The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-06-27

Of the world $4s,743, 500 of this total
production of S216,S92, 200.
We know that more than $4S, 1880
of silver bullion is used in the arts an
nually in Europe alone, and that all
the silver supplied for coinage to the
whole world annually must come from
America in the proportions above
stated. It is quite clear that the Uni
ted States and Mexico, alone, as the
countries of chief production, can
make the commercial value silver
equal to its coinage value, at Is to /, by
merely agreeing to that policy, as be-
tween themselves. Mexico now pur-
sues that policy and is growing rich.
IL we adopt it we shall only grow rich
err.
Australia and South America would
gladly unite with us, if that was neces-
sary. in advancing the price of their
silver bullion 100 per cent, as would
then be the case, although it might
"Mexicanize' a British colony.
PROFIT IN BUYING OUR SILVER.
The United Kingdom and the Euro
pean States now coin our "50-cent-an-
ounce" silver bullion into their money
at about $1.25 an ounce, on the ratio
of 1919 ounces of silver for one ounce
of gold, and make it a legal tender
for $40 at clear profit of $50 per
cent on all that they permit to be
coined for home use and for their col
onies. Of course they Will, if they can,
hold to this advantage over the silver
producing countries, and to do this,
they will suspend the coinage OF silver
whenever it approaches the CONNER
cial value of gold, as they have done
in India and at home.
Those who use silver, in those coun-
tries, i'm all of their necessary and
daily transactions-not less than so
per cent. Of the entire population--are
all the time demanding larger use of
silver money, and that is the reason
of the desire of those countries for
the universal coinage of silver at a
fixed ratio to gold, provided it is very
low ratio.
When that ratio is fixed by interna-
tional compact, if it ever is, the price
fixed upon silver bullion will be less
than its present coinage value in the
United States, and the silver-produc-
ing countries will lose the difference.
REASONS FOR FREE COINAGE.
So / must keep company with the
Southern and Western Democracy in
the effort to prevent this loss through
merely supposititious international a
greement,if there is any danger that so
lame device can ever get upon its
feet. As we cannot levy an export
duty on silver, and as we can raise its
commercial value to the par of its
coinage value by opening our minis to
it's free coinage, equally with gold, at
the ratio of 16 to 1, and since we can
compel Europe, Asia, and Africa to
buy our silver at that price for uses
that they cannot avoid or escape from,
I cannot see that there can be any
benefit to our country in any sort of
international agreement ON the sub
ject.
We are taught, most wisely, by all
the fathers that we should carefully
avoid entangling alliances with for
eign countries, and especially with Eu-
ropean countries. If this caution is of
any value it must apply with supreme
force to alliances on the subject of
our financial relations. No other sub
iect is so delicate or SO involved or so
dangerous or unusual as an alliance
between powers to regulate the mon
ey that the people of separate sover-