New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-15

during the last fiscal year. With no increase
in demand for coinage, therefore, no advance
in bullion price elsewhere can be expected 10
rosult from that influence. Two remain,
which will govern price, viz, possible salcS
by demonetizlng countries. ana posSlDie i"-
crease of production. Both are ihiiuenoeS
which tend to lower prices.
The production OF silver has been chechen'
not so much by the fall of price IA by TIC uin
entity of selling the product at any price,
But reconciliation has one effect, II acco"-
nlisbed i'm the manner proposed; IL hNes Il
nominal price at which anybody having Sill
yer can sel il mt the Mint. lie can get uol-
"Iorsn for il; SO many to the pound or ton OF
bullon. The "dolars" may, indeed, vary Ill
value and purchasing power But mining
companies Will be enabled to return ms pro-
ducts and profits each month so many dol
"Iars.r and such n per cent of "dollars" pro-
duced to the nominal capital, and those dol
Glars" whether worth much or little, will pay
debts Hence it is not improbable that the
form of reconciliation proposed may greatly
stimulate production, especially by mining
companies which are in debt, or when arc
chiefly owned by persons who are largely Id
debt. Increase of production, from Whatever
cause will tend to dcpress price. Expectation
of increase OF production undoubtedly does
now tend 20 deprcss price in London.
But a more powerful influence is the very
strong probability that reconciliation here,
Mt the ratio of Is to /, will drive those Euro
mean nations TO demonetize silver, whose com
age is now ut the ratio of 15l2 to |. In that
case. they will have many hundred millions OF
silver 10 SELL They cannot afford to continue
free coinage of silver at that ratio, II TINS
country fixes a different ratio 10y IA much M
3 per cent. The probability OF working OUT
of their present difficulties, and ultimately
saving their present system after the surplus
of Germany has been marketed, VIII then
vanish. They will reason that 1t Is going
70 he impossible to maintain that system
permanenty. and the more IT, as they
will naturally expect, the production III
this country is liable to increase Hence,
it will almost certainly seem to be SOUND pol
lev 70 them to get rid of silver as soon as They
can. To change their ratio OF coinage, IN or
der To conform to ours, will cost more IMAM 70
abandon silver coinage altogether. THIS Is the
reason why every intelligent advocate OF Dl-
metallic currency opposes the pending bill with
great earnestness, and cries ont, with Mr.
Horton and Mr. Walker The Bland BlIl
"means mischief" They that it tends to
destroy the last hope of reconciliation OF sill
yer by concurrent action Of Western nations.
What they see intelligent dealers also see.
Men of practical sense know that silver mus;
fall in price if. in addition to large sales yet
to DO made by Germany, the nations OF the
Latin Union also abandon silver coinage
Hence, they pay less for silver, and are willing
TO sell silver for less. This influence il is IA
tional to believe, will grow more powerful
every week as long as the probability of de-
monetization by the nations of the Latin Union
continues. By the measure proposed, We shall
not only throw away the National honor in an
attempt to cheat creditors; We shall also cheat
ourselves by permanently depreciating an i'm
portant American product.