The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1884-12-24
SILVER COINAGE.

OkkS1OA0&40 0AONA~ w.
they fool with the law directing the
coinage of silver. says the San Fran
cisco Chronicle, and then adds: "The
next panic which sweeps over the
country may require the using OF
silver in large amounts to aliay it. IL
is idle expecting to find gold enough
for the purpose. Where Is the
gold to come from? 0ne-haf
the gold produced is consumed
IN the arts every year, and as
commerce extends into new countries
gold coins find their way there and
don't return. The available supply
of gold for banking purposes de-
creases every month, while the neces-
stiles OF commerce increase. Moth
ing but u miracle can prevent the
suspension of gold payments by the
Bank of England when the next
commercial crisis occurs; and this
time 1t will not b, so easy to resume
on a gold basis. If it be desirable to
maintain the commercial currency
of the world on q metallic stsndard,
and not on the true standard-which
is national credit-silver must be the
metal and not gold, because the sup
ply of silver can be safely counted
on, while the supply of gold cannot.
Instead of calculating the silver ounce
as being worth SLOT in gold, we must
reckon the gold ounce as being worth
SO many dollars, rising and failing
with demand and supply"
The argument that silver must be
the metal with which to maintain
the coin currency OF the world is
borne out by reason. Aside from the
fact that the output of gold is annu-
allyldecreasing and that one'half
of that output Is consumed In the
arts, and that the increase of our pop
ulation demands an increase of cola
currency, the other fact that the cir
culation of National bank notes will
soon be greatly curtailed it is evident
that silver must take their place or q
still greater depression in business
and q series of disastrous failures will
follow.
Within the next twelve months
about one-third of the whole number
Of bank charters will expire. No
most of the banks will re-
organize, but with q greatly reduced
circulation. This is appar-
ent from the fact that there can be no
object to q banker in buying bonds at
present prices as security for circula-
ting notes issued by him only to the
amount of 80 or 80 per cent. of the
par value Of the bonds. The 3 per
cents are liable to be called at any
time, and the 4 per cents of 1907 are
in the market nearly 3 per
cent premium. So it may be seen
that a contraction of National bank
currency is inevitable. and that
large room will be thus made for the
employment of silver.
And then again if the one and two
dollar notes be called in, as now pro-
posed in Congress, room to the extent
Of nearly $50, 600, 900 will be made for
silver dollars or their
inj silver certificates. In
view of these contingencies poll
should be careful how they
'ool with the silver coinage law.
We will need all the silver the mints
,oin under the Bland bill and more
o. The metallic currency of the
must be kept up and as gold
;annet be had silver will be used.
We believe with u San Francisco
;otemporary that gold will soon be
'eckoned at SO many dollars in silver
per ounce, and that the white metal
will be the measure Of value.