The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1885-05-16
WHITE PINE NEWS
silver Locking Up.

Silver has touched 81 09 in New
York, which leads the San Francisco
Chronicle to believe that 4 wholesome
improvement in Eastern opinion has
taken place. One by one the Eastern
journals are getting to understand the
subject, and by-and-by, perhaps,
even the New York clearinghouse
may realize the absurdity Of the posi-
ton It lately took aud may reconcile
It to Its conscience to gracefully sub
NIT to the law. The New York Sun
realizes the situation aud has some
quite sensible articles on the subject.
There was Q silly article in the Chi
cago Times the other day attempting
70 justify the hostility of the banking
class to silver, but the Inter-Ocean
explains the facts and sets them in
their true light.
But the people OF the Pacific Coast
require no new information on this
subject. They know that what is
called the fall of silver in value within
the past few years from 81 20 to 81 oS
per ounce was caused, not by an in
crease In the product of silver, but
by q decrease in the product OF gold;
that 1t is really not silver which has
gone down so much as it is gold that
has gone up. This Is proved by the
fact that not silver only, but all other
commodities - coffee, cotton, coal,
copper, tin, lead, wheat, silk, sugar,
cheese, wool, etc.-have declined in
~ equal il mol greater ratio than
silver. Ever since the California yield
of gold began to decline heavily, no
new mines have been discovered to
supply the deficit, gold has been APP
preciating in value, and it has now
become 80 scarce that the world does
not yield enough to supply the de-
mand for gold in the fine arts, tn say
nothing about coinage. IN 1878 the
United States produced S5l 900, 900 in
gold, and In the decade ending with
1880 the average annual product WAS
over S35, 900, 900; last year it was only
SO, 700 900. The total gold product
of the world is estimated at SS5, 00O,-
900; If this amount $50. 900, 900 is
consumed In the arts, leaving only
81, 0OU, 1000 available for coinage,
whereas the average coinage of the
world Is Sl0l 200, 900. Is it then any
wonder that gold coins appreciate in
value IS compared with silver? Yet
30 well informed journal rs Brad
streets comments Oh the late report
OF the Director OF the Mint in the fol-
lowing words:
1.-THE Director places the country's
silver product at S4S, 5000, 900, at its
coinage value. Its commercial value
would be about s42, 900, OOO."
Which leads to Chronicle to ask
It's commercial value is what? Is
there any sense Of reckoning values
In q metal which is so rapidly grow
ing scarce that its supply falls short
OF the amount required for coinage
by rs per cent. and which has already
gone to . premium in Paris? Why
not take a common sense view Of the
question, and reckon the value of gold
and all other com modities in the only
money metal Of which we can COM
mand an assured supply - silver?
The world has got TO come TO this
sooner or later unless new gold m ines
are discovered, and the sooner banks
and merchants prepare for the change
the less disturb ance 1t will cause when
1t becomes inevitable. France got
along for many years as a bimetallic
country with gold at q premium OF
Ave to ten sous on the Napoleon; and
what France can do, the world can.
do, without any serious injury to the
machine OF commerce..
The Brooklyn Eagle (Democrat)
-o..~.. 49,