West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1896-10-22

Silver and gold shall both be money
metals When payment is made
in gold, the number Of grains ten.
dered shall be equal in market
value to 37I-2S grains Of silver.
Congress will, from time to time,
ascertain and declare what is the
relative value of silver and gold.
AT present, (I792) IS of silver is
equal to one of gold. Hence the
dollar, expressed in gold. must be
It's of 37r-25, 24.74 grains. The
mint shall coin all the silver and
gold offered at this ratio until it is
changed by Congress. Congress
did change it in 1894, by reduc-
ing the weight Of the gold dollar
to 23 II grains, or 10 to l..
Now contrast the law Of r7o2 with
THE LAW OF 1873.
The American money unit shall be
23.22 grains of gold. called dol
lar All payments must be made
in gold. The mint shall not coin
silver except as it coins copper,
naineiy, on government account.
FIFTY CENT DOLLARS.
The money power now fights the
Democratic Party and deceives peo-
pie by saying that restoring silver
will result in a fifty cent dollar.
Here are questions which should be
pressed on gold advocates. Were
not 8 grains of silver worth more
than one of gold for 900 years next
before closing the minis? IF 10 of
silver are worth half grain of gold,
when the minis are closed, what will
they be worth when the mint Is open2
Congress has boycotted silver. If
the boycott be lifted, will not silver
appreciated Those who are best in
formed believe that, when the mint
is opened, the market ratio will be
less than 10 TO 1. Be it remembered,
the market ratio was less than Is to
in 1855 when the world S produc-
ton was So so of gold for every one
dollar of silver. BE it remembered
also that in 1870 the market ratio
was less than 70 to ! when the pro-
duction was So Of silver to one of
gold. Experience is conclusive that
the market ratio is not controlled by
the ratio of production. The pres
ent ratio of production is less than
90 cents of gold for dollar of silver.
All experts say that next year the
production will probably be 90 cents
of silver to a dollar Of gold. These
being facts, would it not be absurd
to fix a coinage rate based on the
present market ratio? The present
low value OF silver is caused by clos
ing the minis. Open one mint and
its value will advance. If a great
nation like the United States opens
its mint, silver is certain to largely
appreciate, and probably to point
where the coinage rate ought to be
fifteen aud half to one. Congress
has boycotted silver. 1.-THE boycott
be lifted, it must appreciate. The
Democratic doctrine is, to lift the
boycott, and then fix the coinage
ratio. Here is what Senator Daniel
said in his speech of May II, 1896:
In f7oz Jefferson and Hamilton
found a commercial ratio prevail
ing of IS to 4. But to-day there
IS no commercial ratio, because
the mint is open to gold, but not
to silver. Gold bullion has coin
age value, but silver has not. The
commercial ratio of 1892 existed
because there was free coinage of
both metals. The Congress of 1879
Invested silver ofits coinage value
and thereby destroyed the market
ratio which was largely controlled
by the fact that silver was mon
ey metal. We must not establish
a coinage ratio between the two
metals until we first open the mint
and put them on equality. If we
must change the ratio of 10 to I,
it should be after, and not before
we open the mint to silver; it
should be done after we restore
free coinage.
In view of this utterance by Dan
iel, and by all influential at Chicago,
we are forced to the belief that the
men, who profess to fear a fifty cent
dollar, are either lying or are igno-
rant. The truth is, that, under the
panoply Of that intense respectable
ty wealth arrogates, there is more
lying and insincerity now passing
current than was ever before tolera-
ted among people protesting in
teiligence. This chatter about de-
preciated dollar originates with dis
honest men whose motive is decep-
ton. and it is echoed by many hon
est men who have been persuaded
that the Democratic party proposes
to disregard the market ratio. This
ciatter about a fifty cent dollar orig
mates with men whose sole object is
70 make gold the exclusive money
metal, and who would be Just as
active against any Democratic nom
inee, {unless they had a secret mort
gage on him, If the Chicago Con