The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-03-15
DEAN F. A. THOMPSON
GOLD-SILVER INQUIRY
WORK OF COMMISSION IMPORT
ANT TO MINING INDUS
TRY OF IDAHO.

THE appointment by President
Harding Of a senate commission OF
gold and silver inquiry is a matter OF
very great importance to the western
states" says Dean Francis A Thorn
son Of the University of Idaho school
of mines THE personnel of this
commission including as it does Sen
ators Nicholson Of Colorado. Walsh
of Montana, Gooding of Idaho, and
eddie and Pittman, of Nevada, in
sures that the problems of the gold
and silver miner will have sympathet-
ic consideration and careful investiga-
ton at the committees hands.
Idaho. due to the production OF
silver in connection with her lead
ores, most of which carry about one
half ounce of silver to each unit Of
lead, is vitality concerned with the
problem with which the commission
will be concerned. At Talache and at
Bayhorse there are also properties
producing silver as their most i'm
pOrtant output.
Troubles of Gold Miner.
1T is, of course. well known that the
gold miner, ever since the increase Of
prices in 1914, has been facing seri-
Gus situation. owing to the fact that
while the price of all other products
scared to unprecedented levels, the
price of gold being fixed by statutory
enactment and international agree
ment, remained at the pre-war figure. |
The consideration of this situation |
will be part of the committees work
1.-The situation of the silver miner
had been temporarily somewhat DIFF
ferent, owing to the fact that early in
the war Great Britain was badly in
need Of silver and arranged with the
United States government for the
purchase of 2OSOOO.OOO ounces, the
price Of which, after consultation with
the silver producers of the country
was fixed at 81 an ounce and under
the Pittman act the United States
mint was. authorized to repurchase an
equivalent amount of silver FROM the
American producers at the price re-
ceived from John Bull. The pur-
chases of silver under the terms of
this act will be completed about Sep
TENDER or October of this year, at
which time, of course, the price of sill
yer in the United States will drop to
the present world price or perhaps
even below it, due to the throwing of
the American silver into the world
market. 7
World Silver Situation.
1.-The world situation in silver is per- 7
haps more serious than it has been
for many years. About rs per cent of
the world production of silver is used Z
as money or as a medium of exchange,
about one-third being coined and a
about two thirds being used in the S
form of bullion The balance of the {
silver production, or about rs per cent p
is used in the arts but the situation il
appears to be that when the price of d
silver drops its use in the arts de-
creases, due to the natural human =
tendency to desire the most expensive
things There appears to be a rap g
idly increasing tendency in Europe to 3
decrease or abandon the use of silver
for coinage. England for example n
has debased her silver coinage from
its former standard of 1926 fine to 500
fne-in order words from coins which @
were practically pure silver to coins
which are only half silver. The South
American countries have done the
same thing while Germany, France
and most of the other European conn p,
tries have abandoned silver coinage D
entirely substituting paper money, Ia
aluminium bronze nickel and copper a
the United States the use of paper te
money in 81 and 80 denominations has T
been rapidly increasing due to the ~ ~
attitude of the treasury officials. 81
England Sets the Price. II
Another disturbing tendency Of "a
the silver market lies in the fact that be
the world price for silver is arranged &C
in London, although North America ~
produces 80 per cent of the worlds I;
silver. England's interest in a low le
silver price is due to her great orien- IT
tai possessions and trade. In the orr re
ent an ounce of silver is practically 50
the standard of value, consequently ar
the lower the price the greater the m
amount of labor or commodities which nc
the British merchant can purchase in al
the orient Another important factor tic
is that with the disturbed political ca
conditions in the orient, Great Britain y,
rells that she must always be ready B,
to redeem with silver the large issue -
Of paper rupees in India. It will be M
The problem of the senate commission
10 investigate all of these factors and
TO endeavor so far as possible to in In
erview foreign governments and for
sign users of silver and see what may
oe done to relieve the plight which H'
he silver miners will be in at the end
IF this year.