The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-02
TRUE BIMETALLIsM.

Gen. Francis A. Walker, president of
the Massachusetts Institute of Technolo-
gy and the author of one of the most in
strhctive works on money that has ever
been published in this country, is, be-
yond question, the best-informed and
one of the ablest of the advocates of
real bimetallism in the world. In a re-
cent address on this subject before the
Worcester, Mass, Board Of Trade, Gen.
Walker considered some of the objec-
lions to bimetallism. In reply to the
oft-repeated assumption that the values
of the two metals vary SO much from
time to time that a ratio for their coin
age. IN which the coins of equal face
value shall have the same bullion value,
is not possible, General Walker said:
To illustrate the closeness with which gold
and silver were held to the ratio, let me
say that in 1867 the mean annual rate at
weight was 1851 ounces Of siIver to one s
ounce of gold; In 1858 it became 1850; in 1869
It remained at 1850; in 1870 it was 1888; in
have a range Of only six in over 1900, in
the gold price of silver and the silver price
one-half, three points, was first covered in
silver demonstration. During the five pre-
in over 1500-one in more than 500 less than
one-fifth of per cent. A remarkably close
we'll, that may be so, but it was during a
time when there was no strong tendency
to a divergence between gold and silver,
and hence the law was able to produce the
small effect required in keeping them to-
gether." Those who speak after this fash
ion show themselves wonderfully ignorant
of. the history of the precious metals The
changes in the relative production of the
two metals between 1903 and 1873 were vast
1r- rt4ao fnr md mon -inla fhnt, 4Enco
which have taken place since. Some of our
volunteer statisticlans are fond of reading
out, with much emphasis, figures which
show the great volume of silver production
during the past twenty years; and they at
tribute to that irresistible force the fire.
quent and furious plunges which silver
has taken downward since the bimetallist
tie was broken. But let me tell these gen
tlemen that the changes in the production
trivial compared with those prior to that
nroduced annuallv for eyerv dollar:s wertS
of gold. In 1858. only q cents worth of
silver being produced for a dollars
twelfths of the whole What has been the
yield of the Colorado and Nevada mines,
compared with this?
During fifty years prior to 1873 the
bullion in an American silver dollar was
worth more in the market than the
bullion in the gold dollar but it was
due to the fact that while in all the
countries in Europe then using and coin
ing the two metals into legal-tender
money the ratio was on the basis of
the equality of value of one ounce of
gold to 15is ounces of silver In the
United States the ratio was one ounce
of gold to 16 ounces of silver. That is.
our silver dollar contained 1925 grains.
and the equivalent silver coin in
double-standard countries in Europe
contained 1896 grains. In other words.
our silver dollar was worth the
value of nearly fourteen grains Of
standard silver more than the equiva-
lent coin in Europe. For that reason no
silver dollars OF any consequence were
coined in this country while our ratio
was 16 to ]. for the reason that such
dollar was worth more than a dollar in
Europe. But in spite of the different
ratios the price of silver was not ma
terialiy affected and the two metals
fluct3Iated but slightly for many years.
sustaining the opinion that with an in
ternatio4al ratio for the free coinage