The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-09-09

t@sxd, buG thA@ y - 4as MA II A~RAstsS
| for anF other article. On the same rria-
| cips@ the French legislature Ia fSs de-
| elared that 49, welgats Of silver should
BE the iswful equivalent 20 one OF gold,
| and ia this re nad the true csuse OF the
| stability OF value
i-f5k THE oxLT PRACTICABLE RsTIo.
4 The ratio q 70 f55z conforms an
| r.roxtrnatesy 70 Fhe relative volumes 81
| the two metals svaiiabse for coin 81 the
present fine Estimates Of the existing
/ stock Of gold and silver do not vary ma
terlally. Nalhail made - In ISIS. 10. 40
tons gold and 10i 90 tons silver, or enc
toIs7. Dr.. soet6eer estimates the product
/ from the beginning OF the fifteenth cen
tury TO 1856 az HOO tons gold and ~ 30
tons silver. Mr. Chapman. quoted shove.
estimates the stock in 1SsT al %. oe0,gO
pounds gold and 80 90, go pounds silver,
or "a 70 r. The stock IN isS0 was esti-
mated az l. 752 tons gold and 5000 tons
silTer, or Us 10 81. and at that time no
one questioned the coin ratio OF / 70 lo5z.
Ia 10 years. since 1872 the gold product
was : so tons. silver. lZ1.o tons, or as
20 b. FROM 1850 70 1895 che stock Of gold has
been increased by 900 tons and the STOCK
of silver mas been increased by 5000 tons
TIE ratio Of the increment is about 70
II. The present stock is IL. $50 tons gold
aBd 10000 tons silver. or as 20 -
If We compare the present annual rate
OF gold production, "a tons. with the
average rate Of silver production since
1881. 800 tons, the ratio is 20 ID. Com
pairing the present rate Of gold production
with the average annual rate OF silver
production since 1855, We have the ratio Of
"a TO 4,062 or / to ~. with the ratio now
rapidly changing in favor Of gold. De-
ducting the annual non-monetary absorb
ton Of gold and silver as estimated by
DR.. soetbeer (l20 tons gold and 2065 tons
silyerD from the present annual gold
product and from the average annual
silver product since 1881. We find remain
ing for coinage annually III tons gold and
i.500 tons silver, and the ratio Is l TO -.
In this connection il must be remem-
bered that the tide Of silver is falling and
the tide Of gold is rising. Lord Randolph
Churchill, who personally examined the
African gold fields. says: According to
estimates OF the best experts the annual
product Of these mines will in the course of
four or i've years equal TO the amount now
annually produced by all the other mines
In the world" This is substantially con-
firmed by recent report TO the German
government, of which a translation may
be found in our consular reports: and
Hamilton Smith. an American mining
engineer, claims that the annual African
product will reach so, 0o0, 900 in 1891.
In view of these conditions, and especi-
ally in view OF the fact that the coin of
the civilized world Is 1T the present time
chiedy at the ratio of to l5Il. this ratio
ought now TO be accepted and established
BY the United States.
In a recent letter to the London Times of
May %. NJ. Cernuschi veteran III the
discussion of monetary questions. and a
delegate to the monetary conference of
1881, asserts that no other ratio than to
15JS could be accepted by European gov
ernments. His words are: Either il will
be stipulated that silver is to be universal
money, aud that gold is to be the money
of Europe and the United States in the
ratio of 1 to Isl of silver, or nothing will
be stipulated. And he proceeds to give
convincing reasons for this opinion.
PROBABLE EFFEcTs OF DfscosrISUISo FREE
COINAGE.
The abandonment of free coinage and
the purchase of gold and silver as wanted
TO maintain an adequate amount per cap
ita of gold and silver money at the rate of
/ to i5ll. prefering for purchase that metal
which for the time might be the cheaper
as measured by this ratio. would be at
tended by these advantages:
|. 1t would diminish the relative fiuctua-
tons Of value OF the two metals and tend
to limit the export of gold aud silver TO
bullion. subject 10 commercial contingent
cies like other commodities.
2 1t would make coinage a source of
profit to the government. and limit the
amount OF coinage to the monetary wants
of the nation.
Z IL would secure recornitioD of ths
truth, now often disregarded. that 1t is the
authority of government and not nat
urai law which determines the exchange
able values of coins.
{. Whee this truth is recognized IL would
materially prevent the confusion now vex-
ing hnanciers and governments growing
out OF the fluctuations of relative natural
values OF commodities whose relative
monetary values are arbitrarily fixed by
free coinage, and the conception that
money must DO made Of material that has
n constant. uniform value which no ma
teFias can have except by force of law.
5. If concurred in by the leading COM
mercial nations. IL would provide uniform
measures of value available everywhere
q IL adopted BY the United States alone
IL would rest with the government 10
maintain such a relation between the
quantities of the coin of each metal, as
would prevent possible harm from an ex-
cess OF either.
GOLD AND SILVER CORK THE ONLY coNsrf-
TuTIosAL LEGAL TKSpEA
Any bill contemplating an important
change in the plan Of coinage and in the
supply of money should conform also 10
the limits prescribed in the constitution,
which provides that congress shall have
mower TO coin money and regulate the
value thereof" Referring TO this Daniel
Webster said: There can he no legal
tender in this country under the authority
of government but gold and silver" 1t
should be declared that hereafter there
should De no addition 20 the volume Of
legal tender money except in gold and
silver coin. or certificates representing
equivalent deposits Of coin.
AMOUNT RKeUIRKB ~ PROVIDE FORTY not
LARS PR CAPITA.
Your bill provides for coming 81. 600 coo
silver per month until the ratio OF lawful
money per capita rises 90 SO. This is the
ratio in France where ss.oooooo popula-
ton have sS00 coo. 90 gold. 500. 0o0. 600 sill
yer. and about Ss0co0.ooo OF uncovered
notes. The same ratio in the United
States would doubtless 60 far towards
diminishing the number and severity Of
financial nanieS. and by furnishing facili-
sses for business, increase the general
prosperity. The amount OF lawful money
new In use IN this oouatry is about s.. sp0-
CO... 90. or SIS per capita, consisting. &C
cording 10 the report 81 the di-
rector of the mint Aux. is, ls93. Of
500 CO. coo gold. S6la.eeo. 600 SILVER. and
Sgis 90. coo uncovered notes. To bring
a.. atF4xare. - S41 rs~r ,.nifa yxassla -