Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-01

0r-~a han reasonable stock ID meet
commercial demands here and abroad
Fore.zn coin would nc, come 20 us ior
two. reasons: Il cannot be spared ITom
The circulation of The several countries
now using it. and, cXcepo the CONS u
Mexico. all foreign cons would lose
from three 70 five per cent IN Nalue by
coinage al cur ratio c. 10 70 l. lie
coinage Of India IS A, the rauo Oh 10 20
I. that Ct France and the Laln Unloh
~ 49, 10 ]: and the subsidiary coins CT
-be several nations are a. a still higher
-a-fc generally about II 10 !. IL ls
I.ficult TO see why any one should send
foreign coins here TO be coined al loss
c. three 10 FIVE Gets ON the collar
There would be a SILL greater loss III the
coinage Of silver from manufactured
articles. since the metal n sucn articles
ferns bUt a small part OF their Vaiue'
The labor bestowed on them in the
making. and the profits Of manufac-
furer and dealer. constitute the greater
Der-r o. their value. From THIS source
then no food may b expected.
II however. foreign owners OF SILVER
bring fl here. what damage do we SUI
fer from il? The money coined from
his silver must either be invested here
or taken away again. Il it is used IN
the purchase Of our goods, or FOR per
nan n fnves -ment are we not there
bv profred? Are we not constantly
king 10 extend our foreign trade, and
% a.. ac- c52.tal 10 CIR enterprises:
We SHOULD no exchange goods for thls
Foreign silver unless the silver were
worth more TO US than the goods, and we
must then derive a profit from the
transaction. and not an injury.
There remains YET the production OF
The mines 10 be considered. There Is
widespread belief that the silver out
Dut is enormous. and that it is susc9pu-
ble Of unlimited increase.
The greatest production OF silver in
any one year was S216,S92 90j. in 1894,
about % per cent. greater than the goid
production of that year. The authorl-
Ties are not agreed rs to the proportion
of the yearly production Of silver
which is absorbed by The Grp3 and the
demands of the Orient. estimates vary
.pg from one-quarter 10 three-quarteTs.
If one-fourth Of the silver production
in 1894 had been coined by the United
States alone. it would have increased
orr currency only so cents per capita.
Hsd we coined and retained One-haR Of
f. we should have little more than
made good the decrease in our per cap
ita circulation from 1894 TO 1895. II IS
No. likely that We should have had o.
fe~ed or an ODen mint more than suffl-
Gent for our money requirements, for
o-aer nations require a large supply.
Tls. there IS large demand for II is
s1cwn by the reports of its coinage
According 10 cur mint reports, the
worlds production of silver from 1873
10 1894 was $2,754. 452, 500. The worlds
,7.nage Of silver during the same per-
.od vas S2.756. 423.O15. a little more than
was produced in those years. OF course,
a large quantity was consumed in the
arts: so ir IS clear THAI a considerable
part of this vast total must have been
q rec0inage Of old coins. and a turning
of old silver into money. This shows
IN enormous mint demand throughout
the world. sufficient to prevent such a
food al orr mint as greatly TO reduce
The value Of our money. The rest Of
the world Will lsave It's share OF silver
for coinage and Cor Use in the arts,
whether we have an open mint or not
Nor is it possible for the mines TO pro-
duce an unlimited quantity Of silver,
even though the price be greatly adj
vanced. The increased value Of gold
has stimulated It's production, but we
have no fears expressed that we shall
De flooded with H.. In the mining Of
neither metal can the production be in
definitely increased, nor can new mines
De discovered and opened on demand.
There are now no known fields in
which we may expect extraordinary
q discoveries. or great increase in prOduc-
ton. This fear c. a s,.multed produc-
ton. by reason OF free coinage s eX-
pressed Try the same persons Who siren
vlus,y Insist thar. with free coinage,
we snail have 50-cent dollars. In that
event the producer Of silver would, in
reals v. geJ more for his product than
he does now. Hence there would be
no stimulus TO mine more of il. More
over. cheap money means nigh prices,
and thus Jhe cost of mining would be
increased, and the profits reduced. This
might actually result in a decrease in
the production Of silver. The truth is
the COS, IF mining would be increased
to whatever extent the level Of prices
rose, and 50 the matter becomes in
some degree seE-reguleting. The prcph-
ecy CT food Of silver from any source
viii not be fulfilled, and. if it we're, no
damage would result to us from il.