ABSTRACT

The widespread substitution of paper money for the higher denominations of silver coin, and the substitution of nickel, bronze, and copper coin for the lower denominations of silver. The group consists of India and Spain, which have large quantities of surplus silver that they wish to sell at the most favourable terms possible. Even if each of these latter four countries takes off the market its fair share of the silver it produces during the next few years, the United States would still be buying each year about five-eighths of the amount of silver that India and Spain were unloading on market. Their Government would be taxing the American people in one form or another millions of dollars year in order to pay their silver-producing interests a large bonus on their product, and to help India and Spain to sell at good prices their surplus silver.