Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1893-07-13

WVa81 again invoke II sAh t8&uef EMne8N-
or 70 make sixteen equal % twenty-five
The Fetch Of Sixteen 20 One.
II h difficnlt % comprehend this fetch
II sixteen n oEe ~ the ratio value ofsisver
10 gold. In the time Of Julius Cesar II was
ten 10 one, AID during AL tie centuries
since IL has been changed according n the
caprice or preference Of nstions- lin Eng
land the ratio was repeatedly changed by
proclamation. and in our own brief history.
a. have already shown, IL was changed
once from fifteen 10 one 70 sixteen 10 one
The intention Of all these changes has been
entirely clear; II was 70 regulate the ratio
Of the metal in the coins by the prevailing
ratio value Of the metals % each other.
When this practice has been deviated from
in the issue ri base or degraded coins il has
always been in the exercise If despotic
power for revenue purposes, and has usu
ally failed and invariably carried with its
failure, disturbance and disaster in all CON-
mercial lines, with its inevitable cost in the
end. Equal circulation of gold and silver
upon 9 ratio Of sixteen to one, which SO
grossly undertakes gold, Is impossible.
a Feasible Plan.
viii now venture TO give what believe
q feasible plan in the interes. Of silver,
which, In my judgment, demands some
thing at our hands, provided our entire cur.
rency system. joined with Its coinage. may
be maintained on . parity with gold.
The late Secretary Window, IN his report
to congress in 1889. says: aThe coinage Of
silver dollars containing dollars worth Of
bullion ID impracticable and impolitic" /
am inclined 10 believe the secretary was
emphatic in his opinion mainly for the rea.
SON that he had q scheme OF his own which
he desired TO press upon congress. This
plan was the issue of treasury notes against
the deposit of silver bullion at the market
price of silver-redeemable In bullion or
dollars at like value. This would have
continued silver on q commodity basis
whereas, | agree with Mr.. Bland-that sill
yer is either safe money metal or IL is not,
and believing that it should have fair
trial, which 1t has never had since the first
Bland oct, favor the opening of our minis
% the free coinage of silver upon the lines
laid down in the constitution, and do not
believe with Nr Window that il il i'm
practicable, and IL is certainly not impol.
itic, ii guarded by proper conditions. We
must continue TO recognize the fact that
gold Is the standard of that part of the
world the use of whose capital we desire.
*The New Ratio.
With this in view the ratio to be adopted
should be figure which takes silver at its
minimum price during any considerable
period of time-which, should say, would
now be twenty-five to one
II would be impracticable, it is true, to
| coin silver dollar containing $50 grains of
fine silver, but it is entirely unnecessary
that the dollar should he coined. The
English silver pound sterling and the
French gold franc have never been coined,
and yet they have constituted the money of
| account in those countries for centuries
Without going much further into details,
my plan briefly stated would be to issue
certificates upon deposits of silver bullion
the certificates to be redeemable in bull
lion OF like weight and fineness of the dol
lars therein described or In coins to be au-
thorizcd under the act
The new coins to be authorized should be
halves and quarters, containing the amount
IF ii lypr raouirad hv tl,a etarla~I nl~x.us
but only to be coined as actually demanded
for circulation. The further coinage of fiat
dollars, halves and quarters should cease
What disposition should be made of the
present coinage need not he considered
here, except TO say that if permitted to cir
cniate they should be maintained on par
ity with gold by redemption as a, present.
The proper condition to be required, in
my opinion, would be the creation of a com
mission composed of the secretary Of the
treasury, director of the mint, treasurer of
the United States and comptroller of the
currency. The commission should have
the power to suspend coinage or the issu.
ance OF certificates upon the adopted stand
ard whenever in their opinion the opera.
ton of the privilege was tending to disturb
the free and equal circulation of the two
metals as money. They should have the
power TO raise or lower the ratio as the
monetary situation requires it. There
should be no provision for gold redemption.
When the ratio was increased, the money
value of the coins and certificates under
the previous ratio would be lessened, but
they would doubtless continue to circulate
at par for the reason that they would be
legal tender and the aggregate amount un.
der that ratio could not q. any time be ex.
cessive. On the other hand, If the ratio
were lowered, the notes and coins would
be worth premium, which would result
in the withdrawal of the bullion so deposi.
ted.
Our Gems Would Circulate Abroad.
A larger use for our silver could also be
effected by encouraging its circulation In
other countries. For instance, our coins
possessing circulating value in France
equal 10 5 franc piece, would contain on
the twenty five to one ratio, 81 per cent.
more silver than that coin, and the same
would practically be the case as compared
with British, German and other continental
coins. II seems reasonable 10 believe that
our coins on this basis would in time se-
cure large circulation away from home
and special coins might be authorized fer
49,