The silver state. [volume] (Unionville, Nev.) 1870-1903, 1893-08-14
FREE COINAGE OF SILVER.
An Able Article on the Subject from the
Pen of Thomas v. Gator.

upon the coinage question is the
statement so often made that there
is only 60 cents woIth of silver in
dollar, and by Others that the ratio
should be higher. Even the chamber
Of commerce OF San Francisco has
passed a resolution recommending
coinage at ratio of 20 to i. No data
is given for that resolution, and it is
arbitrary and a mere guess. When
persons holding such views are asked
why the ratio should be more than
Is to l, they say there is SO much
more silver than gold in the world.
But this is not the fact. The ratio
OF silver to gold is less than 16 to /.
/ use the tables prepared at Wash
ington, D. c., by Mr.. Micheals, COM
plete for the world to 1889, since
which time there has been no change
which would affect the total stock
seriously. The total stock of gold
and silver, IN egery shape, in the
world was as follows.
Gold 1856, I3i pounds ayoirdupois.
silver ..... G53 s26, $50 pounds ayoirdupois.
Ratio, IA 56-100 az. of silver for one
ounce OF gold.
1t is for this reason that the coun-
tries of the Latin union never fixed
the ratio above 1913 to /, and India
at 10 to 1. The United States in fix
ing the ratio AZ 16 to one fixed it too
high as the facts clearly prove, because
although our minis were open to free
coinage FOR so long q period prior to
1873 1T that ratio, only about eight
millions OF silver was offered for coin
age. THIS was because Is to ] was
100 high q rqfi0 to make owners offer
it for coinage, while silver was kept
at 81 % per ounce by the fact OF free
coinage France has about seven
hundred millions OF silver circulating
now at 1915 to one, but it does not
drive out gold.
Mr.. Micheals gives the coinage IN
value in dollars Of gold and silver in
the world (lsS9), ii it were turned
into money as follows:
Gold Observation-Disclosures 81, 1863, 723, 220
Silver ..... Observation-Disclosures. 12,9B, ID, 50l
Value in dollars Of gold over.
silver. ........... s ,.s70,27l.71
This shows that upon the whole
the production oil gold. at Is to /, far
outruns silver. The total production
OF gold and silver in the world from
1915 to 1889, or for forty-one years,
was as follows:
Gold .ls,S3s $50 pounds avoirdupois
Silver l05 600, 400 pounds ayoirdupois
So the ratio for that period was less
than s to ! in favor of silver. Its
value in dollars for the same period,
If it had all had been coined, is given
by MIR. Michaels as follows:
Gold Observation-Disclosures. 81, AIS, 250. so
silver .......-4.-s...-s ...+.... 2153 81, ia
Which shows that more than twice
as much gold rs silver was produced
during that period. at is to |. The
production is now slightly more silver
than gold. From 1879 TO 1889 in the
world it was (value in dollars) as fol-
lows:
Gold .........s.... sl0S6, 579, l57
Silver Observation-Disclosures .... ,l0I ,l5i,S7I
lHlS ElNCS III tilt NSttiS All dil-
nual average excess OF production of
silver over gold of about two millions.
This cannot require any change in
the ratio. In 1899 gold had the lead
in total value in the world by over
81 $40 100000. ii the excess OF silver
should be, and continue at thirty
millions per annum above production
of gold, it would require As years to
get as much silver as gold in value in
dollars. What is this talk based upon,
then, of putting more silver in dol
lar? Ii silver is to be given the same
privilege as gold it can only be done
by restoring free coinage as it was be-
fore 1873, at Is to |. To change the
ratio il as unjust as to deny coinage,
because it is the denial of coinage
which reduced the commercial value
TO where it is--not increased produc-
ton. This is seen by the fact that all
the greatest annual production Of
silver was before decentralization vet
it did not reduce the commercial
price below 81 % per ounce. De-
monetization alone did that. As long
as gold has free coinage silver is en-
titled to the same at l6 to |.
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