Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-10-04

20 use gold as we'll as Silver-a FUR
Their examination was had 70 ascertain
what other nations had taken as the rela-
tive ratio between the two metals, silver
and gold, and in order to make that ratio
what they believed 70 be the exact CON-
mercial ratio, they added a quarter OF q
] grain 70 the average Of the Spanish milled
dollar and fixed the silver dollar at BIZ
grains Of fine silver, or 10 to 1, and upon
that principle, thus based, they authorized
the mintage OF both gold and silver"
Our coinage laws were amended in
1897, fixing the ratio at 16 to l. 1t is
interesting 70 note the careful stten-
ton that was again given to fixing the
correct ratio between the value OF sill
Yer In bullion and the valne Of gold at
that time. On this point 1 again refer
to the speech of the Senator from Iowa,
as his familiarity and research upon
this point has enabled him to express it
most clearly.
The Senator says:
The discussion Of the failure in 1872 TO
make The correct ratio led 10 . long discus
sion fer q change OF ratio. That change Of
ratio was discussed in these Houses, aud
resolutions OF inquiry were adopted ad.
dressed 70 the Secretary OF the Treasury.
In ls29 Samuel ID. Ingham, then Secretary
OF the Treasury, made an able report upon
the subject to the two Houses of Congress,
aud judging from that report and from his
administration Of the Treasury, Mr.. Ing
ham was q man of competence IN that high
place. He made q report in which he
stated the fact that our gold coins had been
swept away from US, that our people de-
sired gold, and that it wasimpOrtant, IL we
were 10 have gold as q part OF our circula-
ton, that we should change the ratio.
A large amount Of testimony-I shall not
20 into detail-Of experts. of men Of the
highest character and learning respecting
the true ratio was taken at that time and
in subsequent years. It was shown that
from 1903 France had had the ratio Of 15%
70 1, and that other Eations had different
ratios; but that tue French ratio was the
prevailing one because Of her central and
pivotal position in the trade of Europe;
but, as 1 have said 1 shall not go into That
question.
Whilst Albert Gallatin, who had given
great attention to the question. insisted
that the true ratio should be 154 10 l, in
accord with the French ratio, | believe
that Mr.. lngham insisted that the ratio
should be 1926 10 mark il, l5.625 tOl,
not 1G, not 1880, but l5.625-in order that
there might be no mistake as 70 the deli
NNA1 @L4 N@ANAAA 100000 "NAN- @AtAA0
disclose the true commercial mint ratio be-
tween the twO metals.
d Others insisted that 1880 was
the true ratio. Then 10 was said that,
owing 10 the methods of communication
between one country and another, and es-
peCially because we were in q continent
and Europe was in another, we could afford
10 max a little variation from the exact,
truthful ratio which science had disclosed
70 be the equilibrium between these great
metallic forces in the mintage OF the world.
So that IL will be seen, Mr.. President,
that the most careful study placed the
actual commercial ratio OF values be-
tween the two metals at some point be-
tween 1925 to 1 and 1873 TO l, but 1t
was deemed safe and eXpedient to fix at
the even ratio Of 16 TO 1, under the i'm
preston that the very slight shade of
difference between the carefully esti-
commercial ratios OF value,
ranging between 15.625 and 1873 and
I6, would not produce any disturbing
effect between the circulation OF gold
and silver side by side. This, however,
did not prove to be the ease. The very
additional value given to silver
which gave q small premium on sill
yer amounting TO Ia the nelghborhood
Of three cents on the dollar-resulted in
carrying the silver out Of the country,
Us the gold.
This continued to such an extern
IN 1853 it became necessary TO
allow the h~ali-dollars and lesser coinage
10 order to reduce the bullion value TO
zeen shS a. ysr, for ciroglotie~ amongst
essential IL has always been e~onsldereu'
order to maintain bimetallism, or the
use OF the two metals In parity, that an
equal and almost exact ratio In the
commercial value Of the two metals
should be maintained. Indeed, Mr..
President, this may be regarded as an
established and essential condition to
b~imetallism, which has been observed
bv all countries in fixing the ratio be-
tween gold aud silver. This being con-
coded, it demonstrates how Impossible
is to use gold and silver at a parity
with each other at 16 to l, when the
actual ratio value is about % TO l,
as will be seen from the following table
from the Treasury Departure, showing
that on August l last the ratio was
to 1.