The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-05
The Silver Miners.

In its broader sense the silver ques-
ton, so-called. is a monetary problem
question of money supply
But lit also presents itself as an in
dustrial question, separate and apart
from its monetary aspect. The industry
of silver mining Is an important one,
and the silver miner is interested in
the value of the metal just as the iron
miner Or any other producer is inter-
ested in the value of his product. If
the most important use of iron, which
is it's manufacture into STEEL should
I be prohibited by law. the effect prob
ably would be to deprive it of one-half
or two-thirds of its value in the mar
ket. Under such circumstances it goes
without saying that the great iron pro-
ducing districts would be unanimous in
their demand for the removal of the
prohibition. And very justly so, for
unless there were some good reason for
the act, to thus arbitrarily limit the
use of iron would be an indefensible
outrage.
In the case of silver it's most import
ant use mas Deen as money, ana THIS IL
is that chiefly has sustained its value
through the hundreds and thousands
of years that it has been so employed.
We knew that there are honest, we'll
meaning people who believe that the
value of both gold and silver is wholly
independent of their coinage. but how
ever well-meaning they may be, they
certainly aresShot well-informed. Even
Secretary Gage has so declared, but
this simply goes to show that a man
may be banker of forty years stand
ing, and also be secretary of the treas
ury without knowing much about the
fundamental principles of monetary
science.
When metal is largely used for
money purposes, just to that extent it
is withheld frem other uses, and this
must have an effect upon it's value.
The value of anything is fixed by the
demand for it compared with the sup
ply. The demand is made up of the
sum of all it's uses. In the case of gold
and silver the greatest and most i'm
portant of all these uses is the money
use"
The worlds stock of gold coin is
something over four billion dollars.
Roughly speaking, we may call it one
hundred thousand tons. Suppose one
hundred thousand tons of new gold,
that could not be coined, were to be
dumped upon the market for sale. Does
any one in his sane mind believe that
it would be worth s2067 an ounce, the
value of coined gold? The idea is
ridiculous. Any jeweler or goldsmith
who would pay that price for it would
give evidence of an unbalanced mental
condition that would at once awaken
the solicitude of his friends.
The principle affecting gold applies
also to silver-and to everything else.
There never was an ounce of silver sold
IN the United States for less than $129
| an ounce until after its coinage at that
rate was prohibited. There never was
an ounce sold in France for less than
sl.35 so long as the mint of that coun-
try was open for it's unrestricted coin
age, except as there may al times have
been little delay, which operated as a
small discount
Every time an important mint has
been closed to silver its market price
has suffered. This has been a grave
injustice to the people of every silver
mining state and territory. The whole
vast region stretching from the Rocky
mountains to the Sierras and from the
British Columbia line to the Mexican
border, was settled chiefly upon the
basis of its silver mines, Its hardy