The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1893-07-01
SILVER AS MONEY.


basis Of values since the time Of the
ancients. history clearly proves. And
from that time the relative value OF the
two metals has largely depended upon
the action OF the leading nations in fix
ing the ratio. In England during the
twelfth century it was OF silver to OF
gold; in France during the fourteenth
century gold and silver coins Of like
weight bore the same value. In 1916
Spain fixed the ratio AZ 49, 10 l. At
that time Spain controlled the supplies
OF precious metals, and the rest OF the
world was forced to acquiesce in her
valuation, which continued for almost
century, when Portugal became the rul-
frg power ana raised the value Of gold to
10 times that OF silver. Except during
brief period, this rAtio was maintained
in Spanish and British America and the
United States. Portugal lost her i'm
po-tance and spain again get control OF
the matter. She changed the value in
1870 from 10 to l5ts. France in 1855
adopted the Spanish ratio. Upon these
ratios the legislation has since been
based, and where there was no legisla-
:ion they have governed the bullion
market. Daring that time free coinage
acts were in force in the leading coun-
tries OF the world. In 1Sl6 England
atcp'ed gold as the single standard OF
value, and II was accepted by the none
tary conference assem- bled at Paris in
1867, and by the commercial convention
Mt Berlin year later. Thus il will be
seen that England was the first country
TO denonetize silver, and She has been
its worst enemy ever since, As her action
forced Germany TO partially follow in
1871. Since 1871 in France and 1878 in
the United States the free Coinage OF
silver has been practically suspended,
although full legal tender coins continue
to be employed as money. Either Ger
many, France or the United States NAV
return to the bimetalIic basi. by a sim
pie act OF legislation.
From the above historical iac.s It will
be seen that the raio OF value between
the two metals depends on legislation.
When Spain and her colonies were The
heaviest silver producers, tina: country
controlled the price OF silver. The United
States now being the greatest silver pro
dncer, is it not possible tina. She could
follow in the footsteps Of Spain and
free the other countries to accept bi-
metallism? The manner OF accomplish
ing this is Il question vet to be decided.
but We believe this country can solve it
either by passing 4 free coinage act or
lroppin: its support Of silver entirely BY
. the repeal OF the Sherman lax. The
latter method would brin. England to
her senses, and she would soon rea!iz-
the fact that there il not enough gold in
the world to form a basis iOr its business
Transactions. She would then be willing
to Join with other nations in giving silver
it, proper place.
To anyone who has studied the q1es-
ton it Is evident that silver must b-
remonetized, as statistics show that the.
worlds production 81 gold has decreased
from $50 900, 900 in 1882 TO <l2o, 600. OO1
in 1889, consequently gold is tecoruin.
too scarce to stand alone a. the basis Of
values; or, in other words, gold i too
high, and We must have more, or
cheaper, money. For % years, from
1850 TO 1873, the variation in the price
of silver was only between $1.36 and
sl.32 per ounce. yet during that time
the gold production was constantly lie
creasing, while the silver production
was increasing. Since the GyIaouetjza-
ton Of silver in 1873 the rice ot tha.
metal has been gradually decreasing
From this it Will he seen that silver
must ultimately be coined a. it W.
previous to its decentralization &. tie
only sure remedy for tn" hard times
from whv!. We ar" nOw suffering.