The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1883-01-13
IlELEGRAPHIC
SILVER.
Senator Hill Tells What Re
KnGHS Gbopt IL.

Chicago, II. = Tribune special from
Washington: There hos recently been
very important fall in silver, owing to
the action Of the Australian government
The causes are not generally understood
| in this country. Senator Hill, Of Colo
| RADIO, probably the best authority on
| silver in Congress, has written the fJllow-
| ing letter to the tribune, explaining the
situstion: Whenever there is decline
in the price of silver bullion, monopolists
profess to see in it additional and more
| imperative reasons for saspending the
pear that the decliGe is caused by in
creased producotin, or by the failure Of
the markets of China and India, which
for so msny years absorbed large share
of the productions OF the mines. These
causes are represented as prominent,
and it is claimed, the resulting instsa
bility ia the market value Of silver, rem
ders it unfit for use as 8 money metal.
! The fact is, neither Of these causes has
been operative to any considerable ex-
tent during the last year. Statistics of
the silver production of the world for the
year ending December 3lst, 1882, are
not yet complete, but enough is kno Wn to
make it safe for me to say there
has been an increased production over
the two Lreced ing years, but it is slight
and consequential. As fol the Indian
market British silver exports to that
country increased during the last ten
months Of '8l from S137 1856 to $26, All, :
435, and the exports of silver t. China
daring tie same period fell off only
$4,000, coo. The cause Of the lst9 de-.
cline must bs looked for in some
other quarter.
a Vienna correspondent of the Lon
don Economist Of August 9Th, 1872, state
that the expectation of silver from Aus
tro-HungsrY during the year preceding
that Gate had been almost so, 900 ,00l
forms, $24, 100000 The larger part o
this export occurred during the fret five
months OF 1882 during which il
amounted to SIS, 1882 900. A consider
able part Of this silver went TO India. Tn
, London Economist of Dec 10Th, '82, af
ter stating the fact Of the abnormal flow
Of silver from China TO India, ADDS: Blu
beyond this Austria has shipped 81, 600,
600 $4,000 000) worth Of silver fron
Venice and thus the India market
n have taken on more metal than they
they know what to do with. This expor
OF silver from Austria principally durin
the first half of 1872, did not arise fron
any tendency in that country toward
the gold standard, but from the fact tia
, until the recent fall in the gold the pric
of the the silver form of that metal wa
worth more than the paper form c
Austria. It was the high price an
premium on it as compared with th
current paper money which caused ths
metal to be sent out Of Austria. Deci,iv
proof Of that is the fact that since th
late fall on the gold price Of silver, it hs
began 10 flow back. The Vienna CO..
respondent December 18th 1882 Of tt
London Economist, has the following
The falling price of silver causes lars
quantities Of Austria silver forms to II
turn to this country, so the silver of tt
Austro-H Hungarian bank increased /
$500, 600 forms, within the last 8
weeks. A Paris firm, which undertot
to coin 25,000,000 francs in silver +
Loroco, and had purchased larI
amount Of Austrian silver forms, b
now sent back the whole amount, buyiI
silver in London at q lower priC
Te the slamarists among mono-m
talists, who declare they can see no lin
to the fall of silver, it may be said th
so far ss the recent fall has ariaen fro
Austris, we can see exactly what t
limits sre. The silver form is awi
money in that country, and It's minis 8
open to its coinage. Whenever silv
bullion has declined to such price th
forms can be coined of it at cost |,
than the value of paper forms, or in 9th
words, with a profit, silver will move
that direction, and that is what is TAXI
place now.
(Signed,) N. P. BILL