The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-09-10
Sill Err AND GOLD.
spicy squibs on Current Money
inemes aud the Truth about Sill
Yer

- NSsSft .iie iolioWlHg punge
paragraphs on live question
SILVER SQUIBs.
Up 20 1873, when it was said sily
was demonetized, only $s,045, s3s ia s
yer collars mad been coined in all II
united States nints put together: a
average Of about $4,000 a year NJ
much characterization in that.
During the same period, 1894 1873, owe
/ s138, 900 in smaller silver coins ha
been Issued
ihe first silver coins were issued fro1
the Philadelphia mint in 1894: the frs
gold iii 1915.
The pure silver IN q dollar is 81
grains and has never changed from tb
first coining. We took this from til
| Spanish dollar The first silver dollar
had nearly ene-nintA alloy STAGE 1873
TIE alloy ia one tenth.
/ Silver was not demonetized in 1879
but, il at all, in 1858, when gold wa
made the legal tender for all sums abov,
five dollars
Cur gold coins are alloyed with silver
and copper, chiefly the latter. Copper
alone is used TO alloy our silver coins. II
both silver and gold there are nine parts
pure metal to one Of alloy. Our nickel
coins are three fourths copper and one
o. nickel. Che one cent coin is ninety
five per cent, copper and five of tin-zinc
Tie original rate Of silver to gold in
our coinage was 1911, that is fifteen
grains OF silver were counted equal to
one grain Of gold Since 1854, the ratio
has been Il So of silver to one CT gold,
practically sixteen to one Tee MAORI
ty Of European nations have fifteen and
one half to one.
The silver dollar weighs 4124 grains
Originally two halves, four quarters and
ten dimes weighed as much as the dol
lar. IN 1858, this was changed so that
two halves, four quarters and ten dimes
weighed only 364 grains and, in 1875, to
make them conform with the French
frame, they were made to weigh 3S5. 8
grains. Subsidiary coins of silver are
therefore, as bullion, worth g. Il per cent
less than silver dollars.
During the two years prior to the
Bland act, an average OF $28, 400 600 of
silver Yves ooined Daring the four
years succeeding its passage, an average
OF Ss7, goo, BOO Was issued actually 500, 600
less each year than before Yet they
say Bland reinonetized silver.
is silver demonetized? Silver dollars
are an unlimited legal tender During
the past ten wears we have coined an
average Of about $50, 600, 900 in silver
each year, and we are now buying four
and is-haif millions of ounces at our
minis every month. Since 1882 we have
coined about S25, 100, 600 annually in gold
and about $50, SOC. 600 in silver.
Our entire gold coinage, up to and in
Guiding 1890, was 81 $50, 996, s13, and of
silver for the same period 1928, Ut, S06 30.
Germany adopted the gold standard
i'll 1891 The English gold standard be-
gan in 1893, and was. formally adopted
1916.
The act OF February 12, 1873, declared
the gold dollar the unit Of value, as that
of 1855 had already done, and forbade
the farther coining of the silver dollar
The Bland act, February 80, 1873, re-
sulned the coinage OF the silver dollar,
and made it a full legal tender. The
gold dollar IS the unit OF value was not
changed.
The St Ionis Republic says that the
success of the resumption Of specie pay
nents in 1879 was due to the Bland act
Let us see. The amount of legal-tender
treasury notes outstanding at the date
of resumption, January / 1879. was
S346, 691 GIG. The question was how to
meet possible run on the treasury for
this immense sum. What part did or
could silver pays The Bland act was
passed February %. 1878, and provided
for the coibing of from two to four mil
lion silver dollars were coined. aud as a
fact there were only about $32 600 600 in
silver in the United States Treasury
when resumption was effected. The
success ii resumption was due mainly to
the gilt~edge credit OF the United States
at that TIME, causing no run to be made
on The treasury. Subsidiary to this was
stock OF $l35, 100000 in gold on hand
and promise by the banks that they
would not present treasury notes for re-
demption.
Suppose we had twice as much money
as we now have and all other things, the
tariff, &c, remained the same, what
would become OF it Who would get it?
Not the farmers, ehe laborers; it would
go to The fovored manufacturers, the
sugar growers, the subsidy men the mo-
nepoIists, tho biiiionaifes.
United States minis ceased to coin So
and 81 gold pieces and three-cent nickel
pieces by TIE law of September a6, 1890
3 wise change.
Not half the gold deposits at the mints
last year was coined into money, while
five~sixtbs of the silver was made into
dollars. Yet they say silver is demone-
TIED.
The average price paid for silver by
the United States for the fiscal year 1880
was a trif1e less than 81 cents per ounce.
When the Bland silver act was passed
silver was worth 81 20s per ounce in
London. After ten years of this law it
brought only trifie over 81 cents. Yet
the siiyerites worship the Bland act.
There are fous United States nints,
located at Philadelphia, San Francisco,
New Orleans and Carson, and six assay
offices. at New York, Denver, Helena,
Boise City, Charlotte and st. Louis.
For the fiscal year 1899 we exported
81, 253, OF III gold more than we imported
and 1886, 455 more in silver. We are
the producers of the precious metals.
The act OF July Il, 1890, declares that
it is ''the established policy of the United
States TO maintain the two metals (golc
and silverJ on q parity with each othel
uponsthe present legal ratio" that is, W.
intend to maintain that IS cents in sill
yer is equal to 100 cents in gold. Yet thu
silver men are not satisfied
The United States has mintel silve
dollars, halves, quarters, twenty>cen
pieces, dimes, tive-cent and three cen