The European Powers, Russia as yet excepted, have all accepted
the American invitation to discuss the Silver Ques- tion, with the view of re-establishing a fixed ratio between the values of the precious metals. None, however, commit them- selves to any plan, and none expect any tangible result from the discussion, unless it be a more general conviction that silver must be left to find its level like any other commodity. The moment the price is too low to pay the miners, the in- crease of production *ill stop ; but that point may still be far off. The Anglo-Indians, we perceive, are all talking of a gold standard for India ; but the only result of that would be to depreciate the enormous stock of silver in India, and thus increase the disparity between the metals, besides diminishing the Asiatic demand for the metal, which alone sustains the market. The swiftest cure would be the discovery of a new and general use for silver ; but the metal has no quality, except its beauty, which gives it any superiority over other and much cheaper metals. It is not very tena- cious or durable, keeps its form no better than brass, and is much more liable to oxydisation than either nickel or aluminium. The Report of the international experts as- sembled in conference will be most interesting reading; but we can see that, outside America, none of the great financiers have any solid hope, and even American hope has been greatly daunted by the failure of the Purchase Act. The absorption of 4,500,000 ounces a month seems to have no effect on price at all, or a lowering one by encouraging production.
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