The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-04-14
FREE SILVER.

much as an ounce of silver. Beginning
with 1873, silver, relatively to gold. began
to cheaper. Gold began to disappear as
early as 1910; by 1916 there was no coinage
of gold by the United States mint. and by
1913 the circulation of gold coin was almost
completely extinguished in the United
States. Gold was worth three per cent.
more as TO silver than the value stamped
on the gold coin, and under Greshanrs
law gold disappeared. If two metals are
legal tender, one coined at fixed ratio,
and both are entitled to free coinage, if
there is any variation in value only the
cheaper metal will circulate.
Congress in 1884 passed an act fixing the
legal ratio of gold to silver as to l6. BY
the act of 1872 silver was over-valued and
gold took to flight; by the act of 1854 gold
was over-valued and silver took to flight; SO
that under free coinage the silver dollar
was rarely used after 1910. From 1919 to
1855 the vastly increased gold production
of California, Russia and Australia gave
still higher value to silver. In 1858 the
United States passed coinage act which
cut down the standard silver of the half
dollar from 2O6A grains to 1872 grains, and
smaller coin in proportion. No free COM
age of the subsidiary coins was allowed,
and their legal tender value was limited
to IS, thus reducing the value OF the
fractional coins about Z per cent.
The silver dollar in 1858 was worth about
81 per cent. more than the gold dollar and
H. If Pir
Although coinage of both metals was free
the total coinage of silver dollars in 1852
was but 81, 100, while the total gold coinage
of 1852 was over s56,0Oo.0 900, of which
s., 100000 was in gold dollars. Nobody
yelled then for "the dollar of our dad
dies" because there was nobody fnan-
cially interested in yelling for it. From
1851 to 1855 the average annual silver pro-
duction of the United States was s375, 200,
against an annual average gold production
of So, OOO, 900.
From 1858 to 1862 the standard currency
consisted OF gold only. The silver dollar
during these years was worth an average
of 81 cents above the dollar stamp and
none were in circulation. In February.
1862 the issue of unsecured legal tender
paper was authorized by congress. One
hundred and fifty millions were issued
gold sprang to premium at once and dis
appeared from circulation. In July, an
other issue of $l5O, 600 was issued and
gold rose to a premium of Az per cent
Then our silver half dollars, quarters,
dimes and half dimes followed the fight
of gold and fractional paper currency
took their place. Gold reached its highest
point of 1876 per cent. in July. 1864. Our
government resumed silver subsidiary
payments IN 1877 and gold payments in
1879.
The great war indemnity which France
was compelled to pay Germany in 1901
was paid in gold. and Germany placed
herself on the single gold standard by the
herself on the gold standard as early as
1918. The United States coinage act of
February Il, 1878, was sent to the Senate
as early as April, 1870. and passed the
Senate January 10, 1871, by vote of So to
II. Its passage was advocated in the
ready practically demonetized, since as
long as our silver dollar was worth 81
cents more than the gold dollar silver
coin would not remain in the country. The
bill was pending four years in both houses
of congress; it passed both houses of con-
gress by decided majorities; even Senator
Stewart, of Nevada, voted for it. The
argument for its passage was that gold
had by the action of Europe become the
standard Of value; that the silver dollar had
become practically demonetized in the
I'm tied States; if we did not legally de-
monetize it we should be caught at disad-
vantage by the great commercial nations
of Europe. As matter of fact. in 1873,
the silver dollar had demonetized itself
The coin in the silver dollar was still
worth a little more than a dollar and there
were not at that time thousand standard
silver dollars in existence under free coin
age; all had been melted or exported. The
silver producers were indifferent to the
law Of 1878 because for forty years silver
had been worth more than its coinage
value. But beginning with 1870 the gold
product began to decline and the silver
product to increase enormously.
In 1874 the Latin Union substituted lin
tied silver coinage for free coinage, and
silver, which in 1873 stood within one-tith
of one cent of sl.3O an ounce, had fallen by
1876 to $i.l5 an ounce. Then, and not till
then, began to be heard the cry of the
conspiracy of 1873" The fall of silver
was due simply TO the force of the great
law of demand ard supply. The yearly
average of gold production from 1919 in
the twenty-five years was Sl37 600 900. The
yearly average product of silver for the
same period was 5l,O00,00o The average
annual product Of gold for the fifteen
years from 1876 to 1890 decreased
to Sos COOS 900. The average annual prod
uct of silver FOR the same period increased
to SIG, 10000. In face of these metallic
facts Louis Il. Enrich, of Colorado Springs,
is eternally right when he says: There
is the whole silver question, and it is now
as impossible for tie United States, single
handed. with free and unlimited coinage.
to bring silver TO parity with gold on any
such basis as Is to / as it is Tor q thousand
men to pick up Pixies peak and transport
ii bodily 20 Denver"
In February, ISIS, the Bland bill" was
enacted, under which the secretary of the
treasury was obliged TO purchase not less
than two million and not more than four
million dollars worth OF silver bullion
per month, to coir it into silver dollars.
which were TO be full legal tender at their