The midland journal. (Rising Sun, Md.) 1885-1947, 1896-09-25
The Silver Flood.

raised hue ana cry tnat II the Z. ..
minis were opened to free coinage all the
silver in the world would be poured into
them, dumped onto this country they ex-
pressed it. The folly and brass which the
statement contained showed the estimate
the goldites placed on the lack of infor-
! nation on financial matters which dark
ened the minds of the mass of the Ameri-
can people. This trick to deceive the
people was soon exposed, but occasionally
speaker and gold paper when hard
pressed for material to help an expiring
deception will fall back OH this ludicrous
story of all the nations of the world carry
ing their silver to the U. S. minis to have
it coined into American dollars.
The goldite organization with their
plethora of money had blanket posters
printed representing the people of every
nation wearing their national costumes,
rushing and crowding one another, bear
ing bags of silver, and heading towards
the United States mint, which was repre-
scented on the opposite side of the poster.
Suppose we attempt to reduce the sub
ject of this picture to practice, and go to
work gathering up the silver of the world
for the purpose of a speculation by taking
it to the open miuts of the United States.
We will confne the field of our specu-
lation to European gold standard nations.
Let US take for our experiment the three
leading nations of Europe Britain,
France and Germany. There is estimated
to be perhaps as much as five million
dollars worth of bullion silver in Europe
not used up in the arts or in coin. That
which has been converted into tableware,
watch cases and the great variety of
things made of silver is worth all it cost
to the owners, for the work of the artists
and manufacturers has been added to the
cost of the bullion silver, which has no
doubt brought the silver contained i'll such
goods up to the money value of gold rated
at IS to I, which is the ratio between the
coined silver of the United States and
SOlNs IL lAC SlAtCL PIclC VI khS dAAolOSIoIlS
and royal families of Europe could be
bought at all, which it could not of course,
it would cost more than it would be worth
when coined into American dollars. All
the other silver which is in Europe is in
the shape of coined silver and circulates
in the respective countries where it has
been coined on par with gold as our
silver dollars and smaller coins circulate
with us. The principal part of the retail
trade and wage paying are done with the
silver coins as they are here.
The silver money of European countries
has been coined at ratio Of ISL to I,
therefore is lighter than our silver coins.
ISL ounces of pure silver in the coins
being equal to ounce of gold, while it
requires I6 ounces of United States silver
dollars to equal ounce of gold.
Now we are ready to commence opera
tions i'll the speculation of flooding Uncle
Sans mints with the "silver of the
world" The entire continent of Europe
mines less than 20 millions of silver per
year and European nations have to come
to the American continent to purchase
silver for their own use, and therefore
| there is very little bullion silver in Europe
which has not been used in the arts and
for coinage. So we will have to confine
our work of purchasing the silver coins of
those countries after having bought up
the few millions of bullion the artists
haven't worked up and made more VAL
liable than money ounce for ounce.
We will estimate the silver money of
Great Britain, France and Germany at
800 million dollars each. 1t will amount
to more than that probably-France has
considerably more than that for her share,
but this estimate and SUM will answer for
the object lesson we shall present. This
estimated 600 million dollars of silver
| money has been coined at ratio with
gold as 15H to I, and is worth as money,
and passes as such at that ratio, and if
purchased must be bought at the rate of
I5H ounces Of silver to ounce of gold.
This money, like our silver, has been in
use-a great deal of it-a long time and
lost in weight at least a per cent from use.
So when we have completed our purchase
of all the silver coins of these three prin-
cipal nations, we have lost on the pur-
chase per cent and i'll weight from use
per cent, as compared with the value of
silver when coined into American silver
dollars, the total loss amounting to $685.
900, 900, emitting the cost of transporta-
ton and of collecting the silver together,
which would be considerable addition to
the cost. If we should extend our specu-
lation to Asiatic countries where the coin
is at a ratio of IS ounces of silver to I of
gold, we would be out of pocket hun
dred or more additional millions. The
countries of the entire Eastern hemisphere
produce annually less than so million
dollars of silver. All Europe, Asia and
Africa are compelled to come to the Amer
lean continent for silver, which produces
more than three fourths of the worlds
silver.
This is partial view of the ridiculous
lie this blanket goldbug picture presents
to the public. But when the fact is taken
into account that all this foreign silver
would have IN he Cniuad into A,parioay