A telegram of March 31st announces that the fall in
the price of silver, which this week momently touched 39d. an oz., as against its ancient value of 60d., is creating genuine alarm in Calcutta, and has even disorganised trade. The latter statement must be taken cum gram), as the exporters benefit by the fall; but there can be no doubt that the decline seriously embarrasses the Government, and means a kind of ruin to all whose pensions or other fixed allowances are calcu- lated in silver. There is very little hope for the future, either. Congress has virtually rejected the Free Coinage Bill, the present purchase of 4,000,000 oz. a month by the
Treasury cannot go on for ever, and the idea that price will limit production seems to us fallacious. At 30d. an ounce, equivalent to a shilling for a rupee, silver is still worth 24,480 a ton avoirdupois, and to raise and smelt so valuable a sub- stance, comparatively of such little weight in transport, must pay. Here and there a mine may be shut down, but extrac- tion can be cheapened, and the Silver Barons are millionaires.
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