Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-06-14
The London "Times" Discusses the Main
Causes Of the Sudden Rise in the
British Silver Market Ger
many's Coinage Policy was
at the Bottom of
the Breeze,
CuhRn AufhnrIfIRa.

Foreign silver Coin Stumbled by the
Cuban Authorities.
HAVANA, June 19.-Captaln- General Btan-
CO has Issued decree that from the first of
July all contributions and other payments
into the public treasury must be made IN gold,
admitting the payment of foreign silver only
for fractions OF one dollar. The treasury will
receive silver Spanish coin without limit, ac-
cording TO its value relative to Spanish gold
coin.
The English silver Question.
LONDON, JuneI3 The Times, in its finan-
ial article, says: One of the main causes Of
the rise in silver as the publication of 4 let
ter to the under-secretary of state for India,
giving the views of Lord Odo Russell,
British ambassador to Berlin, in regard to
Germany's coinage policy. The letter con-
firms the announcement of the German gov
eminent determination not to sell any more
silver at present. The letter further states
that the German government has sll.
yer on hand which will increase during
a suspension Of sales. AGd it is added on the
authority of Lord Odo Russell that it is gen.
orally believed by financial men in Ger
many that the government is preparing to
introduce and adopt the double standard, as
In France. This news may be quite correct,
for the economy vagarles of the German gov
eminent In all directions are of unknown
quantities, and we may be prepared to ac-
cept the perpetuGtlon c. any folly after what
the past few yeats have revealed. Still it
would be well to receive this news with eau
ton, for more reasons than one, The De-
lief of financial men in Germany is that
there is hardly sufficient ground on which to
come to the conclusion that silver will be re-
monetized forthwith as a whole. However,
the tendency of the extracts contained In the
parliamentary paper, where this letter ap-
pears, Is to show that a recovery in the
value of silver is quite probable. That
Germany Will cease cell at the present prices
Is again also very likely, for her
loss so far has been rather
severe. She is behind with her
silver coinage, quite apart from any question
of double standard, and in the end may
not have much more to sell The production
of silver, moreover, has been tar less Ia pro-
portion than is popularity supposed, and its
consumption is greater than those who advo-
have allowed for. Ali this fully iustifes the
opinion that the depreciation of silver has
been unduly great, bat it by no means fol-
lows that an Immediate and great rise is to
take place. The lesson taught by recent ex-
perlments with Indian council drafts should
not DE so lightly forgotten. While their
drafts are kept small in amount silver ad-
vances in price, but the moment they increase
to anything ike level of the requirements
Of the India government the market gives
way. This state of things must to some ex-
tent continue. Whatever the intention of the
German government may be, and whatever
the relative production of silver and gold,
as long as the amount of India council de-
nands to meet the payment nearly equal or
exceeds what excess of export India can
cover, 1t cannot be too often reiterated that
therein lies the true difficulty OF the SILVER
question.