Show WHAT WILL HAPPEN The Discussion Regarding the Opening Open-ing of Ida Mints Denver Mining Reporter For some days there has been much discussion in mining circles about the effect of opening the Indian mints to the free coinage of silver I has arisen from an account in r the telegraph dispatches stating that those mints would be opened at a ratio of opene rato 2 to 1 There is no special reason to think that the British overnment contemplates opening the mints very soon The commission com-mission appointed to report on the Indian finance question is still at work and will probably not report for some weeks or months I is unreasonable to suppose that any action will be taken by the government gov-ernment until the report has been made There is reason however to believe that the report may recommend opening the mints at a ratio of 22 to 1 I I is done what will be the effect on silver mining and other industries in this country Certainly Cer-tainly there is no reason t think that the direct effect will b very important Its Indirect effect in the way i > f paving Ctie way for some international action on the silver question may possibly be of considerable con-siderable importance The memories of men about the effect on silver prices and silver mining of open mints in India are very short It is only five years ago that they were closed to free coinage after having been open since time Immemorial at a ratio of 15 to 1 This made the gold value ratio of silver in India a little over 5137 an ounce At the same time the price of silver in the United States after closing our mints had declined de-clined from 132 an ounce to SO cents In other words open Indian mints had not sustained the price of silver here to its coinage price I made however a mar ket for silver which sustained its price in the world considerably above what it would have been without that market When those mints I were closed and that I I tt W a3 J market was destroyed silver declined from about SO to G cents an ounce The speculative problem becomes this I open Indian mints at a ratio of 15 to 1 I I valuing silver a 3 an ounce added 2 cent an ounce to the price of silver bullion bul-lion in the commercial world how much would they add If they were open at a ratio f 2 to 1 or 9 cents an ounce Perhaps Per-haps one opinion is about as good as another an-other That such open mints would add something to the price is certain But would 1 be five or 3 cents an ounce This much Is certain There will be no revival of silver mIning without a considerable con-siderable advance in price or an assurance assur-ance of steadness In whatever prices are prevailing While open Indian mints would tend to give steadiness to prices it is questionable whether they would advance ad-vance them much We can see no reason to believe that we are soon to return to tho irosperou days of silver mining wich prevailed previous to ISflS Nothing Cut bring those days except favorable I legislation by the United States which Is financially strong enough to raise silver I 1 oer the world to any price which we fix by establishing a ratio with free coinage |