The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-03-16
A PLAN To INCREASE OUR PRO-
DUCTION OF GOLD.
Seattle, March =. 1875.

To the Editor: Many American citi-
zens advocate free and unlimited COIN
age of gold and silver at a ratio OF is 10
l. BY Others IL Is held that the excess
OF our silver output makes 1t impossible
to keep the two metals at parity. II
both be admitted to unlimited coingae.
There Ii but little doubt that the pres
emit deprecated value of silver bullion Is
due to the excess of its production over
that Of gold. In 1Sz3-A when the output
of gold was equal to that of silver tabout
S5.00o. 900 of each per annurn). silver was
worth $i.3o per ounce. In previous years.
when the production of gold was greatly
I'm excess, silver was still higher. but
since 1873 the ratio OF the production OF
gold to that of silver has been steadily
decreasing. During the past seven years
the annual production of silver has been
more than double that of gold, and silver
has deprecated to about 60 cents per
ounce.
From this we may infer that silver has
deprecated because we have not made
corresponding output of gold, and that
we must produce more gold II we would
usa our silver.
Deeming desirable use of both metals.
I am persuaded that the ratio of is to 1
in value can be preserved only by coin
ing them In that ratio in quantity. With
every sixteen ounces OF silver let the pro-
Queer deliver to the mint one ounce of
gold, and vice versa. For this, let him
receive the coin value. for example, sic
in silver and SIG In gold. either In coin or
certificates. With q regulation to rep
resent the gold In large denominations and
the silver In small, that the latter may
enter still more largely In domestic trade.
would not the effect OF the coinage OF
such corresponding volumes be to main
tain q parity at the corresponding ratio?
Ace sfs.up hat r1trt crit t<a yass,S-
served. 1t will be readily seen that at the
present price of silver bullion. the pro-
Queer OF gold would receive a much
higher price for his product. and the pro-
duction of gold would thereby be greatly
stimulated.
According to the of.lcial report Of the
director of the United states mint. the
output of silver in the United States in
1853 was only $4,000. while the produce
ton of gold amounted to $e5. 900, 900. Since
that period, not only has the production
Of silver greatly increased, but the pro-
duction Of gold has gradually decreased.
falling In 1858 to $50, 900. eco. and the aver
age annual output of 1855 has been only
about one-haif the production of 1853
The wane of the gold industry has not
been due to the lack OF gold. but to the
Gathering profits offered I'm silver.
Since 1870 silver mining has attracted
great attention, while gold mining has
been looked upon with disfayor. To nat
ural causes this is greatly due. In the
United States silver ore has been found
In large deposits, the veins have proved
reliable, often increasing In both quantity
and quality the longer operated. In con-
trast to this. while there Is plenty of I'M
mined gold in the United States, II Is
usually found In smaller deposits. and the
veins are more liable to run OUT OF to
become base. running into silver or baser
metals.
On account Of This greater risk In gold
mining capital has naturally sought in
vestments in silver mines.
IL, In order to coin the silver, gold must
also be delivered in the above ratio, part
OF the risk of the gold mining would be
borne by the silver. Owners of silver
mines In order to market their silver
would be induced TO invest In gold mines
Prospectors. miners. operators and cap
italists would turn their attention to the
gold industry and the annual production
of gold would be increased by many mil
lions of dollars. This increase of the pro-
duction OF gold would afford relief to the
present situation. Such an Increase in
the coinage of gold and silver would not
interfere with a reasonable Increase of
paper currency and In furnishing large
and stable medium of exchange, would
prove Of permanent advantage TO the ma
ton.
We have q large indebtedness. public
and private, which must be paid In gold
There are but two sources from which
we may obtain gold 20 relieve these OBJ
legations and serve our commercial needs:
one by excess OF exports over imports.
payable in gold: the other by the Increase
OF the production of gold In the mines Of
tho United States. w. f. PARKER.