Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1880-01-30
CAUSE or THE DECLINE IN
SILVER.
Scientific Press.

the product of the mines of the Pa
|ciic slope is taken into estimation.
The gross weight of the silver yield
when divided into ounces, the standard
of weight for the market quotations,
is SO great in numbers that the varia-
tion, either of advance or depreciation
of q fraction Of cent in the ounce
price, produces marked change in
the profits of the mines Owing to a
combinations II causes, silver depre-
ciated in the London market from
1874 to 1877 from 59d to 4Tzl, Icing
a decline of nearly 20 per cent 50
great a decline was snre to produce
an ii,jnrions effect. by reducing the
profits 81 one Of our most prominent
industries to that extent It was a
depreciation of from 81 20 to S104 in
bar silver It was unlocked for. 1t
was an anomaly in silver transactions.
1t retarded our mining interests TO the
extent that it reduced the profits oil.
the outcome of the mines 1t was as
much Of loss to the nation as if
that amount of silver had been ,ies
troyed or annihilated 1t could not
be regained-the loss was total.
When the storm has passed by, the
ruin that il has caused has to be esti
mated, and the subject is studied with
a view to guard gainst future losses
from the same cause II is well
therefore, to investigate these causes
and to throw such light upon the sub
iect as will enable ns ia meet another
storm, if it should come. with less loss
to ourselves
The bankers of Europe have al
ways maintained a preference for gold
over silver. 1t is less cumbersome to
transport. 1t can be more speedily
counted. 1t occupies less space in
the vaults. So long as public atten-
tion was not awakened To the matter.
or public interest plainly affected, it
was an easy thing for the financicTs
of Europe to quietly disburse their
cumbersome silver and absorb the
gold in its stead. This they contin-
ued to do until the plentitude of silver
and the scarcity of gold called direct
notice to the manipulation they were
conducting. But this attention was
awakened when the storm was rag
ing, and it was then too late TO stay
its ravages.
At this juncture they, the capital
lists of Europe, Influenced the gov
ernments there to demonetize silver.
In doing this they violated one of the
great natural laws of finance, and
produced a grievous evil by such vio-
lation. 1t disturbed the current of
trade 1t produced panic and distress.
1t destroyed confidence and brought
about an enormous amount of shrink
age of values
Our civil war produced cotton
famine IN Europe. While this existed
India absorbed ali the surplns silver
which WAS sent there to PAY for her
cotton. The price of cetton and its
fabrics rose IL an unpre ce6en,ed fig
ure, and called for corresponding ship
ments of silver 10 Southern Asia for
the raw material Gold coinage is
unknown in India. Silver is her only
coinage. She uses in ordinary times
over sixty millions af dollars in silver
to maintain her coinage. ornaments
and the various uses to which silver is
applied; also 10 compensate for the
boarding of it, such as always takes
place among semibar barous people,
and where there are no public depos
itories for its safe keeping She is