The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1895-01-23
RANDOLPH.

JANUARY 18th, 1895.
Editor Democratic Press.
SIR: In a speech made by Hon. Thomas Ew-
ing in the House of Representatives, May 18th,
1879, we find the following on page 8:
"The gentleman from New York Mr.. Chitten-
denl denounces our dollar as an underweight,
and therefore false and fraudulent coin. He
ceolly ignores the whole history of the relative
values of gold and silver. Our silver dollar con-
tains sixteen times as much of pure silver as our
gold dollar of pure gold. The ratio of 16 to l is
undervaluation of silver, is shown by the
relative values of the two metals in the markets
Cf Europe for the past three hundred and fifty
years-never since Shakespeares days, never
since Elizabeth sat on the throne of England,
down to the foolish decentralization by Germany,
and the fraudulent demonetization by the Unit
ed States-has one ounce of pure gold been worth
sixteen ounces of pure silver in the metal mar
kets of the world. The true point of equilibrium
between the two metals is that at which France,
the wisest of all nations in the management of
her finances, fixed it ISIS to 1. have here re-
ports of the bullion markets in Europe for two
hundred years past, which show that the two
| metals have oscillated about that ratio, point
ing trembling to it like the needle to the pole
the divergence at any time being almost impercp
| tible. Through all the changes in the relative
production of the two precious metals, the rela
tive values of both have not been disturbed
| The worlds production of gold jumped from
thirty millions in 1916 to one hundred and nine
| ty-three millions in 1858, while the production
of silver remained steady at about forty millions
yet during that period the relative values of golC
and silver remained steady at the normal rati'
of 151a to IL
1 have before me copy of the DEMoCRATI
PRESS, published at Ravenna, Oct. T. 1884, iron
which we copy the following;
THE total quantity of coined money in tn
world in 1873 was about So, 800 100000 of silver
and S., ,750,OOOO00 of gold, or of both together
say $7,250,OO0,OOO. This mass then constitutes
the real money standard. The silver part wa
as much money of final redemption as the gold
and as much contributed to form the none
standard as the same quantity of gold. If thi
mass had been melted together and coined as
composite metal the means of payment and tn
effect on prices would have been no differen
from that produced by the mass of the two met
ais coined separately. But by the monetar
revolution of 1873 gold alone was declared tn
standard and the sole money of final redemption
Thus at stroke the money standard wa
changed from a volume of 81 ,250000,00 for tn
world to one of $3,75O,0O0,OO0.
MT. Leacn, DlrectoF OF uLe MIMI, sdlu III repI
to question, when before the Coinage Commit
tee of the House, that silver dollars were KEEP
at parity with gold because of the faith that til
Government would always redeem silver dolla
with gold dollar
In this statement of Mr.. Leach we have th
key to the expression found in so many part
platforms, which says we are in favor of gol
and silver money, kept at parity. That il
| silver and silver certificates must be redeeme
| in gold X.