The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-10-02
Silver md the Fnli of Prtces.

SILVER hnd the Full of Frees.
To THE EDrToR oE TIC SrH-Sn': TIE
SUE OF Sept. ~ has IN editorial on Tho Farm
er and tho Crisis" which. ventare to hink. is
the most valuable contribution to the subject
of prices We have yet had from any quarter.
You show that until 1879. and during II quar-
ter OF n century when raj way construction all
the world over. had been most brisk. during d
period when the Suez Canal having been con-
structed We might have looked to these and
other scientific developments largely to re-
duce prices. yet prices. Notwithstanding. were
everywhere advancing. whereas since 1873
there has been such q subsistence Of prices as
is without parallel in the worlds history.
Sir. is there anything else also without
parable. in the worlds history and which
might be connected with the fall of prices as
cause with effect? Clearly there Is; there is
the tact that until 1873 every ounce Of silver
as we'll as gold which came from the mines
found the leading minis OF the West Il include
Europel oDon to free coinage: since 1873 we
have passed through this monetary reyolu-
ton that for tho first time in history all mints
have been closed. l do not wish to trench on
that Questio rsrGta now under discussion at
Washington Enough to say that II an
educated being. having escaped from
Saturn. on reaching this planet was CON
is a thousand to one that he would refer the
phenomenal fall of prices which you tabulate
to some change in the value Of money. Over
here We have Just appointed Royal Commits
sion on Agricultural Depression. and your
leader. which will be brought under the notice
OF the Commissioners. is worth halt q dozen
expert witnesses. Why did the price OF wheat
rise between 1870 and 1910 from an average
for the earlier period Of % cents a bushel to a
dollar Il bushel for the later period? The rise
WAS caused by the exploitation OF the great
silver veins OF Potosi. Adam Smith c'Wealth
the price Of wheat. the discovery OF the
abundant mines Of America seems to have
What an amazing proposition this is on tho
part OF Governments 70 20 for" silver with
the legislative clue! There Is an idea that II
low, enough It's production will cease. To-
days London Times reports the starting up
Why Because the fall In the gold price OF
silver is and has always been the measure OF
the rise in the value Of gold lmeasured in com:
mining machinery the price OF food. the rate
OF miners wa1es-fall. but after much social
confusion, and then back go tho silver miners
TnSrY are fYS points Q, much interest to
silver. tho importation OF silver bullion into In
dia is going on unchecked: India has i'm ported
a bout seven million ounces. within a quarter
OF million ounces as much as for the CORE
G period last yeGr And think this is
naments for the 2SO.UOO.OOO people OF Iniia
for centuries In tho habit Of carrying their
savings to large extent oni their persons. in
the form Of heavy IN. sntlets and bangles. md
arm tho treasure could not DO stolsn a'" I'll 'n'
ANY winter visitor to India will have seen
smiths selling oTnaments Of their scuIn a.' ss
against an even weight ofGovernment rupees |
,Tbt gE ap an sSn
raw material Tor Their traispSai mar is Ia" as
he share Of rupees: which they, pitched into
mints, no DOUBT the smiths have fonn ." out out
what tho ignorant myriads havo not found out, |
ths1 the Is worth twelve per cent more
ma He sHr' selling F'p snss:
scses are making Profits on 1t .h nof
impossible. then. at least forIthe time. that the |
IMPORTS OF 81 silver y into lndis may even show an
The Government experiment In closing the |
nints; thus far 1t looks as though this closure |
import Indian produce and need rupees are |
'till refusing to- give a sovereign for lfteen |
traits each Wedn osday at the BANK n Of G'f Eng.
or sovereign. the Secretary OF State on |
" ednesday last sold bills at slxtssn for tho |
sovereign. and intelligent city men believe |
hat much worse Is to CONS.
nents in South Africa VI viii p gSa se
surprise to many Of your readers to hear that
he ono camp at Johannesburg, in the Trans
'aal. produced last month 1876 900 ounces
ghich yield from this single camp puts the
rransvaal ahead OF the United States as the
eading gold producer Of the world The
Whole of this gold is produced from quartz
cots, and the main reef of the Wltwatersrandf.
diamond .dsill outside tho aide lines OF tLs
laims o. the present mining COMPANIES, aI
depth of over 4, 700 feet, and as far as can be-
estimated BY the assay Of the drill core. the
eef Is as rich rs at the thousa nd foot level
The estimate was made for me by u mining
xpert Of much Intelligence few days since.
his remarkable camp would be producing
30. 600 ounces per month. or say $40 OOO, 600
'er Annpm. There are possibly at least two
.old fields In Mashonaland where nature has
ot been less liberal, and therefore. this I'M
olding of the Dark Continent" to the south
sard OF the Iambesi possesses very great i'm
am not for moment suggesting that the
Increased supplies of gold from the mines can
teady prices In face OF the present GU rageous
nti-silyer crusade. Indeed. do not suppose
hat with the free coinage OF both gold and
liver anything like the price level Of tho sew
mites could be maintained; but II is still very
n 70 large increase IN the worlds
LONDON. Sept. "a. MoREToE FREwEH. ]