Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1890-11-08
WHY SILVER is DECLINING.

OF the ablest advocates OF the re-
cent measures relating to silver,
has written for the San Francisco
Post a carefully worded interview,
in which he discusses the Silver
Bill. Mr.. Stewards statement
simpliHes the whole matter and
discloses clearly the theory upon
which the recent silver legislation
is founded. In general effect it is
that il the Government will buy
enough silver, store in vaults,
withdraw it from other uses, and
generally corner the metal, the
price will go up.
Mr.. Stewart says that accord
ing to the reports Of the Director
of MINIS, the United States last
year produced fifty million ounces
of silver. He is satisfied, however,
from careful examination OF the
sources of information, from which
that report was made, that no
such amount was produced. He
is equally confident that not more
than forty or forty five million
ounces came from our mines.
Assuming, he continues, that forty
four million ounces were produced
In the United States. and that o
like amount will be produced in
the current year, it will be neces-
sary then to import ten million to
make up the fifty four million OF
ounces, which. the Government
under the recent enactment il re-
uuired to purchase each year. II
no adverse influences were at work
Mr.. Stewart thinks this would put
silver at par.
This outlines the whole theory.
Congress had before it statistics
which showed that the United
States produced fifty million
ounces Of silver per annum. 1t
provided for the purchase Of the
entire product Of the United
States by the Government and
four million ounces In excess OF
what 1t supposed to be the pro-
duct. According to Mr.. Stewart,
however, 1t provided for the pur-
chase of the entire product Of the
United States and an excess OF
ten millions Of ounces. To supply
the amount, which the Govern
ment mustunder the Bill purchase,
would have required the imPorta-
ton Of ten million ounces, and
this was depended upon to put
silver to par. II Congress had
been right in its statistical facts,
there is no doubt whatever but
that the deficit Of product In the
amount Of ten million ounces
would have sent the metal tenn
porarily to par. But Congress
was not right; it was not correct
In any particular; 1t was not in
the possession Of accurate statis-
tics. It did not properly antici-
pate an increased production. 1t
did not account for the silver that
was in hiding-that Is, silver that
had not entered into the statistics
OF the world. It did not anticipate
the importation Of silver from
foreign countries in the quantity
which has since become apparent.
Recently q gentleman arrived in
San Francisco from Mexico with
100000 Mexican dollars to be con-
verified into bars and sold an bull
lion. The banks OF San Francisco
have suspended the expectation
Of silver to Hong Kong az was
formerly done, and make the open
statement that silver has greater
purchasing power In the United
States than In China; and this
means that large quantities Of
silver will start this way from
China.
Mr.. Stewart proceeds to show
that IL law was passed, forcing
the Government to buy at market
price a still larger quantity Of