Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-02-08

Europe has almost deter mined to cut loose
from silver. with the exception of so much
as may be required for subsidiary coinage,
everywhere now largely adulterated.
Mr.. Morrill, said that the ultimate dim-
mutton or stoppage of the great stream of
silver flowing to India was conceded by
some OF the best English authorities. The
ippor:s OF silver into India. averaging
$50 OOO.OO0 or more year. are likely to
decrease the silver cannot remain in In
dIa: but must be exchanged for food That
country is poor. reduced by famine, and
their cotton crop, commonly exchanged for
silver, is largely reduced.
For many years to come it is therefore
more than probable that Great Britain must
largely intercept the flow of silver to India
by sending irstead her manufactures or re-
mittances of government bills Indeed, it
would be strange if the tide should not soon
turn and flow outward
Going farther east. it viii! be found that
Japan has established a gold currency and
requires little silver. Tuning to China,
where the product of silver is an unknown
quantity, it appears that "si.ver is in need
OF help Just now" and according to our
official information the West cannot look for
aid in this quarter in redressing its depre-
citation. Beyond this the diplomacy of
Great Britain, France. and the United
States has been directed, through rather
formidable negotiations. toward finding a
market there for other merchandise than
either gold or silver, and with a success
that promises liberal enlargement of the
China trade. Certainly silver has often been
outward bound from China for years
While moderate shipment Of silver from
San Francisco to the East may continue, a
large dimlnution from other ports is GER
tainly As confidently to be expccted. At
the same time Australia, New Zealand, the
Dominion OF Canada, and other British
colonies, in South Africa, will inflexiby
follow the golden standard of the mother
country.
If We look to the trade OF Mexico or OF
South America We shall find these countries
wherever mule can go with quick
silver, still engaged, as of old, in the pro-
ductiOn of silver; and their mines have
neither diminished in number nor in yield.
The labor OF centuries has no more exhaust
cd tteir mines than it has those of Spain
and Hungary, or OF Norway and Sweden.
They still bring forth an annual surplus to
sell, with well-founded expectations of in
ereasing the same, and of course need not
buy.
On the whole, then, while the annual
production of silver exceeds all former
limits by more than 100 per cent it is mani
lest that the usual markets have been over
loaded or sadly curtailed. Under these cir
cumstances nothing less could be reason
ably anticipated than sharp and remedi-
less depression in the price and value of
silver. This has already occurred; and
though it may vacilla.e and even Tor the mo-
ment halt. the ancient level cannot be re-
gained. Fro being itself a standard meas
ure OF values. utilized and holding at least a
divided empire in the coinage of large
portion OF the world, it has come to be
commodity as variable as to market price as
tin or copper. 1t appears to be no longer
clInging to gold. sharing equal fortunes in
the magical patronage Of all commercial ma
tions. but takes the subordinate position of
replacing the wear and tear of token coin
age for minor transa ctIOns and CT cheaply
and not less uSefully supplying the ordinary
wants of the arts and manufactures. As
cOin-without a radical change in the poll
cy of Great Britain, OF Germany, and of the
Latin natiOns-It is to be feared that it can
not be made to much exceed its value as
bullion. except where the amount of coin
issued is very narrowly restricted.
The swift depreciation in the value Of sill
yer was no doubt aggravated by the nearly
universal apprehension that its use As mon
ey was to be hereafter largely circum-
scrlbed, and especially among European na-
tions. France. when using gold freely. also
furnished large market for silver and re-
Gently in lOur years absorbed nearly one
half of the yearly product OF the world, or
about SI67 800 900. But France, to pro-
tect herself from a disastrous flood OF sill
yer, promptly ceased to coin her five franc
pieces. placing herself wisely in waiting
attitude. and is no longer buyer of sill
yer 10 be paid for in gold at the rate OF | to
15l or any other price. She does not like on
any terms to buy silver OF her old enemy
the memory ot Sedan is stall too fresh-but
sing gle handed she might not find it safer to
refuse the Germany monetary standard
than 1t would be TO refuse German military
tactics. True she paid the war fine to Ger
many partly In silver, but that was prior to
its great depreciation. Now she owes a
debt at home but nothing abroad In Great
Britain silver coinage is entirely subsidiary
and limited in amount. Germany threat
ems tho market with the remainder OF an an
cient stock, no longer required, whenever
the gateways to the United States or any
other shall be unbarred The Latin states
first limited and have wholly stopped the
coinage of silver They are said to hold
5000 eco. eco in silver which may or may
not be thrown upon the market. Swlizsr-
land, that Alpine republic, no less thrifty
than hardy. has wholly abandoned silver
coinage, believing it to be dishonest to put
in circulation a deprecated currency. They
did not understand that this was merely a
" sentimental emotion. as the report OF
our commission conveyed that information
at later date. Holland. heretofore an ex
clusively silser-standard country, has pas
sed laws which indicate the purpose of
changing to that of gold and is already a
seller OF silver. The gold product OF Russia
is large, and prior to its discovery in Cali
furna amounted to more than one-half that
of the whole world. Her exports of the
precious metals are large and constant.
Russia, Austria, Spain, and Italy. will use
for il long time to come little OF either gold
or silver except for the exigencies of war
and no nation can now WACO "a foreign war
without an ample outfit of gold.
The conviction therefore arising from the
action Of European commercial nations,
that a great and prominent resolution IN
the old standard value of silver was pro-
gressing, II 1t had not already transpired,
was justified and irresistible. Allegiance D
its reign could no longer be maintained. At
the very time when silver has been coming
icrth more abundantly than in all the ages
past it has been practically demonctized and
,ab0Oed in the places where it once enjoyed
unstintcd favor. The future price may
waver one way or the other, but that 1t
must finally settle to a much lower point no
calm lookcr-on can doubt. Nothing less
than international will and power can miti
gate its fall. A single oar will not arrest
the boat in the rapids OF Niagara.
AIRY attempt upon the part OF the United
States alone to stop this revolution by
~ "a N tho marriott hy
becoming the boldest and almost the only
large purchaser of silver, would be as futile
as Mrs. Partington 5 attempt to mop up the
Atlantic and aS improbable as wOrld be an
attempt by Il single soldier to surround the
nOmadic warriors of Sitting Bull. Large
purchases or large Withdrawals of silver
bullion from market may no doubt tempo
rarlly or locally somewhat advance the price
OF silver, hut not to stay advanced; and il
the United States shall initiate the pockets
OF the people with silver money far
above its value, until they have neither
inclination nor capacity Tor more, the price
will then 20 down to Its predestlnated level.
The conclusion cannot be avoided that the
present large annual supplies of silver will
not. in any mode OF manner now known.
continue to be consumed at the old valua
tiun; and the price of the entire stock. old
and new. must stand, 80 long a. Europe
abandOns is unlimited use as coin, where
the world can still afford TO use the whole
of it. 1t will not lie idle nor bo buried in
napkins. but will be sold for the most it
will ie,ch.
by the table IN the report of the British
commission. the worlds production OF silver
from 1852 to 1873, inclusive. is set down at
E2ll $50 900. and the shipments of silver to
India and China for the same time at il99,
iJO, 900. Counting s. to the pound. this
would leave S2Il 200 600 for the entire con-
sumption OF Europe and America during
the twcnty-lour years, or less than $1,000
600 annually. Is it possible, when the
world is suddenly deluged with silver. for
statesmen TO 80 Overcstimate our capacity as
To spberly assume that the United States,
without the aid oi Europe, and with the un-
certainty aud confusion IN the AsiatIc mar
ketS. can absorb il all, or that it can an
nually nb~urb $50 900 900?