The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1890-06-06
THE SILVER QUESTION.

for some decisive legislation by congress
in line with the requirements of the
times from the point Of view OF the gen.
eral and pressing needs of the business Of
the country; and still further, in view of
the popular favor with which the bill in
troduced in the senate a few days ago by
MIR. Plumb, know as the st. John bill,
the following statement of the situation
prepared by the author of the bill,
at the suggestion of the New York
Chamber of Commerce, will be read with
interest and will help to a more compre-
hensive understanding of the question
and its invOlvings as to the money ques-
ton and the governments obligation and
duty in the premises:
Nations trade with commodities, and
only in balance of trade is title acquir-
ed to gold and silver, esteemed as money.
If Europe in any season shall establish
a balance Of trade against the United
States which others of commodities will
not acceptably make good to her, she
may exercise her right to command our
gold, uninfuenced by this proposed en-
actment or any other act of ours
respecting silver On the other
hand, as from time TO time the
foreigner shall establish a title to a por-
ton Of our gold, it will be of prime con-
Germ to us that we have provided a suffi-
cheney of money acceptable as legal ten
der here and abundant for our wants in
our vast domestic trade. Twelve million
increase of population and the creation
of four new states indicate domestic
trade expansion in the last ten years.
The act proposed, being in result the
same as though we opened our mints to
free coinage of the standard dollar, will
enhance the price of silver and maintain
it at parity with our mint fixed price in
all the markets of the world. British
lndla'S minis are open to her legal ten
der rupees upon the payment of her
selgniOrage charge of 2 per cent. There
fore, to enhance the price of silver in all
markets is by so much to increase the
cost in gold to Europe Of the cOmmOdi-
ties which, in the balance of trade, In
dia's money buys. Thus to add about
30 per cent to the gold cost in Europe of
midas legal tender rupees is, to some
portion of that 80 per cent, to enhance
the price at which Europe can profit
ably receive and pay for United
States supplies of products now
supplied by India. What this may
mean may be surmised from the fact
that India last year exported $32, 900, 900
worth of wheat as against our export of
S44, 900, 900 worth of the same. There
fore the proposed enhancement of the
price Of silver will tend to increase our
exports and establish for us credit bal
ance in trade with Europe; and therefore
tend to establish for us a title to Europes
gold.
1.-The perilous inadequacy of new gold
supplies, if gold alone is to be relied upon
as the world single full tender money,
ought to be evident from the fact that
all nations have supplemented their total
volume of both gold and silver money
with paper issues additional. The
worlds annual production of gold aver
ages about SOL 200, 900, and the annual
coming and recOining of gold averages
$40, 100000. Yet the worlds art-use of
gold, absorbing over $4,000, 900, leaves
less than $50, 100000, annually as the
sum of new gold from the mines appli-
cable to the worlds increase of money.
France, conspicuous among nations for
her shrewdness in finance, has total sum
of money exceeding z, 030 million dollars,
tai sum of money ahoat, in bank and in
the treasury of the United States, and
this for use of 27,000,0 900 fewer than we
count, and all embraced in territory
less than One-SiXteenth the area of the
United States. France has S270, 900, 900
more gold than we have, $780, 900
more paper money and $3.50, 900, 900 more
of silver Yet France is the natural &C
10 81 H., IF
tions, she importing last year Ito Febru-
airy 1890 total net sum of gold exceed |
ing $50, 100000.
'With China absorbing about half of
1IexicO'S silver almost as rapidly as
coined; with India still greedy to in
crease her hoard of treasure "gold and |
silver" upon an accumulation during the |
last fOrty-siX years already exceeding in |
value s., 070, 000, 900 made up in part by |
silver imports ia 1887 $26, 000, 900, 1888 |
S29, 000, 600 900, 1889 10000, 900; with |
South America also frequently a buyer |
last year; with the United States last |
year consuming for coinage about one |
half the silver proposed in this enact !
ment, it may astonish some to learn that |
after the years production Calendar |
1880, the greatest of any single year in
the worlds whole history, the great dis
trlbuting silver markets, London, New /
Y ork, and San Francisco, being asked in /
February last to state their supplies of
silver quoted. stocks of silver nominal.
The weight Of pure silver contained /
in our present standard coin is the same
as that prescribed for our dollar of 1872.
the free coinage of which continued TO
be allowed until 1873. That this old /
privilege of free coinage was much neg
ected was due to Europe's over-valuing
IF silver. compared with gold, by which
curOpe's minis were a better market for /
1ur silver than our own. The closing of I
our own and Europes minis to silver and /
subsequent only partial reopening of
1urs, while all the time all minis have
oeen open to gold. has increased the
power of gold unquestiona-
bly,. And the inference is fair that if
without any better treatment of silver
lv the world than now, the worlds minis
we're closed to gold. the annual excess
If about SIS, DOC, 900 of gold production
more than the arts consume would soon
iepTeSs the price of gold, measured In
silver, to q point where gold would be
heap enough for greatly extended use
u industries.
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pa-D1 avf-5ss % -F,a 5oH0ra