The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1894-08-17


lion. At the beginning of the six
tenth century, the commercial
or market ratio was 1915 to l, at
the beginning of the seventeenth
century, the ratio was 1925 to 1,
and at the beginning of the eigh-
teenth century, the ratio was 1927
to 4. Thus it will be seen that with
the flight of time silver steadily de-
clined in price. In 1892, our IA
theirs fixed the ratio of the free and
unlimited coinage of gold and silver
at Is toI. In this connection it
would be well to inquire why they
agreed that the legal ratio should be
Is to 1, and it is only necessary to
investigate history to find out the
cause of the agreement. At that time
the market value of / grain of gold
was worth Just as much as Is grains
of silver, therefore, in fixing the le-
gal ratio at Is to it correspondent
exactly with the market ratio. But
in 1910, although the metals were
being coined free, silver had
deprecated until the difference be-
tween the two metals was no longer
Is to but 1880 to l, making the
gold dollar worth cents more than
the silver dollar and the difference
of four cents caused gold to be with
drawn from circulation. In 1894,
the ratio was again changed and
fixed at Is to /, and in fixing the
legal ratio at l6 to our fore ia
theirs really made the gold dollar the
cheapest of the two, for at that
time one grain of gold was worth
only as much as 1880 grains of
silver, but our fore fathers realized
the importance of having gold in
this country. Now these are his
torical facts, which cannot be refu-
ted. We are, therefore, convinced
that It would be an impOssibilty for
this generation to cause gold and sill
yer to circulate at the legal ratio of l6
to 1, when the commercial ratio is
OF to l, or a difference of 5O4 cents
on the dollar. AS gold was with
drawn from circulation in 1910. be-
cause of there being a difference OF
four cents on the dollar between the
legal and commercial ratio, there is
no reason whatever in the belief
that the two metals would circulate
on q parity when the difference be-
tween the legal and'onmmercial ratio
is SOL cents on the dollar. The
BULLETIN in indorsing the acts OF
our forefathers also indOrses the
democratic platform, which says
that the two metals must be kept on
parity, not may be, but must be-
On one condition only does the DEM
ocratic platform of 1892 declare in
favor of the free coinage of silver,
and that is, that the market value OF
the bullion contained in a silver dol
lar shall be the same as that con-
tanned in a gold dollar. Now the
market value of 1913 grains of gold,
the amount of bullion contained in
dollar Is dollar, but the
market value of 412t grains of sill
yer. the amount of bullion contained
in a silver dollar, is only 493
cents. If the majority of the dele
gates who attended the convention
last Saturday had been in harmony
with the democratic platform, and
had displayed wisdom equal to that
of our forefathers, as is revealed by
history, they would not have pas
sed a resolution stating: "While
in the opinion of the democracy of
this county, the ratio of l8 to /
should be preserved" but instead
would have favored only such a
ratio as would cause the coinage and
market value of the two metals to
be equal.