The midland journal. (Rising Sun, Md.) 1885-1947, 1892-04-08
The value of silver.

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A good deal has been said in Congress
during the past week about our present
silver dollars being dishonest because the
old par value Of silver is now quoted at 20
cents on The London exchange. We will
give these ssdishonest' silver advocates a
point that may enable them TO do a little
thinking. SILVER is sold on the London
exchange to manipulators; that is, the last
quantity sold after all other requirements
are supplied. These manipulators are a
ring, composed mostly of Jew bankers and
brokers) haying many branch houses in for
eign countries which deal 10 foreign money
exchange. When they sell exchange on a
foreign country to merchantswho must
remit money in payment for the goods he
has bought, they do SO al the current rate Of
silver supposing the foreign country to be
on the silver basis-and II the bill Of ex-
change is on time, should any decline in
the price of silver take place between the
time the exchange is sold and the time the
silver must be RENTED to make the bill of
exchange good, that decline is net profit TO
the ring. That, in summary, is the To-
centiYe for the ring to keep on reducing the
price Of silver, for the aggregate profit BY
such means is only limited by the enormous
exchange business done in London with
foreign silver basis Countries matter
which foots up in the thousands of millions,
when the continental business is added to
the English foreign trade.
One per cent reduction in the price OF
silver on SO large business means an
enormous profit at the expense Of those
countries which maintain silver basis.
For this ring to regulate the price of silver
to what suits its profit is an A B G matter,
for the simple reason that there are no
other bidders for the last quantity ofsilyer.
When the governments have bought all
they want, and outsiders have got their
supply, the ring then steps on the exchange
and offers for silver exactly what it has
prearranged 10 do, no more and no less.
There is no auction price in their offers be-
cause there are no competitors. TO get an
auction quotation it is necessary to have
opposing bidders, but in this case there are
no opposing bidders; consequently there is
no auction price, but manipulated or pre-
arranged price, which, for the sake Of the
profit above described, is little lower
every day than the day before. This ring
does not carry any stock of silver off own.
To continually lower its price there is no
need to do SO; the ring bids its own figures
and regulates the prices to suit those who
compose ii. If miners. outsiders or specu-
lators come in to bid up the price, as they
did just after the passage of the July IA
1890, law, the ring holds itself aloof until
they get through, then again resumes con.
troll Of the market quotations.
So when our Congressman say that a sill
yer dollar is worth only 70 cents, it il
another way of saying that a ring of ma
nipulators, intent upon reducing the prict
of silver for their own profit, is the real
maker Of the worlds value as quoted ON tbs
Exchanges.
4 The present quoted selling price OF silver
bullion on the London exchange is in M
sense legitimate value. This ring may
reduce silver to 10 cents on the dollar, if n,
other bidders step in and stop the con
spiracy. United States investor.
| This ring ofspecnlators could not pos
lsibly pursue their nefaIious traffic with oul
silver if the United States government
Iopened it's mints to the free coinage. Th'
Speculation would at once stop, for tht
simplest Of all reasons. They haye to de
pend ON this country for silver. We mint
Al per cent of silver of the world, and j
our silver Was coined there is not enough
outside Of that TO supply the demand for us'
and coinage Of other countries.
The same methods with variation 10 sui
the commodities. are pursued by the specu-
lators in grain, cotton and meat products il
Chicago and New York. The price fthest
products is kept down to the seller and pu
up on the buyers and consumers, and 1
heavy profit made by the rings.