The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1895-03-30
NO.. 81.
An INTERESTING ARTICLE ON THE
SCBJECT OF SILVER
To the Editor OF the New York World:

To the Editor OF the New York World:
Can this government 60 into the free,
and unlimited coinage of silver IT a
ratio of Is to ], while the market os
commercial ratio is nearly 80 TO |, and
make the silver dollar worth IGO centss
Alfordsville, N. C. C.NP
The Government of the United States
has not and never had the rirht to coin
for Itself one dollar, either OF cold or
silver. BY law, from 1893 to the pres
ent time, the uEit of value in this coun-
try has been the ''do!lar." and Il luw
tul dollar has been either 1928 grains
OF silver or 25S grains of gold
900 fine wherever that cold or
silver might he, and in whatever
condition. coined or uncoined. The.
legal tender dollar Of the United States
has been that same amount OF .old or
silver, with the Government stamp tes--
tifying to its weight and fneness, the
Government putting the stamp on
metal when it was presented by IL citi-
zen to the mint for the redemption Of.
its lawful dollar in a legal-tender dol
lar. There is no such ratio between
the gold and silver of the world as 81,
to !. The stock of gold and silver
in the world would aot permit Of the.
coinage OF more silver dollars weiglling.
, 1925 graiGs than could be coined from
the gold of %. s grains. If you will con-
, suit the report of the director of the
mint, or any work giving official esti,-
mates, you will find that the stock Of
silver in the world available for mone-
tary use is now, and has been for
. several hundred years, practically l5+
to THAT is to say, l54 times the
:, actual weight Of silver to gold, the huc-
!, tuations in yearly production making
only minute variation between 15s and
: 16. When the United States stopped
= redeeminG its lawful silver dollars in
9 legal tender silver dollars, forcing the
: European mints to do likewise-sus-,
: pend the free coinage of silver-this
action threw on the market a small
d quantity of uncoined silver. It is this
" uncoincd silver that is quoted at &5 to
), |. All coined silver is at ie;,sv u t.
n l. Try and buy some with gold ii yor
of doubt it. This uncoined silver com
!. prises the infnitesimal fractiGn Of !
IL per cent, Of the silver il the world,
ot The bulk Of the silver in the world, or
ID fully 50 per cent Of it, is quoted at 153
to l, and cannot be purchased for less.
IS We have about y per cent. Of the sill
le yer of the world. coined at 1G to /.
Y. which cannot be purchased any cheap
Il er. The difference in value betweecs
coined silver and 1uncoined silver rep
ID resents the estimated loss of interest TO
Ig the holder while awaiting COMA ge,
N When the English Mint postponed re-
O. demption of gold for two months. gold
Of bullion was only worth SO cents, while
the coin was worth 81. This repre- SEN
ted the loss of interest while awaiting
to coinage. While the mints refuse t.
st coin silver, silver bullion must neces-
Y. sarily be worth less than the coin. #
a the Treasurery should refuse to redeem
Of its greenbacks within a year after pre-
IA sentation the price would instantly fall
le to 81. If the Government announced
r that it did not propose to redeem then,
le the price would fall to 80 or 80 or 10.
'e That is exactly what has been done
a. with silver. The Government refused
is to redeem its lawful silver dollar in the
d legal-tender silver dollar. and the
d lawful silver dollars naturally fall in
st value. The legal-tender silver dollars
is remained. of course. al par.