The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-06
Considering a New Ratio.

The majority Of the silver men know
that there is no probability that congress
viii pass bin providing for the free coin
age Of silver at the ratio Of l6 to /. They
/ are, therefore, considering the advisa-
/ bility of proposing a new ratio, and it is
stated that bill will be introduced into
the Senate by a free silver coinage Seua-
tor providing for free coinage at the ratio
Of 20 to !. At that ratio, to make the
bullion value Of silver dollar equal to its
face value, the market price Of silver would
have to be 81 per ounce. At the existing
ratio Of 10 to l the market value of silver
to make the bullion value of the silver
dollar equal to its face value, must be
Sl29 an ounce.
The proposition to change the ratio
is an admission thatif free coinage should
be authorized at the ratio of 16 to / the
parity between gold and silver currency
could not be maintained. Gold would 90
to premium and we should have silver
recommendation with all of its attendant
evils
But what should we gain by having FREQ
silver coinage at the ratio of 20 to /! At
that ratio the parity between gold and
silver could not be maintained unless the
price of silver should advance to 81 an
ounce. The price is now about ~ cents
an ounce, a long way from 81 an ounce.
The silver men insist that the free coin
age of silver would cause the price of sill
yer to advance. What good reason have
they for saying it would2s Have they
single reason that fair-minded man
would regard as sound2 If So they have
failed to make it known.
The only way the price of. silver can
be increased is by increasing the demand
for it, or by reducing the production of it.
1t is apparent that the demand is not likely
be increased. Free coinage would not in
crease the demand, because as much
could not be coined per month
as the government now buys.
In the face of the fact that the govern
ment takes nearly the whole of the silver
product of this country and locks it up,
the price of silver has steadily fallen.
That alone ought to convince almost any
one that free silver coinage would not
cause the price of silver to rise.
If congress should undertake to make
new ratio, it would have to agree upon
one that would insure parity between
gold and silver currency, if it desired to
do that which would satisfy the country.
1t would be folly to adopt ratio that
would not accomplish that.
The production of silver has fallen of
greatly in this country within the last
month, because the price of silver is
virtually below the profit line, but if there
should be any considerable increase in
the price the silver mines would be re-
opened and the production of silver
would be as large as ever it was.
The silver question presents great diff
culties. No satisfactory means for over
coming them have been suggested. The
unconditional repeal of the silver-pur-
chase clause of the Sherman act would
lessen them. If that clause were out of
the way the chances are that a satisfac-
tory adjustment of the silver trouble
would soon be reached. The effort to ad-
iIst it before the purchase of silver is
stopped is likely to increase the trouble
The country will not seriously object to
legislation providing for the free coinage
of silver at a ratio that would bring the
two metals close together. The national
democratic platform favors free silver
coinage upon terms that would insure
parity between gold and silver currency,
but it gives no encouragement to free sill
yer coinage upon terms that would not
maintain parity.