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

promises 10 he almost "a good. and has also
paid in dividends ST $50, 900 per month for
some time.
Twelve millions in dividends in one year,
on little more than S40O, 900 of paid up
capital. shows at least one mine not likely
tn be abandoned for lack of reasonable pro-
fits. Certainly the yield of silver in Ne
vada the present year will be plump &c.,
000, 600. and that of the United States not
less than S39. 900 900. There will be no
diminutiOn.
But silver will not rise in value so long as
the worlds stock largely exceeds the de-
mand. for its price will then pay no heed to
original cost nor to legislative enactments.
Thus far there does not appear
to he any diminution of foreign
supplies in consequence of the extraordin
ary production of the Comstock lode.
THE PRODUCTION OF GOLD.
The depreciation of gold was slow ly spread
over quarter of century. and so imper-
ceptibly as neither to jar nor jeopordize any
interests; but silver dropped like a shoot
ing-star greater distance in less than two
years, vexing the world with its downfall.
The whole producticn Of gold from 1852
to 1873, among all nations, as stated by the
House OF Commons report, was ESP 1885,
900, or. for convenience. computing a pound
sterling at S5, 50, $50 975, 900; and that of
silver was E24l $50 900, or 81 ,209, 45O, 600
which shows an excess of gold to the
amount of 81 ,65l ,525, ,OGO, Ii is thus very
evident that there can be be no deficiency of
gold, the known annual supply being more
than equal to the annual demand, and that
even q further gradual depreciation of ma
tiOnal Indebtedness. based upon a progress
sive depreciation OF the gold standard, may
confidently be expected
III We should be compelled or should
chose to retain the monometallic standard
of gold, a. it has practically existed with
US since 1884, there is no country where it
could be maintained more baoyantly or with
greater facility than in the United States.
1t is destined to further depreciation. but
never to rapid depreciation. We are one of
the very largest gold-producing countries,
and even our so-called silver ores literally
present apples Of gold in pictures Of
silver" as they contain nearly! las
many dollars of one metal as of the other.
1t seems incontestabIe that we have now
more ability. with all of our known aurifer-
Gus wealth, to uphold such standard than
we have ever had heretofore or than can be
claimed by Germany or even by Great
Britain, both being wholly barren OF native
gold. Two Of our States, Texas and Cali
fornia. among the most prosperous of any
IN the Union. havs tolerated nc other
money than gold. No crises overwhelm
their well-founded industries; few disasters
happen to their trade and they may we'll
feel proud OF their solid and uninterrupted
prosperity. Storms may come and the
winds may blow. but gold Is the rock of
their salvation. New York. the most popu-
lous State in the Union. has already pro-
v,ded by her own legislative action, happen
what may elsewhere, for resumption Of
specie payments on the first day of January,
1879; and all taxes and canal tolls are to be
paid IN gold and all contracts after that
date are to be payable in coin. l. there
any other State that assemblies more legis-
lstlve wisdom or that has deeper interest
IN the general prosperity OF the country
than New York; Her vOics gives forth no
uncertain sound, Though it may be stihed
by the jingling of the silver bill. None of
our States can MAINTAIN an exclusive silver
standard without immense loss. but to the
cotton, wheat, and corn growing States it
would be peculiar hardship. The prices
of their products being wholly controlled
by the price of tho surplus exported. they
have. direct interest in maintaining a
money standard IN harmony with that
where our great staple crops find q market
The present stock of gold in the United
States. amounting to not less, am conf
dent. than 5000, 900 900, and daily increas-
ing, almost to the extent of our large do
mestic production, with the balance of
traue, until very recently. long and i'm
mensely IN our favor, makes gold standard
not only practicable but almost unavoida-
BILE. Within the last ten wears
we have received for customs near
" 81 500 O00.OOO in gold. and have
actually sold for paper over $500 OOO,-
600 in gold at profit Of over 800 600 900.
Our wheat and corn, cotton and petroleum.
