Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-28

and agreeable 20 mankind and universally
customary then that very fact Of the
use In common and interchangeably or
these respective quantities OF money
would establish the ratio OF parity be-
tween the two metals at i6 70 ].
1t Is equally true that. ~ at any time
the amounts OF the two metals In circu-
iation among mankind, stated in francs.
or dollars, or RuIness, or other coins, are
equal TO each other-as. for Instance, II
there are 500 millions OF dollars worth
OF gold In use and the Same number OF
dollars worth OF silver also in use both
moneys IN common. interchangeable use
then this equality OF aggregate values IN
use Will demonstrate that there rs some
ratio 81 arity existing between the two
metals and n, the aggregate values be-
ing the same, the individual coins OF sill
yer are 80 many times heavier thon the
gold coins OF the same value. then that
so many times is the automatic ratio OK
rarity existing between the two metals.
This ratio has been Is or l6 10 for ages,
and Il Is this ratio which Sir RodericlS
Nurchison refers to when he says II
viii survive all theories
The Director OF the Mint in his report
FOR 1894. page 45. gives as the stock OF sill
Yer IN the WoIiIs tolhtH hi+tvih'Nf SNe
chiefly coined. sos, 10000.
He gives as the like stock OF gold in the
world. page ~, 1885,. sO0.ooo. lie states
these 20 be the approximate quantities or
the two metals visible and reported. They
OF course do not include what Is in pri-
va.e boards, OF In the pockets OF indi-
vi6uals. or very much OF what is in the
use Of uncivilIzed populations. His state
ments OF the visible stocks are supposed
10 be somewhat less than one half OF
the total quantity OF each OF the precious
metals in the world.
THIS PRACTICAL EQUALITY.
These quantities In value given by the
mint report of the stocks Of the two
metals visible and In use are nearly
equal 10 each other the difference being
only ninety millions.
This practical equality In value OF the
amounts OF the two metals in use proves
that the ratio on which these values are
estimated and the metals are coined, OF 10
to /, is not the creature OF human contri-
vance. but Is the automatic result OF
natural laws.
The ratio of 16 to / prevails because
the quantities OF the two metals which
Gods gift OF the mines and mans in
dustry in working them have produced
have been such relatively as TO have
established that ratio. The ratio OF 10
10 is a necessary automatic corollary
Of the worlds quantities in stock of the
two metals.
The mint report for 1894 gives, pages
l7f-l75. the quantities OF each metals pro-
duced I'm the world in each year from
1892 TO 1894. a period OF 402 years. The
total for the period was, Of gold iO6,SS.4i6
ounces. and OF silver. 765i.O23.7l6 ounces.
Multiply the gold by l6 and we get $500
90o6l6 ounces on the basis Of l6 TO ! the
quantities Of the two metals produced
was within Sl,l63.000,0o0 Of the same num-
Der OF ounces Cor the 400 years, or with
In an average OF 100000 ounces a year IN
the 400 years.
Stated In values instead Of quantities,
the production OF gold in the period ac-
cording TO the mint report was S,S99'l0l,-
600 worth; and Of silver So OIL 600 worth,
valued at the ratio Of l5l2 10 ]. That is
10 say In the long period OF more than
four hundred years the excess OF silver
production over that OF gold was only
81 .509, $4,000 worth. valued at the ratio OF
l5ls to 1, the excess Of silver being only
g. ia $50 worth n year. When we con-
slider that silver is the money Of the mil
lion and not OF bankers; that 1t Is in con-
slant. daily use, and not stored In vaults;
that Il Is more carelessly handled than
gold and more liable TO be lost on Land
and sea and Is more subject to abrasion
and casualty, we are bound to conclude
that this difference in production Is oblit-
Grated. and that nature has provided
this small excess OF production In silver
over gold TO meet such losses as have
been described, and thereby preserve the
equilibrium Of the two metals on the
natural ratio Of is 20 !.
NATURE is ABLE TO MAINTAIN 1T.
As to the ability Of nature and natures
God 10 maintain the value OF silver at
the ratio OF &c TO /, compared with gold.
we have no lack OF proof table Is
given below, taken from the mint report
OF 1894, page 1885, showing the commercial
value OF silver compared with gold dur
ing the period extending from che begin
ming of the present century down 20 1873,
when silver was demonetized In the
United States. The table shows the ratio
value Of silver compared with gold as
metals sold in the market by weight, In
each year Of the period 1900 to 1878. The
legal ratio being IS 10 /. IL will be borne
in mind by the reader that when the la
bic shows the comparative value OF silver
10 be l6 silver has been at a commercial
parity with gold, and whenever the nu-
neral has been less than l6 silver has
been at a premium over gold. Here IL
the table, (See mint report, page 1851