The Maryville times. (Maryville, Tenn.) 1884-1944, 1896-08-20
ALL ABOUT 10 TO 1.
Mint Director Preston's Explanation
to Anxious InQuirers.
New York Sun.

(New York Sum-
Washington. July 21.-The demand for
information on the various phases of
the financial question has become SO
universal that Director of the Mint
Preston has been compelled to convert
his office into a bureau of information.
Everybody he says. apparently wants
to know all about free coinage and
what 16 to i means, and what the diff
ference is between the silver standard
and the gold standard, etc. The ques-
tons that come to the bureau in each
mail cover every possible phase Of the
currency question and come from mem
bers of all political parties, as well as
from those who belong to no political
party. Much of the time Of the mint
bureau clerical force is employed in
for the truth, and Director Preston
says that he could easily dispose Of U.s.
900 copies of his last annual report If
they were at his disposal, which, I'M
fortunately. they are not. To supply
the deficiency, therefore, and meet the
fast growing demand for information
Director Preston has issued the follow
ing statement of the coinage ratio be-
tween gold and silver:
"All standard silver dollars coined by
the minis of the United States since
the passage Of the act of Jan. IS, 1887,
have been coined in the ratio of to
5.9SS4-generally called the ratio Of
to 16, 15,sSS4 being very nearly 16. Still
to reach accurate results the former and
not the latter figure must be used in
calculation. The ratio is obtained in
this way: The silver dollar contains
371.25 grains of pure silver and the gold
dollar 1922 grains Of pure gold. If you
divide 371.25 by 1922 you will get the
ratio Of weight between gold dollar
and silver dollar, that is, 15.s8S4.
ut Is true that to be on par with
gold silver would lat our ratio) be worth
$1.2929. The reason is this: A gold
dollar contains 1922 grains Of pure gold.
In an ounce, or 4S0 grains, Of gold there
are as many dollars as 1922 is contained
times in 400 grains If you divide 4SO
by 1922 you get $2O.67, the number of
dollars that can be coined out of an
ounce Of pure gold; In other words, the
money equivalent Of one ounce Of gold
or of 15.9SS4 ounces Of silver at the
ratio of to 15.sSS4. Now, il 15.9SSl
ounces Of silver be worth $2067, one
ounce will be worth $1.2s2s, as you can
prove by simple division. The same re-
suit is obtained by dividing 4S0 grains
or one ounce, of silver by 371.25, the
number Of grains of pure silver in a
standard silver dollar, at the ratio Of
to 15.9SS4. which gives $1.2s29.
Sixteen ounces of pure silver will coin
little more than one ounce Of gold
15.9SS4 ounces of silver will coin exactly
the same amount of money as one
ounce Of gold, that is, $2867 You car
prove this by dividing 15.9SS4 ounces by
371.25 grains. The operation is as fol
lows: 15.sSS4 multiplied by 4SO, divided
by 371.25, equals $20.674. 1t Is not true
that sixteen ounces Of silver will coil
only $3.50 at the ratio Of to 16.
GAS will be seen above, one ounce Of
silver will coin $1.292s Multiplying
81 1929 by IL gives s20.6S. You can make
the same result in another way: SiIteer
ounces troy, or 1850 grains, divided by
371.25, gives the number Of silver, dol.
lars that can be coined out of sixteer
ounces Of silver; 1850 divided by s71.a
equals s20.6S."