New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-28
JPYFPE rs SILVER GOING

| Silver at 4Od. per ounce is not yet thanks to
the Republicans the basis of all business in this
country. The wages of labor are Eaid in better
money The farmers are not Obliged to take
67-cent dollars for their grain or cotton. The
merchant is not compelled to gamble on the posi-
bic value of silver at a future time when he gives
note or makes a sale. The fact that the low
est price for silver bullion ever reached, 4Od. at
London and 81 cents at NewYOrk, occurred
when the Government had been for more than
year buying larger quantity OF silver than
this country produced when such purchases be-
gan, is not encouraging for the advocates OF
" free coinage" so-caled, which is in fact nothing
but provision that Government shall buy
all the silver anybody may offer, and issue for it
paper at the rate of 81 1929 per ounce. The
price last week suggests the inquiry what such
paper would be worth.
When silver had been selling for years at cod
or s. 81 II per ounce, people could not believe
that it would drop to sod. When it fell to SOD
no one imagined that it would fall 20 per
cent further But it is getting time to ask what
binders continued and great fall in silver? Its
use in the arts is not extensive, nv liable to eX-
pand indefinitely. OF what use there is, much
depends so far upon the scarcity and value of the
metal that silver would be less used if it should
become more common and cheaper. If the civil
lied world ceases to employ silver as money, the
worlds enormous stock exceeding 5000 OOO,-
600 ounces, would seek buyers in var. Yet, the
mines keep on adding 1913, 100000 ounces to The
worlds stock each year. and it is stated that the
actual cost of production is small, the value OF
by-prOducts considered, that the bullion might
fall very far without stopping this annual addi-
ton to the unused and unstable stock.
1t is the hope of silver men that if the United
States gives 81 20 in stamped paper per ounce,
that will make the bullion worth II 20 the world
over. Possibly in such paper but what would
such paper be worth? Notes that are actually
ledeemablc in gold here are now well nigh I'M
saable in other coIntIieS but when Americans
refuse TO give gold for notes except at nuctua'-
ing premium. how will their value here III any
way affect the value Of silver bullion abrold?
The control will be jus, the other way. The value
of silver bullion in ether countries where there
is no use for it would affect it, gold price hele,
and consequently the sum in gold which people
wCud give for notes; that is, the premium on
gold. If the bullion should exchange for gold
at the rate Of 4Od. per ounce, the paper would
exchange for god at the rate Of about 81 cents on
the dollar But how long will silver lefrain from
another dive downward?
The notion that the price of silver controls
prices Of other commodities is not more rational
than the supposition that the price OF cotton or
pg-iron controls the price Of silver. Indeed, it
would be far more reasonable that a necessary Of
life, universally wanted throughout the civilized
world, should by is price affect the prices Of
Other things than that "A metal of which the
world now has an enormous stock that can neither
be used nor sold, should by its derinc cause the
price of other things to fall. The great factor
in decline of prices has been decrease in cost
Ct production and transportation and this has OBJ
vlOusy effected silver greatly Mining costs
several dOll1Is less per ton, treatment of the ore
cos,S several dollars less per ton, and the trans
poltaton to any market considerably less than
in years gone by when silver was worth ~ 81
or more per ounce. Why should 1t not be
cheaper as wei as other things?
How much cheaper one can tell, because
the demand being limited and the supply prac
tcally unlimited the cost Of production is at
most points unknown. Without going into de
tails, it is evident enough that such an article
might for years sell for less than the cost Of
production at most points Every fall in silver
lessons its use and the demand Tor it, whereas
lower piice for any other article is likely to in
crease its Use and the demand for it. If silver
should fall to god. per ounce, there would be
nothing whatever to make the proposed Bland
paper worth more than 33 cents on the dollar.
The Civil War ought to have taught all Ameri-
cans, North and south, how deprecated and
nuctuating paper robs labor and hams everybody.