The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-06-19
AN ACT OFF E,lBEcdLITY.
Reasons Why Americn ShOuid Not
Allow Europe to Fix the Price of
Silver.


What are the facts today as to the
production of silver, and where is it
being produced?
The report of the director of the mint
dated June "A, 1894, shows that the
worlds production of silver for the
year 1893 rated at the ratio of 16 to l,
amounted to s2OS, 81, OOOO OF this
amount the United States produced
S77.575, 700, and Mexico produced $751;
375,s00. The amount produced in the
United States and Mexico was $l34,-
951 800 and all the balance OF the
world produced s73419, 700. But of this
S73,4 700 the SouGh American and Cen
trail American staes, all of which are
silver using countries and equally IN
terested with the United States in
maintaining the price of silver pro-
duced s25, 044, 700, and the Dominion OF
Canada produced 1921 400, which MAKES
a total production in America of $780,
81. 400. and all the balance of the world
produced only 4S,053, 900. The amount
actually produced in Europe was $l9,-
155, 100. The amount produced in Great
Britain, the country that now as
sumes the prerogative of fixing the
value of the silver bullion of the world,
was 1927, 200. England's production OF
silver is less than two mills on the dol
lar of the total production. Instead of
being able to dictate the value of sill
yer bullion, she ought not to be con-
sulrzd at 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 on the value of, silver The
amount Of their production or OF their
actual consumption of silver is too
triflirg to have any material influence
on its market value. Europe requires
a certain amount of silver bullion an
nually to keep up her supply of token
money, even though she might dis
continue its use as money of ultimate
or final redemption. The amount non
being consumed by her for coinage
purposes averages about S32, 600 an
nually, 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 fine thing for Europe to
allow her to fix the pr7ce of silver bull
lion, but 1T is contrary to all precedent
and an outrage on the silver producing
coun tries. America produces more than
three times as much silver as all the
balance of the world and more than
ten times as much as the amount pro-
duced in Europe.
The total amount of silver produced
in the world. outside of America, is not
sufficient to supply the demands of
Europe for coinage purposes and for
use IN the arts. 1t is not sufficient to
supply the demand CT India for coin
age purposes alone. 1t would hardly
be sufficient to keep the silver gods of
China in decent repair, to say nothing
about the necessity of 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 in any
effort we may make to restore silver
to its former position and value in the
moneItaTy system of the world. 1t
would be an act of inbecility for
America, producing as it does, mrre
than three-fourths of the silver pro-
duced in the world, and more than
ten times as much as the European
production, to allow Europe to fix the
price of our silver bullion. We have
no interests in common with Europe on
the silver question. We are heavy pro-
ducens OF silver. We have silver to
sstl. It is to our interest to maintain
the price of silver bullion. Europe is
heavy consumer of silver She dors
not produce enough to supply her de-
nlands She must enter the market
and buy silver not only for coinage
purposes. but for use in the arts. 1t ID,
to her interest to buy silver at as low
a price as noseible. Let us combine
with those who have interests in com
mon with us.-A. j. Utley i'm Arena