The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1909-11-27
New Movement In Silver
Means Mining Boom
Fair Exchange Leagues Forming To Compel Higher Price Fo,
Metal-Orient Now Competing of Occident
Are In Great Danger From Yellow Business Peril


| there has been practically no perceptible
Increase in wages and local prices for
local commodities since 1873. l. IL not
certain that unless som ething is done to
raise the price of silver many of our in.
dustries must perish? l. it not certain
that falling silver operates as bonus to
the Oriental manufacturer and that the
bonus has already become so great that
with factories veil estat ssned no tariff
could protect us against the competi-
tion? Is not this the real yellow peril?
''In 1898 the Shanghai Chamber of
Commerce passed the following resolu.
ton:
THAT in due time the products of
Asiatic cheap labor will prove far more
injurious to the interests of the wage
earners in gold STANFORD countries than
the presence OF Chinese coolies
"In June last, J. J. Hill statsd In an
authorized interview Published by the
Associated Press:
1--WE must await the proposals of the
Monetary Commission at Washington.
The silver problem Is full Of difficulty.
and wish it were possible to ignore it
Our consuls in Asia warn us, however.
that at the present rate of silver ex.
change. Asia has ceased to import Am.
erican wheat. lumber or -four. aud that
the Shanghai merchant. who IS months
since bought Q sovereign or five gold
dollars with FIVE taels must now pay
nearly eight taels. The result is disas-
trous. he no longer buys
William b. Thompson. one Of New
York's ablsst inanciers. in an interview
published last month. said:
:" 1t Is said that Senator Aldrich un-
derstands the question; he lie very
able, astute man. Colonel Roosevelt is
paying his porters with silver rupees.
Perhaps he may learn something while
in East Africa. Mr.. Hill has general
knowledge Of it. The president is be-
lieved to be sympathetic. Mr.. Harri-
mans death has cut of one who had
just commenced the study of it. Four
years ago he went to China. where he
had looked over the field Of coming
com petition in steel and iron and cotton
and was alarmed; he said so. Within
the last year he had built that Mazatlan
railway in Mexico; he had there over
$1,000 Mexican Indians upon his pay
rolls at wages Of 81. so day. which only
cost rs cents gold. That hammered in
the lesson he had learned Of Chinese
silver paid labor. The Mexican dollar in
China exchanges now for about 35 cents
gold only. Mr.. Hartman. too. had seen
the great check to exports from all his
Pacific terminals since silver fell in 1907.
A great loss to the West is Mr.. Harri.
man; a wonderful worker. with won
derful brain--a brain quite capable OF
handling a problem like silver anaided.
But the portsnts came to him. the
more the pity. too late. The Aldrich
Commission may do goods likely to
give the world Of trade the facts. l
should much prefer joint London New
York commission of bankers and busi-
ness men. We must go very slow, how
ever; no free silver, no '16 to l. no
program that will scare the bankers.
The bankers are thinking So is Judge
Gary of the steel trust. The Steel trust
does not want rails rolled in China but
ting in through the Pacific States-un-
less. indeed, they themselves have rolled
them in Shansi; but that would make
trouble
II could multiply this sort Of thing ip-
definitely. have in my possession re-
ports OF United States consular agents
which are almost unanimous in saying
that failing exchanges check Oriental
imports aud increase exports. It seems
to me that it is definitely settled that
the low price Of silver spells disaster to
our Western countries.
Form Leagues OOer United States
Now, as to the remedy: In 1888 the
Royal Com mission on Gold and Silver in
| Great Britain recommended the issue OF
small notes based on silver, which notes
might become substitutes for the half
sovereigns. The paragraph OF the re-
port as outlined was concurred in by
both the mouometalists and the bimetal-
lists who were members Of the commits
sion. This proposal was approved by
the late Lord Goshen. Chancellor OF the
Exchequer. and one of the ablest fnan-
ciers Great Britain has had.
Tentatively aud for the purpose OF
deep consideration aud wide discussion.
the Fair Exchange Leagues propose that
the United States agree with Great
Britain and. maybe, Germany and
France, to issue small token notes,
based ON silver; that such notes be legal
tender for not more than $40 aud that
little by little gold currency and coin be
retired into reserve until that reserve,
several years hence. amounts to $780,
600. 900.
"Now the effect Of such action wonld
be far reaching and effective. In the
first place the creation OF such gold
~o.a.,a o,, tba nart of the Government