The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1895-06-22

The "16 to 4" Ratio is Falsely
Founded.


Founded.
Houston Texas. June II. 1896.
Editor New Orleans Picayuns-
To an observer at q distance, the
silver craze seems to be sweeping
over the country parishes of Lou
isianc like q prairie fire. Appar-
emily the steady-going, cUnserva-
tive folks of the old Pelican State
are bowling for fat money with all
the vigor of Kansas populists. But
it is like the Trilby craze, too vio-
lent to last The sober second
thought of the people may always
be depended upon. The argu-
ments of the silver men are unan-
swerable-as long as their premises
are granted. They make certain
assertions regarding subjects with
which the mass of the people are
unacquainted, and which are there
fore accepted as true. But when
discussion brings to light the fslsi-
ty of those assertions, you will see
the silver tide ebb as rapidly as it
is now flowing.
As an illustration of how discus
sion tends to clear away error, per-
NIT me to submit the following:
The fundamental proposition upon
which the demand for the free
coinage of silver at Is to l is based
may be stated thus: Under free
coinage of both metals prior to
1873 silver and gold circulated on
a parity at the ratio of 16 to /;
therefore, if free coinage is restor-
ed, they viii again circulate at the
same ratio.
I think no silver man will ques-
ton this as fair statement of the
argument Supplying the omitted
premise. and throwing it into the
form of syllogism, Il will stand
thus: If free coinage is restored,
the two metals will again circulate
on a parity at the same ratio at
which they circulated under free
coinage prior to 1873. The two
metals circulated on a parity under
free coinage prior to 1873 at the fa-
tho of Is to /: Therefore, they will
again circulate on a parity under
free coinage at the ratio of is to l.
Now, if the premises are not both
true, the conclusion falls. If either
of them is false, the conclusion is
likewise false. The usual method
of putting forward q fallacious ar
gument is to direct attention strong
" to one premise which is true,
and to pass over lightly and divert
attention from the other, which is
false. On the other hand, the
skillful, disputant, in combating
such an argument, wastes no time
in controverting the true premise,
but attacks and exposes the false
one. In the discussion of the free
coinage question, the major pre-
mise (which is the one first stated
aboye) is 30 transparently weak,
being evidently q mere assumption,
incapable of proof, that it has re-
ceived the most attention, and the
discussion has been almost entirely
devoted to it, while the minor pre-
mise has passed unchallenged.
Upon examination, however, it will
be found that the minor premise is
also false.
The truth is that silver and gold
have never, at any time, at any
ratio, circulated in the United
States equally and concurrently in
the way that the advocates of free
coinage claim they will now circu-
late If free coinage is restored.
When the legal ratio stood at Is to
!, from 1872 to 1884, gold was un-
dervalued and did not circulate. In
order to bring gold into circulation
the ratio was changed, in 1884, to
Is to l. In making the change the
weight of the gold coin was reduc-
cd instead of increasing that of sill
yer, because the silver dollar was
then the standard of value and q
change in its weight would have
disturbed business, which was adj
justed to that standard. Gold not
being in circulation. and the gold
dollar not being the standard of
value, change in its weight Great
ed no disturbance. The change
when made proved to be too far the
other way, and silver was then IN
dervalued. Gold came into circu-
alton, but silver disappeared. So
completely was silver driven out of
circulation by the new ratio that it
was found necessary in 1858 to re-
duce the weight of the smaller sill