The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1877-01-13
GOLD AND SILVER.
changeiin the Relativeivaluc of the Two
Misunderstanding Figures.
IFrom The Annual report Of The Director Of ile
United Stntes NIintl

| from the Annual Report of the Director oftle
United States Mint.1
Under the head Of change in the rela-
tive value of gold and silver, the Direc-
tor says: The average value of gold and
silver from the establishment Of the
money system of the United States in
lf92 down to the year 1870, was about
as one to 15 1-2, from which ratio there
were no important variations, except
that in 1859 silver appreciated nearly 8
per centum as compared with its rela-
tive value TO gold in 1913.
In 17G0 the value of gold and silver
was as one TO IA 29-100: in 1881, one 10
13 23-100, and in 1909, one TO 1G 25-10O,
or q change of II Is per centum.
Taking 1871 as the year Of the highest
relative valuation of silver since 1850,
and the average of the first seven
months of the year 1876 as the lowest,
within Il period Of nincty-fvc years,
shows change of 81 per centum in the
relative value of the two metals
In lS49 the ratio was as one to Is 49,
100, and in 1859, one to 10 19-1OO, rep
resenting a change Of 3 Slope centuin.
This covered period of an extraor-
dinary addition to the worlds supply
of gold from the mines of California and
Australia
That the change in relative value was
not greater than this appears to be con-
elusive that either there existed q vacu-
um for the absorption of gold, or that ii
is naturally less subject to variation In
value than silver.
Evidences of an important alteration
in the relative value of the two metals
became apparant in 1872, or immediate
ly after the change from the silver 10
the gold standard by the German en-
pire had been definitely determined
upon.
The change progressed very gradually
during 1872, % and n, became marked
in 1879, and during the first seven
months Of 1876 was 50 great as to be
without a parallel in modern times. at
one time in July of this year the CON-
mcrcial relation of the two metals was
a. one TO twenty. Since that date there
has been gradual recovery in the value
Of silver, and which recovery has been
materially aided By the large purchases
of that metal by the United States.
The change in the relative value Of the
precious metals is not, however, due al
| together to the depreciation of silver,
there evidently having been during the
same period an appreciation of gold,
but il is slight compared with the de
probation of silver.
The Director expresses the opinion
that the demand for gold since 1872 by
the German empire, France, the Sean
dinavian States, and some other coun-
tries has been. in the meantime, sufli-
clentll IN excess of the annual supply Of
that metal from the mines of the world
10 have produced slight appreciation
in its value.
The causes which have produced thi3
uneXamplcd change were stated and
discussed in his previous reports, and
they are summarized in lhc order OF
their importance. |. The change from
the silver TO the gold standard by the
German empire and the scandinavian
states. ,. The use Of Il forced paper
currency in Russia. Austria. and some
other countries. ,. Diminished demand
for exports TO the Indies and China. 4.
The limitation placed on the coinage Of
silver by countries of the double stand
ard. .. and last, increased production
of that metal; and adds. that the altera-
ton in the relative value of tie two
metals shows conclusively that their ex-
change or purchasing power is due in &
greater degree TO their use as money
than has heretofore been generally con-
ccded, and that this point must not be
lost sight of in considering their yroba-
lle fnture relative value.
81. Nicholas for January coniaiA- eY-
cral contributions by noted writer's.
The venerable poet William HoNitfco..-
tributes 4 Letter TO q oung Natural
i,t,' full of instruction and auecdotc;
and Professor Richard 4. Proctor has an
article on ''Thc stars for January" IL
lusiratcd with handsome engravinos. !.
L. Trowbridgc j, represented by the
second installmcnt of his now serial ial
boys, His Own Master" This story
constantly grows in Interest as il pro
crosses. The author Of "Helen's Ba-
bie-" gives lis Budge's amusing "Slor
of the Centennial and IIialmar lIiorth
Boycscn furnishes fine fairy tale, Gil
titled, enable and l." "Great-grand-
fathers Books and Pictures arc well
described by IL. T.. Scuddcr. The illu.-
trations to this article are taken from
''The New England Primer" and "lYeb-
ster's Spclling-Dook :" and the contrast
between them and the other pictures III
the number is very striking. Among
the most notable of the stories sre
"katnka," a Russian story, and "Iho
Two Dorothys," Il very intcrcstiun Cen
tennial narrative. Lucy l.arcom la. q.
beautiful poem called king Lone
some," and Henry Baldwin contributes
the comical ''Alodcrn and MoT0tal
Ballard of Mary Jane" with ,....l-eA
silhouette pictures by llopkins. All-.
Dodge's opening poem Of THE Minute"
is handsomely illustrated by llo 'front.'
ispicce copy of a painting by }. l..
Millais.
The American Naturalist for Janugrv
commences the eleventh volume of this