The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-08-01
FREE COINAGE.

So much has been written in explana-
ton of the question of the meaning of is
to ! that it would seem impossible that
anything new could be said concerning it,
and yet the people are asking for an ex-
PLANTATION every day. The following TAX
en- from the Irish World is as explicit as
anything that has yet been published and
it is reproduced here for the benefit of
those who wish to intelligently grasp the
question:
In the next five months there will be a.
great deal said and written about the
financial question, which has evidently
come to stay until settled one way or the
other. Two years ago, nay, twelve
months ago, the political prophet who
would have predicted that the silver ques-
ton would overshadow all Others in our
national politics would have been
laughed at. Yet here we are On the eve of
e. presidential campaign and nothing
else is discussed but gold and silver. The
gold standard, bimetallism, free coinage
such are the campaign cries already
filling the air.
1t is not the purpose Of this article to
set forth the relative merits of the argu-
znents of the gold and silver partisans.
It's aim is simply to explain some of the
terms employed by the controversialists
In the first place, what is free coinage?
You will hear this question asked every
hour Of the day, and It is therefore, we'll
to have it's meaning made clear.
Free coinage means that the possessor
of bullion can take It to the mint and
have it coined into money without cost.
As all coined money has inferior metal
mixed with 1t to impart hardness and so
save it from abrasion, the difference be-
tween the weight of the pure gold and
silver and the weight of the coin with the
alloy added to it represents the profit
made by the government in the transac-
ton. This profit helps to defray the cost
of ninting. In gold, the alloy is silver
and copper. In silver the alloy is cop
per- A gold dollar possesses 1922 grains
of pure gold< This is what may be called
the raw material Of the gold dollar which
is worked up into the manufactured ar
ticle in the mint. The manufactured ar
ticle, when it leaves the mint in this
shape of coined gold dollar weighs 25.2
grains, the addition of the alloy making
the difference in the weight between the
raw material and the coin. In the silver
dollar there are s71A grains of pure
silver, to which enough Of alloy is added
to raise the weight to 412112 grains.
Coined gold and coined silver are spoken
of as standard gold and standard silver
to distinguish them from pure gold and
pure silver So much for coinage.
Up to 1873 silver was treated at the
mint on terms of equality with gold
The holder of silver bullion could have
coined it on the same terms that the
holder OF gold bullion can have his gold
coined today.
There was a fixed ratio between silver
and gold, or, in other words, a certain
number OF grains, ounces and pounds OF
silver were to be the equivalent Of one
grain, ounce or pound Of gold. This ratio
is actually 1898 of silver to / OF gold.
For convenience in calculating the deci-
NAL is disregarded and the ratio is spoken
of as is to /. ~
If you will go to the trouble of doing a
little sum in arithmetic and divide 412111
the number Of grains in standard silver
dollar, by 25.5, the number Of grains In
gold dollar you will find the result to
be 1888, which is the actual ratio be-
tween gold and silver in this country.
You will have obtained the same ratio
|if youshad divided 81 4 the number Of
grains in pure silver dollar, BY 1922,
the number sof grains OF pure gold IN q
dollar.
Here. then. Is the mean ming Of free coin
|as ls ~ te Il IS u s. ,