Will always command gold. ~ will. our
bonds. With our mints in active operation
Tor SIX years we could hardly produce a.
much silver coin as the country row holds
IN god. For resumption of specie payments
IN gold We are now nearly ready; but Tor
resumption IN silver We have not the first
dollar. Certainly We have the right to do
a foolish thing. but it is our interest to do
a Wise one. Can it he a wise thing to ban
ish gold?
| have attempted to show, as | believe
truly, that the excessive production Of silver,
its demonstration in Europe. and the large
lallIng IN III the demand are conditions any
one Of which would be destructive to ITS
stability. and when combined are sufficient
to revolutionzo its value. But the propu-
sltion to make silver an unlimited legal
tender at the rate of l6 to l of gold does not
mark the most extremc demand Of the silver
bulliOnists, who do not conceal the fact that
they would prefer f. ratio OF Isl to l !; nor
do they conceal tho crownlng measure
which they regard AS important to the en-
tire success OF bimetaliism, or OF the So
called and much-babbled about remone-
tization of silver" The final step, no longer
held in allegiance, which is to give transcen-
dent completeness to this policy, is a prOvi-
sion which shall oper the way to absolute
Tree coinage. or to authorize by law the
owners oi SILVER bullion to have it minted
Tree OF cost. The Government is To be call
ed upon now or hereafter to abiicate not
only its sovereignty but all the profits to
arise from the issue OF Il cheap silver dollar,
and for the sole benefit of private indiv iduals
and private Corporations. including foreign
erS As well as our U1n citizens.
50 far rs | know, the free coinage of
silver Is novel proposition. and practical
ly unknown To anv country. Mexico. the
largest silver producing country except our
own. subject. silver Coinage to a duty OF )
per cent, bullion being subjected to the
same duty whtt ther coined Or not; and
their laws, unless recently changed. subject
all exports of silver to duty Of ! per cent.
a per cent being for the Federal govern
ment and "a per cent for the States.
Great Britain buys silver at the lowest
possible prices, whether iur'y--ix pence or
hity-iOur pence pc. ounce, and issues sub
sdIary coinage ut the high nominal rate of
slxty-slx pence per ounce.
France formerly charged one and half
francs for coming one kilogran of silver,
nine tenths fine, which was cuiaed into two
hundred francs, upon which the charge was
therefore three-iourths OF l per cent. but
France Is not now coming silver upon any
terms.
Venezuela requires y royalty OF 10 per
cent on her mines and has forbidden the i'm
pOrtation of silver coins.
Russia returns to the owners OF mines
eighty-eight ninety-sixths OF gold and
cighty-three and half ninety -sixths of
silver. retaining, it will be seen, very
large percentage OF profit.
Germany only coins silver on its own sc-
count. making one hundred marks out OF
pound of silver. The gain is therefore
about One-ninth part.
Ii will thus be seen that most ii not all
other governments retain the control and
profits arising from the coinage Ot silver.
and our resources do not warrant a policy
less prudent. The selgniOrage or gain de-
rived from the purchase of silver bullion TO
the amount o! S3l. .llS 973 26 Tor the re-
cent coinage OF fractional coins was So
566. 7l4.7i, and that of silver dollars would
only be diminished by the difference of the
alloy. This is enough to show tho grand
prize silver operators may be struggling
after.
The claim about a large consumption of
silver in the arts deserves a passing notice,
and it has been very hberallv estimated BY
the Director of the Mint at 5000 900; but
the arts contrIve to do much with little, or
by offering plated ware As a cheap and ele-
giant substitute Tor solid plate.
A set oi silver teaspoons weighing six
ounces contains enough to plate on Ger
man-silver base Il tea-set of SIX pieces valued
at 500 TO $50. that will wear for gener-
alton and be hardly dIstinguishable IRON a
set OF solid silver costing $500 to $500.
Lower priced ware like silyer-plate or Brit
ANNA metal requires no more than three or
fnur nunrrs ui uure SILVER tn "A similar set