Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1885-05-15


Statesmen.
The present ~stsgnstion in business affairl
In England and in Europe generally. al
well as here, has been produced in q grear
measure by England and Germany having
adopted the gold standard of values.
But we need not spprehend any diff
Guilty In maintaining our position in o com'
mercial sense, in our dealing with foreign
countries. The universal demand for sill
yer Is not to be impaired to any great ex'
tent by the demonstration of silver On the
part Of not quite 100. DOC, 900 of people oui
OF 1,600, 600. 900, even II they do belong ia
the more enterprising portion Of the
worlds population.
The present depression in the price Of
silver is only temporary. The supply OF
gold being inadequate to the current de.
msnds OF commerce., the deficiency will be
made up BY employing silver and thus re.
instate II in its former relative value with
that Of gold.
The silver coinage of France is OF less in
trinsio value than ours. Her business men
have not experienced any business troubles
in consequence thereof, her supremacy in
the financial world by thus placing . last.
ing cheek upon our present prosperity.
The supply Of gold being so exceedingly
small as compared with the imperative de-
mands of trade, she hopes to be able to
maintain a controlling power over the
financial affairs of the world through the
claims she holds against other nations and
peoples.
The estimated supply Of gold now avail
able az money, will not exceed ga, 600, 000,-
600. The available supply Of silver will
not exceed 81. 800. 900. 900, although there
has been produced during the last 800
years several thousand millions of dollars
in Mexico, Peru, the United States and
elsewhere.
More than two.thirds Of the human race
employ silver alone, 90 their standard Of
values, while but . comparatively small
portion employ gold alone as such. Under
these circumstances. it will be impossible
for any one nation to dispense with the use
OF silver as one of the standards Of value.
Our commercial relations with other coun-
tries forbids such q course Of action, while
our own interests requires us to maintain
the double standard to aid US in guarding
our markets from the injurious results Of
oASCobAVO bPCCukbtiV6 OAOi to VI buO p6kb VI
designing schemers, whether foreign or do
mestic.
No one 10 so ignorant In regard to COM
mercisl affairs az to suppose England and
Germany can proftably dispense with sill.
YER as an aid in the establishment of q
standard of values. II all c~hristendom
should join in the attempt TO demonetize
silver. II would be unable to permanently
affect the demand for silver, or detract
from its intrinsic value, either as Q circu-
lating medium OF as an article of com.
merce.
1t is said that the New York Cclearing
House has already or is about to refuse the
United States silver certificates in the pay
ment Of Clearing House balances.
It cannot be possible that an institution
that has foated over S25, 000. 900 Of its own
certificates in making such payments can
consistently refuse Government silver GER
tificates which are redeemable in legal ten
der silver dollars.
Such Q course OF action upon its part
would be suicidal 80 far as it's own interests
are concerned. The fact that the Metro
politan National Bank could not rega in
its lost credit. although supported in its
effort in that behalf by this same Clear
ing House, Is an evidence that it should
not assume An sntagonistical position as
regards the public opinion and the gem
eral interests Of the country.
The total available supply Of gold in
the whole commercial world does not
exceed 50, SOC, 000, 900, . sum which is
not enough to pay off the indebtedness
of England alone, much less sustain the
movements Of money upon a just equal.
ity with the current demands Of trade.
This is q small sum Of money upon
which to base the financial transactions
Of O progressive world. II is an exceed.
ingly small sun upon which to conduct
the exchanges Of even Q few commercial
nations and to establish intrinsic values
within the limits prescribed by the avail
able supply of other commodities and the
current demand for them under all the
attending circumstances.
II all Christian nations were to adopt
the gold basis, other nations now employ
ing silver would be compelled to employ
gold to q limited extent in their dealings
with US. This would still further reduce
our available supply Of gold, and 30 far
weaken our financial standing.
Instead Of reducing our supply Of specie
we should increase 1t by employing one Of
the higher priced metals. For instance,
one OF tuueo tubb 10 WOTbu COmmoIClhlly
forty times the value Of gold. This would
supply us with Q ready and economical
means of transporting specie from n
country to another without lessening the
regular current supply In any one locality.
Aside from the above consideration, we,
as a silver-producing country. cannot en-
terrain for a moment the characterization
of silver.
The precious metal mining interests OF
this country, in connection with its ex-
ceedingly profitable relations with our
mechanical and other important industries,
is only second to our agricultural interests,
as regards the moun of capital en-
ployed and the number OF people engaged
in il.
Shall we become a willing party to the
evident designs Of England in her efforts
TO reduce the market price Of silver and
thus enable that Government TO obtain her
supplies Of silver at her own valuation. to
be used by her in supplying the imperative
demand for silver existing in all her East
ern dependencies. where silver is the pre-
vailing standard of values. and where we
can so readily observe the depreciating