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WMlt VOL 1, NO. ;-). SILVKIl CITY, X. M., WEDNESDAY, MAY 15, 185. THICK ó CENTS fPL1! I MU nv nttirnn luuuriU nlLV Tilt. The Colorado Senator Says Some Sensible Things. Menu wliMi OiiBht to Set Aim-rkmi Mim-iifiulur.-rH lo ThlnkliiK Aliimt tli I'nl lire. I like to do all the writing and talking piissiliUt on Hit' silver issue, for I (eel inore I lian ever that it is a most mo mentous question, lmt I cannot always spare (he time. I do more of this work than I should. The subject is so vast; ii families in so many directions and the arguments are so numerous that it requires care and thought to give in a sin gle article a single phase of the subject. The president 's recent letter to Chicago was an appeal to the supporters of the gold standard to defend that system bv proclaiming for it the merit of soundness and lo declare all other systems unsound and the supporters of all others advo cates of a debased currency. In his opinion I suppose we are advocates of an unsound currency. It is to he regretted that the president did not point out to us some of the advantages of the gold standard as well as tin possible danger to the country if we return to the use of both gold and silver as such Use existed in the I'niied Slates prior to 1ST:!. Up lo that time practically the whole world hail the benelit of the use of both silver and gold as money of ultimate re demption. Kngland was on a gold basis and (lerniany on a silver basis, it is true, but the mints of Trance were open to both gold and silver, and Kngland had the benelils of an open mint. fr silver in France but a short distance fiom Eng land's commercial center, while (ier many has the French mint for its gold. The Knglishnuin desiring lo put his sil ver into money could do so either bv sending it over to the free coinage mint in France or by rending it to (icrmany and exchanging it there ii a ratio of liflecn and one-half ounces of silver for an ounce of gold. The (crinan having gold which he wished changed into money had but to send it to . England to be coined or to France for exchange into French money. This was freely done, and all ihegold aid silver not required for export from Kurope was coined into money at. some Kuropean mint. The United Slates, mints were open to the coinage of both silver and gold at a ratio of a little less than sixteen ounces of sil ver to one of gold, which ratio we speak of as Hi to 1. While all the world was not on a bi metallic basis, all the world had the ad vantages and benelits conferred by that system, for Kngland, France, the United Slates and others were ready to coin all the silver offered, and this gave gold and silver bullion a money value equal at all times to the coin that could be made out of it. Then all countries by the system of commercial exchange had the full ad vantage of the bimetallic coinage. Head history and tell me where there is anything to justify the president in supposing that a return to the condition of linance existing prior to 1871! would be fraught, with disaster. The countries that, have abandoned the use of silver have not beueliled their financial condi tion and the linancial condition of the! world today is much less satisfactory than it was for many years preceding 1871!. Kxchange has fluctuated to a1 greater degree since that year between silver-using and gold-using countries jand now seriously threatens to transferí the manufactures of Kurope ami Ameri- i ca to Asiatic countries. j I will state this as a propositoin: If I the gold price of silver falls in the gold; standard countries, the price of exports from gold standard countries must either j fall in the country w here produced or' rise in the country to which the exports are sent. Silver-using countries must pay more silver for imports from gold standard countries or the manufacturers ; in gold standard countries must reduce1 the selling price of their wares to meet : the decline in the relative value of silver ! t i gold. That is the situation presented i the manufacturers today. Prior to 187.'! , fifteen and one-half ounces of silver were I equivalent to one ounce of gold. Then j the Knglish exporter to Asia received I that amount of silver, knowing that he could certainly convert, it into gold with out loss upon the stable ratio. It did not change by daiiy market fluctuations. Now, mark the change. Tin lay, accord ing to the present price of silver.it lakes something like thiity-oneounees of sil ver to secure by exchange an ounce of gold, instead of fifteen and one-half on i ces, as w as the case before 187.'!. If the exporter should attempt to maintain his old price after silver was demone tized, he must require of the silver using purchaser more than the amount of sil ver heretofore paid for his product, sub ject to the fluctuations of silver based upon a gold measure, which is now, as you know, reduced to one-half its former exchange value. What is the result? The silver buyer of the Englishmen's wares must either refuse' to buy, must pay the increased silver price or must manufacture for himself in his own country. What did he do? l!y a refu sal to buy he forced the Knglishnian to reduce his price. The importer contin ues to buy with his silver, but to thedis aster of the Knglish manufacturer, who connot make a profit at such reduced rates. Suppose the Knglishnian could not af ford to reduce his prices to the full de preciation of silver measured upon a gold standard he must advance his pri ces in exchange for the foreign impor ter's sil vej', and then the silver paving customer complains of rising prices. This leads to the manufacture of these articles in the silver using countries where the manufacturer is satisfied to take silver at its old value, and thus the market for the gold standard producer is destroyed. That has been the case in Mexico, India, China and Japan, and doubtless more marked in Japan than in any other country. It looks now as if Japan might become the great manufacturing country of the Orient if not of the world. Its popula tion is quite as skillful in manufacturing as is that of Kngland. Japan has the advantages of a better climate.of cheaper lalmr, oí an abundance of cheap iron and coal; her products can be sold in China and India on a silver basis with profit, and even in Kurope on a gold basis at a . figure less than any Kuropean country can mi.iiiil'acture them. It may be said that her manufactures are not sullicient ly perfected to compete with the Kuro pean manufactures. This may be true in many articles, but not as to most ar ticles; and as to tho.'c not yet perfected, the patience and skill of the Japanese will soon secure for their manufactures the same excellence that lias commend ed Kuropean manufactured products lo both Kuropean and Asiatic consumers. It must be borne n mind that labor has not fallen in India, China, Japan and other silver standard countries, and that one ounce of silver bullion will buy as much lajior now as it ever did. This is true nb'o of all the domestic supplies