The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-08-13
THE CONFLICT OF AUTHORITIES.
Senator Jones and the seattle News
Diner Which Is to Be Believeds

senator Jones and the seattle News
Diner Which Is to Be Believed
To the Editor: am in great perplex-
ity For long time have regarded the
Seattle News as the highest authority in
this country on the silver question:: in
deed. the News itself has frequently hint
ed that this is the fact
In its issue OF May Is, 1925, the News,
in defining bimetallism, says: 1T simply
lays down the rule that the minis shall
be open to the unrestricted coinage of
both gold and silver at a fixed ratio, the
coins thus minted to be legal tender for
all debts. public and private.
When this Is done neither metal can be
worth more for purchasing or debt-paying
purposes than the established ratio. This
was the experience OF the world before
1873. and 1t would no doubt be repeated
IL free coinage were restored in the
United States"
Accordingly. / have believed that be-
tween 1872 and 1873 this government sue
ceefed in maintaining the parity of gold
and silver at the mint ratio; and that gold
dollars and silver dollars were of equal
value. But in last Fridays issue the
News says Of Senator Jones: He is to-
day the foremost living authority on
monetary science"
Wondering how ID was possible for Sem
ator Jones or any one else to know more
about the silver question that the News,
l went to an old friend of mine who has
a book. printed by the government. enti-
tied. Reports OF Committees. Nos. l57 to
2ls. Second Session. Forty-fourth Con-
gress, 1s76-T7" This book contains the
report of the monetary commission of
1876 of which Senator Jones and Bland
Of Missouri. were members. Jones was
the chairman and made out the report.
The report says on page 10. "Notwith-
standing the legal relation OF value be-
tween the two precious metals established
IN 1922 in this country did not coincide ex-
aetly with the market relation, yet they
circulated concurrently. with perhaps a
preponderance OF silver in the circulation
until 1921"
And on page S., Between 1921 and 1884.
when the legal equivalency between the
metals was Is 10 7. gold was at a pre-
MUM In silver OF from s 10 : per cent.
and disappeared from the circulation, and
but little was brought 10 the mint for
coinage"
And on page 30. Prior 70 1884. all gold
coins. domestic and foreign. had disap-
peared from the circulation in consequence
OF the premium on gold"
on page 10 II SAYS, Also. after the
change made in 1884 in the legal relation
OF value between the two metals. they
circulated coucurrently until about 1850.
although on account of the undervalua-
ton OF silver nv the law OF 1884. there was
n constant tendency 20 an expectation OF
silver in tho settlement of foreign bal
ances F"
And on page IS. Between 1880 and 1873.
whenever payments were made in coin.
gold was used because IL was the cheaper
OF the two metals. just as silver was used
FOR q similar reason between 1871 and
1884"
The News saws that during that time
gold dollars and silver dollars were Of
equal purchasing power. Jones SAYS that
FOR long time gold coin was at pre-
MUM over silver coin Of from 10 per
cent which Is only another way of stat
fus that its value. it's purchasing power,
was greater. and that afterward silver he
came more valuable than gold st The mint
ratio
Now. which one shall believe? II
believe Jones I must admit that this gov
eminent failed before in maintaining the
naritv OF the two metals: and that is the
best reason I'm the world for believing that
this country. unaided by other nations
would again fail n the attempt. II Jones
il right in saving that for long while
dollar in gold was worth si.0S I'm silver,
and then for long while a dollar in sill
yer was worth more than dollar in gold
then the News in its editorial OF May Is
lseS. above quoted. must be wrong.
II the News rs wrong in that statement
IL is probably wrong in many others Sim
cereiy. o OLSEN.