The Recent Rise in the Price of Silver and Some of its Monetary Consequences

Abstract

I. Extent of Rise in Price of Silver, 216. — High price in 1905–07, 218. — Peculiarities of the silver market, 219. — Causes of rise in price; the supply, 220. — The demand, for industrial uses, outside India, 222. — The industrial consumption in India, 224. — The monetary demand, for fiduciary coins, 226. — Germany, 227; France, 228; England, 229; United States, 229. — The heavy Indian monetary demand, 230. — The reserves built up by the Indian Government, 232. — Silver standard countries, 234. — How far the rise in silver was a part of the depreciation of gold, 237. — Prices and index numbers, 238. — II. Influences of the rise in price of silver on monetary systems, 239. — The Philippines ; difficulties from higher price of silver, 240. — The export point of bullion, 241. — Export of coins, 242.— Prohibition of export in 1905, 244. — Other measures, 246. — Recoinage in 1906–07, with lowered silver content, 248. — Success of the measure, 252. — The Straits Settlements; gold standard in 1906, 254. — Straits silver dollar in danger of exportation; measures to prevent, 256. — Recoinage, 258. — Gold-exchange standard adopted, 260. — Japan ; gold standard since 1897, 261. — Prompt recoinage of silver, 262. — Mexico's fortunate experience, 263. — Gold standard plan of 1903, 264. — Adopted in 1905, 267. — At first, export of old silver dollars by Government Commission, 269. — Rapid recoinage into new dollars, 271. — Gold certificates, 272. — Success of the operation, 273.