The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-28

as compared with the former. In 1880
there was left for coinage after deduct
Ing what was used in the arts $25, 900 900,
while in 1892 less than $14,00O,O00 was
left. This estimate does not include the
So, 500 900 before estimated as melted up
in the coins by manufacturers, and does
not include gold lost by boarding, acct
dent, fire or abrasion.
SUPPLY OF SILVER IN 1894.
I'VE have seen that the supply of silver
in 1894 available for use as money was
$3,931 100000 (see page 100, Coinage
Laws and Statistics for the figures I am
about to read; $3.50, 600, 900 of this silver
is in use as money in India, $725, 900 in
China, $S8,000, 900 in Mexico, Central and
South America, $81, 300, 900 in Japan,
$11O, 100000 in the straits. The remain
der or about 1900, 100000, is in use as
token money or occupying the quasi posi-
ton OF limping bimetallism in the other
nations of the world. The larger part of
this is divided as follows: United King
dom, SIP. 100000; France, $500, 900 900;
Germany, $215, 100000; Spain, $155 900, 900
and the remainder among the smaller ma
tons of the earth The foregoing figures
are all coinage values in our dollars.
"a natural inquiry is, what becomes of
the silver we are producing? l quote
from an interview with G. H. Gibson, a
prominent New York stock broker, who
has. just returned from London, in the
Chicago Post, a gold-standard paper, of
the Sth inst: I talked with Sir Hector
M. Hay, member of the firm doing the
largest bullion business in the world. In
reply to direct inquiry as to how much
silver bullion he regarded as existing in
the market in Europe, he stated his belief
that the visible supply in Europe did not
exceed f3,00O,O00.
''Sir Charles Freemantle, the master
Of the British mint on Tower hill, told me
five years ago that there was no stock of
silver bullion to speak of IN Europe. 1t
came by every steamer and went away by
every steamer. On inquiry of one of
the highest statistical authorities in Lon
don the fact was confirmed that, despite
the demonstration of silver by all the
great nations, including India, the use Of
silver In the arts has grown so wonder
fully that there is a r:dicu.ously small
supply IN the market at any one time
"The production of silver in the United
States last year was, bullion value, $780,
100000, and we exported, bullion value,
$37 ,164,713 Thus there was a demand
in the rest of the world for substantially
all Of our silver. These are the facts and
this is the situation before us as we begin
the argument for Independent action of
the United States.
HARVEY GIVES A FEW PRINCIPLES.
LET me first sound few principles:
The more closely either of these metals
becomes, the greater the demand for it
among the rich for use as ornaments
Where the dearer is used exclusively for
primary money it is the one that is
boarded. When gold and silver were
both used as money in thir own right
silver was boarded by the plain people
and was brought forth to serve them in
time of need. Colo. is principally hoard
ed by the rich to serve a purpose in bull
ing the money market. boarding of sii-
yer by the people was beneficial hoard
ing of gold is an injury. The cause of
boarding in the two instances is differ
Cnt. In the first instance it is to serve
natural law providing for the future
in the second instance it is commercial
motive, affecting injuriously the COM
munity. This is one of the reasons why
silver has always proved the more stable
money.
Gold is not regular in production. I
here hand the stenographer a table
showing the production of gold for the
world for the years 1S49 to 1892, taken
from page 103, Coinage Laws and Sta
tistics,' to be here inserted:
PRODUCTION OF GOLD FOR THE