Mohave County miner and our mineral wealth., 1920-01-24


 Silver, the metal, proved the world sensation in the year 1919, reaching the highest prices in the recorded his. tory of the universe. For the first time in history, silver coin of the lead ing nations of Europe sold at higher price than gold coin. This does not of course mean that silver is more valuable than gold, merely a silver dollar or shilling is worth more than a gold dollar or shilling.
 The record high price of 79 Is pence per ounce British standard (925-1000ths fine) was reached in London market in November. This would have represented $1.73 1-2 for American silver, were the British { worth the normal exchange value of 4S6 5-S cents in American money. Throughout the latter part of 1919 the London price fluctuated between 75 pence and 7S 1-2 pence per fine ounce British standard, generally around v pence. This compares with prices around 26 pence for many years be- fore 1915.
 United States Prices
 In the United States the actual high price reached was $1.37 3-4 per ounce American standard, 1000-10O0ths fine, at New York, $1.40 1-2 at San Fran cisco. The so-called "par" of silver in the old days of "16-to-1", prior to 1878, was $1.2929 per fine ounce. One thousand ounces silver enter into 1,293 standard silver dollars, and at recent prices for silver around $1.32 to $1.33, the fresh standard silver dol lar (none coined since 1905), worth 100 cents as coin, is worth near 103 cents as silver. However, 1000 > ounces pure silver enter into 1882 dollars in dimes, silver quarters and half-dollars, and our subsidiary" sil- yer coinage in this country is not in serious danger of the melting pot un- til silver passes $1.3S per fine ounce.
 A bill has been introduced in Con- Gress to reorganize our silver coinage whereby 1000 ounces pure silver would enter into, $1,777 subsidiary coins instead of $1,382 as now, Chair man Platt, of the House Comittee on Banking and Currency, is the father of this measure.
 ,Pre-War vs. War Prices
 The average price for many years before the war was around 55cents an ounce for silver in New York. The record low was 46h cents in February 1915. When silver sold at 46A cents our silver dollar was worth only 355s cents, versus about 102h cents now with silver at $1.33.
 The london price of silver is the so- called world bid price. The New York price reflects and depends upon ex. change value of British money at the time. The bulk of American and world silver goes to India and China via San Francisco and Vancouver. The western coast price is generally IF to AZ cents higher than the New York price. This premium on silver in the west reflects expressage and insurance tariffs. The west coast premium particularly benefits western silver miners whose product is re- fined in the west. The premium through most of 1919 was over 2 cents or 8 cents an ounce in San Francisco and Vancouver over the New York price. 4...
 Silver Better Than 16-t0-1
 The high British or world price of 79b pence represented a value for silver way above the historic "16-to-1" ratio, to be exact, it represented 11.9 ounces silver worth one ounce of gold at $20.67 per fine ounce for gold. The yearly average price of silver around 26 pence for over ten years before 1915, meant an average of about 37h- to-1 between one ounce of silver and one ounce of gold.
 The once despised silver coinage. of the silver nations such as India, China, Mexico, etc., now commands the big gest premiums. The money of the leading gold nations of Europe and other parts of the world sold at a dis count. Silver coinage throughout the world is worth more at bullion value than the par value of gold coin.
 For instance, $500 British shilling coins contain just 1000 Troy ounces pure silver, but are worth 6,929 shill- ings at the market price of v pence for British silver bullion. Over 1000 shillings is the premium on the mar ket value of 1000 ounces of pure sil- yer over the coin value in British coin age. The $500 shilling coins were worth 9346 in the silver bullion mar ket, and only f295 at par or gold value of f295 in gold sovereigns or in gold bullion; whereas the depreciation in exchange of British banknotes and "sterling exchange" made the 9295 worth about 23 per cent still less with the exchange value of the S down to 375 cents versus 4S65-8 par. The ex- change value of the British { at 375 n0 L Il