Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-12
Decisions with Re~uect to the silver
Product.

49,
throughout the East n widespread mis-
understanding. amounting to a deiusion'
In regard to the production OF silver ana
gold, not only OF the world. but particu-
larry OF the trans Mississippi section OF
the United States 1t Is the almost uni
versal opinion that there has been, and
is, an overproduction of silver. This
opinion prevails, not only among the
common people, but It Is entertained by
those whose profession and training
usually indicate that they are well posted
on the public questions Of the day. Even
that great political leader. William c.
Whitney, In an interview In the New
York World. said: IF the country Is
not being drowned In flood Of silver. II
is. at any rate. being scared to death by
the fear OF such deluge."
Again, Edward Atkinson, one OF the
most active leaders of the so-called
sound-money party, attempts TO brand
silver as a cheap metal by contrasting II
with cows. He rays, in a recent article
published over his rame: Cow money is
older than any other kind of money.
Cows sheep asses. and other cattle were
money. and did the work of money for
centuries Why demonetiZe the cowT
These are fair specimens OF the pre-
vailing eastern opinion Of silver.
The delusion probably arises
l. From hearing and reading so much
in public speeches and editorials du-
ring the past three years about the flood
of silver the alarming "overpro-
duction Of silver" the Cheap metal"
etc.
9 From the common, but very I'M
fair practice OF contrasting the products
Of silver and gold for short periods. such
as one. five, or ten years.
3. From the equally unfair practice
Of illustrating arguments by giving the
statistics OF products of single ma
tion. instead OF those OF the whole
world.
Nothing Is more effective In misleading
and decelving the common people than
an apparently logical conclusion derived
from "A false premise. For instance, a
demagogue may appear 10 be very fair
and logical in the following statement:
"Overproduction makes a cheap metal;
silver is overproduced: therefore, silver is
cheap metal" The logical conclusion
Is plausible and apparently correct. but
as II is based on "A false premise 1t Is.
therefore. untrue.
AS a large portion OF the stockton
trade arguments Of the advocates of the
single. gold standard are based upon al
legations of overproduction OF silver II Is
OF the utmost importance 20 ascertain
the exact facts by taking the faIrest
possible test-the statistics OF the whole
world, and for long periods OF time.
The fundamental error OF taking sta
tistics of single nation, or for a short
period. like one or ten years. lies In the
fact that the annual products of silver
and gold are but drops in the world $
reservoir OF precious metals, which is the
accumulation OF centuries, and from all
nations.
Silver may be ahead for one year, or
decade. and gold ahead for another year.
or decade. but when we take centuries or
at least half centuries the production
OF the two money metals is always nearly
equal in value.
According TO Mulhall, the eminent sta
tistican Of Europe. the worlds total
product OF silver and gold for the 500
years-13s9 to 1SSO-was in value as fol-
lows:
ShNer.... ..'..'.''.'..''.'. ''...'SI'f50'VVVvD
Gold.................... 1,2ioOJOOO)
of 500 per cent. OF silver and 1914 per
cent. of gold: surely no food OF silver
during that period.
During the 100 years-1792 to 1s92-the
worlds products were, as stated in re-
cent official report Of the Treasury De-
partment:
Silver. ........... ............s5 on 52e, 600
Gold ................... ........... 5,bb5 2lb,VO
or 47.3 per cent. of silver and 81 per
cent. Of gold Again. no flood of silver,
as gold is slightly ahead
During the past forty-six years-1Si9 to
1s95-whch period practically includes the
whole products of the United States, as
only trifiing amount of precious metals
was mined in this country prior to 1919.
the worlds product was as follows:
Silver. .......... ......... ....NuO 800
OOld ........... ............. -. 0,5n5Ofo' 40
or 1873 per cent. OF silver and 5s7 per
cent. of gold. And still we fail to find
that flood of silver"
But, perhaps. it may be found by adopt
ing what we have above termed the I'M
fair method, and. taking the record of a
single nation. instead of the whole world.
The total products OF the United States
from 1892 to 1895 were as follows in value:
Silver. -. ...... ..... ...... 81. 35s. sol 90
GoId..'.. -. $500. z'"S'sio'' os
or 40 per cent. of silver and 60 per cent.
OF gold.
These statistics may also be used to
represent the products OF the trans
Mississippi States and Territories, as 99is
per cent. of the silver and gold Of the
whole United States are produced west
Of the Mississippi river
There has, then, been no food OF silver
either in the United States or the Trans
Mississippi country.
To be generous with the opponents OF
silver we will, for the sake of argument.
once more adopt the unfair method Oheir
method. and take the record OF a short
period-the past ten years. Ii IL the pc
Rod during which the allegations OF over
production have been the most persls-
tent.
The worlds product from 1856 to 1895
was as follows in value:
SllVer...... .......... ..........'.Sl'i 0i'ViolW
Gold ...... ACKNOWLEDGEMENTS. 1,3S2, 81 40
Or So per cent Of silver and a per cent.
of gold. This. certainly. is not a flood OF
silver. as It's production Is but little
ahead OF gold.
To counterbalance the slight excess of
silver during those ten years the coming
decade will, without doubt, show an ex-
cess of gold. owing to the new cyanide
process Of treating low-grade gold ores
and the recent discoveries OF extensive
gold fields in South Africa, Utah, Cripple
Creek, Alaska. British Columbia, ana
other parts OF the world.
In view OF the above facts. and they
are all from official or other standard
sources. and have been stated In the fair
est possible manner by taking long pc
RODS, we must conclude there Is no such
thing as a flood of silver, either In the
world, the United States, or the Trans
Mississippi country. The allegation is
simply an eastern delusion. IL has, how
ever. been most effectively used to fool
the people, and regardless OF official
facts. the cry "a flood OF silver" an
.,alarmIno nYernfoduction OF silver.' the