The times. [volume] (Richmond, Va.) 1890-1903, 1893-10-01
THE MLLENNIUM o. TIE FREE
SILVER ADVOCATES.


heinors.
THE MILLENNIUM o. TIE FREE
SILVER ADVOCATES.
A friend has made out for us the FOL
lowing statement:
| A comparison of values at the present
time with five years hence. simple
calculation based upon the value OF Sill
Yer and gold:
1893.
Gold standard)
| Wheat, IS cts. per bushel;
cotton, ctr. per pound; SUI
gar, cts. per pound; cof1ee.
| % cts per pound. Total ex-
ports Of U. S............... SsiI,SOS,Ozi
! Total imports OF u. S......... aSbl, Az
! Balance OF trade against u. b. s5,oo5,SH
1898.
(Siver standard)
| Wheat, q IL cts. per bushel:
cotton, cts. per pound SUI
gar, 10 cts. per pound; cof-
fee. 40 cts per pound. Total
| exports of u. S.................$ 4Z51o4,Wz
| Total imports OF u. S.......... l,Soz,
| Balance Of trade against u. =. l.4oS, $50
II we have free courage OF silver and we
continue to buy as much abroad as we
now buy, and 10 sell as much abroad as
we now sell, and silver continues 10 be
worth no more than 1t is now worth, our
| friends conclusions are inevitable, and OF
| course, no country could long stand such
a drain upon It. we should probably sell
no more abroad. in such an event, thah
we now sell. because We sell there no"
everything that we have for sale which
foreigners viii buy. we should prooaoiy
be compelled to cut down our purchases
very largely, as our deprecated SILVER
money would drive all the gold out OF the
country, and gold is the only thing whlch
foreigners will take in exchange for what
they have 10 sell II. therefore, we are
not so badly hurt by an adverse balance
OF trade as our friend makes out, we
would be Just as badly hurt in other ways
through all our gold being gone and our
consequent inability to buy what we
needed
There is but one question in the case.
We must suffer disasters approximating
those set out unless silver should rise IN
value to a point that would make our
silver dollar as valuable as the gold dol
lar. Is IT possible for that TO happeny
In our judgment IT is preposterous 10 ex-
pect free coinage to produce such a re-
suit. The silver dollar contains 81 IA
grains OF pure silver, and that much
pure silver is now worth only about b5
cents in gold. why should making coinage
in the United States free double the value
Of all the silver in the world?
No European nations use silver for
money, now, except in the most limited
way. All Of them are upon gold basis.
and silver is used in none OF them now,
except as token money, and for small
change India and China, Japan and
Mexico, and the South American repub-
lies use silver, but they are all semi-bar-
barous, and with the exception Of India
all Of them together take a very small
amount Of new silver each year. India
takes annually between thirty and forty
millions Of ounces, the methods OF ex-
tracing silver from the ore are improv-
ing every day, and the fact that Europe
has practically ceased using it for money
has brought on the market the immense
stores of accumulated silver. The Uni
ted States then must absorb this immense
quantity in her coinage TO start a rise
In silver. To bring 81 Ia grains OF sill
yer up 10 the value OF the gold in gold
dollar. she must not only absorb all now
offered for sale In the world, but she
must Immediately take all that is annually
turned out by the mines, and this GER
tainty of an immensely profitable mar
ket for 1t will, Of course. stimulate every
body in the world into mining silver
How cheap silver can be mined now, Il
is impossible TO say, though we know
81 IA grains Of 1t can be mined for
less than ffty-ive cents, because II sells
for that and mining goes on But, when
a sure market is furnished at the rate
OF one dollar for every 81 IA grains.
the profit VIII be so immense that we
see no reason why all mankind should
not turn into mining silver, and why IT
should not become as cheap as iron.
ly profitable figure, the whole study of
the world is turned 10 cheapening its
production. Instead, then. OF free coinage
tending 10 raise the value of silver. its
inevitable effect viii be to depress II,
since 1t will put everybody 10 producing
IT, and the more produced, the less val
liable the thing must become.
II appears, therefore, to us, absurd 10
expect silver 10 rise in value under free
coinage. and all that our friend has pic
tured, and much more. must happen If
IL is attempted
THE TRUTH COMES OUgIN THE END.
In an article published last Friday |
morning in both The Times and The Sun |