The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1896-08-22

character by another well-known American
political economist and bimetallist, Prof.
Francis A. Walker.
In the preface to his recently published
wotk on international Bimetallism, Mr..
Walker says:
81 have ever considered the efforts made
by this country, of itself alone, to rehabili-
tate silver, as prejudicial equally to our
own national interests and to the cause of
true international bimetallism;" and he
repeats the language of his declaration on
the same subject made in 1878, after his
return from the Paris International None
tary Conference, to which he was one of
the United States Commissioners.
''For us to throw ourselves alone into the
breach simply because we think silver ought
not to have been demonetized, and ought
now to be restored would be piece of
Quixotism unworthy the sound practical
sense of our people. The remedy of the
wrong must be sought in the concerted
action OF the clvlllZeG states.
In further proof that the Inauguration of
the Chicago platforms unlimited free-con-
age-of-silver policy would end in silver
recommendation we submit for consideration
the following propositions deduced from
the monetary history of this country:
Any ratio fixed by the government be-
tween gold and silver, not approximating
the bullion commercial ratio of the two
metals, would undervalue one of them.
Tie undervalued one would not be taken
to the mint for coinage and would be with
drawn from use as money and sold as mer
chandise, for the reason that it would be
worth more as commodity than as money.
The metal overvalued by the ratio would
go to the mint for coinage in accordance
with the wellknown monetary law that of
two or more kinds OF authorized legal
tender dollars only the cheaper dollars will
be coined and used.
We had an illustration of the working of
this law from 1861 until the resumption of
specie payments in 1879, in the paper dol
lar (greenback). 1t was then the depre-
ciated and cheapest dollar, and became the
practical standard of value, although the
legal monetary unit or standard had not
been changed.
Between 1892 and 1884 the quantity of
gold bullion (24.75 grans) and 37li grains
of silver were each legal dollar, but as
that quantity of gold bullion was worth
little more than the silver in silver dollar,
the latter was the practical standard.
Between 1884 and 1861 the gold dollar
of 25.9 grains was the practical standard,
the gold in the dollar costing less than the
silver in the silver dollar.
The deprecated greenback dollar was
the practical standard of value from 1861
to 1873, notwithstanding the silver dollar
was a legal unit or dollar, because the
greenback was the least valuable.
The gold dollar was made the legal unit
in 1879, but the practical standard con-
tinued to be the deprecated greenback
dollar until the resumption Of specie pay
ments in 1879, when the gold dollar again
became the practical and also the legal
standard
The Is to l ratio of 1899 undervalued
gold about per cent: the result was the
coinage, between that year and 1888, of
$40, 600, 600 of silver and only so, OOO 900
of gold.
The 1884 ratio was 16 to l, which under
valued silver about 2 per cent. with the
result that, between 1884 and 1854, there
were brought to the mint only S35, oOO 600
of silver, while $3.50, 900, 900 of gold the
cheaper metal were coined.
The reader will not fail to note that it
was the small divergence of per cent. be-
tween the actual and bullion ratios which
produced the diverse results in the mintage
Of the two metals pointed out above, and
he will not, we opine, find it difficult to
conclude that with legal ratio of 16 to /
and an actual ratio of 80 to /, mintage of gold
would cease entirely.