The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1896-11-14
100000 required for the worlds wants,
as above stated, stood therefore at $685.

I
as above stated, stood therefore at $780,
00o,ooo,
We shall not stop here to discuss the
situation of the worlds finances since
1878, except to call attention to the
fact that during the fifteen years, from
1880 to 1894 inclusive, the worlds pro.
duction of gold averaged S156,0O0,0OO a
year, and that during these same fif-
teen years the banks of France, Eng
land, Russia, Austria and Germany TO-
gether added the vast amount of $775,-
100000 to their reserves of gold, or $751;
100000 average per annum, a large por
ton of which increase was drawn from
the United States. Against this with
drawal of $775, 100000 from the worlds
circulation must be Offset S500,O0O,OO0
of silver added to the currency of the
United States under the Bland and
Sherman acts, and which the treasury
is obliged by law to maintain at a par
ity with gold. Had these laws never
been passed this country would not
have exported large part of the gold
it subsequently lost.
We will now consider the present po-
sitiOn of affairs in 1886.
l. The demonstration acts of 1873,
&c, have not, as was apprehended,
suppressed the use of silver as money
in any part of the world. 1t has only
suppressed such use as to the new sill
yer produced subsequent to those en-
actments. But the world has contin.
ued to use S50,0O0,0OO of new silver an
nuaIly for subsidiary coinage, and the
United States bas coined $500,000,O00
under the Bland and Sherman acts.
2. The gold product of the world
(which had been averaging $l26,0O0,OO0
year during the fifteen years, 1881
1880 had risen to S2O5, 100000 in the
year 1895, and promises to exceed $685.
100000 in 1896, and to go on increasing
progressively hereafter. Observe $685.
100000 of gold alone in 1895, against
$207, 100000 of gold and silver together
per annum during 187l-188O. If we
consider that $50,O0O,O0O of silver
year is still employed for subsidiary
coinage, we have an aggregate of $685.
100000 of the two precious metals
available annually for the various new
wants of the world, against $207 000,-
600 per annum produced in 187l.16S0.
AS the annual requirements for the
whole world have been placed by care
full experts at $2OOO0O0O0 of the preci,
GUS metals, the world is therefore add
ing to its supply about $75, 100000 more
gold than is needed to keep up the par
ity of prices, on the bimetallists theory,
and to prevent the much-proclaimed
injustice to the debtor and agricultural
classes.
In addition to the above we must
bear in mind that part of the vast &C
cumulation of gold by Russia and Aus
tria will before long be sent back into
circulation upon their resumption of
specie payment, thereby inducing an
thAUtAOh III GLIObO OuuutllCo uudluSOub
to what was experienced iu the United
States in 1879 1881, after the treasury
had resumed payments in gold.
We may therefore look on the gold
situation as not only adequate to sup,
ply the worlds wants, but as promising
a gradual imitation of prices, the effect |
of which must be to remove the discon-
tent now prevailing, without being |
open to the fatal objections, moral, pc
litical and financial, attendant on the
proposed coinage of silver at ratio |
greatly in excess of its bullion value.
1t seems, therefore, only fair to claim
that all the arguments which led the
bimetallists of Europe and America to
demand the joint coinage of gold and
silver twenty years ago, are satisfac.
torily met at the present day by the
production of gold alone.
And the necessity for the coinage of
silver, so as to secure justice to the suf-
fering agricultural and debtor classes,
no longer exists. PETER MARIE,