The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-02-06
SILVER USE IN
WORLD s COINAGE
Larger Amount Sc Utilized
Than Is Usually Appreciated,
Says Brush.
CHINA TO REVAMP
ITS COINAGE SYSTEM
Effect of Political Agitation Has
Been to Increase Demand
for Gold.

Edward Brush. vice president OF the
American Smelling and Refining COM
csny. discussing the silver situation.
says:
while India and China remain the
principal consumers OF silver. II Is en-
eouracing 10 see the large amount which
is being used throughout the world for
strictly coinage purposes, even in the
countries where tho gold basis Is firmly
established. The demand for gold, how
ever, in these countries has been equally
prominent and much more disturbing
TO the general financial condition OF the
world. While no one believes now that
the policy proposed by Bryan in bis
political campaigns was sound or ad l.
vantageous vet it does seem that tho
commercial and financial authorities OF
the world should have either provided for
greater uses of silver or confined the de-
mand for gold to the strictly gold coun-
tries and allowed silver to remain the
only metal demanded by the business
OF the so-called silver countries of that
period.
Profit by Mistakes.
III mistakes have been made In the
past regarding this subject we should
certainly learn. from the result and not
allow ourselves TO make similar mis-
take in the future. At the present IL
is well known that prominent banking
interests of this country are In negotia~
tion with China with reference TO a loan
Of $50. 900, 900. largely to he used TO es-
tablish a currency system for China.
When we consider the enormous popu-
latlon and the great latent wealth OF
The empire OF China. thu commercial
world can we'll hesitate before II would
encourage system OF currency reform
In China which viii require gold either
in bank or currency reserves. Doubtless
only silver could circulate. but the
amount OF gold which would be dra wn
from the commercial centers of the world
by such a country as China. even IL
ONLY 10 he MSP1 the used
In India. Philippine islands and Mexico.
the demand would certainly be enormous.
and a warning note should be sounded
before a step is taken which will be re-
gretted later
THE political compacns of Bryan
have made such an impression upon the
growing commerce has seemed TO have
had the ambition 10 copy rhe more pros
porous commercial countries in using and
demanding gold. The consequence has
metal which apparently has been sore
" needed by the banking and financial
interests Of the more prominent CONNER
cial nations. have been demanded and
shipped 30 such countries as Egypt. Tur-
key. India. Philippine islands. Straits
settlements. Mexico. Japan. Argentine re-
public, Cuba and. to limited extent.
but TO a growing extent to all OF the
countries OF South America.
Production Gain Big.
The tncpased production of gold in the
world has been enormous. but the de-
rlaHls seem 10 have more than kept pacs
with the supply. II the countries named
above could have been given some meth
od of stabieizlnC their currency based
upon silver so that they would not
have demanded gold. i, would seem that
n great relief would have been obtained
by financial centers.'
Brush, reviewing the silver marlse:
for 1910 SAYS that the year was an en-
couraging with respect to the price
Of silver. but all that was expected as
10 lis continued advance was not real
iZeG. He referred 10 the decentralization
in silver caused early last year by the
placing OF an import tax on the metal
bv the Indian government amounting to
ABOUT i6 per cent. For time II was
thought this would cause permanent
depreciation In The price OF silver at Lon
don. but this did not prove 10 be the
case. There was an Increased demand
for the metal by the bazaars In India, re =
sultinc from the good crops. the com
parative prosperity OF The country and
the excess of exports over imports.