The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1881-03-08
KING SILVER.

There is no question that commands more
of the earnest attention of silver miners, and
those living in silver-producing states and
territories, thanthat ofsettling the relative value
| ofthetwo precious metals. Montana in general,
and Butte in particular, are deeply interested
in its final solution. 1t will be remembered
that some time ago III government
asked for an international congress to devise
ways by which the bi-metalic nations of
Europe, as we'll as the United States, may
safely coin silver in unlimited quantities, and
circulate it by the side Of gold without a per-
ceptible fluctuation of value from the estab-
lished ratio. 1t was held, but owing to
the Indifference of some of the European
powers, and to the hostility of Enthusiastically
France-the congress was barren of results
greater interest. and challenging a more
thorough Investigation of it on both sides of
the atlantic. The immense drain that the
United States has made upon the gold re-
serves of Europe within the last year has
opened the eyes of the transatlantic nations
to the fact that something must be done to
check it. They see their gold leaving them
in payment for American beef and bread
stutis, while their silver remains at home
Hence they have intimated that another
international congress, to consider the ques.
ton of monetary standards, would receive a
more favorable consideration at their hands.
France has led in the movement by sending
an invitation to the United States to join it.
which, we understand, has been accepted.
The chief aim of the congress will be to re-
store the double standard upon a broader and
more secure basis than it has hitherto held.
This will involve the settlement Of several
details, among which slnay he mentioned {:
First, The fetasysasvAlttation of gold and
silver. Second, Fhe legal tender attribute
of silver. Third, The question Of coinage
of silvel-whether it shall be limited or I'M
limited and, Fourth, The relative value
of the coins of the several nations to be EN-
braced in the compact. The question in re-
gard to the ratio of gold and silver that must
first be set led by the congress-, is whether
the United States will adhere to the ratio Of
16 to 1, Or adopt the European ratio of Is! to
/. The nations that lave adopted the latter
valuation have a silver circulation fully
twenty fold our own. Hence it is reasonable
to suppose that our country will yield to the
eXigencies of the case and adopt the European
standard. Of course this will necessitate
the. recoining of the 1929 grain dollar, but
the new dollar will be nearly 6 per cent.
lighter, therefore the saving will more than
pay the expense of recoining. Another thing
that is necessary to the success of the compact
is that each of the nations that enter into it
should make its silver coin an unlimited
legal tender.
The reasons why this must be done are too
numerous to enumerate. We know that silver
cannot maintain its place as a circulating
medium unless it be invested with the same
attributes as gold. With these attributes
added to its unlimited coinage, it will take
the place occupied before it was demonetized
and again become the poor mans money.
The unlimited coinage o silver is a condition
precedent to the success Of the dOnblc stan
dard system. If restrictions be placed upon
its coinage, it necessarily accumulates in the
form ofbulliol, and when the stock of bullion
exceeds the demand it declines in market
value, and, as a result, We have just that 'lif-
ference Of value between the coined and un-
coined metal which has created the present
depreciation Of silver. Now. if no res rictiOns
be placed upon lis coinage, bullion acquires
the value Of coin, and the coin being regulated
bya fixed relation to gold, it cannot possibly
drpreciate. Therefore the unlimited coinage
of silver will undoubtedly he insisted upon by
all its friends in the congress. When this
condition Of things shall be brought about,
this territory will be one Of the first 10 feel
its beneficial effects. Silver will become
king and the measure of all other values. 1t
will open up an era Of prosperity in our
midst that will start a score Of mills where
We now have but one. Butte will become
the objective point Of capitalists with their
capital, and the tlunders Of a thousand
stamps will scarcely brown the echoes of the
changing Of the hammers and the @ratings of
the saws that will be heard ia the building
Of the mills, the mansions and the cottages
that will make Butte the great city of the