The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-10-29

WcASuS " bu0 SOUO pEOOOOOO COIN yO
Nevertheless the market price OF silver
was Is 6 ~euualing 1 of gald-the mint
price being Is 5 to /. In the ten years
ending with 1856 q complete reversal
of the relative production OF gold n
silver appears. Whereas silver had
been produced to the weight or hEty
times the weight of gold i a year, 10
was down to four and a half times the
weight of gold a year. But the mar
ket price of silver averaged Is 4 as
against the French mint price of is, 5.
Upon research for other cause the
conclusion is irresistible that the vol
ume of business in France and her
trade relations combined to create
such q demand for money that the
voluntary deposits of both metals for
coming enabled the French coming
price to dictate the market price or goId
and silver for the world.
1.-The trade movement of gold n
silver into and out of France is other
wise inexplicable, o. When gold was
produced the T.. sc abundantly the
tendency was for gold to come into
France in greater quantity than silver.
When silver was the more abundantly
produced the tendency for nor silver
than gold to come in was evident. But
/ we do not find one metal going out and
4 the other metal coming into France.
The coinage of gold and silver in France
confirms the one conclusion. In 1906,
when the silver was fifty times the
production of the gold in a year, the
coinage was about half and half gold
and silver. In 1918, while the produc
ton of silver was forty seven times the
production of gold, the coinage of gold
was seven times the coinage of silver
seven times as much voluntary coin
age of the scarcer metal that year, and
there is much similarity notable be.
sides. Yet France did not produce
either metal in any amount worth
mentioning. The United States, on
the other hand, is the worlds largest
producer of silver and second largest
producer of gold.
1.-The employ ment of money in France
was by a population Of between 3d.
GOO. 600 and 50, 900, 900. Our employ
ment for money is for 81, 600, 900 OF
people now, scattered Cver a territory
seventeen times the area of France.
Our population promises to exceed that
of Great Britain and France combined
within ten years; to exceed then the
combined population of all Europe In
1920, Russia possibly excepted.
III HAS D0oA Sdu Gu6U HIhuG0 udN
the aid of India in sustaining silver
On the contrary, India's largest ab-
sorption of silver was in the period
when silver was most scarce relatively
to gold. India absorbed 800, 900, 900
worth Of silver in a year when its value,
measured by production, was one-sixth
the value of gold. Yet the French
mint, which under valued silver rela-
tive to production by mor than so per
cent-that is, at 154 of silver as the
equivalent of One of gOld-received
sufficient tender of silver for coming
into French money to hold the market
price for silver at Is A to 1.
The United States would now have
the giant aid of India on behalf of sil
yer. The British minis in India we're
closed against the coming of silver for
private account in 1893. But India's
absorption of silver keeps up to the re-
cent yearly average all the same. This
brings me to remark upon false notion
of Judge Aldredge. Judge Aldredge
threatens the United States with an
abandonment of the standard of civil
ization' if we reopen III minis to sill
yer, and says that associates will
be peoples of little or no commerce.
Among our barbarian associates in
1 SUCu SNSub Is lHU1ds LOI OLlN I4OI1ON
is her silver rupee, although gold mo-
hurs-1tteen rupees-ere coined. Her
gold mOhur values silver in the rupee
z per cent. higher than gold coin
values silver in our silver dollar. The
foreign commerce of India will exceed
5000, 600, 900 in n year, will achieve
for her q credit balance Of trade ap-
preaching $3.50, 600, 000, which will pay
her gold obligations of about $11O, 000,-
900 in London ard command $55. 000,-
900 worth of silver along with $25, 000,-
600 worth of gold as her net trade dues.
Bestow India's advantages in commerce
upon our people and the United States
may select associates at will.
My opponents imagine exhaustless
mountains of silver ore in the United
States and elsewhere. The most emf
nent authority in the world, at the
time, imagined exhaustless mountains
and valleys of gold in 1853. Holland
and the German States were alarmed
into closing their minis against the
then threatening avalanche of gold.
"Others of my opponents predict a
flood of Europe's silver upon our re-
opened mint. Europe's silver is money
and doing duty as the lawful equiva-
lent of gold. The English silver would
lose z cents on every dollars worth at
home by conversion into the money of
the United States. A Frenchman con
templating the exchange of his silver
coin for our gold by converting his
silver into our dollars and exchanging
these dollars for our gold, must con
template a sacrifice of about $35 on
every 81, 900 worth of his silver that is
lawful money at the equivalent Of
81, 900 at home.
Our programme proclaims Judge
Aldredge a director of the National E.
change bank. Therefore, as a bankers
u~tterance, let his argument be weighed.