The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1919-11-29

O0 taAAN ~ -
the Summer of 1918 until May 6 Of
this year, there was an embargo on
the expectations of silver bullion or
coin from the Uuited States except on
license from the Federal Reserve
Board, and that body granted few
licenses except for export to the Eu-
ropean allies and to British India and
Hongkong. That arrangement was
part of the Administration OF the
Pittman Act, which provided for the
melting of $500, 100000 in Ameri-
can silver dollars and the exporting
of the bullion to allied countries and
India. This interruption in the ex-
port of silver to China reduced the
stock of metal in hat country con
siderably. Since the lifting of the
embargo, China has become the most
persistent bidder in this market and
it is reported that recently China's
Interests have shown willingness to
outbid all other sources Of demand.
China Takes More Silver
Than All Other Countries
Exports of silver since the lifting
of the embargo last May to the end
of August, the last months for which
there are any official figures, show
that China is taking more silver than
all other countries combined. I'm
official figures for September and Oc-
tober indicate an increase in China's
demand rather than modification,
and at present it is said that China's
agents are willing to buy upward Of
10, 900, 900 to 10000 00 ounce a
month, it must be apparent that Eng
land is powerless to very greatly
reduce the market price of silver or
to check it's advance for any consid-
cradle length of time.
Debasing Suggested
Ito Prevent Hoarding
The head of the bullion depart
ment Of the Guaranty Trust Com
pany of New York, which has pow
erful British connections, in a recent
statement suggested debasing silver
coinage to prevent boarding and con-
tended that there is no other possible
way to stop the advance in the price
of the metal. 1t may be accepted
with a reasonable degree of certainty
that this is part of England's prop
uganda in her campaign to break the
price of silver. 1t is said that the
allied governments in Europe have
the advisability of such a step under
serious consideration.
Just how a proceeding of this ma
ture would either break the price Of
silver or stop the people from hoard
ing silver coins Is not apparent, for
Just as the law has failed to stop the
boarding of silver coins in France, SO
q decree recalling the present coins
to replace them with a debased fiat
coin would stimulate the practice of
boarding. During the war the pa
triotism Of the allied peoples was APP
pealed to and they surrendered their
boards Of gold. Now they are hoard
ing silver and will continue to do so
because gold may i've again be
available for boarding and this fact
has made them more eager for silver
than eve before.
New Ideas Terminated In
Mesopotamia and Palestine
Eliminating from further consider
alton the great demand for silver
money in England and Europe as
we'll as the great trade demand in
those countries and our own and pas
sing China and India, the greatest
purchasers of silver in the world to
which 1t is constantly flowing and
where 1t disappears, we find still 9TH
or important fields demanding silver
at a rate never heretofore known.
The release of Mesopotamia and
Palestine from Turkish tyranny and
the lavish expenditure of silver money
to conduct the campaign, gave to
that vast population of natural
hoarders new ideas and the old Turk
ish paper money Is now v~alueless.
They demand the Indian rupee.
The purchase of thousands of cam
els for war purposes In Arabia has
created a lust and love for the rupee
that will never be e~radicated.
Natives Of Africa
Learn Value Of Silver
Great numbers of Indian troops
were sent to East and South Africa.
who taught the natives the value OF
the silver coin and imbued them with