: also. thlt Ger.
any haa still a'l7er to .cll: and that ths mines u
IS pss anaa that 3
tho ptosent thorc are no buge4 Ut consequence Tor
money purposes hut :ssiatIc cuunsflcs, and,
coinage. which latter buyer may SUN drop mt;
hur appear any other largo buyers IN prospect
within rcssonabis tItns hut A1la and eventually
rns production. Of eosr.s. win depend very
much ur&on & soa 1,sle*. sna pa.t experience show!
proved 70 De safJ printable Eusncss. HUI il il
peeni!af thing tat ts surgt.t supplics come aways
lev " -
before tho tsa!a new supplies will b. stopped. !
think that. Ut thu price of 5od. lcr1nantnty set.
without lo4s. yct thcrc Arv o.hur points 10 bs
considered before w CAD MAZE any such as4estton
:. Gass = VII ~ rs
at once, havs 70 cotns down ta proportion. Any
ptr.'aatHt sest9us a'rInkage W. Erduse sAs
ssaast sstio tha eost Of prodael'on of tho metal
For instance. theirs Il AIax,eo. exporting sbout
n,otues. --obtatnius In return, mostly in manu-
taeturst! goods, ~ e2aal value q eo'a.aod4li,.
Of old osisn. mud uol rety profitable; they wouil,
therefore, iu tho very nature oE thncs, psobao:,
haru t. stose to estt.tu extent Thu .iaatn rro4.
til TT eishteen nentA.j /. .ssr, fhsis fHhas pats ~
chasiaS power u 1otciSn soods Z. thrreiors.
elalon Of the circulating tar4lan does
not ~ upon tha .! R*.pie ~ u atxs. e ~. Ths
aral consequence of curta,frd inpo1taslous makes
itscf te!t, cu'Eensy which, since man created
ss3 oals3 Viz Te e.y Il reducoa md ill.,
ttu,ate ELECT Ut psfuapcnt depreciation VII! be
tnat lha ds1Ra.idA upon markets absuaa will b.
bic. which Viii .feae. ayasu u,,ea ptaee. u cum
!n.dtaes absoaa AsA!co itself would have tlttls
induenes upon such prices abroad; but the
spanlsh Anicf ficxu countflrt, based uponR silver
T.slaation, and the cnhaurcd tc!uand fot guild III
Earopcun countries aud tho ntted statea shvse be-
Ing SUPPOSED this argument to 10 JsscaFiRs slSeE
III II, OF Of gold. would M The saln tactoE* towards
s1eh reduction. consequently, any reduction tn
reduction Vi .ptcs. Of genvra! commodities.
aud farof the minin: interest asain 10 certain cx-
1 tsnt' 10 equal 1st'o auy WY sasgs pspdpstlon
ths long run. Tbs main bcarus, upon lhe future
s4luo u silver. eon4rsd With gold, viii therefore
b 70 whst s4ten, It ut!. pe uscd ~ money.
the future position of France. Holland. aud BEL
fs f. .sd ws dasRsna III us un as .ssn hssion Il
" ~, pfotadti the Utott s.<,AtoHfd sosais1<s do
sat M tass:tfrt for - loug = time ~ W expect to
production will H. required 10 meet dsuanls for
azs4 il ordvr. oth out,ids Of A.iatlc eounts1e.;
have. therefore, a1Sl5 0, 10 yc.s Icft for oas
ONE detRA11 OF eoln2<s, and foE such Of al