The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-06-02

pectations.
Mr.. Frewen complies the record of
silver coinage reported by the mints
of Great Britain, Germany, France,
and the United States in the two years
1910 and 1911, giving the figures in
fine ounces as follows;
British Empire ...21. sI5 i0.i7s 2os s2.o.I So
9emsny ,'. StSS5s 95i sss sSsSSs
United statest 3.ss2S61 +.so7s7e s.tao. ist
Total ounces ...ss.dsa, i2s 5s.227245 ss.72o. 81,
'1nciudins coinage tIneluding Philippine coin
age.
The world 3 coinage was as follows:
| 1910 1911. Two Yrs
World 7s6s42 III. .2$7 s5s 1ss.O2i So
Four Nations ...~...36 +2e s3.2:H2iS ss.T2o6H
Balance for rest OF
He makes further showing of the
relation that the industrial demand
and the coinage consumption bear to
the silver output Of the world, the
figures being given as follows, as be-
| fore in fine ounces:
1910. .siI Two Yrs.
Production 22 7o7,s22 e25 3as1at A75.a .als
Ind consumption 13a 200 200 14s 300 49, 700
Bal for coinage. ss.t9s.ts2 sl5ss ssa istoss. .iIs
nations .......... ss4sa..sa 5',a2T2s5 ss.7oo.s7s
Left for rest OF
world ........... tsoo4. .sss 1.si2.Ho nsT,442
Actual coinage i22ss.tls .5a3 los. .So4 o0
Surplus prod'tion. s7il, $50 .a5ssslH eel s5s 5sI
sDe,lcit.
Mr. Frewen's proposition is for the
o1 m N
price Of silver shall be started at sod.
an ounce in the London market, and ad-
| vance il at a rate equal TO Cd. year
until the price of 43d. is gained. There
he would stop, because at 43d. the
point is reached where it would pay TO
melt down silver rupees and sell the
bullion to the monetary union. This
makes the Indian rupee at its coinage
value the price at which silver would
be stayed for the present, and 43d.
approaches closely TO 95 cents an ounce
for silver. The revision of the ex-
change rate Of the rupee (now Is to
the pound sterling) and the further
advance in the price of silver until it
stood at world ratio of 1915 to l of
gold is the ultimate aim Of Mr.,
Frewen's scheme SO far as silver is
concerned, but the advance beyond the
43d. would not be discussed until some
further agreement is reached in
economic opinion as to the practical
means for such advance.
The scheme Of Mr. F'rewen surmises
r,I Ia
the purchase for coinage up to 50,000,-
900 ounces Of silver year, leaving
but 100000 to be taken care Of by
Germany, France, and the United
States. He reckons, as the fact is,
that these three nations could easily
take care of 100000 ounces of silver
He estimates, indeed, that the none
tary union which he proposes would
not be called upon to provide such a
guarantee by many millions, and he
undertakes demonstration Of that
fact by an analysis Of the silver
statistics of 1910 and 1911.
1t is certainly true, however, that
the putting into effect of such q
scheme as this proposed by Mr.. Frewen
would be great stimulus to the pro-
his figures would be found to be de-
fective when he estimates that 100000
600 ounces year would be all that
the proposed monetary union would be
required to take up for coinage pur~
poses after the industrial demands of
the world had been provided for. He
estimates that the production of silver
| in the seven years from 1905 to
1911, inclusive, amounted to 1,379, 9,277,-
046 fine ounces Of silver. The in
dustrial consumption of those seven
years he estimates at 7os,133 300 fine
ounces. The balance left for coinage
| is 671, ,143,746 fine ounces. OF this the
monetary union at 9o,oO0,Oo0 ounces a
year would take up 100000, 900, leav-
ing surplus for tho seven years Of
IL ,l43, ,746 ounces. But thero would be
thrown into the silver market at once
considerable amount of silver pieces
for recoinage, and there would also be,
as stated, stimulation in the pro-
duction of silver.
But Sir Moreton Frewen holds that
the coinage would amount to an
average Of nearly 5S,00o,000 ounces a
year, which, Of Course, looks like a
reasonable estimate. he concludes on
this basis that his estimate of 10000
600 ounces TO be taken by the none
tary union would not be reached that
| in fact the union would only have To
take 50o00,o00 ounces a year, and
would, therefore, have to buy only 49,.
100000 ounces of surplus silver. and
that this would leave only $4,000, 900
ounces ito cover the coinage require.
ments OF the rest of the world, or Il,