The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-09-16


throughout the world by
the legal tender money
function which both possessed, unit,
silver was demonetized in 1873, and
At that time silver outvalued gold
The people who have no access tt
the truth as exhibited in correct
statistical figures are led to believe
we are about being inundated with
silver when nothing can be further
from the truth. Relatively to gold,
the production of silver was much
greater from 1901 to 1870 than il is
now.
From the beginning of the pres
emit century up TO 1920 three times
as much silver as gold was produced,
and from 1921 TO 1910 the produc
tion Of silver was double that of
gold. In the next period of twenty
years, however, the conditions we're
reversed aud the output of gold
was three times az great AS Of silver.
From 1861 to 1850 the production
of gold exceeded that of silver by
two-thirds, while in the last twelve
years, lsSl-lSo2, the total yield of
silver is only about one.fourth
greater than that of gold. The
production Of silver in later years
has increased as compared with gold
production, but the ratio of increase
is insigniti can't compared with the
ratio of earlier years, from which
no disturbance of its relationship
with gold as money metal resulted
The worlds coinage of silver now
exceeds that of gold only about rs
per cent, when as have shown, the
production of silver has repeated al
been IN excess to so, 100, 200. and
as high as 500 per cent, TO be sue
ceeded in turn by like increase in
the production of gold.
Bat it is said that this country
under free coinage would beco e
the "dumpirg ground" of the world
for all cast uff silver. A brief
statement Of facts which are not
controvert' d will refute this theory
1t is agreed by all the writers on
this subject, aud notably by the late
Secretary Window, in his report
to the Fifty first congress-, tn at there
is no known accumulation Of silver
bullion in the world, and that all
the silver coin in Europe is doing
duty as money in circulation. Our
ratio Of l6 of silver to of gold is
the highest silver ratio of any coun-
try in the world except Mexico,
whose ratio is is! to /, and
Japan, with ratio of 1918 to /.
In the gold-using countries,
whether monomstallic, like England ,
Germany and Russia, or bimetallic,
like France, Italy, Spain and others,
their silver circulates side by eide
at par and is exchangeable with
gold. Amy man desiring any of
these countries to exchange his sil
yer for gold can make the exchange
in the ordinary course of business at
home, without expense or discount.
No reason can be perceived why he
ehould prefer to bring it to the
United States, where the standard
ratio of silver to gold is greater in
our silver coin, and where, conse
quently, his silver must be sold at a
| discount.
All such silver coins, of cou'sa
could have to be melted and re-
coined so that all loss by handling
nd abrasion would be deducted
ere The loss from tlis source
aud from the discount by reason q
he smaller silver ratio, the expense
Of shipment, insurance, etc, has
oeen estimated by experts to be
rom 6 to per cent, when without
his loss this silver is being ex
changed every day at home at pal
with gold, of course it will not bt
brought here. European silver
you'd not be "dumped" into thi,
country for the all su tlicient reason
that it is needed there to do the very
thing it ia doing-that is, to circu
late as money.
All the gold-standard countrie,
use silver. Gold-standard England
circulates 100000, 900 of it, O,
iimited-tender power. Germany use
sl03, 000 900 full. tender silver. ant
sos, 900, 900 of limitedtender silver
ria.Ilungary, like England snt
! Germany. q cold .Htandard country