New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-22
WE NEVER HAD A DOUBLE STANDARD.
L 1 4 !, l.

II u
Sir: II Is somewhat surprising that in the multi
tude OF words expended upon the silver question 50
little attention has been given TO the history OF coin
age in this country. A brief investigation will show
that practically have never had double standard
under free coinage but have aternated between
gold and silver standard and that this must Away
be the result OF the free coinage and the legal tender
character of Che two metals. Upon the establishment
Of the United States Mint in 1892 the ratio Of gold to
silver was established as l TO 15-substantally Tho
ratio of the vaua ton OF the TWO metals In the mar
kes Of tbc y-,rld But the relative values Of these
metals changed and from about 1914 to 1884 COLL
had higher value In the markets OF the world than
IT, mammal or legal tender value in the coins OF the
limited stot.s This sent over gold coin to foreign
countries or to the melting pot Tor IL was worm more
In bars than in COIN If the latter was 10 DC uSeu III
business This gave practically an exclusive 81
yer Coinage and although from looo 10 io'o 10 MI
ver dollars we're coined the United states MINT the
Nax,con ilver dollar flowed into the country ana with
o.r silver coins of smaller denominations constituted
substantially all of our legal tchuer i"o"''' Wv
were doing business on slVcl gold to its use
In 1874 Congress sought 10 resioi, sou ~ c,o,ce.
. monov hv slightly reducing the weight ana nncncs
of the eold coins establishing the fa''o u 1ss~Sub
s,so,alw Two one 10 sixteen But tins WV, % me,alS
the exact ratio q The rei h,IIion tLan il, nominal
or coin vame Gold returned, silver ora Thc
business was s,ISTpin and in countrs,
in 1919 made gold relatively sun chJ ~ the gold
large TO the NlH' ~ a.
rnfSac.f Of The United states Mint was q "wer 500
In 1850 IL was 500. 1877 1872 an ir created great
ner cent The disappearance OF siNe,, maIl c1sns
amhar,aSsmen, throuch the want Oh sun'i =, ia
snS a. t,in these In circulation 'ohEio9, cant do
reduced tle weight of all the silver c0ns md re-
dollar This retained them In clrcu'"JI "sued from
smiled In Great increase In the amount ~ these
the Mint In 1852 the Aggregate, ANN" the next
small ~iver coins issued s1OO' al, - nearly
year 1858. IL was S9,O3l ;fol an If coming the
900 Der cent The useless work -, oie money
dollar was substantially suspended ino amrtnc TINS
standard of value was gold III wa 80 one of
ner,od that the Democracy OF ONO DeS"h ,ro" the
rs periodIcal crlisades OF REFORM ~ NJ. Todd
abolition OF all PAPER currency To lie crusade
a he was called the leader W IN was the
His stcreo,yped appeal to the iarica1n , +. every
pronbccv of the good time coming. when ,,ronch
iarmer would have his long silken P"ih nv, would
the interstices OF which the yellow Vs dollar
shine n rljsten" No reference 10 the SIN, "a o..
II had disappeared The Coinage ACT ~ inr was
tablshing the gold dollar as the uili "a hi hv the
sinpl; a recognition OF fact siIycr This
laws ~ trade Ii did not demonetizc SIM ~ The
was already done ana II the ratio OF vn ,Hov were
then no one would dream Of complaining onodmction
Various causes largely It's Increase paoinacn at
have greatly cheapcned silver. ts Iros ,onnnptiZe
the ratio Of one 10 sixteen wond hsti'' feet the
gold and put us upon silver basiN., ~ ,d.r free
two metals canno, BE- kept In circulation UNI" ,na rea
coinage unless the mint ratio OF Valuc - T. there
ratio Of yauc I'm the markets OF the worIn. vino
any man 80 regardless OF his own ih,s I, lao OK.
Mync gold bullion which would mt the MIn, do,,vcr
changed for ~ 600 legal tender money, WIZ buon
Il al the Mint If with II he could BUY snn ar even
& ier which he could get ut the Mint 2,oVp ~
q Hudson. n. Y, July 10. 1898.