, 1879-06-26

afop, etc. Bono thInk this estinatc Il TOD ilIeh.
slhte lo'2 tue aycraggs export to Asla-thmt
s.ates is ahoyc slo.U,oU0 ncr year. II ii illus
seen that there Is no oyerprodueton, and ts In.
trnstc vsfuc Gun be maintained az nnl above its
present pricc. 1t p also clear ~ soon as tho
Win soor be- tint there IL no purc1asab!c silver
in eight executing the flve-franc ptcco and tic
United States standard silver dollar. ia not
likely that these can be purchased excepting at
sauIc isa ,,ornlal prtce above rnd, proving that
u: Present decline In The pricc Of s!syer was
ttvc action.
lhee production Of gold since 1850 llap been
greatly !n excess Of ailrcr. Between the yesrs
ls.s and ~ ls77I IN only two years, 1874 and 1879,
siDMW,Nn, while In thn year ls53 the yield was
*ls.'Nn. .oto. anh y 1861, slsi 900. From
rold was s3,ils,N0,uo3, against si,ssf, 10000
silver. The yIeld uf silver has always bccu
more uniform thun that of, gold, ! can lind no
fe,soie cs'1mato Of Tie luas OF gold, but It te
said that per cent Of the production of gold will
cover all the lhss by abrasion anl the amount
used In the arts, and loss by sea md on land.
:. Assuming the above estiNntes TO be correct,
It Will be seen Tint tho amount Of gol'i in slKnt
Is annually incrcasitK, while that of silver Ia tic
reverse. rlr large exports OF silver aud tic
diminished amounts ID circulation, In both Eu-
rope ai'.l The United States, have made q place
ior Tue Increased surplus Of gold Silver has
'nouctza,lon by Germany and Tie refusal Of
alM inlnts OF Europe alll the United States to
coin It hare made an increased AM unnatural
ntlnand for gold und u temporary glut vi silver.
Blt In the end prtbcinfcs always vndleate tlcn'-
sc1yca, nhI the great incrcasc Ut Eu!d M cotn-
pared With that OF silver must aoUfscr Or later
rnt1se decline OF tile former compared with
tin latter 1t IL doubtful whether tllc present
tatlo of 10 10 can long l'e maintained. IN thu
rhfff iFuR frnt tF 1 ri
treacnt production being maintained, 1t lnny
tend towards TINT ratio again.
llle recent iriEllIui cut,lincfciat disasters OF
tue world arc traceablc In n largo measure TO
Legislative actIuIl AcstrnYlg the legal value OF
silver. ENgland Ia learning that it ts impurslbIo
to tnnintatu tAe anomalous position .1f n,anu.
featuring for 700,Q0]. W0 ot peonic whose money
ls on!yslsyer aud dcprec!atin4 tic tnuncy hermet
It seeruB as II England was triac!ng her cnu1er-
cIal supremacy to her gold theory. Whiiu boas1-
iE t!lat ehc IIas urospered only III her gold
stand. has she not had from 1sid to 1874 the en-.
TO ller closc proximity to France, Germany, and
other bi-nleialltc nations, which preserved for
her the equilibrium OF gold and sIlyeri Hut
When ticrInapy md oti1er uat[oiIs oi Europe de-
m0uttizctl atsd the Latin Union dcclfned To coin
silver, did not Enusanu tllen for tlle first Lime
stnce 1910 experience the crs Ut only gold
atnmlard3
Messrs Chltsenden nnd Morton seem to In.
uh'2o III nc3foue lca!y az thonEh 1rsGht1ul
daneeI Tas impending II ve pars with son'e Of
our guild in exchange fos low-priccd sllvcr. Sup
poslnv VIC do. will It bring US any harm to bur
sdtne silver chcapf We have been parttng with
our gold for years IN exchange fur pcrisbabe
g1o!ls, such as SILKS. sntins. wines, cigars. etc,
Wslltu fs the norc profitable for us, to part with
our guild for suc, results Or for silver whtc! t,aA
ali intrinsic value md pnrclsasflg power In every
part Of the wurtd1 We hayu cxpurtcG over
and above uur inlports snce 1850 10 1871, In
elusive. s7o2, ,40l.:sH u gold against sals,is3o,-
0i3 of silver, yet our Treasury Il full Of gold
against stnal! amount Of silver. Our gold is
o proltet OF Tue earth ihe Same Us silver, only
1t Is obtained In rseater quantities. Could wc
yalse, we could easily Goat $500 oD 0 Of silver,
hut to ubtas, 0nc.ffth Of tits amount would
plnca 1t at premium aa compared with goitl,
followed ton closoly tho teachings Of Drt.ish and
Gcrma.l Ananrtal wrItcra till VIC have
ecasod to respect Our own opfntot.s.
as We hnre 1ccome Or soon will be tic
greatcst financial nation ot tbs world, would Ii
prec0ncttveA views, and held tAosn Of our own,
whsh would best promote American, not British
or German tntcrustst
Silver unl gold tlnvo gone side bY side like
twin atsters for forty centuriee nll It is not In
the power VI lenfsta.ion to divorce them.
would not dcpser!ase tho Importance Of gold.
which ID banker's currency, yet silver, whrllis
tl,s peoples curr".s:y, ilas some advantages
It ts The universal and nornal currency Of the
world. .,,
It l,as always been uutt Of value by reason
OF tts 'lnlyersaIty.a.:
white guild ts ,re1trlc.ed III It's circulation unl
pnwcr ut putclnsa to about one-llrd, upt cx-
cceMtnE halt the worll's population.
Silver ls, but aold 's nut. essential for any
without silver. do not n1!udc to those buttons
which unty laye d paper currency. I}utt, silver