The advocate and Topeka tribune., 1892-10-19
MONETARY COMMISSION.
Report OF the United StatoS Monetary
Commission, Appointed by Act OK OOn.
RresS August 1B, 1885,

NO. XVIII.
only small amount of SilUer aOSV re-
1aG6nGng in Europe.
1t Is objected by many that the re-
monetIzation Of silver In the United
States would induce further and more
general demonstration Of that metal In
Europe, and would make this country a
reservoir Into which would flow swollen
stream of cheap and chespening silver.
AS II is not alleged that we are exposed
to dangerous inflow Of silver from any
other quarter, 1t may be useful to inquire
what quantity In coin and bars there
really Is in the different countries of
Europe at this time, and how much of
chat quantity Is available for sale after
their demands for consumption In the
arts, and to keep their stocks Of sub
sidiary coins good against abrasion and
loss, have been supplied, and how much
they will need annually in the future for
these last purposes.
Italy, Austria and Russia, having an
actual currency of legal tender paper,
may be left out of this account. They
have no silver TO dispose Of.
In respect to Italy, 1t is stated In the
report qS7G of the British silver COM
mission:
Al,
currency. Since 1866 large amounts have been
exported; her forced paper currency has appar-
emily expelled the whole Of the metallic cur
rency, OF which the silver coins amounted az the
beginning or 1866 to about el7,OOO,OOO.
In the tabulatlon Of the same report Of
the quantities of silver thrown on the
market during the four years from 1879
to 1875, both inclusive, Italy is put down
as furnishing eight millions sterling, or
as much as was furnished during the
same time by Germany and the Scsndi-
navIan states combined. An Italian
finance minister has estimated the Italian
export Of both the metals since 1865 at
$2OO,OOO,O0O.
The facts given in the report made De-
cember 20, 1876, by Mr.. Compton, Of the
British embassy at Rome, seem to justify
his statement that "sSnce 1866, tOlen pa
per money tVds introduced in place Of
coin, nearly $30,OOO,OOO north of SiIver
has been exported" This is nearly twice
the estimate of the British silver COM
mission. II it Is true that 5000, 100000 of
Doth the metals have been exported
since 1866, the estimate Of Mr.. Compton
Is more probably correct, as the proper
tlon Of silver to gold was ALWAYS very
large in the Italian circulation so long as
1t was metallic or convertible. OF the
coins Issued prior to 1869, those with
drawn have been In the proportion Of
$09,635,OO0 Of silver to So, ,4l5,0OO Of gold.
In the new coinage since 1862, and down
to 1876, the silver was Sit 7,505,48l and
the gold 50, ,44G,6SS. In the public treas
ury and In all the banks in October last
Mr.. Compton states the entire metallic
money at only 100000, divided about
equally between gold and silver. 1t is
fully shown by all these statements that
within eleven years Italy has thrown an
immense amount Of silver, undoubtedly
approximatIng sl5OOOOOOO, on the mar
kets, and that It can do nothing further
in that direction.
The portentous political aspects in
Europe do not justify the expectation Of
an early resumption Of coin payments
by either Russia or Austria. The paper
rouble of Russia, which dates with the
Emnraaa Catherine. has had the VARYING