The Neihart herald. [volume] (Neihart, Mont.) 1890-1901, 1896-08-15
AN ACT OF i~MBECiLlTY.
ceasops Why America Should Not Allow
Europe to Fix the Price of silver.

Europe to Fix the Price of Silver.
What are the facts today as to the
production of silver, and where is it be-
ing produced?
The report of the director of the mint
dated June "a, 1894, shows that the
worlds production of silver for the year
1898. rated at the ratio of l6 to /,
amounted to S20S, 81, 600. OF this
amount the United States produced ST.
$40, 700, and Mexico produced $51 3d.
500. The amount produced in the United
States and Mexico was s134, 951 800,
and all the balance of the world pro-
duced $13, 419, 700. But of this $13.-
4l9, 700 the South American and Central
American states, all of which are silver
using counties and equally interested
with the United States in maintaining
the price of silver, produced *25, 044. 700,
and the Dominion Of Canada produced
1891, 400, which makes a total produc-
ton in American of $3.50, 81, 400. and
all the balance Of the world produced
only S4S, 053, 600. The amount actually
produced i'll Europe was $40, 155, 100.
The amount produced i'll Great Britain,
the country that now assumes the pre-
rogative of fixing the value of the silver
bullion of the world, was 1927 700.
England's production of silver is less
than two mills on the dollar of the total
production. Instead of being able to
dictate the value of silver bullion, she
ought not to be consulted mt all. She
should have no voice in the matter. In
fact Europe combined could not, as
against the wishes of America, exert
much, if any, influence OH the value of
silver. The amount of their production
or of their actual consumption of silver
is too trifiing to have any material in
fuence on its market value. Europe re-
Quires a certain amount of silver bullion
annually to keep up her supply of token
money, even though she might discon-
tlnue its use as money of ultimate or
final redemption. The amount now be-
ing consumed by her for coinage pur-
poses averages about $32, 600, 900 nnu
ally, to which if you add the amount
consumed by her in the arts it will be
found that instead Of having silver to
sell she annually consumes more than
double the amount OF silver that she
produces.
1t may be Il fine thing tor Europe to
allow her to fix the price of silver bull
lion, but it is contrary to all precedent
and an outrage Oh the silver producing
countries. America produces more than
three times as much silver as all the
balance of the world and more han ten
times as much us the amount produced
in Europe.
The total amount Of silver produced
in the world, outside of America, is not
sufficient to supply the demands of Eu-
rope for coinage purposes and for use III
the arts 1t is not sufficient to supply
the demand Of India for coinage pur-
poses alone. 1t would hardly be sufi-
cient to keep the silver gods Of China in
necessity of a new one now and then.
Mexico and in fact all of the South
American and Central American states
are equally interested with us in main.
tanning the price of silver bullion and
will gladly cooperate with us i'll any
effort we may make to restore silver tC
it's former position and value in the
monetary system of the world. 1t would
be an act of imbecility for America,
producing as it does more than three
fourths of the silver produced in the
world and more than ten times as much
as the European production, to allow
Europe to fix the price of our silver bul'
lion. We have no interests in common
with Europe on the silver question. W.
are heavy producers of silver. We have
silver to sell. 1t is to our interest tt
maintain the price of silver bullion.
Europe is a heavy consumer of silver
She does not produce enough to supply
her demands. She must enter the mar
ket and buy silver not only for coinage
purposes, but for use in the arts. 1t il
to her interest to buy silver at as low {;
price as possible. We cannot combine
with Europe. Let us combine with thos,
who have interests in common with us
"A. j. Utley in Arena.
U,z-z nan ..p--