The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-27
MINING.
.EN-Dividend
sixteen 10 One.

The fact that the free silver question is
so little understood among the people
generally makes il incumbent upon the
press toturther the campaign OF education
az much as lies in its power and in order
to do its share the Evening NEWS will
publish from time TO time articles upon
the subject it may run across, and these
articles will for the most part be written
from business standpoint and in such
a way that the question, even il the read
er should not be well up in financial mat
tiers, can beeasily read and easily grasped.
The News has lately seen a special cir.
cular issued by Messrs Estabrook 4 Co.,
an eastern banking firm, upon this six
teen to one" business and they give their
arguments against the proposition in a
brief and comprehensive manner; we
gladly reprint the circular, which says:
The comparison '16 TO l is simply a
comparison of weights. The pure SILVER
contained in a silver dollar is 10 the pure
gold contained in gold dollar in point
OF weight az l6 il 10 one. In other
words, exclusive of the alloy in each, the
silver dollar weighs sixteen times az much
az the gold dollar weighs This is
plain statement OF the facts, unsurround-
cd by any mystiiying circumlocution. Ii
should be borne in mind distinctly that
the expression '1G to l. is an expression
referring solely to the matter OF relative
weights. From it we are to infer moth
ing as TO present relative values There
was a time when the ratio of value be-
tween the two metals practically was ex-
pressed by the figures 16 10 / but
that time has departed long since. 1t is
a question of intrinsic value with which
we now are confronted. Owing to the
large increase in the production OF silver,
the simple fact is that its market value
has decreased until it, actual value is
about one thrty-first that of gold. The
gold and the silver dollars at present are
interchangeable because the whole credit
OF the government is pledged to main
tain each and every dollar as good as
any and all issued under its authority.
Ii is not because OF the intrinsic value of
the silver. The plain question that
stares III in the face as a nation il this
III il has CHANGED that in the market OF
the world today it takes thirty-one
ounces OF silver to buy one ounce OF z I'D,
shall the United States, by any jugglery,
whatsoever, attempt to palm off sixteen
ounces OF silver as the equivalent of one
ounce oil gold? 1t Is question simply OF
the honesty and dishonesty of this gov
eminent. The free coinage of SILVER
means that any man may bring TO the
mint BLY, grains OF silver and have the
United States stamp it with the lying
statement that it il a dollar. Should
this happen these things will follow:
81. Gold will Immediately be at a
premium. lt will be measured n terms
OF silver. IL will he boarded. It will be
driven out OF circulation and into foreign
countries.
-. The necessities of life will also be
at a premium They will also be meas.
ured in terms OF silver IL will take twice
as many so-caled dollars to buy meat,
to buy clothes, TO pay rent, interest aud
taxes.
80. Whatever at the transition period
stands az due TO any man from bank
from pensions, from life insurance pol.
i;y, in book account, upon a note oil
hand, or from any debtor whatsoever
will be payable IN terms of silver; that it,
in "A dollar worth one-half as much a.
heretofore. lt will happen also that
labor will be the last OF all commodities
20 be included in rise Of prices; and
therefore wages aud salaries will be az
surely cut 10 halves as an asset.
-. The credit OF the government will
tend 20 be impaired Al values will be
unsettled and fuctuAting. The hard con-
ditions OF depressed trade and monetary
panic will bear hardest upon those who
have least 20 lose. and the debtor who
may temporarily seem TO gain, will ulti-
mately lose because OF the dstrust, both
direct and general that will be created
These considerations seem to us to BE-
indisputable. We submit them to our
clients az matters of mutual and OF pub.
lie interest. Without any attempt at Ell.
aborate discussion OF abtruse financial
theories, We submit them as plain state
ment OF the results sure to follow a course
OF national dishonesty. Every days ex.
perience Of the shipment OF gold abroad
aud Of consequent depression OF the mar
ket values OF all securities makes IL plain