Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-09-01
OUR FINANCIAL LETTER.
What a Foolish Waste of Breath.
Illumination on the silver Ratio Ques-
tiOn---VariOus Notes from the Field.
n DHUAD DTKEET,
New YORK, August 30, 1898. {


New YORK, August 30, 1898.
AS the much discussed Sherman act re-
peal has passed the II ouse the whole coun-
try is watching and awaiting the action of
the Senate with great interest. 1t is prob
ably no crazy estimate that the expendi-
ture of words in denunciation of this act
would average over 10000 words per cap
ita of the whole population of the United
States. 1t has been written up by every
paper in the country, discussed at every
club, debated over in many home, and
the amount of human energy that has been
sacrificed upon it, if it could be properly
harnessed and controlled, would exceed
every horsepower OF the only Niagara de-
veloped or undeveloped.
In this connection the writer has noted
that in all this vOlumnous newspaper dis
cussion about the ratio of 16 to l, etc, the
papers have taken for granted that every
reader knew just what that ratio meant.
That they do not the writer knows from
questions which he hears asked repeatedly,
The silver dollars have been coined under
the Bland act of 1878, and contain 81
grains of pure silver (412t grains of stand
ard silver), being just 15.9SS times the
weight of gold dollars. This is called, for
convenience, ratio of Is to l. The gold
dollar is required by law to contain 234
grains of pure gold. Therefore one will
readily understand the present ratio of 16
to l. Silver today is about 70 cents in the
market That is, an ounce of silver is
worth 70 cents in gold. If this were the
true value of silver, measured by gold, the
proper ratio by which to coin silver would
hn IN I oVa1 ill i
tain 1924 grains of standard silver. Should
such monstrosities ever be coined there will
be great field for cast iron trousers pock-
cts and thorough-brace suspenders.
During the past six years the net loss of
gold by export has been $1S2, ,000,O 900, and
of silver 100000 Our gold production
for the above time has been about $125,-
10000, and our silver production some
thing like S300,000,00 One will note
that our actual loss of gold has been small,
while our silver has increased, approxi-
mately, S220,000,00
1t is thought in many quarters that the
Reading receivership will be terminated
without undergoing any assessment. In
fact, many stocks which were recently in
the dumps are beginning to show consider
able appreciation of value, viz Northern
Pacific, Missouri Pacific, Union Pacific,
Reading New England, and Erie. The
Granger group show an advance of 10
points. By remarkable coincidence the
table which was given in the writer's letter
of July 26, showing the low prices at that
time, recorded the lowest prices at which
the Granger group have sold, this year or
for the past ten years, with the possible
exception of st. Paul, which sold at A in
1890.
Bonds have been marketable during the
present week, which is decided improve
ment. For several weeks good bonds were
almost unstable.
The people are getting over their silver
inoculation, and it is almost time to inocu-
late them with the tariff. Our doctor
ing comes high, but we must have it.
W. p. EAGER,
Banker and Broker.