The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-06-16
AN ACT OF lMsEclLlrY.
Reasons why America Should Not Allow
Europe to Fix tho Price Of Silver.

Reasons why America Should Not ALLOW
Europe to Fix tho Price Of Silver.
What are the facts today Us to the
production of silver, and where is it be.
ing producedp
The report of the director of the mint
dated June "a, 1894, shows that the
worlds production of silver for the yonr
1893, rated at the ratio of 10 to T.,
amounted to $20S, S71, 000 OF this
mount the United States produced $77,
515, 700, and Mexico produced $57, 1915,
600. The amount produced in the United
States and Mexico was $134, 951 800,
and all the balance of the world pro.
duccd $T3, 419, 700 But of this $73,
419, 700 the South American and Central
American states, all of which are silver
using counties and equally interested
with the United States in maintaining
the price of silver, produced $25, ,044, 700,
aud the Dominion of Canada produced
$32 400, which makes total produc-
tion in American of $3.50, 317, 400, and
all the balance Of the world produced
only $48, 053, 600. The amount actually
produced i'll Europe was SO, 1856, 100
The amount produced in Great Britain,
the country that now assumes the pro-
rogative of fixing the value Of the silver
bullion of the world, was 1927, 700.
England's production of silver is less
than two mills on the dollar of the total
production. Instead of being able to
dictate the value of silver bullion, she
ought not to be consulted at all. She
should have no voice in the matter. In
fact Europe combined could not, as
against the wishes Of America, exert
much, If any, influence on the value Of
silver The amount of their production
or of their actual consumption of silver
is too trif1ing to have any material in.
huencc ON its market value. Europe re-
quires certain amount Of silver bullion
annually to keep up her supply Of token
money, even though she might discon-
tinue its use as money of ultimate or
final redemption. The amount now be-
ing consumed by her for coinage pur-
poses averages about $32, 900, 900 annu-
ally, to which if you add tho amount
consumed by her in the arts it will be
found that instead of having silver to
sell she annually consumes more than
double the amount OF silver that she
produces.
1t may be fine thing for Europe to
allow her to fix the price CT silver bull
lion, but it is contrary to all precedent
and an outrage on the silver producing
countries America produces more than
three times us much silver as all the
balance of the world and moro than ten
times as much as tho amount produced
in Europe.
The total amount of silver produced
in the world, outside Of America, is not
sufficient to supply the demands Of Eu-
'ope for coinage purposes and for use In
he arts. 1t is not sufficient to supply
he demand of India for coinage pur-
ooscs alone. 1t would hardly be suffi-
'icnt to keep the silvor gods Of China in
leccnt repair, to say nothing about the
iecossity OF now one now ard then.
Mexico and in fact all of the South
American and Central American states
ire equally interested with us in main
aiming the price Of silver bullion and
will gladly cooperate with us in any
'ffCrt we may make to restore silver to
IS former position and value in the
monetary system Of the world. 1t would
70 an act of imbccility for America,
reducing as it does moro than three {
ourths Of the silver produced in tho :
'orld and more than ten times as much
s the European production, to allow
EUROPE to fix the price Of our silver bull {
on. We have no interests in common I
nth Europe on the silver question. We
re heavy producers of silver. We have
liver to sell. 1t is to our interest to
the price Of silver bullion :
EUROPE is heavy consumer Of silver.
he docs not produce enough to supply {
or demands. She must enter the mar
ct and buy silver not only for coinage
urposcs, but for use in tho arts. It is .
} hcr interest to buy silver at rs low a
rico as possible. We cannot combine :
18th Europe. Let us combine with those
'ho have interests in common with us.
a. j. Utlcy i'll Arena a