The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-01-25

from Washington. Mr. Macbeth stop
ped at Denver and Salt Lake on fms
way here to confer with mining mer
regarding the silver situation. SAYS the
Boise Statesman of last Sunday.
I'm both cities l found the feeling
among mine owners strongly favorine
the resolution sponsored by Senator
Nicholson of Colorado, empowering
the president to appoint a commission
TO study the subject of silver and sub
nit recommendations" said Mr.. Mac
beth.
Believes Measure Will Pass.
This resolution is now before the
senate. The commission will have
very broad powers and be in posi-
ton to take advantage of any situa
ton that might arise which would be
Of benefit to the silver producers. and
there is no question of the measure
being passed"
Touching upon the subject of Eng
lands control of the price of silver.
the prospects of. future needs for sill
yer in India, China and Germany, Mr..
Macbeth gave a lucid explanation of
the matter.
England for many years has con-
trolled the price of silver although
the production took place in other
countries. An ounce of silver at so
cents will purchase in the orient as
much in labor or in commodities as
silver at 81 an ounce. Furthermore
with silver at a low price the profit
made by England's seigniorage is
greatly increased. From 1900 to 1915
the average quoted price (hxed in
London) was 81 cents an ounce dur
ing those years. Indian minis coined
L651,OOO,5S3, rupees out of which
they made a profit of $212,15O.O66 as
seigniorage collected largely from the |
American mines.
May Give America Control.
From the foregoing it is readily
understood why England wants to
control the price of silver We hope |
through the commission to dislocats
the English control and bring it to
America.
1.-THE settlement of domestic Difficult
ties in China will mean much to the
silver producer. The Chinese will be |,
in the market for practically every Il
silver dollar we possess. The loyalty |,
of the Chinese soldier is for the gov
eminent that can pay him in Ameri-
can silver dollars. The Chinese gov
eminent must have our silver dollars
to pay its soldiers, otherwise these
soldiers would desert to the Chinese
leader who can pay them in our own
silver dollars and q new revolution
would result which might upset the [
existing government.
'Tn the Chinese situation, according '
to Senator Pittman, rests our strong n
est hopes FIR silver There is a stu t
alton in r. liza that is interesting for I
the silver producer and that is the ,
extreme unrest existing among the f
Gandhi followers. With a revolution I
in India. England would be in the mar 7
ket for silver which would send the h
price soaring. y
you may remember that it was the t
unrest in India during the world war I
that made necessary the passage, of I
the Pittman act in order to lend silver a
to Great Britain.
Germany Wants Silver
About 80 days prior to my recent
visit to Washington at the meeting
of the mining committee of the Spo-
kane chamber of commerce a repre-
sentative of Ladenburg- Thalman.
bankers of New York, informed the ?
meeting that his firm had investigat- e
ed conditions in Germany and that he a
was prepared to state that Germany t
would take from us 100 million silver {
dollars per annum at par for a period Il
of years if some basis of credit could is
be arranged. C
1.-THE present action of France to- G
wards Germany in the matter of the f
PREPARATIONS question does not make t
me feel very optimistic about the sill S
yer situation as regards Germany" S
Concerning the restoration of silver
to circulation Mr.. Macbeth said that b
those who have given the matter at Ii
tention. are aware that for some years p
the number of silver dollars in circu- I
lation has been decreasing annually e
and he has ascertained that it is due p
to the treasury of the United States /.
requiring the banks to pay express p
charges on silver whereas in times &c
past the charges were paid by the 7
treasury. After a conference with the n
director of the mint and treasury Of o
fcials agreed to support a bill pro- n
viding for the restoration of silver p
dollars to the banks. e
Will Increase Circulation. 7
1.-THE treasury officials estimated o
that with the passage of the bill in p
troduced by Senator Smoot who is
the western member of the senate fin
ance committee and the next chair
man of that committee, at least forty h
million dollars will be called for by Il
Ia nl1s within the next several months In