The Bessemer indicator., 1893-07-22
THE USEFUL METAL.
NATIONS THAT USE SILVER.
The white AGssai Indispensable for Monsy
In Many Countries,

| The white HGeeal Indispsnsab bile for Money
In Many Countries.
| The New York Press, which has hitherto
been strongly opposed TO free silver, has
heard the voice OF the people, and says in
lengthy editorial that 1.-The question should be
treated upon full information as to the truth,
without any obsequious subscrvlency TO the
financial policy Of Great Britain or any other
foreign country" and adds:
'1n the present agitation regarding the de-
cline OF silver In value as compared with gold,
there Is disposition TO rush TO the conclu-
sion that silver Is entirely discreditcd, and,
moreover, to overlook the great interest which
this country has Ia upholding and protecting
the value OF metal of which the United
States is by far the most important producer.
In order to assist the public, therefore, in ar
riving nt a correct and deliberate conclusion
on the silver question, 1t may be well to call
TO mind certain facts which ought to be
familiar.
The Press has before pointed out that the
suspension of free coinage In India does not
imply that silver is To cease to be the current
and ordinary coinage OF India Not the
slightest authority has been adduced to show
that silver is to be demonetized In England's
vast Indian empire Indeed such PROPOSE
tion would SAVIOR OF madness, and would be
impossible of accomplishment against the
manifest will OF people with whom the use
OF silver as coin Is n second nature, and the
vast majority of whom have no interest
whatever in the fluctuations of the gold price
of the rupee. The substitution OF gold for
silver in India is practical impossbility fer
the reason that gold would not answer the
ntirnnsn "a tval
the mohur, worth about S., but nobody thinks
OF making II measure of value. The measure
of value must be coin known to the people
and in current use among the people, and
such coin is the rupee, OF the nominal value
of 4srents The rupee is too small in value
to be coined in gold, but is just about large
enough In amount to be a measure OF value In
country where wages are as low as In India.
1t must, therefore, continue to be silver
coinage and silver consuming country
"The important state of Persia, west of In
dla is silver country. 1t Is true that gold
Is coined there, the gold toman being worth
about sl.5s, but very few gold pieces are in
circulation, and the coin for measuring val
ues is the silver kran, worth something over
l3 cents 1t appears, therefore, that while
Persia has gold, the Persian people have no
use for 1t In currency. The great empire of
China is silver country, SO far as large pay
mcnts are concerned, which are made in Sill
yer bullion, and by an imperial decree issued
In 1890 the silver dollar coined at the Canton
mint is made current all through the empire.
The legal money of Siam is the tical, silver
coin. Turning to the empire Of Russia we
find that the larger value OF metallic money
coined is silver, 3,4s6 sos silver rubles having
been coined in 1891 against Q, ,735 l40 rublcs
in gold. The silver ruble is the legal unit of
money in Russia. The empire of Japan have
100, 900, 900 yens (the yen being about 81 In
silver to 1000, 900 In gold While Turkey
coins the golden Ira, the coins IN general Use
nre silver, aud it may be said without cxag-
gerat!on that Asia and Eastern Europe are
silver regions.
France, from 1875 until 1899, put in cir
culation nearly eight thousand million OF
francs in gold and about five and half
thousand millions in silver. Italy, from 1857
10 1891, both inclusive, has coined about 81
100000 OF lire in silver to about 100000 In
gold. In Mexico and South and Central
America silver Is in general Use, and Mexico,
1t is said, is continuing free coinage, and
finds It difficult to supply the demands Of n-
creasing trade. II ia we'll, therefore, to re-
member, In considering the silver question,
that by far the larger part OF the world uses
silver as currency, and that among the coun-
tries using the metal are those with which
1t is for both the political and commercial In
tcrests of the United States to keep In active
intercourse. 1t also should be remembered
that silver is an American product, and that
while the credit and the currency of the ma
tion must under any circumstances be sus-
tanned, nothing should be done unduly to dis
credit metal in which Americans are deeply
Interested "