Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1893-05-11


doubt more profitable than that OF
gold-ss Is proven by the great in
crease in ito production and the
stationary or but very slightly increaA-
ing output Of gold. It would seem
from this, that gold 10 not dear enough,
its production 10 not sufficiently pro>
6table, or il would be produced more
abundantly. Tho cost Of production
OF both metals, and especially that OF
silver, is being reduced greatly BY i'm.
proved methods Of treatment and any
6 xed vslae ratio between the metals
cannot long be maintained without
the danger Of causing . great over.
production Of one or the other.
The amount Of money, that 10 Of
gold, silver and uncovered notes 10
tho world. is estimated BY the Director
Of the United States Mint a. follows,
in coming or nominal value: Gold
90. 632. sos, 900; silver, "a. COZ. zoo, 600;
uncovered paper, 42.629, 663, 900;
total, 40. 1854. $685., 900. OF this silver
about 81, ZOO, 100000 looming value)
is held by India, China aod the Straits,
which are not credited with any gold.
though We know they possess large
amounts uncurrsnt. All other oouu>
tries possess quite enough gold. and
all together far moro than enough 70
render their money stable. secure and
interchangeable on the bimetallic
bass, provided this were adopted BY
oil countries As the plan We suggest
oontemplates.
If y bank has 10 gold reserve ONE
quarter of ito note issue il 10 con
sidered perfectly safe and able 70
redeem. In our New York bank
clearing house about per cent. Of
the transactions sulfices to settle the
balances. II seems certain, therefore,
that II the associated nations under
the proposed plan should buy for gold,
say, $500, 900 900 ut the ratio to be
aiopsed) Of the silver nations silver,
it would put the whole world At once
on the bimetallio basis and make al
their interests identical and al their
money Of equal value. The silver
purchased would, on the basis adopted,
he absolutely equal to gold, so that it
would cost the nations buying it noth-
ing except such subseque ut reductions
in the value OF silver ~ the changed
conditions Of production might render
necessary.
A. An Offset to this sole aud only
possible loss Il would immensely In.
prove the credit and increase tho
prosperity Of oil silver nations; and
- India, China, the Straits, Japan,
Mexico and South America are the
chief Of these, aud are ~ tho same
time tho great markets for English,
German and French manufactures;
and - their securities are largely held
in Europe, the improvement in the
value Of their securities would greatly
exceed the total cost Of tho silver
purchased BY these three European
countries even il that silver should
ultimately have no value whatever.
Tho vast impetus their prosperity and
improved credit would give to msnu-
factures would create an era Of pros
perity in Europe which would be
worth many times the whole cost Of
the silver purchased. England in
particular would see India cell about
5000, 600, 900 OF silver for gold and
would herself contribute of this only
7 per cent. or GA. 100000.
Let tho several nations agree to
adopt bimesallism or any ratio they
may wish between tho metals (say 20
to y. to begin With.
Let them agree to take pro rata,
according to their holdings of money
(gold, silver and uncovered notes). 90
much Of the silver OF the silver basis
countries - may DO necessary to put
all on the bimetallio Lasis-( under
this about $300.00O,000 of silver
would probably have to be purchase
in about the following proportions:
The United States would take l6 per
cent; France. 154 per cent; Ger.
many. per cent; Great Britain, q
per cent?.