The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-29
70. From March Is, 1900. to April

age. From March Is, 1900. to April
9. 1903. these purchases amounted TO
all, ut SO, 500, 900 ounces-say. 1s.0O0,OoO
ounces a year on the average. The
purchases were intermittent. nut IN
the two years 1906 and 1907 the India
Council began buying silver as reck-
,esslv ms a drunken sailor spends II.
|; bought and coined about 10000, 900
ounces Of silver! Allowing for the
industrial consumption. this was
equivalent to one buyer alone taxing
almost the total silver production OF
the world. Then that orgy came 10
an end and from 1907 to l"l2 the
India Council suspended all silver pur-
c.;ases. In the interval tin 1870 the
Calcutta Government raised the i'm
port duty on silver to an equivalent Oh
about II per cent. Of it's value. Then,
in 1912, "A turn of the wheel landed
49, 900. 900 worth of silver into the CAL
cutta and bombay mints tsay 90
600 900 ounces) and in the Following
wear "a like amount was purchased.
Now let us see what a st. Nituss
dance the vagaries of the India Coun-
ell have helped To lead the silver mar
ket. In 1890 our own Governments
il, fated legislative speculation in Sill
Yer caused an advance to within a
few cents an ounce of the gold value
on the old "l6 to 1" basis-to $12l
for bullion certificates in New YORK
and to 5i1kd. in London. But the
price was short lived as well as alb
normal: in 1892 the London high was
43&d. and the average 80 13-l6d. The
closure of the indian mints, however,
..,,,.l =. f,li O.. oct tn 1kVi aud after
n rally Co 81 9-lGd. in 1895 the price
touched 23Ad. in 1898. In 1888
midas managed currency" became an
established fact with the rupee fixed
AT an exchange value Of 10 rupees to
one sovereign. Then when India
resumed her purchases for coinage,
silver went from 23%d. to 80 3-l6d.
The shadow of Cobalt's coming silver
food then depressed the metal 10
II 1l-16d. in November, 1902. and In
January, toO3-the lowest price in
modern records. IL revived slowly and
tie furious Indian buying of lsos-o'
carried the figure to 33hd. Then
these Government purchases ceased
abruptly and within a year silver was
down to - 3-16d. An even lower
price. 20 Lied. was made in 1902.
Masked buying by the Indian Gov
eminent in 1912 was attended by a
rise in the market to 20 l1-l6d. The
} war disturbances and the subsequent
great rebound in the white metal are
another story.
! There has been an Reuse. a special
, plea, for every n of the British eN-
: periinents with midas currency and
finances. Nor have some English
: critics spared their condemnation OF
I the imperial Governments policy at
2 times. That speculative favoritism
. has been derived from some of these
violent changes may be found insin-
uated 10y political or economic oppo-
ncnts. But d%isregarding all these mat
7 tiers, what Is vital 10 the American
silver producer is - protect himself. II
= ossible. against the market conse-
. uuenCes Of lndia's potent but secret
operations. And combination Is the
only protection. No effective comb
+ nation is possible until the sherman
r antitrust law is modified with respect
: Of the silver miners II has been
shown above that no offensive mining
clique ~corrals the q share of
Americas silver production: that an
i American silver combination would b,
" i"ss harmful than a farmers granee
= We cannot make Nav York the
- worlds silver entire by reviving deal
irgs IN bullion certificates al the New
"A York stock Exchange. II would be a
futile project. 1t would in fact open
II the door 10 a larger manipulation 10
Z our own uudoing by the experienced
i ard cunning silver kings of London,
. But If Congress Will unfetter the
!" hands Of our mining interests that
l. they may be ciasped together. II
= should bee practicable T. organize a
70 combination or syndicate that, by
IL regulating the production and distri'
d button of at least onc-third of III,
worlds total output, would have !
- greater say in the fixing Of London;
i pr!ce-that would he able To foresta.
n. or provide remedies against the ma
p nipulationS Of II foreign Govern
l. mcnt, that could modify the effect -
4; adverse temporary influences arisln!
l.; from natural causes tanada would b'
1f welcome to cast in her - per cent. o
N the worlds output FOR the genera
n good This syndicate could he stroni
% enough tn control MeNiCo's produc
re tiou. under normal conditions an
To ct, or third Of the worlds yield, Legis
n !itiOn has been the greatest enemy q
- the silver industry. All that this in
or iustry asks is freedom to organize 4
Of self-defence, Not in half a entur,
To Ia. the position Of this commodit
nj been better cirCumstanced for practi
- cal remonctization. BUT the first ste
OF .ndeavor leads to Washington, no
80 To wall Street, JAMES :. II. tMsrEp.
&c >;Ew YORK, May 20.
M