Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-10-29

been telegraphed from London to this
country to the effect that Austria Hum
gary Was about to adopt the gold stand
ard thst the Latin Union would not be
renewed at the end OF this year, and that
Belgium would be forced TO redeem In
gold her silver coins held by the Bank Of
France that large amount of paper
money would be Issued in India, thus
doing away with the nominal demand
for silver for that empire, and sundry
other minors to the same purport, the
purpose and effect OF which was to
weaken the price OF silver.
This is readily understood from an ex-
animation OF the price of Indian ex-
change as quoted in London. The
price rose from Is. sd. on January 4th,
to Is. SGD. on August 23d of the present
year-that is, from Sale. to 42c., an in
crease OF 7lc. per rupee. That is TO say,
every English merchant who had bill
to pay in India had to pay II per rupee
more for bill Of exchange than he did
on the LIST OF January, which increased
cost was occasioned by the rise
in the price of silver brought about
by the Legislation OF this country. So,
too, with South American exchange on
China, the improvement in which was
about 20 per cent. 1t Is well known that
we are in the midst OF most active
mining season. Undoubtedly the pro-
duetion of silver has been stimulated by
the passage Of the new silver law. /
have just returned from visit to large
silver mines in the West, and i know
from personal observation that mines are
producing "A large quantity of silver to-
day which were shut down when the price
OF silver and lead reached the very lowest
figure.
But it must be remembered that we
are approaching the period OF winter
months, when mining is not SO active,
and moreover, that the present activity
in working silver mines naturally results
in more rapidly exhausting the lodes.
Silver is not a product which can be
produced like the cereals or manu-
featured goods at Hbittn1, but
when the supply runs out in one
place new finds must he made before
additional products can be obtained. SO
far as my information extends there
have been no new silver bonanzas dis
covered, and aside from the discoveries
OF valuable silyer-leed properties in Au-
stralia, am not aware of any large de-
posts of silver which have been dis
covered within the last year or two, GER
tainly meme recently. So that 1t is fair
to assume that the silver product for any
considerable period Of time, unless there
are new discoveries, will not be material
ly increased by the present active work
ing of the mines.
No sensible person likes to make
prophesies, especially on subject which
has proved so Elusive as silver, but GER
tainly one who has made a close study
of the silver question ought to find IN
the facts mentioned sufficient cause for
the recent decline without seeking
for imaginary reasons and casting slurs
upon the Treasury method of purchases.
The new silver law has been executed by
the Treasury Department in the utmost
good faith, and in the same friendly
spirit towards silver which characterized
the passage OF the act, and the manner
Of its execution has not had the most re-
mote bearing upon the recent decline IN
price.