The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-10-02

But then I hear it said that even ii
you could agree upon the ratio, the
enormous quantities of silver that can
be produced even at the present price,
must inevitably break it. Well, to be-
gin with, I have my doubts as to this
Ilimitable production. am ware of
no facts and no information to confirm
the statement. Certainly there are
none to be found in the whole of the
evidence before the conference at Brus-
sells. But the answer to that argument
is this: What is of Importance is not
the annual output of the metals, but
1.-The total amount of the mass II each of
them which is already in existence
CHear, hear.) This is an idea I want
you to carry away in your minds. The
annual output now is, what shall I sayH
probably something about 80, OO0, 600
sterling a year of each. Perhaps it is
even more than that of silver, but what
Is the existing mass9 I turn to the re-
port of the gold and silver commission.
There l find that the estimate of the
mass of gold in existence in the world
five years ago is I, $50, 600, 900, or, round
numbers say 1000, 600, 900 sterling,
Silver, on the other hand, is estimated
at a little under 1900, 900, 900 sterling.
Now, supposing that the present an
nual production of silver was doubled,
what does it matter whether you add
10000, 600 a year or 60, 900, 900 a year to
the existing mass9 You have 2,060,-
000, 600 of silver, instead of 1850, 600, 900
as the mass of silver In the world. Why,
the difference is fractional-barely II
per cent. That is also the reply to the
question I have been asked to answer
by a gentleman we'll known to you (Mr.
Lindsay,) who was the president of
your chamber. MI. Lindsay asked me
this question: If the effect of remonetiz,
ing silver be to enhance the value Of
that metal, will this not lead to a still
further increase in its production, and
consequent augmentation of the diff
culty2 The Broken Hill Proprietary
Company produces about 20 per cent.
of the total supply in the world, and it
is paying now, even at the present price,
an enormous dividend. To that ques-
tion I answer, No, 1 do not think it will
effect it in the least. Twenty per cent.
of the total annual output of silver is
only an infinitesimal addition to the
mass already in existence. You must
remember that that the metals differ
from almost all other commodities in
this respect-that they do not perish,
and they are not ann u0lly consumed.
A crop of wheat, for instance, or the
greatest part of it is consumed every
year. A great increase Dr. decrease in
the annual crop of wheat makes all the
difference in the world. But the mass
of gold and silver is the accumulation
of countries. Some of the gold we are
using now, however often it has been
recoined, existed probably in the days
of Solomon or the Pharoahs-Qaugh-
ter)-and the annual additions to this
enormous mass are comparatively un-
important. This is likewise the answer
to another very common question,
namely, that u present difficulties
will be augmented by the increasing
output of gold in South Africa. No
doubt they are increasing every year.
l hope they will continue to increase,
but less they do so in proportions of
which I do not see any prospect, they
will be absolutely insufficient to redress
the mischief which is going on at pres
emit. Again, I hear it said that if you
did this you would be making the for
tunes of the owners Of silver mines in
Mexico, in America and in other places
of the world. Well, perhaps you would,
but would any of you refuse to re
ceive gold for any reason such as thati
1 know a gentleman now in London
who is said to have made a fortune OF
many millions within the last few years
from the gold mines of South Africa,
Well, you welcome all that he can send
you.
"Why should you refuse the silver
Do we starve or freeze ourselves in
winter in order to prevent the owners
of coal mines from becoming rich
daughter } 1t is really quite the weak
est and the silliest of all the arguments
IL know. daughter and applause
There is another, 1 admit, which is de
serving of much more serious attention,
We are the greatest creditor nation in
the world. Why should we take pay
ment for our debts In what is the least
valuable metal9 Ny reply is this: II
bi-mettalists are right, there can be nc