The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-30
SIXTEEN TO ONE.
The Ratio Between Gold and silver.
The Meaning of Free Coinage.


The Meaning of Free Coinage.
Mint Director Preston has made the
following simple and comprehensive state
ment in regard 20 the coinage ratio be-
tween gold and silver in response to fire.
quent inquiries on that point:
All standard silver dollars coined by the
minis of the United States since the pas
sage of the act of Jan. IS, 1897, have
been coined in the ratio Of / to 15.98a.
generally called the ratio Of 1 TO 1G-159 1884
being very nearly IS. Still, to reach accu-
rate results the former and not the lat
ter figure must be used in calculation.
The ratio is obtained in this way:
The silver dollar contains SH.25 grains
of pure silver and the gold dollar 1922
grains of pure gold. II you divide Sll25
by 2322 you will get the ratio of weight
between gold dollar and a silver dollar
that is, 1598s4. 1t is true that to be on
a par with gold silver would Cat our ra-
tio) be worth 81 1929. The reason is this
a gold dollar contains 1922 grains of pure
gold In an ounce, or $50 grains OF gold
there are as many dollars as E.2 Is con-
tanned in $50, or one ounce. II you divide
4s0 by 1922 you get $20.67, the number Of
dollars that can be coined out OF an ounce
of pure gold I'm other words. the money
equivalent Of one ounce of gold or of 15.9SS4
ounces OF silver at the ratio of l to 15.9884
Now. If 15.9S84 ounces OF silver be worth
$ZO6I, one ounce Will De worth ol.E5ZJs as
you can prove by simple division. The
same result Is obtained by dividing $50
grains or one ounce Of silver by S125.
the number OF grains of pure silver in
a standard silver dollar, at the ratio Of
to Is 1884, which gives Sl.2929.
Sixteen ounces OF pure silver viii coin
a little more than one ounce OF gold; b.
1884 ounces OF silver will coin exactly the
same amount of money as one ounce of
gold-that is, $2O.67 You can prove this
by dividing Is 1884 ounces by 81. 25 grains
The operation is as follows: Is 1884, multi
piled by 4s0, divided by S7l.25, equals 20.674
1t is not true that sixteen ounces of sill
yer will coin only $3.50 at the ratio of 1
to 16.
AS will be seen above. one ounce Of sill
yer will coin $12929. Multiplying $i.2929
by IS gives S20.6S You can make the same
result in another way: 10 ounces troy,
or 1850 grains, divided by .25, gives the
number of silver dollars that can be
coined out of 16 ounces of silver 1850, di-
Vlded by 81 25, equals 2O.6S.
Mr. Preston has also furnished answers
TO the following important questions:
.First-WIhat is meant by the free coin
age Of silver?
Answer-The right of individuals to &C.
post standard silver in any amount at
the minis and have 1t coined into full legal
tender coins.
Second-What is meant by the ratio of
16 to I?
1 means that sixteen ounces Of pure silver
coined shall have the same value as one
ounce of pure gold coined, namely, $2067
Third-What is meant by bimetailism2
Answer-The unlimited coinage of both
gold and silver on private account, into
full legal tender coins.
Fourth-What is meant by single stand
ard, gold or silver2
Answer-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.