Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-06-14
MR.. SMITH AND SILVER.
1T is SUGGESTED THAT THE SECRET
ISTOO BUSY TO STUDY.
From the Atlanta Constitution

From the Atlanta constitutional
Editor Constitution Upon reading in
the Constitution the interview of the
secretary of the interior upon the money
question, am forced to think that he
has not been able to spare from his other
duties the time for more than very
superficial investigation of his subject.
In his introduction he says; 1.-The
real question is whether or not the free
and unlimited coinage of silver at a
ratio of 16 to ! would advance the price
of silver bullion so that it would bear to
gold the relative value of lG to !, which
is the proposed ratio"
Now this may be the question which
engrosses The attention of Mr.. Smith,
but deny that it is the one with which
the American people are at present con-
cerned. They are not agitated by any
anxiety as to the price of silver bullion.
Their thoughts are directed to the prices
of property and commodities and the
quantity of these to be required for the
payment of debts. How much silver
bullion can be purchased by an ounce
of gold Is to them matter of extreme
Indifference. Their question is, how
much of the products of labor is to be
required to discharge dollar of money
obligations? If Mr.. Smith desired to
make the expression of his views valua-
BILE or interesting, it is to this question
that he should have addressed himself
in his communication. Having, as |
conceive, thus misstated the issue, he
proceeds to say that unless under free
coinage at the present ratio, sixteen
ounces of silver would purchase an
ounce of gold, "the country would not
have bimetalic currency" That de-
ponds, of course, upon the definition to
be given to the term "bimetallic cur
rency." In support of his proposition,
he states as sort of financial axiom, set
tied, as he says, by history and authori-
ty, "that the ratio of coinage must be
fixed upon the commercial values of the
metals i'm the market" BY this the
secretary did not certainly mean that, i'll
any automatic way, the ratio follows
commercial value. He surely under
stands that the ratio is wholly creature
of law. He must mean, therefore, that
whenever the commercial values of the
metals, for any reason, separate, then
the ratio, by change of law, should be
adapted to the change of commercial
value. 1t is to be regretted that he did
not point out with more de6niteness how
and when this legislative remedy ought
to be applied Is it every variation,
however slight, from parity that is to
be followed by legislation? If not, how
wide must the separation be and over
what period of time must 1t extend
Without fixing these conditions the
proposition is too indefinite to be of any
value. Again, in what direction shall
the change be made? One metal be-
comes, in the market, dearer than the
other-the ratio to meet it may be
changed either way-that is, by requir-
ing that larger amount of metal shall
be put in the cheaper or less amount
i'm the deareT coin. If in the market one
ounce of gold shall have become the
equivalent of twenty ounces of silver,
shall the silver dollar be made to con-
tain enough more than 4l24 grains to
restore the equilibrium, or shall this
result be reached by diminishing the
weight of the gold dollar? Either
course will satisfy the requirement as
stated. Every selfish creditor would