Marietta daily leader. (Marietta, Ohio) 1895-1906, 1896-07-30
Silver and Gold In 1902.


tennial the other day, we came across
copy of the "Scioto Gazette" dated July
Sd, 1902. This was before Ohio was a
state 1t was still North West Terri
tory. 1t took news long time to get
around in those days. The Philadel-
phia despatch was dated June 14th, and
an Edinburg, Scotland, letter was
dated March 10th. The latter is of
especial interest at this time, as it con-
tains some points bearing on the tariff
and protection of home industries and
on the relations of silver and gold at
that time. We quote as follows:
II rejoice to see liberty enjoys clear
sky and sunshine on your side of the
waters 1t appears by the debates in
our parliament that the exports from
England to America were about seven
millions of pounds sterling last year,
say Scotland and Ireland three millions,
in all ten millions. This, let me tell
you, gives not that credit which you
claim for American ingenuity and in
dustry. Now that peace is returned, l
foresee you will be drained of your spe-
Gle, other causes arising out of the late
L y
not become active in providing an in
ternal trade for yourselves you will be-
come mere tributaries to the factories
o3 Europe, though possessing such
abundant means of provision for all
your wants and supertiuities. Silver is
at this time at six shillings the ounce
and rising gold at four pounds four
shillings the ounce. Dollars are worth
five shillings Some have been brought
by ship from New York to Greenock,
and they have been profitable remit
tance, SO that | suppose your banks
will soon feel the bad effects of this
drain, if they are not directed to the
promotion of your domestic trade and
industry. Banks have been the great
support of our manufacturers, and our
manufactures have been the great and
only cause of our flourishing even
despite of the immense burdens we
bear.-In my opinion, bank estab-
lished at Pittsburg, or in Kentucky,
would render great service to your
country generally, duly regulated, and
would compensate those who would en-
gage in it,
1t will be seen by the above that
DOLLARS were, worth five shillings, now
shilling is equal to "a cents and 2
mills, so silver dollar was worth s1.21
and an ounce of silver was worth Il. 452)
one dollar forty-iye cents and two
mills. Gold was worth four pounds
four shillings an ounce, oyer $50. 32S
and inasmuch as 1.452 goes into 20. 32S
exactly IA times, the ratio between the
two metals March 10th, 1902 was IA to
l.
The United States had not at that
time recovered from the colonial policy
of Great Britain, which was to prohibit
manufacturing in the Colonies, so that
her factories supplied all manufactured
articles used in the Colonies. This
caused constant outflow of specie to
Great Britain, the balance of trade
being always in her favor. In those
days very little attention was given to
mining. Agriculture, commerce and
sea-ffshing engaged their attention,
whatever mining was done, was of the
crudest kind. The great mines of the
west were wholly unknown, some sill
yer was mined in Mexico and South
America, but these were crude and cut
no figure in the markets of the world.
The value of both gold and silver
seems to have been dependent on the
markets. and fuctuated according to
supply and demand like any other COM
modify.
The Coinage Act of 1909 provided for
gold coins but left out the gold dollar
The Coinage Act of 1873 provided for
silver coins but left out the silver dol
lar. The free silver party claims that
was a crime, it was no more crime
than the act of 1892 in leaving out the
gold dollar. England demonetized the
silver in 1916, Frauce in 1867, Germany
in 1871, the United States in 1878, all
other latin nations, except the South
American countries, in 1874 so that
the United States in taking the action
stated, was only following the example
of other countries and keeping abreast
of the best thought and action of the
most enlightened Nations of the world
s. j. H.