Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1892-02-04

va,tly increased and its commercial 'aluo
corrospondngly diminished.
In 1854 according to the director OF inc
mint. the annual silver product OF the
world amounted to 10000, 900, but in
1890 it had swollen to SlG5, 667, 600, or over
four times the product of 1904. Nill my
Learned senator contend that this enormous
and unprecedented increase OF silT9r mas
not had tho usual and inexorabe ensct oil
diminishing its current value joan LOCKE
in 1880 stated that silver had fallen seven
tontns since Henry VII, in cnnssquepc9 OF
the amount poured in from America, " men
the worlds stock of silver for 20 years hhu
barely increased annually $li,0OO, 800,
Adam Smith says, it fell to one-thlrd OK its
previous value. Neither Locke nor smIth
were unfrlendly TO silver. leave the yros
Of 1891 to adjust any differences VIII the
renowned authorities Cf $50 and 11ij MS
to the effect of largely increased supply
upon the value OF silver. Iae world ia
earlier times accepted the facts, and we can
not escape or dodge the insurmountaole
facts In the history of the present silver era.
Tho depreciation Of silver has been ac-
tolerated not only by its greatly increased
abundance, but also by its dimnishod Use
as money by leading commercial nations.
On gold standard Great Britain is tue
centre and mistress OF the money exchanges
of all tho world. Germany, chanting
from silver to gold, has large unredeaned
stock OF antiquated coins yet to be disposed
Of; aud France is no LONGER a buyer of liver
and mas not been since 1873. No European
nation now opens its minis to the free o,in-
age of silver, but oil are dshting shy it,
and only tolerate IL as subsidiary cottage
Even in Mexico it is subject to a halvy
tax Of sesniorage of about ] Z rer cent. The
drain Of silver to India, where formerly
nearly one-thlrd Of the worlds total piod-
uct was annually absorbed has not yet
ceased, though apparently this year dimin-
ishiug, and will not wholly cease 80 lous as
wheat, cotton ami other products can here
be bought with silver; buo India, like the
United States, Is beginning to learn than it
is buying an elephant.
The total output Of silver, including the
large increase in Mexico aud Bolivia. Aus
trn!ia and the United States has more than
doubled, even since 1913, while the logti-
mate demand for it, though intrepidly and
ostentatiou5ly promoted by the nitel
States, appears to lave fallen of elsewhere
more than oue-half. The Law OF demand
and supply is as autocretic as hat of gtayi-
tation, and silver is not exempt from IFS all
peryading power.
Keeping in step with the great stride Of
our silver act OF 1890, the discoveries OF
new silver mines in 1891 are reported be
as phenomenal in their extent aud fer itY
as were tue discoveries OF our gold min. in
1917, and some of the lodges are repU ted
to yield from $1,000 10 $1,000 per ton A
California magazine declares ''It woCld s-em
that the Old expensive silver mines Wi, be
closed up by these new. rich and Gas r
worked m,uo5.' The opsnin- of the n 10
Lake superior copper hines, 1t Will
have been forgotten, at once immensely re-
duced the commercial valuo of copper. When
! there is large over production OF cor /
on the prares the price goes down, and 30
low that il Is used even for fuel. The Soy
eral million bales Of cotton We have raised
this year probably Will b. sold for less than
would have been a crop of only five or sis
NJ lion Of bales. Is it any wonder that tn,
value OF silver has depreciated On Jht
contrary, the wonder VIII be il there should
| not BE- t. further depreciation. II by chance
tie output OF silver should be diminlsuel by
one third, most likely the total value to the
silver producers would SGIar no dlmlGu
! ton.
Silver is large product Of our thrifty ~
yer Slates, hnppiiy not dominant in a.. tIt
| il Guubtlsss more remunerative, a j is lAe.i
so 10 conUnul than any other M uius pred
I uct or any product OF agriculture or o
manufactures. Th3 Granite Mountain com
paaY III Montana, one of the !arxesJ obtains
silver, as ha, bean authoriLCtiycy reported,
at a cost of il Genus per ounce Bur tine
SAM authority states the averaging mining
| cost OF silver from AmGrical mines AZ 81
cents Dar ounce, wnie it Dr,Gg-, now even
in tn. -eHson Of its great deLrs sion. naarll
III, or ~ coats per ounce. That ID say,
il lotChas IN ell ,ulThets almost double Tn,
first cost. No other Industry oilers sucl
uazaiiu2 Incorporating attgac ions.
Ine great silver corporations, however.
are ea..or for more. ~ existing Jaw che
ULited States govern Ment has been ouyu.
and i bound 90 buy SILVER at rs zo..
market psIce to gu amount about equal {.
the total pro 4uction q. tho American mines
leaving consumption for the arts asuoa
wholly dependent upon a foreign supply
No other iuuustry claims such r9tuud an.
81 ante prOtectou Considered Il, an in
dudtrai American proiuct, ! should no
hass!e about nor besrudGe il iu'l and am
pie protection to the capital sai labor ON
p.oyed; bat silver miners nave ne promls- oil
an increase OF wages in case Vi t.. free coin
| age of silver, and SILVER as a Standard oil
III Jney, must, Tor all me world, stand OF
fall upon its intrinsic merits, aud not upol
the merits of the place wnonce IL comes.
Inc silver propaSandists, OF whom the
president of the Montana GrGu To Mountain
company, Mr.. Rumsoy, appears to be al
hou0red and distinguished membcr, from
tAoir aboundlng resources, maintain har,
year after year an expensive literary anC
oratorical bureau TO propas ste and dissem
mate their silver tl-rolss and financial dog
| mas.
They inuoccnry declare, VIII one eve
brow drawn up aud Jua othor q avn down
that they only selk To- Aegs silver placed OF
an equality with so.d knowing As they do
that their inequality has been dlsp.aye,
from ese to age, and is as wide as that be
tween the sun and moon, aud tnat silver TO
many years appear, TO hayS uasn aping on,
unstable satellite by its restless MONTH,
cnangos. II they do not suppose that fro,
coinage OF silver would give supremac,
aud Gan!sh gold from circulation it wou.,
be sale to believe their love for the sill
yer dollar would disappear as swiftly az tn
light from falling star. No anarchist ha
oilener denounced gold and gold bugs, O
with daadiior hate, than the lara parti
sans OF silver. Their devotion to silver i
shown by swearing at gold. The transpar