Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-13

the United States Treasury. This is
bold statement. but Is strictly true. Let
those who deny or doubt il Investigate
for themselves. IL II IS true, IL com
pletely proves that this country can
never be the dumping-ground OF the sill
yer OF the world, from the simple fact
that there is no silver TO dump. l am
willing 10 rest the question on this issue.
II Is now an admitted and wcll-knOwn
fact that a little over half OF the silver
OF the world IS I'm India and China, and
hardly a dollar that goes there ever re-
turrs 10 the outside world. Together.
these two countries have the enormous
population OF nearly G00000,000 Of people.
They have more than eight times the pop
ulation of this country. The per
capita circulation in China is sos ana
in India 800: both are silver monome-
tallst countries. Senator Francis NJ.
Cockrell also makes the statement that,
IF all the silver I'm the world was brought
here and coined. Il would amount 20
only $500 per capita. which is very little
more money than France has at the pres
ent time" II is practically impossible
that one tenth Of this amount can ever
be brought to this country. The annual
expectation OF silver bullion 10 China
and Japan amounts 20 fully 100000,
and for the year 1895 the exports showed
a large increase 10 those countries. Now.
add to the 100000 the 100000 needed
by Mexico for coinage purposes; also the
sum Of $i2O0o.c00 needed by the United
States Of America, Tor at least that much
will be needed 10 redeem the Sher-
man Treasury-notes and for coinage pur-
poses. Tho exigencies OF the United
States Treasury have compelled the
Treasurer 10 commence redeeming the
Sherman Treasury in part in sill
yer dollars. since the 1st Of August. and
he had redeemed about the sum OF $500
600 prior to that time in the same
manner Add 10 these figures 100000
needed for subsidiary coinage in Europe
and America, and sp.00)OOO for the arts,
and it takes $l62O0O000. which pretty
nearly absorbs the entire annual silver
production of the world. The annual
production of the silver OF the world may
be safely estimated at about s20OOoo,0O0;
now, deduct the Sl62, 00o, and It leaves
$4,000, 600; but, say 80 600 go. 10 be on
the safe side; and. II all this was coined
In this country 1t would be less than
90 cents per capita circulation. This IS
the great bugbear, the nightmare, which
haunts the imagination OF the gold mono
metallists, and which is being constantly
Haunted in our faces.
The foregoing figures are the result Of
a careful Investigation, and l defy any
man on earth to successfully controvert
them The recent war between China
and Japan has greatly increased the use
OF silver especially IN japan. The addi-
ton Of Formosa to its territory, and the
expansion OF trade caused by the war
has increased the demand for silver.
That great country is now fitting out
twelve new steamships Of tho first
grade FOR the Pacific trade, which will
be IN use in less than twelve months,
and with the enormous benefit Of July
30 per cent. in exchange in their favor,
caused by its being silver mono
metallist country, It will seriously dis
turb and iniure our manufacturing and
shipping interests. our manufacturers
are already beginning 10 suffer from the
competition OF Japan. And, singular as
1t may appear Britsh-India cotton
goods are being sold at a profit IN Ger
many, on account OF the benefit OF eN-
change; the German manufacturers are
being undersold In their own markets
These stupendous facts are beginning
to tell, and the trend Of public sentiment
has recently received an impetus in Eu-
rope, which bids fair 10 accomplish the
most auspicious results. The benefits Of
bimetallisn, which means free silver
are for the first time being appreciated
by American manufacturers. and the
farmers, the laborers. and the mechanics
are gaining, or rather have gained 2
great ally in our manufacturers. But Il
IS stated that the coined silver money OF
Europe Will be brought here TO be re-
coined, If we have the free coinage Of ST.
yer. The gOld-standard people are forced 10
mako this contention because that IS the
only great stock Of silver The despe-
rate exgencies Of their cause force them
TO take this position. Now ] VIII answer
it. All the coined money now in Europe
Is in actual use. and could not be taken
away without seriously disturbing trade.
All OF II has a limited legal tender quail
~. All OF it is worth to-day a dollar
in gold. IT must also be remembered
that the proportion in Europe is fifteen,
and fifteen and a half for one. while
here IT Is sixteen for one. Therefore IL
follows that it could not be exported here,
except at a serious loss TO show that
they have not enough silver for their own
purposes they are annually importing a
large amount OF silver bullion. It is in
conceivable, IL these statements are true,
that their coined money will be recoined
here. Such a proposition Is opposed 20
the plainest dictates Of common sense.
I come now 10 another contention made
by the gold monometallists. 1t is stated
that the free coinage OF silver Will
enure chiefly 10 the benefit OF tho silver
mine-owners Of this country. Now what
are the facts? In the first place we pro-
duce nearly one half OF the entire silver
product of the world Common sense.
It seems should teach Us that II was
the part Of wisdom to stimulate this
production in every manner IN our
power. The plainest business principles
Indicate this course, and yet the gold
monometallists desire 10 curtan the pro-
ducts Of their own country, and espe-
cially a product OF the highest impor-
lance I state the fact, which was GEAR
ly proved before a congressional COM
mttee. which examined the subject,
that silver mining on the whole has
never been very profitable in this coun-
try. The statement Is made that the
average cost OF every dollar OF silver
mined in the last fifty years has been
nearly $50, and It IS accounted for in
this way. Where one silver mine is a
success, ten at least fail. There are at
present, not over a dozen silver mines
in this country paying good profits. The
celebrated Comstock Lode, the Molie
Gibson, and many other famous mines
have practically failed. and the prospect
for finding the white metal In as laEge
a quantity as formerly Is not encou-
raging 1t is true that the free coinage
OF silver will stimulate the production,
but there IS not even a remote possibility
OF any overproduction, if we Judge the
future by the past
We have all seen the effects OF gold
monOmetaIlism. Ii Will take more pro-
duce now to pay one third OF the debt
OF the United States OF America than
N Monll hive taken TO naX The whole