New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-29

ON.
tributed to its Rapid depreciation The volume ANNUALLY
required having been doubled. sinking in value becas
Years ago Humboldt declared that the mines Of Nev.
Spain (Mcxico contained silver enough to deuge tbe
augmented unexpected sources Silver once
derived great value from it's scarcity, and cannot es
1t is true that this might have been averted II new
markets could have been found t to absorb un
most important old markets have been abruptly closed
with no new outlet opening In any quarter, and With
but very large, inconvenient and obtrnsve seller
Plenty Of sellers makes silver cheapwill make anything
much of either silver or gold as they are unaS' s
at present, to redeem their deprecated paper
b almost and cern a make sS I
The Bank of Russia recently held, or held prior the
Government now requires all duties on imports to BE-
paid in gold The most recent obligations OF Austria
have been made payable IN gold h1nd having Loot
herring to silver. is now returning to the gold
standard which has long given such Ulster to the
Sweden have done the thing and all OF these ma
tons have been steadily increasing their stocks Of gold
of silver, which will remain limited the free Of
silver in the ratio of I5is 70 o. gold would
ing the dead weight of silver. has become irksome
and il is " let alone severely Unless silver
be increased, or 1t VIII remain only token coinage
Large the issue Of paper money by the Bank of France
sIOO 600 600 threeourbs which is in gold and il
is be noted that when resumption u specie payments
took place the 1st OF January, 1873 less than ST.
100000 were Withdrawn. Nobody frightened and no
body hurt
OF gold. Denmark has not only been exporting silver
but importing four times much gold as she has sold Of
coins have already been struck and very little more
supposed will be required Some gold has been and Will he
temporarily carried to the East by the present war
more than King Midas left there, according to the fable
by washing the River Pact0lusbu It win not stay,
for the that both the Turk and the Muscoyits
hqy
gold for powder; they must part with 1t for bread and
blankets.
counted for by the loans which secured Co.,
OOO in England and Sl250O000 more in India. in add
were dying there OF starvation and the famine In
Madras and Bombay 1t is estimated will require an out
lay Of more than SoioD9UoU rms IN Ipd gey NJ,
has been and must be swiftly exchanged for food.
Tho new tribute falling due TO Great Britain account
OF interest upon the capital advanced for internal i'm
nroyements more less non-productiye is serious i'd
70 sSSepS dms % mas 70 as 0E he 9
National debtwhicn Is TO be annually drawn,
without much a9pe OF bo S~ the d
from sepOy munies by small but we'll
paid British Army. After deductng the usual cost Of
their expensive government, win the addition OK
even their lean subsistence, II the natives OF In
dia have resources equal TO this new demand, it
viii be difficult to find any large remainder OF
trade left, OF any surplus productions to ex
change exclusively for silver. This tribute y now
drawn unon India and supeIsedes pro tanto the ship
ment of silver For MANY years come Great Britain
r,ust largely inherent the flow silver India by
sending instead her manufactures remtsnces OF Gov
eminent bills. Indeed. II would be strange u the uds
should not soon turn and now outward
Going further east IL will he found that Japan las
established gold currency ana requires Iit'ie sysr
Turning China, where the protuct OF silver Is an I'm;
known quantity II appears tat sse ,a nfor mani
The West cannot look for aid IN this quarter In redessng
depreeaton Beyond this se dg ss has 81 I bSss
directed, through rather formidable negotiations,
towards finding market mere IOf o. and wh
a success that promises liberal enlarsepent
OF the emma trade. Certainly silver has oiten Deea
inward bound from China for wears. While a mod
bipmpnt of silver from Francisco to he East
may continue large dmiDution from Other ports II GER
Australia NewZealand, the Dominion OF Canada, ana
other British colonies in South Africa WIZ nneXioy io
IF we look TO the trade Of Mexico Of South America
ancksiIver sr engaged of old in the prodnc,
ZION OF silver and their have neither diminished
IN number nor in yield. The labor or centuries hss no
exhausted their mines than 1t has those OF spin
,rne forth an annual surplus sell, with weounded
increasing the same and of course need
rot buy.
NOTHING TO CHECK THE DECLINE.
ANY attempt upon the part OF the United States alone
stop this revolution by taurine demonstration IN me
market or by becoming the bodest and almost the only
rce purchaser of silver would be as futile as Mrs Par
inr;ons attempt to mop up the Atlantic and as unprot
he nomadic warriors OF SITTING bun Largo puehases
II large Withdrawals of silver bullion from market may
doubt temporarily or locally somewhat aay1n1s me me
lrice ~ silver but not To stay advanced; am II Jug
States shall initiate pockets Of the people Win
liver money far above its value. until they have eler
capac for more the price VIII then 20
Town to It's predestinated level
The United states cannot, any more than Mexico OF
outh America for any proracted period be eXDecIed
wen 90 furnish market for ia own vast domestic sup.
,y. large share Of IL must lind vent esFwnee ana
.broad Even with mnts in full operation
ye could not annually com the SILVER Dn,'on
rom our own mines ont were they ~. ~ ~
operation, what would prevent the forelgn Stock Oh
liver now eagerly seeking market from comparing
With the American prodnetonl Already II has been
lint aud knocking down the price. The American mlues
re in their infancy and premise extensive future DE-
clopmeGt Tney are wondrously fertile, ana no aeunt
viii be prosperous IN their aggregate results Certainly
he yield OF silver in Nevada the present year WI DE-
dump S26.OO0OOO; and that Gi me Ohlea states hos
rs, than $}9.OOO.00O. There will be no elimination.
II may he true taat the value oil silver VIII stand
than the cost OF production rom Tue east ier,
nine that continues 10 bc permanently worked. But
liver viii rise IN value so long as the WORLDS STOCK
,rrrly exceeds the demand. for It's price will then pay
10 heed 10 ORIGINAL cost nor legislative enactments
'us far there does not appear TO be any dmnuon OF
oregn supplies In consequence OF the eAr'otuinaly
az the Constock lode The cost OF mining
liver III the United states has been largely reduced by tne
lew aud, for the purpose, admirable misunderstanding
machinery, an Improvement nearly as important IN
ca penng the production of silver was the eus-nau
machine making nails or rs the coton-gn IN cleaning
alton AS much silver mining he done in one
ear as could been done in twenty ten yers ago.
There also the further material advantage obsaiuehh
c process OF reducing silver through the cOnpat
ivey low cost of California quicksilver indispensaOe
o the miners which few other siiyer-produciDg coun
res lnd AZ near nj hand.
The mines worked prior 10 the Christian era or inc
LAYS OF Cesar still held 10 be ineXhaustbe - afe
hose which fred the zeal Of the c0nquerorS OF Mexico
nd Peru, ana nearly all the silver mines OF the wOfld
appear about as productive to-day as when nrst Openeu
hough ne WY discovered mines more fertile may ahee'
heir profits. , -. H., 49,, nan,
boy the average cost OF production, until the opening
II the Nevada. supplemented by those OF other
urrOuu,ng localities; and the profits OF the mines,
ven IN Mexico ana South America, ere long he
augmented by American energy and American machin-
ry and certainly will sink below fair days
NV for fair days work, before they will
~ abandoned 10 future enterprise Already the
ans have greatly coveted the sumbegng silver m tho
ockv Cordilleras of Northern Mexico which so long
Gems to have awaited their coming. The railroad IN
,rn ,,mroaches cnml etion iunuellng the Andes l5.-
100 feet above the level OF the TO the silver beds OF
crro de Pasco claimed to be able TO produce more Sill
Al a.. fln W.