Evening star., 1896-08-24
BUSINESS VIEWS OF SILVER.

Henry C1ews Says the Movement fs
Pr"nOuncedly on the Wnne.
Henry Clews, in his Weekly Financial
Review, says:
All accounts go to show that the silver
craze Is pronouncedly on the wane. 1t
must be remembered that most people liv-
Ing in this country who are natives of
others make frequent remittances to aid
aged and infrm relatives whom they left
behind them In their native lands. This
applies very largely to the Irish and Ger
mans. A remittance of fl now costs s..
If this country goes on silver basis, a re-
mittance Of fl will then cost SO, which
will come pretty hard for many of our
liberal-minded adopted citizens who are
in moderate circumstances. Silver has re-
ceded during the past week to 60 cents an
ounce. Those who believe that Mr. Bryan
is going to be elected should have the
courage OF their convictions and buy sill
yer at 66 cents to sell at $1.29. Mr. Bryan
distinctly stated in his Madison Square
Garden speech that under a free silver
law silver would sell at S1.29. Silver would
not now go begging at about one-half that
price If Mr.. Bryans statement was be-
ieved. People who are boarding gold
ugh the fear of free silver coinage
would be wiser to buy silver in place of
gold. 1t would he more sagacious opera
ton. 1t would appear that it could not
go very much lower than the present price,
whereas there is a fair margin for 1t to
advance to some extent, temporarily at
least. but certainly not to sl.29 per ounce,
to make 1t on parity with gold, which
the ratio of Is to l calls for. The time
will never come, in my judgment, when il
will go above a dollar an ounce, even under
a free and independent 10 to l ratio silver
law. International bImetallism, however,
would be a different thing. For this coun-
try to move 1t up to that point alone would
be physical impossibility. considering the
nrn6nnfinn oh
upon this country for sale. this being un-
der those circumstances, the best market
for the white metal. With the facilities for
transportation all over the world with the
aid of cable and telegraphic communica-
ton. all products. wherever produced,
quickly go to the highest market for their
disposal.
If it is fair for the silver mine owners
to take 5S cents worth Of silver to the
mint and have 1t converted into coin with
the United States stamp upon 1t, under a
law making it legal tender for a full
dollar, why should not the amount of pulp
required to make greenback dollar be ac-
cepted by the government as the equiv
alent Of legal tender dollar bill? WHAT
ever the United States government puts
its stamp on as money, under a law pro-
vidng therefor, would make one thing
Just as good as another, whether 1t IS
paper pulp, iron, copper or silver until
the government credit became swamped
by an excess of it. Then, of course all
value disappears in such materials except
ing the intrinsic value which the ma
terial possesses. A Mexican dollar under
free silver law can be taken to the treas
ury and converted into a United States
silver dollar, temporarily worth double the
value of the Mexican dollar; but after the
country has been flooded with an excess of
this money. the value will simply sink to
the market value of bullion as to its pur-
chasing power money quality. The law of
supply and demand Is the final regulator in
all kinds Of commodities. The silver advo-
Gates say that when they get into power
they will repeal the law of supply and de-
mand, and thereby prevent the deprecia-
tion of silver money coined by the United
States, even though 1t becomes excessive
This is one Of their best points, as mostly
all are equally visionary