The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-21
INC ,lnrket Price OF silver.

feature OF the silver question which
the silvertes have always refused to con-
slider in the discussion Of that question
is the enormous increase IN the prOduc-
ton Of silver since 1873. The reason they
have refused to discuss 1t is that IL fully
explains the decline in the market value
Of silver. They have been trying TO make
the world believe that the decline has been
due wholly to the closing Of the minis Of
this country and Europe to free silver
coinage, and they insist that If the mints
had been kept open the market value Of
the metal would have remained at about
what it was in 1873.
The director Of our mint. Mr.. R. z. Pres
ton, has just given to the public some
figures, which are sufficient to convince
every fair-minded inquirer that II the
mints of both this country and Europe had
remained open to free silver coinage the
decline in the market value of silver
would not have been prevented. AS a
matter Of fact, in no former period has
there been so much silver used in coinage
every year as in the present. For in
stance, in the period from 1880 there
was coined in Europe and the United
States an annual average of $3s, 900, 900. In
the years 1SS7-9l there was coined annual
average of S113,O 900, Notwithstanding the
fact that the market value of silver had
fallen greatly. This vast coinage does
not include the immense sums bought by
the United States and stored in the vaults
Of their treasury. These figures, there
fore, conclusively show that the decline in
the market value of silver has not been
due to the suspension of free coinage.
If we want to find the real cause of the
extraordinary decline in the market value
Of silver we have only to study the fig
ures showing the output of the metal In
the period from 1S41-50 the annual output
was only %, 10000 ounces. From 1850 to
go the average annual output was 35,0O =
900 ounces. In the next ten years the
annual average was 100000 ounces. Be
tween 1S7O-75 the annual average produc-
ton rose to 100000 ounces. 1t will be
seen from these figures that the produc-
ton in 1875 was more than three times
what it was in any year in the forties.
But, great as the production had become
in 1875, it was small in comparison to what
IL mas become, dltnOugn the uecllue III
the market value of silver was pretty
steady from that year until it reached a
point where the bullion in two silver dol
lars had not the market value of the bull
ion in one dollar in gold. Since 1898 the
annual production of silver has become
more than six times that of the period
of the forties Last year the annual pro-
duction was 30 per cent. greater than the
annual average during the decade from
1910 to 1850 With such an immense in
crease in its production is it to be won
dered at that the commercial value of sill
yer has declined? While the enormous
production continues the commercial value
of silver would not be increased much,
If any, If the minis of all nations were
opened to free silver coinage. Under the
circumstances, it is impossible to see how
those silverites can be sincere who say
| they believe that free silver coinage would
raise the commercial value of silver to
| its coinage value.