New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-05

tbs s' country IS bound at whatsvor cost to supply
circulating medium which Is absolutely sound. This
Tgs tender not.s, by the sale of s1oo,o 900 900 OF
per cent bonds in order TO provide that amount Of
ior their redemption. We have already paid out
$4,000 600 interest on these bonds Is portion Of
Of United STATES notes, and We are stll paying out
s4oOOooc year for that PrPp }Ss. TO issue Trans
ury notes on unlimited deposits Of bullion would
place the Government at the mercy rr Gr o ms
the purpose OF unloading the Treasury at fictitious
This danger may be avered by giving the sece-
tsry OF the Treasury discretion TO suspend temporarily
the receipt of silver and issue oI NOES IN aIe event
,rdar nron.p rcstrciions TO sell silver, IL necessary
retaining the gold proceeds for the redemption 6 the
rhe .,st.nc, Of such authoity. even II never ex
orc;d Mould Psy s Dd ne for the reason that co
bnafion TO control the silver product OF the world
would be very ef Se successfully nderaen IN the
ssc. Of the power lodged with the Secretary 70 defeat H.
cor Tss weas be- r better than proposition to
6x the price at which notes should be issued az the
sdens pperrod OF time rs the latter would tend TO
prevent tho normal rise In value which Is desired and
TbiT"If il be objected on the ground that It
would degrade silver from its position as money. and
tSat silver bullion Is now nero commodity.
This policy would at once give 70 silver through
~, naner REPRESENTATIVE the rank and dignity of money
,n the most convenient ADD least expensive way in
Which It can possibly be utilized The issue of notes
based on bullion. as proposed, would have the effect
of GROWING It with the dgnt, of money as eiicctualy
as could the dies and stamps Of United states mint
| restore II TO It's former ratio with gold
opsD asa ss usid t sS P Sy o ha
ing 70 SPECTATORS an opp9Tu,nlty When silver hai
draw from the Treasury and hold for rise the silver
bullion covered by notes; or, when there hight be a
Of and G.S saTe he noe ed iO
Increased quantity OF silver
The answer 10 'h o ob!"Id o, Iaat tne asnger
exercise by the Secretary of the Treasury Of his option
would eeciusy prevent the successful elimination of
such speculative operations IT. ,, =,
/ limited may not this polsy result in an undue and
dangerous increase In the volume OF currency
May We not be flooded with the worlds excess of
Fears Of too large a volume Of absolutely sound
tent by our people The dangers from such an cx-
pans0n are not apparent, nor are they serious. II
preciaed dollars that affords substantial grounds for
the worlds sver, the pToposea law Itself and the
statistics in regard % the present product AID the uses
would only be issued at the average price Of silver
IN the leading financial centres Of Europe and ne
motive for shipping It from abroad Why should
same price 1t would command in gold at homo
product of Mexico: but. as will be presently shown.
h. amount would not be daneorSns lag o II womb
mand the same price in gold in Lonton that It would
IN notes In NewYork and nearly all the product Of
s9 ana bass To Esrop Sss OF %
Enng ..,... =. ~. ..,.,, ,u,o-..,o.
II may properly lie considered somewhat in detail.
The silver product of the world, for the calendar
year 1888. estimated TO have been approximately
900 ounces divided among producing countries
az follows:
ceqp s;,ss s,.,.. Fine e g gS9 cca
Mexico oy ~
fuloIe i,;; l 6SoC S5o
Total ................. orOOo)
5 e & aYsTsga Eee Of s PS r0Ss e
"a cents an ounceD s1O3 400 oOo and the coming
Il is necessary to use the coming value IN this
necton, because IT is proposed to deal with conages
which are usually reported at their nominal value.
The silver conages OF the world. officially reported
to the Director Of the Mint through our foreign rpre
''I inciudsd n his asgrssais Mexican
dollars and the sum OF 2s 90 9 9rsn cop
melted ms dnns the year What amount swey
s ais from n not
Dsducng the coinage Of Msxcan am dollars 0n and the
amount Of new silver employed in coinage about
The new silver used in coinage in 1888 was ap-
proximateiy distributed as follows:
COINAGE GEsS REcoINAGEo 1888 ,,n,
BY the United States s92 10000 ooo
Zoo,
BY BY o qpf' coants@s tprincipaliy colonial and
subsidiary conagesj --.--...-.....-'..-' l'.fo''V'
Total sos. zoo, 600
The product OF now silver for the same year was
approximately Sl42 900 600 CcOlning vauel leaving
about AZ 100000 of new silver for use In the arts
and industries for Mexican coinage not remeltcd. and
Deducting for recolnaees-thst IS, for domestic and
foreign coins used over, say - 600 0oo-the value Of
the new silver used annually in coinage hy the United
states and India may be placed at 567 100000:
Since the suspension of silver coinage by the states
Of the Latin ChTn N lena ne y Se coSass OF aSP
considerable value have been the United salcs and
India While 5s e c6n as me Of n1S Gi
silver dollars and that tho number OF Mexican dollars
coined annually from new bullion soGhs 70 ao oG
ing materially to the worlds stock of coin. for he
arc soon melted down and used in other coinages Or
absorbed in Asa,c trade The Of Dg9T
int MSSca for d easen ,rS S9y way
The mints OF Jaran are SIN open to the e9a ,s
Of M lesse No. vo SV1 s e Over or 900 ard IN
the year 1887 over 80 900 coo in silver yens SOM
fun csacnder Goass Ssec 4rsdo s cnne ,5
Theresa thalers for circulation IN the Ieysnt; and
e value o. the former being for the year 1887 about
1919 900 and for 1898 about ~ 10000 ana 81 hN
latter about Sso0o.0o0 in 1887 and S4ooo'ooo IN !
some full legal-tender silver coinage is ,cx"Cned
and in Africa and some by Holland for its foreign |
possessions. WITH these exceptions me SILVER cor
ages OF the world consist almost exclusively oi SUB
sdary pieces struck for change purposes by European
and South American countries. .
OF the silver coinage of Mexico II would be |
safe 10 ssr that from IS 900 coo 10 91O0O000O re |
MANS IN Mexico China.
II would be low estimate 70 say that al least |
81 600 600 worth of silver is exported annually TO
China, Asia and Africa, exclusive OF any portion |
which goes into the coinage If British India.
soe.beer the eminent German statis'ician, In an |
unpublished article recently received from nm bf
the Director Of the Mint. places the cXp0H9lon O.
new silver annually to Asia and Africa exclusive o.
what goes into Indian coinage ron non 90 400
600 900 He estimates the amount used annually /
m Inc subsidiary cOinages Of Europe and Am ican
states al from 900 900 10 100000 Kilograms OF new /
silver or from $4,000 900 10 10000 600.
The amount Of silver used Annually III inc art' |
and indusfrie; is not known even approximation. |
in this country the consumption is very large appoH
mating 81 900 600 annually. An estimate OF TO; /