The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-06-30

verge OF debasement ana utter con-
fusion, Let congress take due note OF
the moral.
INDIA's COURSE WITH SILVER
Hardest blow Mt thO White Metal since
England DOmOnOt4od 1t.
Chicago Tribune,
The decisive action Of the India coun-
Gil in closing the minis Of that country
to the ireo coinage of silver is the hard
est blowst at the white metal since
Great Britain demonetiaod it eighty
yoars ago. Decidedly it renders the
movement for tho FREQ coinage OF silver
in this country suicidal aud preposter-
Gus, 1t shows the utter instability oil
tho foundation on which the free silver
ties have built their hopes and incl
dontally exposes tho abaurdtty OF one
OF their stock argnmORts-to'wit; that
India has prospered because OF FREQ sill
YER, 1t empha'i2es the necessity Tor
prompt action by THO United States,
which should cut off further additions
to its already heavy load OF rapidly de-
preclating silver, cease tho futile effort
10 prevent it from declining further,
and lot the metal find its legitimate
level.
The bullion valuo OF silverrfoll this
week to 77'oents per fine ounce. or less
than 90 per cent OF what the silverites
persist in claiming to be its standard
value. 1t is now far above the actual
cost OF producing the limited quantity
to be required in the future OF the
l52OO0,00O ounces produced in the
world last year 40. per cent was used in
tho United States in the arts and
bought by our government to be stored
I'D idly in the vaults OF tho treasury.
Another 30 per cent was taken by In
dia, and the remaining 30 per cent by
all othor peoples. Only 70 per cent OF
that production would now DO wanted
oven ii the United States should keep
up its absurd policy OF buying each
month 4,5O0000 ounces, for which It
has no earthly use. That 10 per cent
costs not more than 45 cents por ounce,
perhaps considerably less than that, to-
produce it. A largo part OF it costs less
than 10 cents per ounce, and tho
product OF the big mino known
as the Molio Gibson averaged but II
cents uer ounce for last months. 1t is
the height OF folly to propose to keep
on paying more than double tho actual
cost Of all the silver that is wanted in
order to prevent the closing Of mines
which turn out tho 80 per cont OF sur
plus that will not now be wanted at all.
| Tho government has not interposGd to
take of the hands OF the farmer the
great quantities Of corn which forced
the market down to bedrock prices
four years ago, nor the surplus OF cot
ton on tho low prices OF that article
due to more recent ovor.produCtion, nor
tho surplus OF wheat which has do
pressed that cereal to the lowest prices
known in moro than thirty years.
Why should it continue 70 try to hold
up silver by taking noarly 40 per cent
OF tho production, whom it is demon
stratod abundantly that the act is no
moro etIeCtual than was that Of tho old
lady who tried to sweep out tho ad.
vancing lido with her broom?
II must DO regarded as highly proba.
bic that tho bullion value OF silver will
fall below eixty-lve cents per ounce DO.
lore another year has elapsed. The do.
cline cannot DO prevented by any'aCtion
that Gun possibly be taken by the United
Statos. Hence it is absurd to think OF
maintaining the present artificial condi-
ii0ns in this country. II silver ia to be
retained in circulation as legal tender
money it must be at its commercial
value in terms of gold. There isno other
practicable way TO maintain in the
United States tho binptNlism the silver
ito affect to want, but which they
have tried hard to destroy. There
nro now some SOO,OO0,O0O silver
dollars in tho treasury which can
not be kept in circulation. Certiti.
Gates against $3.50, 100000 OF this have
been issued and arc only kept'at par
I.by tho government rodeeming in gold
on demand such OF the STA, 100000 Of
treasury notes issued against silver
bullion in the treasury as may be pres
entod for redemption. The silver Ger.
tihcates themselves only call for re-
demption in silver dollars. But II the
government should resort 10 redepming
tho treasury notes in silver dollars Of
course the certificates would havo no
sustaining power, and both would In
stantly drop to 60 pOr cent OF their face
Value porhops below 80 per cont since
this action Of tho India council
silvor must DO mGdo q lega! tender at
its commercial value, whatever that
may be- Otherwise binetalism be-
comes nj impossibility. Tho financial
peril OF tho American pOopte consists
in tho danger that the government
may fail to maintain gold redemption oil
tho silver and the paper issued against
4. Al. IL i .,
slump to the silver standard worth
about fifty cents on tho dollar, There
is no middle course. Tho CUP between
the real and the artificial values Of sill
yer has widonod so far that temporiz.
ing measures will avail no longer. We
must have radical reduction to abso
Lutte value.