New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-23
RETALIATION For COYGRESSMEN.

Mr.. Valentines report of the production OF
silver and gold and the official report OF for
ign commerce for the year 1892, present 1actS
which Congress ought to consider with care.
The prOduc N Of silver in 1892, according 10
the Wells Fargo report. was only S5O,6O7,50l.
against SG0,G14 OOi in 1891. From this some
persons infer that mines OF a sixth OF the entire
producing capacity have been closed by the low
price of silver But this is an absurd mistake
Mr.. Valentines report gives values OF silver
produced, but not quantities The decline III
the price Of bullion accounts for great part OF
the decrease in the value OF the annual product
In 1891 the average of daily quotations at
London was 45.0S pence per ounce, but in 1897
il was only $3.50 pence. Reckoning from
these figures. which arc not precisely those M
which Wclls-Fargo compute the value. but arc
nevertheless the prices which actually govern
the silver markets Of the world. it would APP
pear that G2.4IS,OOO ounces were produced
last wear. against 5000, 900 ounces in 1891
a decrease Of only 81 per cent, or about one
twentieth.
But il further appears from the same repor;
that tho value OF silver produced IN Mexico IN
creased from S43. 100000 in 1891 t. Si1,'
10000 iii 1892. in spite Of the fall in price
Reckoning with the same prices rs before this
would mean that Mexico produced last year
about 5G.4s2, 900 ounces, against 46.S66'ooo
ounces in 1891 Thus il is seen that the Qllan-
tity of silver actually produced in the two coun-
tries was larger in 1892, when 1t was about
1ls.9GO. 900 ounces. than il was in 1891, when
il was about ll2,030,O0O ounces. Estimates
E., Ill, ot lo mi
based upon actual daily quotations, might yield
somewhat different results IS 10 the qliahtit!
in each year, but would not affect the main
conclusion that the production last year was
actually greater than that of 1891 in this c0lIn-
try and Mexico together.
II has been asserted by some writers that
much Of the gain in Mexican production Is due
10 the Mckinley tariff on silver lead ores
which compelled the starting of smclters on
Mexican territory to roduc, the ores which
formerly came to orr side OF the line for treat
mcnt." The official statement proves that the
mpjrtation OF ,vcr-bcaring ores has been
greater in the last two calendar years, 1881
and 1892. than il ever was in any year before
the new tariff was enacted, and that imports OF
lead and manufactures thereof never As much
a II 600, 600 in any year before that tarlli
have risen 10 more than 81 0o0, 900 in year
NJ notwithstanding the present duty. All this Is
exclusive 4 the silver bullion and coin, OF
which we imported in 1892 S2l.I20,21", less
than 81 900, 900 being in bullion, substan-
tally all from Mexico, and the balance prlcu-
callv all Mexican coin. This coin is included
in our exports Of $50 .97j.S3i silver last year.
Of which over half is domestic bullion and the
rest nearly al Mexican coin.
The net exports Of silver, S14,"40.5s2 IN
1892. represent over quarter. or about -
rcr cent. OF the years production. Neyerthe-
lose the Government has bought and stored
away a quantity greater than the entire yearly
production prior t. 1889, or 54,0OO,OOO ounces
ont of something like G2 100000 produced last
voar Obviously some of the Mexican silver
has in fact been sold to the United States and
tho effect of the purchases by this Government
is 10 stimulate enormously the production IN
Mexico. even while the production in the United
STAT is depressed by low prices. Because the
Nation buys silver its necessary experts OF
geld are increased amounting in 1892 to 500.
O45.5oi more than the imports. And this
heavy drain camc t. pass in spite of merchan-
disc exports exceeding imports by S62.221 ia
in 1892 because the expansion Of paper cur
rency here and the outgo Of gold rendered for
oicnors distrustful about the future and dis
poscd t. sell their American securities.