The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-01


Tee resolution a3o0,.l af Duro'
Thursday hr silver wrue. uI. ara .uel
. tsrovurrs to SOL. Tho production off sill
1lr Iu Colorado at once is 90 wise ona
Tho silver men should have gone ID stef
. further and asked lur OBJ. r.ue-l of The
lvor-purch1sa art.
The silver producers say they canno.
produce silver pronuhly at She present
price 0f g. That bciu- the case 10 would
be folly for them 20 continue operations.
. Arsjuctiou in the production win have o
. beneficial effect upon the price of the me-
. ,aL
/ For several years The production Of sill
/ yer has been greater than the demand for
it. The increase in its production since
| thcmints O the leading commercial ma
/ tions have been closed against the free
coinage of it has been much greater than
/ the increase in the production Of gold
/ In 1873 when the minis of this country
were closed to the free coinage Of silver,
the worlds production of gold was 500,
/ 100000 and that of silver only Ssl 500 900.
In 1891 the total amount Of gold produced
in the world was Sl26, l59, OOO an increase
of about $50. 100000. In the same year the
total production of silver was SlS6174, 600,
an increase over 1873 of about Sl07 600 600.
These figures show conclusively why the
price of silver has declined so greatly.
The increase in the production has been
enormous in the last thirty years and by
the new methods for separating the silver
from the ore it is expected that the in
crease in the near future will be still
greater unless the low price of silver
should check silver mining.
The cotton planters discovered that the
price Of cotton declined when they pro
duced more cotton than the world wanted,
and they reduced the production. The
silver men have known for a long time that
there was an overproduction of silver,
but they have tried to keep up the price
of it by forcing the government to take
their product. They did this first by get
ting congress to pass the Bland act, and af-
forwards by having the silver purchase
act substituted for the Bland act.
Neither act, however, was sufficient to
prevent the price of the metal from falling.
Now the silver men hope to get con-
gress to pass a free silver coinage act,
which will permit them to carry their
silver to the mint and have it coined
into silver dollars. But that would not
bring up the price of the metal if the
enormous production should continue. The
effect of free silver coinage act would
be TO cause the silver dollar to drop to
its bullion value. Was not that the effect
of free silver coinage in India2 The In
dia rupee whose par value is As cents,
has fallen to about 30 cents, and India, to
save herself from financial ruin, has
been forced to close her minis to free
silver coinage.
The failure of the Colorado silver pro-
ducers to ask congress to repeal the silver
purchase act is an indication that they
are not agreed as to theaction they would
like congress to take. No doubt they in
tend to make an effort in behalf of free
silver coinage at the existing ratio. It
will be fruitless effort, however. Con-
gress is not likely to make the mistake of
saddling the whole silver burden of the
world on this country. midas expert
ence ought to satisfy any reasonable man
that free silver coinage would be followed
by overwhelming financial disasters.