The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1895-01-24
REAONETYZE SILVER.

REMONEIIZE SILVER.
The United States Statistical Contract
for 1892 gives in tabulated form the COM
mercial ratio OF silver to gold for each
year from 1887 to 1892, period of over
200 years. From the year 1857 up to 1873
when silver was demonetized, period of
lS6 years, these tables show that the ratio
remained practically steady, the extreme
variation being fraction over two points.
After demonstration the ratio became
violently disturbed, gold steadily rising
in value, till in 1894 instead Of the ratio
being fifteen or sixteen to /, it was thirty
two to l. In other words, while during
the 1876 years OF bimetallism, or the free
coinage Of gold and silver, the pendulum
OF commercial ratio vibrated gently and
constantly within limit in either direc-
ton oil about two points, in the following
twenty-one years Of gold monolnetallism
it ceased to oscilate, and moved persist
emily In one direction over sixteen points.
The check that measured value was
thus thrown into utter and absolute dis.
order, and ceased to measure values while
yet it remained the only authority. Up
to this hour the pendulum is still moving
further and further in the same direction.
Ii this does not prove TO even the most
impenitent monometalist that bimetal-
lism keeps the commercial value OF gold
and silver steady while gold monometal-
lism does not, then reason and COM
mon sense are no guide for us. 1t is
Idle to say that the causes assigned for
the stability OF the ratio in the one case,
and its instability in the other are not the
true ones. During the period from 1887
to 1873 the most violent fluctuations in
the production OF the two metals occur
red. From 1900 to 1920, for instance, the
silver yield was seventy FIVE per cent. OF
the total output OF the precious metals,
and ths ratio during the twenty years
varied only l.21, the lowest point silver
touched being 1925 to /. During the
California and Australian gold excite
ment the conditions were reversed and
sevsnty-fve per cent. of the total output
was gold. The extreme variation during
this period 1S47 to 1857 was Dos, and the
lowest point touched by silver was Is. s5
toll.
Nor will it do TO agree that 1t was the
over production OF silver that msde its
decentralization necessary. Mulhall, the
Great British statistician gives the follow
ing which show the futility Of such a
contention. In the year 1900 there we're
in the worlds supply thirty-two tons OF
silver to one ton of gold, and the ratio
was 1898 OF silver to one Of gold.
In the year 1880. after demonstration
there were only Is tons OF silver to one oil
gold, but the ratio was 1906 to one.
In the year 1890 there were Is tons OF
silver to one ton of gold and the ratio
had reached 1875 to one. II should be
noticed that there was at this time a
strong effort made in America towards
the restoration Of silver, and it recovered
somewhat, the figures of the previous
year being POO to one.
In 1894, after India had been forced ia
the adoption of the gold standard, the
ratio had reached 80 to one
As is proven by indisputable statistics
the worlds supply Of silver in 1873 had
fallen from 80 tons OF silver to one ton o.
gold down to Is OF silver to one of gold
and silver was at slight premium ovel
gold at l6 to one. II 10 gross perver
sion of facts and an insult to common
sense to say that it was the enormous in
crease in the quantity OF silver that caus
ed the discrimination against it.
1t has been shown by the index mum
bered tables, which are authoritative
that during the bimetallic period tn,
money value of commodities remained
steady. In 1878 the average money, anC
gold, value Of the leading commodities o
the world was about 90, or per cent be
low par. Wheat was over q dollar, anC
cotton eighteen cents.
The money value of all commodities il
now down to q point where, production
cost being paid, there 10 nothing left Il
live on, and very many cases the pric,
obtained does not repay the cost OF pro
duction. The cause OF this is the appre
citation OF money, consequent on the de
monetization OF silver.
BimstalIism meant, and still means
bimetailic prices. What We need Il
money enough to keep the wheels Of III
labor machinery moving and maintain
fair and steady prices.