The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1896-08-11
WHAT is MEANT
BY FREE SILVER.
Questions Answered by Well
Posted Authorities.
RATIO OF 10 TO 1 EXPLAINED.
Free Coinage Means Coinage Without
NIintage Charge-Points WheresSen-
ator Jones and the Director of the
Mint Differ-Bimettalism Meaning.

Having been flooded with queries on
finance, the Washington Star submitted
the following questions to Senator
Jones, chairman of the Democratic
committee, and also to Robert E. Pres
ton, director of the United States mint:
What is meant by the free coinage
of silver? What is meant by the ratio
of 16 toll? What is meant by bimetal-
ism? What is meant by single stand
ard, gold or silver?
Senator Jones replied as follows:
1.-The free coinage of silver means
coinage of silver without charge for
mintage. just as gold is now coined
and as silver was coined prior to 1873.
"The ratio of 16 to means that there i,
shall be sixteen times as much pure
silver by weight in silver dollar as
there is pure gold in gold dollar. The
true ratio, that in force just prior to
1878, is small fraction under 16 to /,
but it is spoken of in round numbers
as 16 to 1.
eve mean by bimetallism the use of
both gold and silver in coinage at the
same time as standard money. The
single standard, gold or silver, means
the demonstration of one metal and
the use of the other, only, as standard
money"
Mr. Preston made answer:
1. What is meant by the coinage of
silver?
Ans.-The right of individuals to de-
post standard silver in any amount at
the minis and have it coined into full
legal tender coins.
2. What is meant by the ratio of 16
to /?
Ans.-The ratio in coinage of 16 to
means ,that 16 ounces of pure silver
coined shall have the same value as
one ounce of pure gold coined-name-
ly, S20.67.
8. What is meant by bimetallism?
Ans.-The unlimited coinage of both
gold and silver, on private account,
into full legal tender coins.
f. What is meant by single standard,
gold and 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.
A more extensive and comprehensive
statement regarding the ratio has also
been made by Mr.. Preston to personal
inquiries that have poured in upon him
since the opening of the campaign:
WHAT IS TO 1 REALLY is.
All standard silver dollars coined by
the minis of the United States since
the passage of the act of January Is,
1887, have been coined in the ratio of
1 to 15.9SS4-, generally called the ratio
of l to 16, 15.9SSEbeing 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 dol
lar 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 a
gold dollar and a silver dollar, that is,
159SS4-.
1t is true that to be on par with gold
silver would lat our ratio) be worth
S1.2929. The reason is this, a gold dol
lar contains 1922 grains of pure gold
In an ounce, or 480 grains, of gold
there are as many dollars as 1922 is
contained times in $780, or one ounce.
If you divide 4S0 by 1922 you will get
s20.67, the number of dollars that can
be coined out of an ounce of pure gold;
in other words, the money equivalent
of ounce of gold or of 15.98S4 ounces of
silver at the ratio Of to 15.9SS4.
Now, if 159884 ounces of silver be
worth $20.67, one ounce will be worth
S12929, as you can prove by simple
division. The same result is obtained
by dividing 480 grains or one ounce of
silver by 371.25, the number of grains
of pure silver in standard silver dol
lar, at the ratio of 1 to 1884 which
gives $1.2929.
Sixteen ounces of pure silver will
coin little more than one ounce of
gold, Is. 1884 ounces of silver will coin
exactly the same amount of money as
one ounce of gold, that is, S20.67. You
can prove this by dividing 15.9SS4
ounces by 37125 grains. The operation
is as follows:
159884 multiplied by 480 divided by
37125 equals $20.674.
1t is not true that 16 ounces OF silver
will coin only $3.50 at the ratio OF /
to 16.
AS will be seen above, one ounce of
silver will coin $1,2929. Multiplying
1929 by 16 gives 20.6S. You can make
the same result in another way; six
teen ounces Troy or 1880 grains d.
Vided by 37125 gives the number of sill
yer dollars that can be coined out of
sixteen ounces of silver. 1850 divided