Tombstone epitaph., 1922-06-11

The present strain on the shrink ing gold output is too heavy. There is need 10 reinforce gold reserves with silver te at least the same extent as in pre-war days World production then was for five years. about 224 million ounces yearly. In the last eight years silver production has fal. len below that average more than i0 millions ounces year.
 The total deficiency is ahou,
 352 million ounces. At least that
 amount is required in Europe to
 replace the deficiency in silver
 that should have been coined.
 How the world has lost in silver money is shown in the report ot the United States Mint director. compiled from official sources. The principa, -pnHtttte tutSlue ci tItt h4tcu States in 1914 possessed the equal of 2.a56 millions dollars in silver In 1920 they had only 1885 millions. To eke out these even Britain has de based her smaller coins. putting only half as much fine metal in them The result of this practice is to put off further the purchase of silver for coin age in the effort of the European governments to reduce expenses This neglect Of normal coinage needs re duced the market price of silver from the high point of sl.3. to 1920 to S5 cents an ounce recently.
 Large quantities of the missing sil- yer currency was melted down in the war period al time when the price of the metal wen, above the face val. ue of the coins. Silver bullion was shipped in large quantities to the natives of Asia who were then say ing from unusually large earnings and hoardins treasure after their age old custom.
 Only in dire need will this metal be resurrected by the Asiatic. There is pressing need of il in the metal re- serves of Europe to rebuild currencies shattered in public confidence
 Europes statesmen and IT.
 nanciers have need of the worlds
 silver mines to aid them in re
 storing credit
 The metal standard can be aided in Europe by reasonable use of silver reserves along with gold Withou' silver the gold standard is in danger Of further destruction. From Russia ,he birthplace Of vii, experiments. We nay look for another attack on gold Having rissipated most of Rus sias gold the Soviet has collected 6ia- monds and other gems as a substi- tute. IL has even offered these 10 Poland under the treaty of last year in place of Poland's just share in the former Russian gold reserve.
 A reserve of gems will always be open 10 more doubts concerning it's value than that Of silver. The test of the gem is more difficult, deception easier. it's theft and hiding more readily accomplished. The Russian scheme in the end will be rejected. but while it is entertained in that land of chimeras the economic restor- stion Of Europe must suffer
 Increase of acceptable reserves however, is aiding business revival wherever 1t has been achieved. nota- bly, in Italy with her silver reserves, Czecho-Slovakia and Finland. For the stronger nations it would be an cas- fer task 10 lend aid to the weak in both gold and silver -han ia gold alone. Silver at it's present low price is bargain Tor the hints. 4 silver reserve of reasonable propor- ton would be far preferable to the lack of reserves existing in some of the European countries. As an as- set in Europe's reserve vaults | would repay the investment a hun dred fold in confidence. credit <and renewed activity.