The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1891-10-03
THE SILVER IN EUROPE.

One Of the objections which gold-bugl
profess to entertain against free and un
limited coinage of silver is that in the
v event Of the enactment Of a free coinage
t law the United States would become the
r dumping ground for the surplus silver
of the world. Some 60 30 far as to de-
) clare that with silver at 100 per ounce
| in this country the old silver plate and
other old heirlooms of foreign house.
holds would be melted into bars and
!, sent to our mints for coinage. The fal-
lacy Of these so-called arguments is
clearly pointed out by Mr.. Moreton Ere
wyn. This gentleman ranks among the
first in the world as authority on money,
and his opinions are regarded in finan-
cial circles as a settlement Of points in
controversy. In a letter to the San
Francisco Chronicle Mr.. Frewyn takes
the ground that with free coinage very
little or no European silver would be
sent to this country. The subject mat
ter Of the letter is so important to Mon
tana readers that the TRIBUNE feels JUS
titled in yielding space to it. Speaking
of the objection to free coinage the gen
tleman says:
Formerly the objection to free coinage
at l to 16 was this: That Europe"
would melt up her silver stocks and send
them here to be exchanged for gold"
But when we pointed out that silver, at
| thu Lrr10aar -a<so - " " --
worth, plus freight and insurance, nearly
4 per cent more there than it would be
sent across the Atlantic, it came to
be admitted by our opponents that
the individual European would not
your gold, seeing that he could buy
Paris than he could in New York were a
Still il was said Europe" was to make
this country the "dumping-ground" for
her silver-the European State, not the
individual. Then followed the inquiry
what state was meant. Was Greece or
Montenegro going to drain America of
her gold? And thus, after a careful
process Of reluctant elimination, we gen.
orally arrive at the point that France,
surcharged with legal tender silver, was
the Europe" meant; that France would
be likely to unload her silver out
of the ''swiftest ocean grayhounds. |
etc. TO this the reply made by Senator
Stewart the other night seemed suffi-
Gent; that at the expiration of the
period OF the Latin Monetary union in
1889, France, under the terms of that
agreement, could have made Belgium
and also Italy, 80 disliked by Frenchmen,
buy back not less than sixty million
dollars worth of their silver now cir
culating in France for gold at l to 1873
other words, for 134 cents per
standard ounce AS, however, France
did not sell silver to Italy at 134 cents.
was it likely she would sell to America
at l29 cents? For just as no govern
ment in this country could stand if to.
day 1t attempted to repeat the affair of
1873, so it is recognized in Paris that any
executive action hostile to the peoples
money would there also be followed by
swift r%etribution.
Continuing, Mr.. Frewyn holds that
French chambers would not pass an
act to melt up French silver. And il
she should our mints could be closed
against it before the metal would reach
'ur shores. He contends there is no
in Europe prepared to melt and
'ell silver coin without fresh legislation. |
\ rise in silver to S1.29 per ounce might
iberate about twenty million dollars of
Austrian silver and possibly four mill
ons in Egypt. That would be the sum
# all the foreign silver that could be
dumped" into the United States about
wenty-four million dollars. As for sill
'er coming from China or the East In
lies, he regards as out of the question.
of the 27O,OOO,OOO of natives of India
ess than 1900 have bank accounts. J
here is no way to reach the silver the
reat masses have in small accounts, and
there was a way they wouldn't give it
Ip. The people of India have abundant
for all their silver. I
In concluding his letter Mr.. Frewyn I
Expresses the opinion that it is possible
hat some of the South American repub- {
les may still have some coined silver {
hat their poverty may oblige them to
ell, unless they sold all they could sell
.uring the rise last year. Beyond these !
sources he can see no possible chance
T silver reaching the United States from {
outside, nor of the passage in Eu- I
ope OF any legislation which would have 6
effect, the possible exception again
eing Austria, where legislation has at t
EAST been talked of to enable that coun- j
ry to resume specie payments in gold.
his legislation. requiring the consent of
hungary alone, would be two years in {
assing. Thus it appears that the as a
ertion that this country would become /
he dumping-ground for foreign silver =
18th free coinage is, in the light of these d
acts, wholly without reasonable foun- S
alton in truth. 1t is simply the gold j
ugs' scarecrow. ]