The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-05-06

the production of silver relatively to gold
during this period of $50 years was in the
ratio of about 16 to l. During all TINS
long period the ratio of the price or
silver to gold varied as between II 1l-lOO IN
1860 to 16 25-lO0 in 1913, fluctuations hardly
more serious than We have seen in recent
years in the price of demand sterling
drafts on London, considering the condi
ton of Europe when those fluctuations
took place. OF course. during this long
period there were great fluctuations in the
relative output of the mines OF gold ana
silver, the details of which would be too
burdensome for an article of this nature'
suffice it to say, however. that as between
1880 and 1920. period of forty years, during
which the operations of the American ana
French minis were in full force the
worlds output of gold was 20sS2,0 900 ounces,
and its output of silver was 1,026,56l,ON
ounces, or in the ratio of nearly 80 to i,
and still the lowest ratio against silver IN
this period was Is 25-lO0 in 1913. In the
qunquennial period of 1SIl-I5 the output
of silver was as compared with that Oh
gold about i'm the ratio of IL to l, as against
IG to l for the $50 years between 172l and
1870 and as against so to l i'll the forty
years between 1850 and 1870. And stili,
strange to say, this was the period that
was selected in which to strike down
silver on account of its overproduction
relatively to that of gold. The produc'
ton of silver from 1871 to 1898 has been
g 1866, 900, 900 ounces and that of gold l2T,voO,'
600 ounces or in the ratio of about IL TO 1.
but the ratio of price has fallen from
16 25-10O in 1873 at a time when the pro-
ducton was about SO to l, to % i9-lOo'
when the production was about IL to l.
Can anything. then, be clearer than that the
decline in the price OF silver is absolutely
due to it's Punishment from the minis ana
its deprivation of the imperial Junction
of unlimited legal tender money OF ultl-
Nl,.apa 1pn
been shown in tne metal and its apparent
debascment is due to human legislation
and to that alone. Can this be more clear
~ demonstrated than by the course of the
market when, unCCr the action or the
Indian council closing the indian mlnts
to free coinage, silver fell in ten days
in June, 1888 from So. pence to 80 pence
per ounce or over 20 per cent, ana the
ratio was changed from Il 33loJ 10 IL 4S-lD'
a change greater than had taken place III
centuries; and Will any advocate OF lAe
single gold standard assert that TINS rah-
cal change la those few days OF june
1893. was brought about by Increased pro
duction or chcapened methods? l think not.
As 40 Rattle.
~ great many so-called pime'aiiis's
however. tell us that they are perfectly
willing TO open the mints to free coinage
provided the amount of silver IN the doilat
will always sell for its bullion value ~
gold. This is keeping the word of promise
to the ear ana breaking IT to the nope
legal ratio VIII either keep the relative
price of gold ana silver stable or II VIII
not. ana if the lesa. ratio does no. Keep
the price stable there viii be no SILVER
currency. for IL the ratio II" established
at say 30 10 l. all silver coins viii cease
To be legal tender if the legal ratio drops
20 % to l. and if the legal ratio rises 10
Y to 1 all silver coins VIII seek the NETT
ing not to be coined at the lower RATIO. %
4 Il. mt gaF A.
does not make the price stable We VIII
have no silver currency, and II the estap-
ushment of such a ratio does MAKE the
price stah.e what difference does II NUKE
if we re-cstablisn the old ratio oi 10 10 or
aaopt the one nov existing in the markets
of the world that has pcch Drought "oo"'
bv artificial meaus2
This communication has run much De-
yond the prop. cites OF a contribution OF
this nature ana the Importance o. the
subject mus, be my excuse for taxing uP
50 much of yoar valuable space. In con
clusion l can only express my SURPRISE
that Mr.. Atkint1u should differ so raii-
caffy from Mr. Citizen, the Neli-AhoMh
,.,i,r of .ha @tatir'sraI dep rtmeut OF tdc
British board OF trade, pro"ahy 'h' mus
determined and urecmpfohls!lS ch'i'ifiV"
Of monomctalI.sm in England, as 70 thr
c,u.ea of the decline in the general leNel
az venes In a statistical paper oil tN-
raptiouaI interest read by Mr.. Gilel Ut
fore the Royal statistical Society IN Lon
don in 1855, he not merely accepted pul
nr,cIoimed with marked emphasis thc
proposit.on that gold had notably gone up
in purchasing power; that the increase
yvas continuing and was likely to continue
and that this increase in the purchasing
mower of gold gives the true explanation
of the fan in the price OF commoditles
generally. This quotation as to the views
Of Mr.. Gireu is taken from the monoSrapa
entitled 'Bimctallism and Monometaiii9l,i'
Inv the Most Rev. Or. Walsh arch-
bjshop Of Dublin, and is simply given TO
show how the great champions oil the
simple gou standard differ as 10 the
ca,tees that have brought about the sen
eraI decline in the price 81 cohlill4 3, ~,
aneraIly. And in closing this already 700
iensthv Communication l will simply quote
~ words of the English historian, Mac
IN 70 tbe effect that If large hnahcial
interests were interested in DENYING the
faCt of the attraction of gravitatlon, th,lt
most obvious of physical facts wou u ap ne
aIIv disputed The Application Is aP-
narent Yours Respectfully, ,o,-rcSr,
president New Orleans Cotton Exchange