People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1897-05-28
SILVER DROPS TO BOTTOM.
Only Sixty Cents an Ounce; Almost the
Lowest Price on Record.

Only Sixty Cents an Ounce; Almost the
Lowest Price on Record.
Silver bullion sold yesterday at 60
cents per ounce, the lowest point it has
ever touched, except for short period
IN 1894, when it sold at S. cents per
ounce. Later in the day it rallied TO
60A. This rally is believed to be only
temporary, and to be due to demand
for the white metal to be exported on
the steamer Campania to Europe today.
This vessel will take out $50, 900 ounces.
The steady decline in silver is attract
ing considerable attention abroad.
Paris has been fairly flooded with
flooded with South American dollars,
which have been sold on this side as
low as francs % confines for the dol
la. The price of silver in the Indian
Jazaars has fallen to 70 rupees, the
lowest price on record. The exchange
between London and Shanghai has
also fallen to almost the lowest, and
even at the low rate China does not
absorb large quantity of silver.
Dating from the declaration by Japan
of its intention to abandon the use of
silver in its standard coinage and go
upon gold basis the price Of the white
metal has been steadily declining. The
full effect of the change by Japan from
silver to gold has not yet been fully
felt in the silver market, but is being
thoroughly discounted by the Dealers
1t is expected that several other
countries will adopt the gold standard.
China this year has taken only about
one-tenth of the amount of silver which
il absorbed in the corresponding period
last year. Peru ceased the coinage of
silver on May 10, and is anxious to go
on gold basis, with only it's bad finan-
cial condition preventing it from TAX
ing such a step at once. The fact that
the decentralization of silver by Peru is
a possibility of the near future has led
to large offers of Peruvian soils on the
market. Other of the South American
republics, notably Argentina, are con-
sidering the ACCESSIBILITY of adopting
gold as a standard. A government Of
fcer in the Treasury Department. a
financial authority, said yesterday:
1.-THE gradual changing of the coun-
tries from silver to gold has led to the
query as to whether there is gold
enough in the world to afford basis
for the currency of the world. The
total available supply of gold for mon
etary purposes is now 81, 900, 600.
In addition to this India has 5000, 600, -
900 in gold not now used as money, but
which might be brought out is re-
quired.
1.-THE known production of gold
which the ANIMAL of the world tell Of
has been SO, 600, 900, 900. Less than half
of this amount is now available for
money purposes. Should all the world
adopt gold as basis of coinage prob
ably $1,000, 600, 900 in addition to the
known supply would be made available
The population of the world in COM
mercial countries where gold might be
esta blished as basis amounts TO about
1000, 600, 900. The amount of gold
which could be used for coinage pur-
poses if placed in bank would enable
the issue of at the most not more than
1920 per capita in circulating med
ium.
SIN the United States alone there
are $55C,OOO,OO in silver dollars and
bullion in process of coinage. To stop
the use of silver entirely would make
all the coin of no avail. In other coun-
tries the same situation exists and the
same process of decentralization, if car
ried to its utmost extent, would so Sc
riously reduce the circulating medium
of the world as to paralyze commerce. !"
Leopold Zimmerman, of thinner
mann & Forshay, large dealers in sill
yer bullion, said yesterday: "Should
all the countries of the world go on
a gold basis there would not be enough
of the yellow metal to go round. .
New York Journal.