The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-01
THOUGHTS FOR sILyERITFs.

Ihe most prominent fnanciers agree
that the closing Of the minis TO silve,
coinage in India is but the first ster
towards establishing the gold standard
IN that country. The coinage of rupees
IS 10 be stopped altogether or carefully
regulated, and that coin is 10 be tenno-
rarily permitted as modified legal tender
at Its proportionate value to gold.
IL is generally understood that this is
simply the beginning Of the establish
ment Of gold standard in India. First
silver will be a legal tender at its pronor-
uonate value. The next step will he
to limit the amount Of silver that will
be used as legal tender at its propor-
! uonate value, and soon this limit will
De reduced until finally the legal tender
value OF silver will be removed altogether
except to the extent that it is legal ten
der in England. 1t is plain that al each
step taken in the direction Of abolisbioe
silver as legal tender money. in India
the price Of the white metal will fan
lower and lower
The total value of silver production
last year is placed at 152.OOOOOO ounces.
and OF this the United States used "a. 900 oo0
and India 100000 the other $1,000 600
being consumed in the arts and in other
ways. With India no longer a purchaser.
this 100000 ounces will be thrown on
the market, and it will be impossible for
the United States alone TO keep the price |
up TO more than fifty cents an ounce |
IL Is estimated that the silver now in
me United States Treasury is worth
'lZ'VOovO less than at the price il was
bought, 100000 less than it was last
week. while the chances are that it will
be worth still 5000 900 less next week
than IL is this. The Government is there-
FORE continually buying on n falling
and is steadily losing, and any
concern, be it the Government or bust
ness house, which persistenty does that
must necessarily have only bankruptcy
% look forward to.
This, Of itself should have the
Effect Of opening the eyes Of the
ankest silverite in the couatrv ,
o the baleful effect Of keeping the Sber- ,
nan law on the Statute books but an ,
ther equally alarming fact is presented.
We read that If the legal tender property r
1 silver is abolished altogether in India q
VIII require $685., 900 900 Of gold for coin 4
&c In that country, and even If the legal +,
'nder property Of the rupee is continued o
modified degree. India will require c
100000 Of gold Unless our silver policy 4.
abandoned most Of this gold will come
ON the United States, since every
onthly purchase of silver. for which
I'D is paid. viii furnish the means for p
gold shipment to Europe to be for =
arded to the minis OF India. h
Nothing but stoppage OF our silver a.
rchases for gold will, therefore. pre- C
mt the yellow metal Of the United h,
ates TO be had for shipment. and IT Ia
ght not to require man Of extraordi- II
~ intellect to see IL. II may be hard bt
the silver miners of the United States "
their silver purchases to cease. but s,
country can afford to go into bank 70
Dtcy or adopt a system Of debased IN
rrency merely to keep up an industry. an
cry day such plain arguments as these WI
i be brought to the attention Of the III
yerites. and II they do not insist upon sp
cking to their own "fads" and ideas tn
preference 10 considering the welfare It's
the country. there should be no diff J
~ Of a prompt repeal OF the Sherman ad
? soon after Congress Is called to- il
her on the eth day Of August next. vo