, 1876-09-07
5;s:; r.: zs;;;: ;ss 5:;; 55:s 2;;;!: !;
100 III II 1H4D 151


During two centuries prior to tho year 1870
the market ratio Of silver to. gold had ranged
between tho figures 1456 to ind 1511< to I, theIt
total variation in that time being trllccss thau
: per cent. This pereentago represents the DC.
f9 bo s - ns e sgst 70 opo}m
would have been only $4,000 Of per cent per
4 PHENOMENAL CHANGE
occurred after, the discovery Of gold in Cali
duction Of that metal Tor several years, that q
silver remaining stationary. Under the ip1u
cnce Of this extraordinary flood OF new gold,
there vas m advance IN tho price q
But IN 1860 tho decline II tie pries
Of silver recommended, notwithstanding The
annual production Of gold continued to b
nearly double that 81 silyer; Tsss e. iass t,,
the nov supply. Statistics showed that Francs
alone took Into her circulation during nine years
following the ulscoycries IN California and aus:
tfss m as a amount nqo. 9 :; sod e eaas s t. tT9s Cit #
tho three countries, France, Great britain, ana
the United States, coined over $1,000, OK, go
Of gold In sixteen years, from 1B5l to lbta',
against 81 900, ,000, 900 IN the preceding hftY
cline in the value or purchasing power Of gold.
or my great advance In tho pdc9 Of silver, was
prevented from taking place by
An tNCnRAaED DHMAND
for the former metal. There Was no disturbing
legislation Ut my magnitude or consequence In
my part Of tho world during the period when
this Immense outflow and absorption Of gold
took place. ,,
preference to silver must be locked for in the
attributes Of the metal itself, anu 10 lndoubt-
edly to be found In its greater convenience.
Thirty thousand dollars in silver weighs ton,
while the sameo value resides IN ITO pound,
s,e'F@Rss oe @ s' %ct.f ILL., money nss IL i. en5s
L. a,rsnn s' Ge's{ te sas noe:t = The'hts Ea1 s f.;
up tie reserves OF banks, for settling balances
more conyenisnt thnn silver in thu PROPORTION
Of Is or 10 to l. This popularity or preference
NOT coNPEhnED DY tEG1sLArIos. =.
aud cannnt be taken away BY legislation, y
exists in countries where tbs silver stanaaraa .aa
prevails, as we'll ~ ia countries under thy God
standard, though not to the eaulc extent, ana
IN tle world generally. =.
A table was hcro introduced showing the p1o,; pEts;
gressiyc decline IN tho price Of silver from IT.
to tho present tItne,-tho total DECLINE ~ thst
| period being about II per cent, Of which II per
cent had taken placo Within three yeara. ,.,.
The question to ho conaIdcred fs,whctEer 4 =
expcdtent ia an economic sense for tue United
States to restore tho double Standard or tore.
monotixc silver. There has never been any
double standard 10 our country IN fact, howe'e!
1t nay haye bcen In theory und La law, md tfci*
is no such thing tn my part Of t.,u world toay,
for tho reasou that tle VARYING market ratiu of
lie two metals will not allow 1t to continue
| however nicely It NAV have been adjusted o.
any particular tfmc. One Of the two metals
wifi 10 tic STANDARD md the other will b9 1nef-
cnanilst, Invariably, In accordance With law u
| In spite of lAw. thers tuay be All optioua.'
staudarl. but there caunot 10 double standard.
TLs nrt,rtirul 0ucstjpu to bo considered tst
| whether It ID wtss for tils country to adopt
tbs SILVER srANuAap,
ind to a4lopt it on tic basis Of 10 tu1. -.
Ihu Hrst oblcrtiou to this fs, that II would
cailsU tic United States to purchase u1 Indefinite
amount Ut ailycr at murl. 1nore than II is worth.
Imr IeraI rutjo OF silver to gold being IL 10 !,
Wills 2lp market ratio Ia IS to I, tileu, on tls
l.vn,,eaIa that aE,erJs navmcnfe arc restored In
tI{s ctiuntry. or likely 10 ho sool. our markets
viii hu pGuuccd tlp0u by Foreigners, anil our
whr,t' u5rk. .4,ttnn. tnlatan. az. Bought In
isrSs a,thiantitics on snccmIatinn. This wG,l, 10
rsaiiy snrculation in silver, aua would prob
ay tnrry Lila nrica M TINT natal IN temporarily