The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-07-25
FREE COINAGE.
Its Meaning According to Senator Jone.
and Director Preston.

IoS -heaninS according TO senator Jones
and Director Preston
A number of persons have written to
The Star for answers Ito these questions:
What is meant by the free coinage of
silver What is meant by the ratio of 16
to II What is meant by bimetallism?
What is meant by single standard, gold
or silver:'
These questions were submitted to Sen
ator Jones, of Arkansas, chairman of the
Democratic national committee, and
Director of the Mint Preston
Mr.. Jones says:
1.-The free coinage-of silver means coin
age of silver without charge for mintage
just as gold is now coined and as silver
was coined prior to 1878.
1.-The ratio of 16 to means that there
shall be sixteen times as much pure silver
by weight i'll silver dollar as there is
pure gold in a gold dollar. The true
ratio, that in force just prior to 1878, is
small fraction under l6 to /, but it is
spoken of i'll round numbers as IS to l.
I'VE mean by bimetallism the use of
both gold and silver in coinage at the
same time as standard money The sin
gle standard, gold or silver, means the
decentralization of one metal and the use
of the other, only, as standard money. -"
Robert II. Preston, director of the mint,
says:
l. What is meant by the free coinage
of silver
Ans.-The right of individuals to de-
posit standard silver in any amount at
the mints, and have it coined into full
legal tender coins.
= What is meant by the ratio of 16 to
1?
Ans.-The ratio in coinage of 16 to /
means that sixteen ouces of pure silver
coined shall have the same value as one
ounce of pure gold coined-namely SEQ g.
g. What is meant by bimetallism.
Ans.--The unlimited coinage of both
| gold and silver, on private account, into
full legal tender coins "a r-.'
q. What is meant by single standard,
gold or silver?
Ans. THAT only one metal shall be
coined on private account into full legal
tender coins, and that only the favored
metal shall be coined without limit.
Mr.. Preston, director of the mint,
Treasury Department, is in receipt of a
daily growing mail from all Sections of
the country devoted to requests for nfor-
nation on financial topics The ques-
tions cover every conceivable phase of the
currency question, and the inquirers are
| of all shades of political belief. Most of
ehoiil N'tHb information tnaU can be easily
furnished, such, for instance, as the total
amount of the coinage of the last fiscal
near, the amount of gold and silver in
circulation in the United States, the
present value of different coins, etc, but
many of the questions are of more abb
struse nature, and would tax the officials
to answer them properly.
The bureau Is doing all it can to meet
the demand upon it as an educational in
stitution, and Director Preston SAYS that
he could easily dispose~~of %, 600 copies of
the last annual report of his bureau if he
had them for distributions
Mr. Preston has made the following
simple and comprehensive statement in
the regard to the coinage ratio between
gold and silver, in response TO frequent
inquiries on that point:
All standard silver dollars coined bv
the mints- of the United States since the
passage of the act of january Is, 1887
have been coined in the ratio of to
10 9SS4--g generally called the ratio of 1
to IT., 15.9SS4- being very nearly 49,
Still, to reach accurate results. the for
mer, and not the latter figure must be
used in calculation. The ratio is obtain
ed in this way: The silver dollar con-
talns 3il.25 grains of pure silver. and
the gold dollar 1920 grains of pure gold.
If you divide 31l.2 by 23.22 YOU will get