Durango semi-weekly herald., 1902-01-13
SILVER ISSUE SLEEPS.
Moreton Frewen, the English Econ
omist, Gives UP Hope Tenn
porarily.
Chicago Record-Herald.)


Moreton Frewen, rich Englishman,
authority upon international finance,
who contributed money and time to
Mr. Bryan's silver campaign of 1896
and married an American wife, the
sister OF Lady Randolph Churchill.
has been at the Auditorium Annex
for three days with Lord and Lady
Algernon Gordon Lennox
Asked his opinion of the silver ques-
ton, he replied: 81 believe that the
so-called silver question-really the
question of a fixed exchange between
Asia and the rest of the worlds in
definitely postponed. And while /
regret that we have reached no sci.
entific settlement, yet | think more
harm than good would result from
further currency agitation.
when | first became Interested in
this question in 1878 the total produc-
ton of gold was some $90,000,OOO, of
which Soetbeer showed that $80,000,-
900 was being absorbed in the arts
and manufactures. Today the con-
sumption in the arts is believed to
have very slightly Increased and the
normal production. were the Boer
war over. would be 5000, ,OO0, 900, so
that at least $50 in gold is available
today for currency annually. where a
few years since 81 was available. 1t
is the opinion of John Hays Hammond
and other experts that within seven
years we can rely upon an annual
production of nearly $500. 200. 900.
No vi ,igi,
"Is there today any silver move
ment in Europe, Mr.. Frewen?"
None at all. What Emile de
| Laveleye pointed out in 1882 is today
| the case. Thwarted Of an expansion
of the currency, the nations are re-
| turning to tariff protection in order
to artificially raise prices. De La
veleye said that, falling the restora-
tion of silver, Europe would turn to
protection, and that we might also
expect pronounced anti-Semitic
movement. His forecast has been
more than justified"
what is the cause of the recent
serious fall in the price of silver?"
We'll the silver market has been
upheld the past five years by the i'm
mense temporary demand. first by the
Russian government and then by the
Spanish government. Since 1896
Russia has roined more than 100000,
900 rubles. and Spain more than
800. 900 900 pesetas. or altogether, say
0.000000 ounces of silver. The cur
rency demand of both these countries
ceased in 1900. but during the last
twelve months British India has pur
chased over 10000, 900 ounces and has
coined over $50. 100000 rupees. making
a profit OF some IL cents on each ru
pee. The Indian demand has now
slackened to some extent and the re
suit is that the price of silver is fall
ing and may fall still further.
How about international bimetal
lism?"
81 think nothing in the nature o
international bimetallism Is practic
able, The great flow of the new
gold probably has settled this issue
for our generation. / think yout
government should coin silver dol
lar for the Asiatic trades; 1t will TAX,
you some years perhaps to oust the
| htAlCdH uOlldI, Which, ID louhy th'
current coin over a vast domain IL
Asia, but you still can popularize ;
dollar of your own Just as we hav'
popularized the rupee In parts of Al
rica.
"If the silver of Colorado could b,
turned into a dollar with which t,
trade In China this would quicker
your Pacific export trades and woul'
also raise the exchange rates witt
! China. 1t Is going to be very diff
cult indeed for your merchants to es
port to China and Mexico also witt
the silver exchanges as low as the
are today"
What will the silver people her
now do?"
: "Oh, | suppose the Democratic pal
ty will now harmoniZe. The silve
, Issue has been fought out and lost
} it would be absurd to carry on a feu
because of what is no longer an II
: sue. The settlement, 1t seems
+ me. was a bad settlement and unsc
! entific, but 1t Is done, and wora
t thing than an unscientific currenc
k Is a weak and fissured parliamentar
r opposition. We are suffering acut
n ly because of this In England. and
g trust with all my heart your grei
I country is not going to be confron
Il ed by any such parliamentary para
/. ysis."