The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-13

\ short Financial History, which spenhs
For ft.elf.


| in 1cDfemUDr 1913. Then Germany, utln7
| flush with French gold, thoubht she iNla"1
/ safely auop, the single soid ai'ti'iil"' -
7 cOiulu.Iy. the great Duih OF Ntt 9'F't
/ coins Was melted INTO N.ir .tN
upon the European markets as buiAon.
France. Belgium, and Holland promptly
f NlD.,u tltu names 40 p4tftlI. '.ti...-'.
/ "a measure oil sell-prOteclloh .etili-- ''-D
/ threatened invasion oil IL luou OF rl.tNt'
! The same year Denmark SW .dcn, Noi-
| way damonetizod silver. Two years iaier
J -t0-NIt in 1870, Italy su'peN"e" ''9
! coinage of silver on private account.
Here there were eight nations, Win ah
J aggregate population OF lp'"p'V9' ~
/ longer demanding SILVER lor .loi,
purposes. British spectators TOOK "--
/ vantage of the situation. ANA began 20
I hammer down the prices OF SILVER ln 'ilc
! London market. For SIX years previous
| 10 1873 the mean price ha1 heeh =. At
pence per ounce. British stalitia-c'ulf NJ
/ lent 10 Si.92 per fine Ouncc-lnd during inc
/ whole OF that period the extremes OF iiuc-
! tuatOn had not exceeded one penny .'po'
and below the mean price lh 1870 ga.
price RANGED from 80 l.-l6 pence 20 % 90
| pence. Six years later VIZ, I'D DO ll.e
range was from 80 Ia pence to ~ IL pence.
! lSee page 23s Report of the Director on
| the Mint for 1901 Seven years lAi'i SUM-
VIZ. in l,>5 the price ranged rom ~
pence TO ij is pence. Anotnct p'ilou Di
/ seven years brings us 90 the year i''-
/ when the price ranged from ia 70 pence
10 So Us pence. SO far Do Was tufolt.i
legislation alone that had operated To- ole
rninf.h tha demand for silver The Con-
--r,.ssionrl Act III fS-s had nothing 90 do
with the fan in the price " silver pullion
IL is truo that during the four years, is,l-
e. our minis did not turn out amy si"N'
ard silver dollars. but IN th4L p,tiou'
they ISSUED $4,000 I'm "trade' dollars
80 ~ d '-aD in haff-dollars. and $lf lYl H3 in
smaller denrminations-total S-HNjle,3;
v-horors durirr the preceding Qualren-
,,ff,, f.-9--a otr rnfnf9rn Of silver of 200
Observation-Disclosures ,,.as cnlt. S. -0i a2f I'D. lree
80 80, p.,,o,t Of fDo Director of the
Mint for ISL
IL - ci.-r ft,r that tho financial sta-
t.s ~ ~ c,ilf'E nrior fo i>-g can be re-
-. .-'.' ..-.f,+i,n
~. , o,iis ~. d,..,.i,, of ino nlints
of tho I-rited sfafos to tho free coinage
of silicon - a.. "a io of I6 TO pave the
,.av for the reOnouinr Of tine minis 100
tnr continent of Eur1u.2 Oh the contra
ry. &c viii block the way.
~, arf or conor.ss limo o2 1884, the
,-.i-ff of our Gold coins v.s reduced $50
fhrr tbo r.ffo III Tho r.fd dollar % The
,fi,..r toif,r u,os "a B.. commonly
c~if.l a. 4e A. mis- ratio "a hundred
.., 10 49, .tf,. g., ,iff..,, ,,..,t,ff .oin into
81. ., 81. t i,,i-,l. l-.. ti..' ,elr l.03
,.r, +f.. a.. - o. .. . ,1.rt.i ID hume
IN ~ c.-. .i,-.r ir,ifon coin
irt, sf9.. ,-bo ,iirf.rerra sfD- in the
hnnlr.f ounce h.fr.e-n tic coming
rates of the two countries. caused .Ae sl,
Yer money ~ tne iilI,d STATES l' i'lI
its way as bullion 10 lic ltnDn iillii', ~
t,Nl Joy ihc N'h l'l' N.i "-l.'-f w.
almost destitute OF s.nii cii'N. 81,
then reduced me W,ish. OF OUT Auit -''-
hundred ounces OF lNr huiHoN N"''N
into si.e.N az SUBS ioliiy elif'i l-' .".
ard dollar remainluh lntii 10y ~
act or February IL. 1875, inc IINc Nri-..-
OF our h|ll-dDIlHr N's mao. tli'.Nl - '.i''
thus giving Dr. exactly halL tAe Nii-' OF
the l-iranc SILVER ptce. "h..n ooll,'.iii,
81 - grains oi pure tlf,I 80 I,4o
was mode Tor tolAlN5 tNt rltNNat" ''
Yer dollar.
Tho expectation ~ tho authors cf me
I,-i7iail'n OBJ $50 SEEMS I'D nave '.'I '-'''
the time fixed for ile eNnnlon OF 'ie
payments GS1U. We should have gold
dollar Of the Same fine weight as the D.
franc gold piece Of Eur0re-t0-Wit. ID inl
graius-lhus putting Dos in accord WIN
the nations that have adopted the froncn
system of coinage. This is the only 'cien-
tiic system in existence and DIS now ln
use in France. Bci-ium Switzerland. Tt
alv. Greece. Roumani1 Scrvia. Bulgaria,
Russia. Spain. AN South America except
Brazil and Chilli an tho Central American
States. and trc islands OF Iilvfi and Cuba.
We cannot cXncct these countries TO adopt
our system as. besides the cxnnnso of re-
coinage. IL would involve shrinkaee of
o per cent. in the volume Of their silver
currency I'm France alone this would
amount 10 n loss Of thirteen million doll
fars
put n We a1ont tbof- e,sfor, our rqlf-
1oiiars o,,.rt.,.. ,,,I rf,,,.. ,,.iif ,,,. r...1
roroinooee os ,b.,. orc oi,.a.i,- .rinst.J
IN tLo French eve+en,. and our st.r1lrd
ei',,.,. d,fi.,. eiif li., t,t, t,..., r.l,.. o~