The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-16

yer snd that there have been 'l,3n'oO
600 mora gold produced IN the world be-
tween 1850 and 1896 than or silver No
have not taken tho trouble to ascertain
whether this IS so or whether IL Is not
40 srnce we DO not regard either state
ment as Of any consequence in tho dis
cpssion The important question Is, what
has been the relative production OF soiu
and silver enco silver began TO decline
en- much that tho silyor dollar became
less valuable than the gold dollar. That
n,,roncd after 1873. Tho average value
- the silver dollar in 1873 was sloOi. IN
1874 II was .0ss. and 1t l~s stes,.'y de-
cllncd from that figure 10 us present
value OF about nfty-one cents. Ihe pro
dncfion OF gold In the world since 1910
10 1891. Inclusive, has been S2'2o'S''''DO,
The production OF silver IN the worm
ln the Same time has been s2'1i'i'-''o''
counting 1t at $40 per ounce. 'See re-
nor, OF Director Of the Mint for 1898, p.
So That Sc. tho production Of silver in
these twenfy-one years during when Sill
ver was steadily declining in value was
Se27 GlSooO greater than the production or
gold in those years. IL there any won
der that Il has been found impossible 10
preserve the ratio OF 1873 when the pro-
duction Of silver has been at so much
greater ratio than the production OF
gold?
But this fact is also to be considered
along with another. within the past
twenty nyo years railroads, steamships,
telccraphs. telephones. and the spread
q banking facilities have enabled bust
ness to transact its affairs with infinitely
less coin than was required then. All
transactions Of any importance are now
operated by the transfer Of credits. This
has enormously decreased the need for
metallic money. When men arc given the
choice whether they will use gold, the
lighter metal. or silver. the heavier one,
they will always take gold. The result is
silver has, since it began TO decline IN
value. increased out OF all proportion TO
the increase OF gold, and nj the same
time the conditions have become such
that the need for metallic money has
greatly decreased. u there any wonder,
then. that silver has lost its placer It's
supply mas greatly increased and the de-
mand for fl has greatly lcssened.
MI. Iatteson deyotes himself 10 an ef-
fort TO prove that there is no accumu-
lated mass OF silver bullion anywhere in
TO vCrid &c come here If We have free
coinage auc he declares his confidence
that there is not as much as 'Sl0.oooooo
OF silver bullion on this earth outside OF
tho United States Treasury"
We know nothing Of the facts Of this
matter. nor does Mr.. Patteson. nor does
any one else. and there are no sources
OF Information in respect TO 1t. But when
Mr.. Iattcson limits the silver that would
come here under free coinage TO the In
cots Of raw silver as it was dug out Of
the mines. be is as far from dealing with
thc real situation as a man can be.
The Director OF our Mint Roport 1895,
page 2i9 puts the silver produced i'm the
world since 1893 NJ lQlN,Nlil"- hie i'l-
lows soclbeor from 1893 10 lS>6, ana the
official records thereafter. All Of this
silver. except what IS used ms money In
cold-staudard countries is bullion, 20 he
bought with gold II envy orc will pay for
10 what those who own it are willing
TO take What IS in use as money I'm gold
standard countries IS rot for sale. of
course. because the governments there
keep it up TO the god standard. But
every rupee in India and every tael in
China is for sale as raw silver, for gold.
Mumsman. in his monetary systems Of
the world. page 49, gives the following
as the amounts OF silver I'm use as money
FIN the gold-stanlarl counties;
All Europe .--..... -.-.----.---.Sl. ooi 1''V.'
United states QbouD ....-.-... 100000 GOO
Total -...... ........ -........S-'loi'o 1lO9J