The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1921-04-23
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IS THOUGHT PROBABLE

lOAAORah IN
full news thai has come to the silver
mining operations of the West since
1873 is the report received in Tono-
pah during the past week that several
British financiers were in conference
with the United State Treasury De-
partment officials in Washington and
that the purpose Of their visit was to
r~e-establish silver as a medium of ex-
change between the British empire
and the United States, which IL con-
summated, would include all of Eng
lands possessions throughout the
world.
Although the report is a mere
rumor, 1t has some foundation in the
rise during the past week of sterling
exchange, which jumped according to
reports received at the banks here.
20 points in n day.
Sterling exchange ross to s3.97h,
and naturally there was considerable
interest aroused in Tonopah as to its
cause.
Local mining men, who were inter-
viewed by the representative Of The
Miner, stated that they knew of the
presence of the British commission in
Washington, and while it was not GER
tain what their objects were, the con-
ditions in India and other British col
onies were such as to render impera-
tive the adoption of a new policy con-
corning the money standard Of the
world.
1t is the belief of well informed
men, that England, now a debtor ma
ton, unable to collect the obligations
due 1t by other European countries
and pressed for real money with
which to pay it's debt to the United
States, is in the same position that it
was just before the Pittman silver
purchasing Act a passed, and not
withstanding the interference it may
cause to the three silver brokers of
Lombard street, London, 1t must, for
the good of the whole empire, includ-
ing India, get some real money be-
hind it's enormous scrip and bond is
sues. This gives credence to the sur
mise hat the leading financiers of
the world are considering the re-
opening of the minis of the world for
the free coinage of silver.
Another interesting I'M that has
been connected with the visit of the
British financial agents, is that silver,
If it is re-established on a free coin
age basis as a medium of exchange
throughout the world, it will be at a
higher ratio than has been advocated
by the most radical element Of the
free silver wing of the Democratic
party. In other words. If silver is to
be restored as money at the ratio of
is to /, 1t would mean that an ounce
of silver would be worth approx
mately S1.3S. A higher ratio, as to
the value of silver to gold, would in
crease the price of silver proportion
ately.
In the event that action looking to
| the restoration of silver as legal ten
| der throughout the world is taken by
the two leading governments of the
world, 1t will mean, in the opinion of
| some of the best advised bankers of
Nevada. that the Pittman Act may re-
main in force forever. Under the
| terms of that Act the Government OBJ
ligates itself to restore to the treas
ury of the United States 207, 900, 900
| ounces of silver which were bought
| by Great Britain and shipped to In
dia at a crucial period in the war
with Germany. The Act itself speci-
fies no particular time within which
this restoration shall take place.
| There is no restriction on the Ameri-
can silver producer selling his pro-
| duct wheresoever he pleases, and in
| the event that the nations Of the
world go on a bi-monetary basis, the
United States Treasury Department
is not compelled to purchase silver.
II fact 1t is not permitted under the
Act. at any price exceeding 800 per
ounce. For ordinary coinage pur-
poses. however. the United States
Government would have to bid the
| prevailing prices for silver in the fu-
| ture.