Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1897-06-04
SILVER DROPS.
Only Sixty Cents An
Ounce.
1t May Go Still Lower.

L
it has ever touched, except for a
short period in 1894, when it sold ut
58 cents per ounce. Later in the
day it rallied to GOT This rally is
believed to he only temporary, and
to b., due to demand for the white
metal to be exported on the steamer
Campania to Europe to-day, The
vessel will take out $4,000 ounces.
The steady decline in silver is at
tr"cting considerable attention
abroad Paris has been fairly flooded
with South American dollars, which
have been sold on this side us low
as 2 francs % centimes for the dol
lar. The price of silver in the Tn.
dian bazaars has fallen to 76 rapees
the lowest price on record. The ex
change between London and Shang
hai has also fallen to almost the low
est, and even Mt the low. rate Chinn
does not absorb large quantity of
silver.
Dating from the declaration of
japan of its intention to abandon the
use of silver in its standard coinage
nnl go upon the gold basis the price
Of the white metal hns been steadily
declining The full effect of the
change by japan from silver to gold
has not yet been fully felt in the sill
yer market, but it is being thorough
ly discounted by the dealers.
1t is expected that several other
countries will adopt the gold stan.
dard. China this year has taken on.
~ about etenth of the amount of
silver which it absorbed in the CORE.
spending period last year.. Peru
ceased the coinage of silver on Nav
10. and is anxious to go on gold ba,
sis. with only its bad financial con.
dit:on preventing it from taking
such step at once. The fact that
the decentralization of 81 yer by Peru
is possibility of the near future has
led to large offers of Peruvian soils
on the market. Other of the South
American republics, notably Argen.
tina, are considering the advisubility
of adopting gold as standard A
Government officer in the Treasury
Department., financial authority,
said yesterday:
"The gradual changing of the coun-
try from silver to gold has led to the
query rs to whether there is gold
enough in the world to affor | a basis
for the currency of the world. The
total available supply of gold for
monetary purposes is now $4,000.
100000. In addition to this India
has 100000, 900 in gold not now used
as money, but which might be brought
out if required.
"fhe known production of gold
which the annals OF the world tell of
has been S0,000,00O,O00. Less than
half of this amount is now available
for money purposes. Should all the
world adopt gold as basis of coin
age probably S1,0O0,0O0,0OO in nd.
dition to the known supply, would
be made available. The population
of the world in commercial countries
where gold might be establish. d as q
basis amounts to about 1000, 600, 900
The amount of gold which could be
used for coinage purposes if placed
In bank would enable the issue of at
the most not more than SIG 90 per
capita i'll circulating medium.
"In the United States alone there
are s560,O0O,OOO in silver dollars
and bullion in process of coinage. To
atop the use Of silver entirely would
make all the coin OF no avail. In
other countries the same situation
exists aud the same process of de
monetizatioD, If carried to its utmost
extent, would SO seriously reduce the
circulating medium OF the world as
to paralyze commerce.
leopold Zimmerman, of thinner
mann & Forshay, large dealers in
silver bullion, said yesterday: Should
all the world go on a gold basis
there would not be enough of the
: yellow metal to go rouud."-N. Y
journal.
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