The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-12-21
THE PRICE OF SILVER
VALUE AS MONEY METAL
COMMITTEES OF SENATORS AND
MINING MEN TO URGE USE
OF WHITE METAL.

Perhaps there is no one question
which greatly affects the future OF
European finances and industry than
the sterilization of the monetary sys-
TENS of European countries. If if
were possible to make available a
supply of gold upon which to base an
ample credit currency that would be
the ideal solution. As it is, however
with the United States holding 40 per
cent of the total monetary stock of
gold in the world with the worlds
gold production falling below the pre-
war production level, with the present
upward tendencies of price levels add
ing to the already prohibitive pro-
duction costs of gold standing as a par
to increase gold production through
cut the world with the present world
initiation and the necessity of large
volumes of currency because of the
higher prices and increasing volume
Of business. it seems apparent that
many of the European countries now
suffering industrial and financial stag
nation can not hope to acquire a suf-
ficient stock of gold with which to
stabilize and support adequate cur
rency systems says the Mining Con-
gress Journal
What then is the alternative? From
time immemorial gold and silver have
been regarded by the peoples Of the
world as best adapted for uses as
money. The increased price of silver
during the years 1919 1920 and a part
of 1921 during which time credit
money was permitted to circulate
without much regard to its metallic
hacking, a number of European coun-
tries found it advisable to dispose of |
their stock of silver coin as a temper
airy expedient to meet existing emer- /
gencies which left these countries
largely without any metallic money at
the close of the war
Must Have Metallic Money.
These countries are finding it very
difficult to do business with a very
greatly deprecated paper currency, p
but lack the means to secure a supply
of silver for coinage Notwithstanding
the very great advantage which could I
come to those countries by currency i
sterilization. The vast Importance to t
the United States of the sterilization t
of industrial conditions of Europe can {
not be over estimated. r
The great question then s-by what a
process can European countries be v
supplied with and led to use the sill f
yer as a basis of their currency medi- t
ums. So long as the Pttman act is t
in effect this is not a vital problem to il
the silver producers of the United o
States The day is not so very fan Il
distant when the production of this F
country will be necessarily thrown Il
upon the world market which under Il
present conditions would still further t.
depress the price of silver. The in G
dustries of the United States will feel
very keenly the effect of depressed
silver prices upon the cost of lead and d
zinc and other industrial minerals s.
which comes in association with sill +
yer. In mines which produce these c.
metals in combination with silver and N
their number is very great, the re- W
duction in silver prices must neces-
sarily attach itself to lead and zinc e.
and those minerals which come asso- tC
ciated with silver. This will neces- p
sarily increase the price of lead and d
zinc to the consumers of this country Il
and the question of future silver mar is
l1ets then becomes a vital question to es
the whole country. in
Stronu Committees at Work. II
The use of silver with value based W
on the gold standard as medium of y
Exchange in European countries is
therefore a vital issue to all of the a.
business interests of the United States o.
While this country may well keep it. ~
self aloof from the entangling intrig- ~
les of European politics, it can not -
escape the influence of world condi- y
ions in finance and industry
TWO committees are now engaged in ~
IN effort to solve some of these diff
,ult problems The first appointed by -
conference of western senators y"
which agreed upon the following COM :.
nittee: Key Pittman of Nevada;
Thomas J. Walsh, of Montana; Will
lam H. King, of Utah; Samuel d. -
Nicholson. of Colorado.
This committee organized by the
selection of Senator Pittman as chair ., -
nan and j. F. Callbreath as secretary
A committee has been appointed by .
he American Mining Congress con-
iisting of c. F. Kelley. chairman; f
r. Robertson. F. II. Brownell, Bulkeley =.
Wells and Professor J. w. jerks.