The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-12-07
SILVER As SEEN
BY EASTERN EYE
Small Purchases by Director
of Mint Call Forth Some.
Comment.
EAST DISLIKES METAL
Estimate of 1910 Output In
dicateS Unusual Increase
in Production.
EAST DISLIKES METAL

Another purchase Of 900 ounces OF
silver reported on Wednesday by the d.
rector OF the mint makes apropos the
following review OF silver FOR the past
ifteen years IN the December circular
,f the National City Bank OF New
York.
The resumption of silver purchases
for the subsidiary coinage by the di-
rector OF tho mint is an incident OF no
great Importance in itself. Tor the con
sumption for this purpose Is relatively
small. but II is reminder of how inc
issues OF politics and OF popular discus
sion change. from time TO time, rlIteSn
years ago the white metal occupied the
whole stage. Everything seemed TO de-
pend upon what policy would he pursued
with silver. The country was divided
In bitter controversy, SeographicaHy
and by all classes. The interests Of the
moneyed classes. OF Wall street and ot
The cast generally, were said TO be on
debtor classes, of the masses and OF the
people OF the west particularly were SAID
10 be bound up in the fate OF silver. The
fall in price OF silver and its effect upon
many prey ously prosperous silver camps
IN the west was unuueStonably very
serious matter at the time, 1t seemed
% mean bankruptcy not only TO mine
owners, but TO many allied and depend
eut industries with staGnation and de-
population for entire communities 1t
said with apparent probability that
the railroads of Colorado and some other
states would not he able TO earn their
liked charges unless the silver producing
industry was saved from the impending
ruin.
Growth Unforeseen.
What has occurred i'll the west since
then was beyond the ranse OF anybody
vision at that time. The most hopeful
champion OF the gold standard never
prophcsied or dared TO expect such
growth in population. industry and prop
ri values There is broad lesson
from that experience which ought not to
bc lost. the lesson that sectional and
class antsgonism usually have no ioun-
dation in fact Whatever is economically
sound is good for the whole country and
all classes Of people. The great qucs-
tions Of public policy are not helped 70
nlling all minds with suspicion 10 the
exclusion of fair and reasonable delb-
Grafton.
The year 1898 was black year for
tho silver producing Industry. The mints
Of India were closed of free coinage and
the monthly purchases by the United
States government under the sherman
act were stopped i'll that year 1t looked
AS IL there was nothing left To support
lie market unless there was heavy dc
cline in production. Tho output OF the
world for for the previous yeaT; lSsg, ors was
value throughout the year was 81 cents
per counce. In 1910 the worlds produc-
ton WAS 292,sTa,$s2 fine ounces and the
The product OF the United states in 1892
was Sc, 5000 and in 1910 57.t3I.900 fine
ounces chiefly produced in connection
with leed and copper.
Who Pays the Freight
THE purchases of silver by the treas
ury department are now made under sec
tion 1925 OF the Revised Statutes. all old
provision which antedates tho silver pur-
chase acts of 1878 and 1890 and which
survived their repeal. II authorizes pur-
fr,, ,ia hell nc
These coins arc manufactured 10 meet
the public demand and as they arc not
a legal tender in sums OF more than $40.
and are redeemed at any office OF tho
treasury when presented In sums OF $50.
or any multiple thereof. no Limitation
upon issue Is required, For many years
IL was the policy OF the government TO
deliver all silver coins 10 any point in
The United States that could be reacrco
by express service, free OF charges Tor
carriage, but In recent years the CON
signee must pay for transportation. The
effect Is 10 throw n considerable burden
nj times upon The banks Of n given see
lion and members OF congress have HAD
numerous complaints against the new
policy. but treasury officials say that the
old system was frequently abused, coin
being ordered from long distances At the
governments expense when II could be
supplied from nearby points at much less
actual cost,
bank gives the world s production OF sill
Yer in the calendar year 1910 at 222,Si.,-
352 fine ounces. The report OF tho di-
rector OF the United States mint has not
yet been published. nor has he made
public his final estimates OF the silver
output Of last year II the banks hS-
ures have authority. they show an IN
the white metal in 1910. The figures
compare with the production in recent
years as follows, figures being in fine
ounces.