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

Silver bullion soil yesterday at
go cents per ounce, the lowest point
II has ever touched, except for a
short period IN 1894. when it sold at
5S 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 expor' ed on the steamer
Campauia to Europe to-day. The
vessel will take out $4,000 ounces.
The steady decline in silver is at
tracting considerable attention
abroad Paris has been fairly flooded
with South American dollars, which
have been sold on this side as low
as 2 francs % centimes for the dol
lar The price of silver in the In.
dian bazaars has fallen to 76 rupees
the lowest price on record. The ex
change between London and Shang.
hal 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 it's intention to abandon the
use of silver in its standard coinage
and go upon the gold basis the price
OF the white metal has been steadily
declining The full effect of the
change 10y 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.
ly about one tenth of the amount of
silver which il 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 a 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 advisability
of adopting gold as a standard A
Government officer in the Treasury
Department. a financial authority,
said yesterday:
"The gradual changing of TIA coun.
try from silver to gold has led to the
query as to whether there is gold
enough in the world to affor basis
for the currency of the world. The
total available supply of gold for
monetary purposes is now $4, 200,
100000. In addition to this India
has 100000, 900 in gold not now used
as money, but which might be brought
out if required
THE known production of gold
which the annals of the world tell oil
has been 100000. Less thar
half of this amount is now available
for money purposes. Should all the
world adopt gold as basis of coin
age probably 81, S1,OO0,00O,OOO in ad
dition to the known supply, woult
be made available. The population
of the world in commercial countrie,
where gold might be establishs d as
basis amounts to about 1000, 600, 900
The amount of gold which could bt
used for coinage purposes if placed
In bank would enable the issue of a
the most not more than SIC 20 pei
capita III circulating medium.
I'm the United States alone ther,
are $550,O00,OO0 in silver dollar,
and bullion IN process of coinage. IL
stop the use of silver entirely would
make all the coin of no avail. Ii
other countries the same situation
exists and the same process of de
monetization, If carried to it's utmos
extent. would SO seriously reduce til,
circulating medium of the world a,
to paralyze commerce"
leopold Zimmerman, of thinner
mann & Forshay, large dealers il
silver bullion, said yesterday: 'Shoult
all the world go OH a gold basi
there would not be enough Of th'
yellow metal to go rouud. IN. Y
Journal.