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

tcIcstlng snDJect.
EXPECTATIONS BY RAILWAY.
Provision should be made by law giving authority
IN the Secretary OF the Treasury to prescribe rega
tons for hc collection OF statistics OF exports from
tbc United States by railway. Section 337 OF the
Revised statutes embOdleS provision which mas
been in force since the year 1920 for tho obtaining
OF the particulars Of expectation by vessels but wh'
II is equally important that the statistics OF LAM eN-
narration should be collected the mode Of collection
you'd necessarily bc different. and could best be
dxrd by administrative regulation The Governmenis
OF Taha az" ~ tbosc countrleS by railway ard APP
rcar TO encounter no special dimculV III SO uolnS.
ncesibln and desirable for MS Any statute passed
upon the subject should contain penalty i0r failure
Oh the carrier make return OF eNporta'l0ns III
such form as may be prescribed by regulation.
SILVER
The continued coinage OF the silver dollar, at a
constantly increasing monthly quota IS disturbing
element in the otherwise excellent financial condition
OF the country, and positive hindrance to any inter
national agreement looking to the free coinage Of
both m.'as at a fixed ratio.
! Mandatory purchases by the Government OF stated
quantities OF silver and mandatory coinage OF the
same into full legalicnder dollars are an unpre
cedented anomaly and have proved futile not only
the downward price Of that metal. -, ,-e
since tho passage OF tho act OF February - IL
10 November /. 1889. there have been purchased
300 $50 4lG11 standard ounces OF silver at cost o.
313. G3s. G0I standard silver dollars.
There in circulation on November OF The
nrfscnf year GOO0S.4S0 silver dollar, less than ~
Ter capita the iema nder 1888 ,539j21 being store
away in Government vaults, of VIII oh $277,3l09il
The price Of silver on March l. 1879, was 81 1916
pence. equal to 81 2o42e per ounce fne Al this
price S2.0OoCOo would purchase 1,G6072o ounce;
Of fine sllyer witch would coin 2,l47 2o3 standard
silver dollars. Al The average prce Of silver for th>
fiscal year end1 June 30 1889 ar 400 Iencr
| eoniv alent 10 SO93163 per ounce fine. $2.OoOOOO
would purchase 2.14e.755 fine ounces. out OF which
9,775 .G39 standard silver dollars could be coined.
|
quantity that must be purchased and the larger tho
number Of liver dolars to a be coined to comply with
No proper effort has been spared by the Treasury
to put IN e TlS hoo the GPari nne
demand from the minis and suhtrcaSurieS. free or
re to % d ITd s n %qi Se waT back n
tdyss snrcy the Stock OF these doIaS which can
| rerform any useful function a circulating medium
he further coinage and storage Of them will then
become waste Of public money and burden upon
II IS frcaiy admitted that the predictions Of man
silver coinage would be reached. have NOT been full
their aprrehensions wcr, based are Justified by the
laws OF trade and finance and by the universal cN-
rerenco Of mankind While many favorable causes
have cooreratcd 10 postpone the EVIL effects which
are sure 10 follow the excessive issue OF overvaue
coin the danger none the less exists.
The silver dollar has been maintained az par with
cold the monetary unit. mainly by the provisions Of
law WReh 6s 's sver m Ea rssSa an rs P
sud other dues: but the vacuum created by the roth
| ment Of naonal-bank circulation and the policy of
the Government in not focby paving our silver 6o
| materially aided its FREE circulation.
Tho extraoriinary growth OF this conntrv IN p9pG
al EnSS Of business and the answering confidence
Of the peope I'm the good faith and financial CONDITION
enabling ne 10 maintain DEPRECATED and constantly
deprrrating dollar at par with Our gOld CONS lar pc
yond the limit which was believed possible lew years
But the fact must not be overlooked that it i; Only IN
domestic trade that this parity has been retainer IN
FOREIGN trade the silver dollar possesses only ouoh
value.
| CAUSES OF THE DEPRECIATION OF SILVER
| From the year 17l7 10 1878 the ratio between gold
and silver was remarkably constant being 10 IL to
IN the former year. and 1892 TO IN the latter year
During this long period of 100 years there were slight
fluctuations I'm the RATIO but enough TO cause any
! serious Inconvenience. Even during the period OF
tho immense production OF gold, from 1s4s TO 1868
when e.. 757 900 Of gold was produced and only
ss13OoOO 900 Of silver, the change In the rauo was
1 only about 1.6 Per cent.
! Tho legislation OF Germany in 1871'73. Immediately
following the Franco German war, adopting the single
geld standard for that Empire, Withdrawing rapidly
rom circulation silver coins which prior to that time
had formed almost exclusively the circulating medium
anu intervals ,pon the market the initial
| factor Of the great monetary disturbance W.icn az
strOycd the legal ratio between gold ana sNcr INA" hd
Franco and her monetary allies, Belgium. swizcr
land Italy and c Gre %Scb a2 was su a. ' to oW into e
/ oncn minis Immediately restricted and soon alter
ward clc-ed. their minis 10 the coinage vi i ioe'
''' IKE action only hastened the catastrophe
mo other nations OF Europe were NOT SLOW !,
follow the example of Germany and France ea i, IL
1879 Denmark Norway ana s T%r's snbddTy r.
,aT5 Holland closed her minis to the coinags OF svrr
In 1876 Russia suspended the coinage OF Slver, eA
fep nca a ceased to coin silver for individuals exccp
trade coin known as The yan Is t Rer 70 1871 Eng
land and Portugal were the only nations Of EuroI'
h excluded S SsI as OF is not O MIN
Of Europe has been open to the coinage Oh S'Nor io
If has bean charged that the act Of February 10
1873 revising the coinage system OF tn C9ue 81 states o
by ir Rsd much to do with the disturbance in N
value OF silver. As matter OF facl wv acl Oh To-
1n sd' States was at that time on paper basis
The entire number OF silver dollars Gonsi ~ th
country from Ws n only S and they had not bees
~ crrnlaton for over twenty I'VE years.
MGeoISr ned Stats entered the market as lalg
purchaser OF silver for subsidiary coinage; " YAK" ~
place 1873 81 PURCHASES PURCHASER f Tor thai q
standard ounce: OF silver at G0ss O., az ycr
ar, ntrv standing alone Of all important nations
| ,n ts effort 10 restore the former equilibrium be
ged and sad s'f tc s s' stock Of f
money $40 G3s ool dollars of deprecated and steadily
Pwha has been the effect the price Of syer
The value of ounce of nc siver %hGn oe on Mact
| ,s-a was 81 90 was on November l, 1889, 10 %
J. ,Iooitn,o On eleven wears Of over 30 ner cent
In is71 the date al which nu,chas%, OF silver fo
suuua cSIn,oirInc al % grains OF pure silver. wa
ABOUT II cents moro ttan the gold dollar on Marc
j. a, liar coinage. II was 30 O3 while todal
i,e bmion value Is - cents In gold In other wor.'
Us IT, bcen fall of over - per cent In the valu
lh"rT .r a. compared with gold In the last sXtce
car and Of ever 20 per cent SINCE we Gcssn Er
y asrs III iontInuo,Is and with uniformly accelerate
eocy win from the onoS enh '1D sss ye,
Ayefage "a vaIue OF an ounce Of nno silver, at par
s1Snc With decline expressed In percentages eaeh yea
| hnce 1873 p,,cr Value Of Decline
a., Ionion Ane ounce from 1875
Year. Dollars. Per
s7s.....~....-.. o. SS 2o9 27s27 10