The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-07-16
DUMPING SILVER.

The single cinchers are externally
harping that free coinage, or any eouit-
able recognition and use of silver by
America would cause all Europe to
dump its silver on America. They
don't tell US where the silver is to come
from, or how Europe could afford to
send its coin to America to be recoined
into money of less value than it al
ready carries as coin at home. but sim
ply reiterate that America would be
flooded with European silver. That
their theories lack Sense or reason
makes no difference. But there comes
another cry from Wall street, diff
ferent tune. \ firm there whose
agent has been in Europe, recommends
investments in silver bullion on ac-
count Of its strong statistical position.
a circular issued by the said firm last
week says:
When in London a few weeks ago the
writer of this letter met Sir Hector NJ.
Hay, of the great bullion firm of AIocatta
q Goldschmid, and in reply to the inquiry
as TO the amount OF silver bullion visible
supply he estimated on the merchandise
market of Europe, he said that he thought
three millions sterling. or SIS, COZ. 900 worth.
was a liberal estimate.
y couple OF days ago We asked a mem
Der of one of the largest bullion firms OF
this city how much he estimated the
American visible supply of bullion bars
TO be. and he said that ii was not more
than N,0o0.oo9 in value. adding further.
that 'the bars come from the smelters as
fast as they are produced. and hardy
have time 10 get cold before they arrive
here and are again en- route 10 Europe"
II any extra demand occurs. with such
a permanent supply already in steady
operation. what is there TO prevent an i'm
portant rise n the value OF he white
metal? The stock is small as we have
seen. and ore cannot add 10 i az plea
sure by teleEraphing out 10 The Rocky
mountains for more silver. Higher prices
would ultimately lead 10 a larger produc-
ton. but there is this curious character
istic in mining. as different from all other
forms OF industry. namely. that produc-
ton may so on for & long time. not only
without profit, but at an actual loss
Why Because the owners canont see
in earth further than the drill and pick.
and when mine is once open. its opera
tons never cease as long as funds can
be procured ont Of its ore Or assessments
70 look Tor new bodies Of rich ore Wheat
fields o. cotton fields VIII not be cultivated
at a loss. for there are TO hidden pro
ducts discoverable IN surface operat lions.
To illustrate our idea We may mention
the fact that the Mollie Gibson mine Of
Colorado. three years ago. the second
largest silver mine in the world. IS SIN
in operation though its product Is small
and very nearly wholly consumed ii meet
ing expenses. L = worked Just as hard
now as then. only the results are poorer.
No flood OF silver from the mines or
from speculative holdings Of bullion bars
i possible. and any extra demand from
japan and China IN connection with The
war indemnity must materially advance
the price. besides relieving TIE rerchar-
disc market Of the relatively t-.liinE VS.
tble supply Of The white metal We are
glad 20 believe ;hat Z r-Se n quotation o.
silver would exercise a highly sanitary
effect on sentiment throughout The world
and increase the probability % 2 more
favorable recognition % tae merits OF 81
yer as g precious metal y is relation 70
rr-tI