Elko independent. [volume] (Elko, Nev.) 1915-current, 1915-09-15
ADVANCE IN PRICE
OF

VI SlGNCn.
THE sharp advance in the price of
silver in the last few days Is encourage
ing news TO Nevada miners. Nearly
all u mines produce more or less of
the white metal. Even the proper
ties classed strictly as gold producers
carry some silver. And so do the
copper mines.
w. c. Davis who stopped oyer Sun
day in Elko on his way to Divide said
that he expected to see silver 20 to
seventy cents by the time the Euro
pean war is over. Mr.. Davis had lust
returned from n two weeks stay in
Salt Lake where he had been looking
into conditions governing the metal
markets.
Mr.. Davis bases his prediction up
on the great demand the nations will
make for a medium of exchange when
the war is over. Practically every
country in the world outside of the
United States will be in the debtor
class.
England's greatest problem today is
not conscription nor the manufacture
OF munitions. She has soldiers enough
and shells to carry on the war.
But England Is confronted with the
task of raising money to pay inter
est on her gold bonds. The budget 10
be laid before the present session of
parliament must find new ways of
levying taxes. In this lies England's
danger. Not only the financiers but
the common people may rebel against
the tax burden.
Strange things happen some times.
The oily saying is that history repeats
itself. The next demand for the re-
monetization of silver may come from
Europe. Especially might this be true
if the defeated countries are called
upon TO pay large ~indemnities.
II the allies win they will not for
get the tribute Germany demanded
from France at the close of the war
of 1870.
If the war lasts another year prac-
tically every nation in the struggle
Will be bankrupt, or at least its pap
er will be at a big discount. Even
today European bonds are selling far
below par. And the English pound
sterling Is selling at a price never be-
fore so low.
This discount of European paper
may lead 10 final reputation. Even
silver at half-price is better than
total reputation.
The United States of course will
maintain the gold standard and insist
that other nations meet their obliga-
tons on this basis. But this country
can no more dictate terms in finance
than 1t a fight all Europe on the
field of battle.
Moreover, the most important legis.
Iation at the coming session of con
gress promises to be rural credits. The
farmers of the west and the cotton
growers of the south have practically
been denied all eastern credit this
year while Wall street has specialized
In war munitions.
1t Is hardly to be expected that sill
yer Will again be remonetized. But
we can look for Il much larger use OF
the metal in subsidiary coinage. 1t
may be made the basis for the issue
of rural credits. This country a
absorb twice Il present volume of
currency by making loans to farmers.
The federal reserve bank law even
now would permit this expansion in
u circulating medium, but the bank.
ers do not care to make the expert.
ment during war time1. The credits
to he farmers will have to come
through national legislation and the
money must be placed at a low rate
of interest.
Even without the increased purchase
of silver by the government when the
war ends the price will rise. The peo.
Dle will be so prosperous thar they
VIII eat off of only silver plates. With
silver at 20 cents we can look for the
greatest revival in mining Nevada
has evcr known.