The Lamar register., 1893-09-02
THE SILVER QUESTION.
statement OF Facts In Regard to the
Coinage of silver that Carries Con-
viction to the Reader

the well-known Denver lawyer, on the history
OF the coinage of silver in this and other
countries. Mr. Vale presents the simple
facts and draws from them the only deduc-
tions that can be drawn from them In man
ner WHICH is mastery. This pamphlet II
placed In the hands of people in the East
who through ignorance are now unfrlendly to
silver, would be certain to show them their
error
The constitution OF the United States pro-
yides that Congress shall have power Ito coin
money. regulate the value thereof, and Of
foreign COIN TART. l., Sec s. paragraph 81
IL also provides that no state shall coin money
or make anything but gold and silver coin a
tender In payment OF debts tart. l., Sec
10, paragraph H. Under the authority given
by the constitution the act establishing the
United States mint vas passed, and was ap-
proved April ., 1872. 1t provides that the
ratio Of silver and gold shall be Is to l., aud
that any person may bring either gold or sill
yer bullion TO the mint to be coined, and that
IL shall be coined free OF expense and that
al gold or silver coins struck at the mint
shall be lawful tender in all payments what
soeyer Il L. ;. Stat at Large, p. 246).
~ that time the generally accepted ratio
In France and southern Europe was l5lf to !.
and those countries had free coinage laws
As silver, therefore, was relatively more yalu-
able 10 The United States than In Europe, the
result OF this difference of ratio was that sill
yer came to the United States where It was
worth more gold, and gold went from the
United States TO Europe where 1t was worth
more silver
June 2s. 1884, the United States ratio was
changed by reducing the amount of pure
gold In gold coins a u. 5. Stat, 699). and
the effect OF the change was to make the ra-
Ito In the Jnlted States almost but not quite
10 TO ], instead OF 10 to |. The effect OF this
change was to make silver more valuable in
| Europe than 10 the United States, as the
| European ratio remained at l5l{ to l. conse-
| quenuy silver went from the [ nited States to
Europe aud gold from Europe to the United
/ states.
January Is, 1887, the alloy iu the silver
dollar was changed, as also In gold coins Is
| U. :. stat, 1889, which had the effect of
! slightly modifying the ratio, making It Is, 9sS
In weight Of silver, equal 10 value TO / Of
gold This has from that time until now re
maiped cur legal ratio, and we popularly call
It l6 TO /. The act Of January is, 1887, also
| provided that gold aud siifSF bullion brought
| TO the mint for coinage shall be received and
colaed By the proper officers for the benefit
1 OF the deposition Under the influence Of
/ the ratio above mentioned, our silver was
constantly exported, even subsidiary coins,
which caused the passage OF another act on
| February 81, ls5S, 10 [. 5. Stat. l60),
! whish limited the legal tender quality of
subsidiary coin to payments not exceeding s.
and reduced the quantity OF silver in the half
dollar, quarter dollar, dime and half dime, so
10 make the ratio In the subsidiary coins
such to make IL more profitable 10 leave
these coin. In the United States than to eI-
port them TO Europe, and IL had that effect,
but the quantity Of silver 10 the silver dollar
was not changed and, therefore. as TO that
! coin the cause Of expectation still continued.
No other material change In our coinage
laws was made until is73, 80 that the law pro-
yidcd for free coinage of both siiter and gold,
at the ratios above Indicated. from the foun-
dalton of the until 18Th
February i2, 1873, III L. :. Stat, 42+l ,
the minta.,e laws OF the United States we're
revised Ia such way As TO leave gold coins
the oaly eoins to which free coinage at
tached, except new coin called ''trade
dollar" then first created, and the legal ten
der quality OF all silver coins, including the
neN trade dollar, vas limited to IS, thereby
demonstrating silver for the first time In the
history OF the country. On july q, lsI6r
free coinage was taken from the new trade
dollar, and its already limited legal tender
quality eniirely taken away O9 L. 5. Stat,
2i5).
on February ., Is5s GO u. s Stat, 25) ,
the Bland sc; was passed, which restored the
legal tender quality of the standard silver
dollar, but did not restore the principle of
free coinage for silver. IL provided, however,
for the purchase of silver bullion, at It's mar
kei price, and that the silver purchased
should be coined. to an amount not less than
s, 600 600 nor more than s4,000,00o worth OF
silver per month. The holders Of this coin
should deposit the same In the treasury and
receive silver certificates In exchange, the
coin being retained for the purpose OF re-
demption OF the certificates. There is q
large amount Of currency now e1tan. In the
nature Of these silver certificates, which are
redeemable only In silver, but which pass
current at par with gold and with other cur.
rency OF the United States. This act treated
silver as a commodity to be bought at mar
ket price
July "A, 1890 the so-called sherman act
was passed t2d L. 5. Stat, 2s9), which modi-
lied the Bland act leaving the silver dollar
still 4 legal tender In payment of debts
which Is the reason why that dollar passes
current a. par, eNchangeable for the gold
dollar-and provided for the purchase Of -four
aud one-half million ounces of silver, or sc
much thereof as might be offered in each
month, at the market price thereof, not tc
exceed 81 for each 3dIl. grains Of pure silver.
the Issuance OF treasury notes, which are re-
deemable In either gold or silver, at the dis
cretion Of the secretary of the treasury.
From the report OF the Monetary Commis-
slon appointed in 1876 and from the reports
of the Director Of the Mint we obtain the
following facts relative to the production OF
gold and silver:
In lsf2 the worlds supply of gold, pro-
duced since lig2, was 5,+53 million dollars
the supply OF silver SOL million dollars. In
other words, of the total Of the two metals
produced during that period of $50 years,
A. IS per cent. was gold, and 53.S per cent.
was silver At the end OF 1897 the total
worlds supply OF gold, counted from the
same date had increased TO 1910 millions,
the total supply of silver had Increased to
Q uq5 millions, or in other words-at this
tlme-of the total of both metals produced
In 400 wears, the gold composes 45.55 per
cent. and the silver "a - per cent.