New-York tribune., 1919-11-08
Europe May Debase
Coinage 10 Check
Melting, Leon Says
Possibility of Reducing Com
tent of Coins to Prevent
Hoarding Grows a. The
Price of Metal Rise


The sustained rise in .he pr.ce p
silver has brouzat inc nations os q
rope to the point ehere they may ri,
slider debasiug Their coinage ns n
only means 70 prevent hoardiag ar
clandestire melting In France ~
Italy the intrinsic value II INC ...o-
coins Is greater than the face 3.to
nation Of the coins. and in fn.t s.
the same situation IS developing
Three rened iai possibilities 4-e otr
70 the governments OF tEose c...-
tries. according "a Heue icon. has
the bullion department of u. o.
anty Trust CoinpaIs. iae trst
buying Of more sl,er. W7 er
cult in view Of The scarcity ~ ~+ac
and might lead only 10 increas r
portunities FOR boarding and nt
A second remedy the ~l-n raaa
silver coinage ard The Issuance
oaper currercy This il objected
as promoting niiafieg ccgt'r
ready sufferlrk from tor1tatE r1r
issues. The only remaining pos
ity, according 10 III Leon.
duce the amount of silver II ra
tional coins.
Far East Takes Metal
The situation arises, sad
Leon. largely o41 OF tne fact ~
Allied nations nave purchased dur
.he war abnormal supplies oi ra1
terials IN 'hc Far East The iir
and the Chinese mike 0cclden--
ooh upon prec'ou ,uetal- As
80.
% measure talues. Fur n'rnore -as
co not possess the economlc naca-n -ne-
necessary for the settlement Of
anccs by means o. bank cred
bond issues Balances in favor O. =
Orient were therefore payable ia o,
cious metals, and as the Europe
countries jealousy guarded the
reserves which form me bases O. tHs
currency system their oaly alternat
Was 20 snip silver ~Hich they Gio
an unprecedented scale Al the "
ible stocks OF silver disar neared t
the Far East. but balances were raer
b. little reduced. I. ~ii ae rem
hered -hat under ne sanction ot Fl
pittuan bin the JnVed States eoFes
ment pNt an EMBARGO on sflrar 4f
then sold 70 the British sovernme'
200.0o0,00O ounces OF lnc saver.
was in order to help the british ge
ernment meet the increas -ag dema
from India for liver
with me al by rno CoTer'
nents Of Great Britain and the Unite
states Of restrictions on gold exnor-
yellow meta z iaree anloln-~
been flowing 70 the Orient III adi O
- the greater part Of me silver vr e
IS beng produced throuehoe-
world ln spite ei this ,r aeire
silver IS stlll advancing. l. aas gor
rom around cents an oLrcr
- about Sl.25 an cGnre To-Day. ar
Hnlle shipments o. gela have s5n
TaA- retarded ne advance tlat c.
talnly aava not stopped il. II
should rise 70 Sc an ounce near.
lver IN a silver ao lax Holid ~ sear.
- face vqlue sao4lG u lt-r.
He should obviously haze. lr eas' 81.
dollar, more taaE a dollar ver-1
SILVER.
''lhis Situation. which ,se
as future possibility. a're4
actpa llty IN l-aly and France a-..
Developing IN England i l5etz
Sllver coin see ir tne slrua-fc-
portanitv 20 proit lhs~ cal
= simple one Nitn -liser SCI Ir
So an ounce IL New Nor. ana lr ~
exchange n nine rascs ~ the
the amount II silver fa 7fa-r r--.
piece met ted aown and sold as ha
can be used 70 pur frAf.e es.i
Now Nork 10 the amount Of franc
llra exchange is loNcr tn.r frarr
change. and the PROT. for an ltalI p
n SAea sn operation would be eve