The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-07-17

say, upon debtors VINO rely upOh thOse
commodities for the means Of paying old
debts.
From the incomplete information OBJ
tanned by our Director OF the Mint he
reports the amount in coming value OF
the gold and silver consumed by manu-
facturers in this country alone, from 1891
to 1898 inclusive, as follows:
Cold. Silver.
1897 .Si9,ooo9io @po5SOo
Iso2 .... fo3s9o74 S3ol.5SS
1893. ............. i5A5s,9oi o,o54'1If
The worlds production Of the two
metals, from 1891 to 1894, according to
the came authority, was:
Gold. Silver.
1891 ........ SI3o6so,ooo s773sa3oo
rsoa ........ r4o,a97'6oo 197'74o'7oo
1904 ..... Is7,77SIoo 2oo,los,ooo
1,Qt ....... 1S1,SIo,Ioo 7I44Si, 100
1t will be seen from these figures that
in prosperous years this country alone
consumes in manufactures an amount
of gold equal to one-seventh Of the aver
age annual supply of the last four years,
and OF silver one-twentieth. 1t is only
fair to assume that the consumption Of
the two metals in Great Britain, France,
Germany, and Austria equals, for each
of those countries, that OF ours, and add
ing as much more for all other countries,
it brings the total consumption of the
world up to six times that of this coun-
try alone, SO that of the quantity annually
produced sixsevenths Of the gold and
thIee-tentbs OF the silver is unavailable
for coinage, leaving for that purpose one
seventh of the gold and seven-tentbs Of
the silver.
1t is fair to explain that the estimate
here given of the consumption OF gold
includes that OF old gold and OF coin, and
that it is large than that Of several very
respectable authorities. Thus Prof.
Suess makes it only six-fourteenths in
stead of six seventies of the annual pro-
duct, and Mr.. ottoman Haupt estimates
it at only one-half Mr.. Robert Giflen,
again, puts it at two-thirds, and bis esti-
mate is adopted by Mr.. Francis A.Walk-
er in his tract, "Bimetallism," without
his RI fiec,ing, apparently, that by so
doing he knocks the foundation from
under the assertion OF his silverite allies
that the commercial demand for gold has
little or no effect in determining its value,
rs compared with other commodities.
The London Economist has also recently
called attention TO the curious fact that,
while the imports of gold into Great
Britain from 1889 to 1894 exceeded the
exports by the sum OF e42,S2S,500, the
net gain OF gold by the Bank of England
during the same period was but eli $780,
OO0, leaving balance of nearly $25,O00.-
600, or 1926, 100000 to be accounted for.
Part of this no doubt went into circula-
ton, but larger part also must have
been consumed by jewellers and manu-
facturers.
Another important fact overlooked by
the less well-informed silverites is that
the gold converted into coin is not con-
sumed in the sense in which the metal
is consumed when it is applied to artistic
or manufacturing purposes. Gold coin
remains as fully in the market and is as
available for purchase as it was while it
was bullion. Coming adds only trifle
to its cost, and except when it is worn go
as to lose weight, it is matter OF fact
melted over again in large quantities and
manufactured like gold bullion. On the
other hand, when gold is worked up into
ornaments, or is used by dentists, or is
beaten into leaves for gliding, it ceases
to be available as manufacturing material
Labor and skill have added to it value
too great for il to be treated in this way.
Hence, while of the stock OF gold in the
world that which has been coined is still
nothing but bullion in a more conven-
lent form, and remains available for
manufacturing purposes, that which has
been manufactured is useless for coming.
The same proposition is also true Of
silver but, as the quantity OF silver an
nually converted into forms which it is
too costly to destroy is only, as it would
appear, 80 per cent. of the annual pro-
duction, the coinage OF the remainder
could not have the effect Of so diminish
ing the supply Of it as greatly to increase
its value. In the shape OF dollars it
would still be bullion in small pieces,
but it would be no more consumed than
it was before.-N. Y. Sun.
MATTHEW MARSHALL.