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

I:,3 $s sis S S So s.
Total e15ooo9 Goo 1853 2sl
Those 100000 600 10 800 600 900 Of cornell bills
affect the prize Of silver would tn" sale Of so much
Inilon TINT tnese council ns ha" IKE an IN IN,
they must enter Ia gely into iuq1'ry a tn The
causes of depreciation. and into any estimate OF the
probable advance of that metal.
INCREASED PRODUCT.
While tho dema~d for silver has been cat off by
The closing Of the minis Of Europe 10 ITS coinage. aud
the usual demand upon tn" part Of India reduced by
the sac Of council bills, the annual product OF silver
Tho worlds product of silver in 1873 was estimated
at G9j. 100000 (colnng vau" o. which Ti12OOOno
wa the product Of ne Cned 1,aGs a sSS oo se
600 coming yaluel Of which the United Slaes con
drri7g lie las decade In The words prod9ct OF
svcr Of about 80 per cent and an lncieoSo III tne
In view Of these facts. whc II Is evident that the
urinary causc OF the decline In the price OF silver was
Trorc virtually osiraceing silver It is also true that
the fall has been FASTENED by an increased supply
f'li"9 upon market for which there was REFUGE"
demand.
ROYAL COMMISSION.
1-e ROYAL Commission. appointed by the brush
Government in 10 inquire into the recent chances
in the relative value OF the precious metals, adopted
the following statement. without division:
We are OF the opinion that the true explanation
Of the phenomena which arc directed 10 investigate
is to be found in combination Of causes, ana can
not be attributed 10 any one alone. The acton
Of the Latin Union in 1873 broke the link between
silver and gold which had kept the price of tao
former as measured by the latter constant at abodt
the legal RATIO and when this link was broken the
silver market was O.en TO the influence OF all tho
factors which so to affect the price OF COMMODITY.
These factors happen. since 1873 10 have operated
-ns1 r.rf0 1f a
metal and the frequent fluctuations In its value arc
accounted for by tho fact that the market has become
fnly sensitive to the other influences TO whoh we
have called attention ABOVE.
JorNT Use OF GOLD AND SILVER AS MONEY.
It is unquestionsby true that. in this country
public sentiment and commercial and industrial nec8'-
sity demand the Joint Of both metals as money
IL IS not proposed to abandon the use Of either goa
or silver money, the utilization OF D0th me'1iS d.
circulating medium basis for paIer currency
* believed TO be essential to our National prosperity
We can not discard either II we would without In
vobing the most serious consequences. But the I'M
precedentel change in the market vaiue Of the two
metals within the last sixteen years and the steady
depreciation of silver the face of the large pur-
chases on the part OF this Government. arouse grave
apprehensions and cause great difficulties
with stock Of 3l3 633 ,00l silver dollars, shsilns
eouauv with our gold coins the functions OF ful
legal tender money. as well as SiouVoUOu, s'os 81
I've I'VE rom our mes approNmating $60O0oOOo
Srnnirg vauel it would not be for the interests or
ms growing country nor would it I've wise public
I nv IiscNntine the use of Their metal as money
\ Of it Is equally tue that TWO WHEY eetenI en-
constantly varying standards, for the measuIemcnt
M values, are impossible In any permanent "oH
ordered financial system o,,n.oo, co,d and s,lv.r
coin and four kinds OF paper money, there IS in ualty
Since 1873 but one standard. section 90 hevi i
statItes. provides that the gold coin Of |e United
tates shall be dollar piece, which az The standard
WEIGHT of 20 3 grains shall be the unit OF value
~ bo T,casIry reserve OF $780, 100000 in gold
provided as a guarantee for their redemption; Vpr
hank currency IS based upon United states bonds inc
urinclDal and interest Of which ara PAYABLE IN g3lu
our gold certificates are expressly maze redecnao''
III f may be said that our standard silver dollars and
the certificates based upon them. constitute it an ca
r6minaly silver, but in really It IS gold. me Dul a
from which these dollars are coined IS p9cn i az
its MAJ ket price in gold They are mace eea 'eep
and are receivable for customs and other ducs. Inc
faith and power of the Government are tnerr'oru;
pledged 10 make them equal to their face value and
So long As their number is kept within safe and proper
limits they WILL in this country at least he mantslne
at par with gold The honor as well as te torSo q;
Of the country, involved in the presclN a, oI
This parity EQUIVALENCE between our goa b sn
price of silver but equiv aence in domestic ranS Is
practicable long the coinage OF the silver do1r
Up TO this tImd they have been maintained at par
by force of Governmental authort ana 10y o pancaI
power of the United states. Gold is the foa standard
for the Of taeo ana y % Sr 10
S 10 be ssabsb and n0 maintain
a fair ratio of value between the two metals
Fore applied through legislative aclCn nay Ter
time control the laws OF trade Tps assert their no
There are doubtless persons who would OahiSn al, 81
yer from circulation and rely Wholly upon epu % h
adopting the cheaper metal drive the dearcr our OF
circulation II not out OF the country put an over,
whclmlng prepOnderance of public sentiment demands
that both metals be utilized. - - .,,
The problem therefore, presented for our conSlderar
ron and which demands the action OF congress. Il
not which metal shall We use but How shall we use
both -
SOLUTIONS WHICH HAVE BEEN PROPOSED.
Various solutions of this problem have been pro
posed among which the following may be mentioned
First-An international agreement fixing ratio be
tween silver and gold and opening the minis of the
leading nations of the world TO the free coinage Of
! both metals at the ratio established.
In such concert OF action II It could he secured, 4
the final and satisfactory solution OF the silver prob
lem. Tho policy Of promoting 1t was instituted by thu
United states In 1873 The proposition was made Il
the European nations. and was fully set forth AMI Jus
titled I'm two international conferences. Unfortunately
some of the most powerful nations are not yet read
to act Public sentiment, even IN those countries
seems 10 be moving steadily n that direction but thu
| far no substantial results nave been achieved
II Is believed by many persons well informed on IN
subject that eventually the evils and embarrsssmsnts
the present condition OF affairs will become ntoler
able as 10 force the most reluctant nations into a
agreement for the reconciliation Of silver upon
fsr ratio has been prOpoS dby persons Of the hghes
| financial standing 10 hasten this result by stopping
tIcppnc an additional 30 900 900 ounces annually
Inon he market TO prccipitate so sudden and grra
Sa IN ne nrIce as 10 create serious financial disturb
arce thmug6out the world, and thus compel a speed
ntarratIonaI adjustment OF tho silver question Thi
might PROVE the Tca eob %SE Of be reas9s p
commercial and industrial disasters I'm this countr
wen abroad %'" sc%e pSer
solution should be found II possible. The modlhca