The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1920-03-26

In view OF the recent recessions OF
silver. tho analysis Of the future of the
white metal as given in.the San Fran
cisco Chronicle by DR.. J. NJ Schumann
Is of considerable interest. In this ar
ticle DIR. Schumann says:
II am often asked the question by
the layman. as we'll as financial inter
ests, Why this phenomenal runaway
silver market. and how long do you
expect the present conditions to con-
tinuer
THE average world production OIL
silver between 1900 and 1909 was Ill.,
100000 ounces per year: from 1910 to
1918, inclusive. the average production
was 226. 100000 ounces year. In 1914
the production fell to 100000. 900; 49,
0OO, 900 In 1916: 162,O00.000 In 1916; 167.-
0O0. 900 in 1917; 17S.000.O00 in 1918, and
49,. 900, 900 ounces in 1919. the year just
ended. That Is an average yield Of
ITS 200, 900 ounces, about similar tv
that Of the decades ending 1890 ana
1900. The total amount for these six
years is 1885,. 100000 ounces.
Surprising the average yearly out
put of 225,0O0.000 ounces. for the four
years of 1910 to 1918, to be the normal
requirements, then We have here an
indicated shortage Of 313,000.000 ounces
or close to two years. output. This
makes It fairly impressive. Besides
from 1910 to 1919. inclusive. 610,00o.00o
ounces of silver in excess of total world
production were minted into coin.
"This was only made possible by
making silver bars from 250.000.000
dollars In the United States treasury.
Mexico did the same with 250,000.O00
Mexican pesos and probably of eveA
more Importance Is the demand made
by India and China for a settlement Of
an ADVERSE trade balance. It 10 most
lucky that. admitting the disappear
ance of gold, these nations will accept
silver.
Europe and America. as we'll, owe
India over $500. 100000. Their debts to
China are almost as big. around total
Of $3.50. zoo. 900. payable In silver. Is It
any wonder that such q huge sum,
coupled by a prevailing premium OF.
the rupee. and the decline of the pound,
creates such universal headache
after the European debauchf
And last. but not least, what Is the
amount Of silver required to back up
tho unsecured shinplasters of Europe
and American VIII 1.000.000.000 ounces
sufYice, when some t12, 000, 900, 900 Of un-
secured paper money were recently is
sued?
what Is now needed Is . mathema-
tician who can figure how. with a pres
emit yearly silver production Of 100000
900 ounces and possible one of ESQ.,
000.0 ounces in the future. can sat
isfy--
1880. ooo.ooo q year. payable In
silver to China and India.
$500. 100000 year for new silver
coinage.
$3.50. 100000 a year. to industrial
interests.
4-S1oo. zoo. 900 a year. for years to
come. to validate paper issues
What must necessarily be the price
Of silver? Just now there Is no indica-
tion OF q large increase in supply. The
fact that no sensational silver discov.
cries were made during 1919 and the
unjust income tax on the miners would
initiate against an increase. New sill
yer districts and revivals of old ones
are imperative. II is imperative also tc
release the shackles of industry. Sill.
YER. and silver only. can save the day
and the question is squarely put up t.
capital and government.
| The opportunity for the former II
great. The dutiss Of the latter arr
| greater. It - swiftly becoming useless
to further ignore silver as none!
metal. The Orientals know and de
mand silver money. The world owe
Them money; the trade balances hav'
Il not "hv nhnn1d II III
bad business for capital to mine silve
In the United States and send 1t I,
|thnse peoples who demand It. and Incl
dentaliy make big profits. or do w
Iprefel to send gold. thus fully depict
Ing cur precious rsserves3
1t 10 dimcu.t t. see why the price 0
silver should decline. It II still NOR
ldif.cult to say when. Economical,