The Feilding Star. TUESDAY, AUGUST, 23 1892. The Fall in Silyer

Feilding Star, Volume XIV, Issue 28, 23 August 1892, Page 2

The Feilding Star. TUESDAY, AUGUST, 23 1892. The Fall in Silyer

The depreciation in the market value of silver is causing great excitement among financiers in America and India, where the currency is based on a silver standard, and also in England, because of her close connection with India, combined with her vast interests in that portion of the Empire. That the fall in value has been extraordinary is prored by the following figures : — ln 1880 the average price paid per ounce for silver bullion purchased in the market for coinage was 52& d, and from that year until 1889 the depreciation has been steady; in 1883, 50|d; in 1884, 50£ d; in 1885, 48 9-16 d ;in 1886, 46 9-16 d; in 1887, 44£ d; in 1888, 42 15-16 d; in 1889, 42 13-16 d; but in 1890 there was a sudden rise to 48 11-16 d. This would appear to have been the last flicker of the expiring lamp, because since then the market value of the metal has steadily gone down to, say 38d, where it now stands. The causes which have led to this are, first, the increased output irom the mines in Australia and America ; secondly, the unrestricted coinage of the United States. This has had the effect of preventing the metal being devoted to the manufacture of the many articles for use or ornament, in which it was expended in former years. Most of our readers will have read that when Spain was at the zenith of her prosperity, when the tons weight of silver wrung from the enslaved nations of her American conquests were poured into her coffers, the metal was used in the manufacture, not only of coins, but of the meanest household utensils. The trade of the silversmiths in all parts of Europe was not only important but profitable, employiug an immense number of both skilled and unskilled artizans and laborers. But the European wars and revolutions, which were either coincident or followed each other in such rapid succession, created a new and extraordinary demand for money to pay the troops engaged, so that much of the silver which had been devoted to domestic purposes or for the ornamentation of sacred buildings, was melted down and put in the form of coinage. The supplies of silver bullion from abroad was checked by the troubles in Europe, and, therefore, the value of silver in itselt soon became a standard. After the establishment of peace in Europe, consequent upon the overthrow of Napoleon Buonaparte, and the creation of friendly relations with the United States of America, the progress made in commerce was so rapid that the value of silver still maintained its high position, with the fluctuations always attending any article of trade and exchange. The first serious indications of a depreciation felt by the English people was in the fall in the exchange value of the Indian Rupee, but very little attention was paid to a matter which only affected the inhabitants of a remote portion of the Empire. There was however, an attempt made in England to introduce the system of bi-metahsm but the opposition to this was so great that its adyocates had to retire defeated, but not convinced. In the meantime new mines were being opened up, and the output increased from— in 1878. seventy three and a half millions to, in 1890 — nearly one hundred and thirty-one mili lions. Now it stands to reason tbat even although the population of the commercial and producing world had doubled in that time, which it has not, this amount of silver is too great for the coinage demand, while new outlets have not been created for it. When silver was dear, cheaper substitutes were found for it, one of the most important of which was the invention of electro plating, and until silver can bo profitably wrought up again into domestic articles, as in the old days, it must take its chances like any other product of the earth. The idea of trying to put a fictitious value upon it by legal enactment is an absurd one, and only suggested in the interests of a comparative 1 few. The proposal to close the mines is equally absurd, because by that means it would be macle impossible for silver to flow back into its proper channels. There is wisdom, however, in the suggestion to close the mints. A dissolution is undoubtedly " in the air " ; and that it would as wo have indicfited, " suit the book " of Ministers is more than probable. It behoves, therefore, very sensibly remarks the Duuedin Star, all qualified persons to lose no time ' iv securing for themselves the right to yote by placing their nuiues on the roll, if they have not already done so ; whilst those who believe themselves to bo registered should examine the rolls to

ascertain whether by any chance their names are omitted. At the last General Election not a few persons—old settlers, too — tound themselves disfranchised when it was too late to remedy the blunder. In England, as Lord Palmerston once said, " the battle of the Constitution is fought in the registration courts.' Both the great political parties at Home look sharply after the electoral rolls, and stuffing, such as has been resorted to in this Colony, is practically impossible.