The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-07-29
SIXTEEN TO ONE.
Some Statements for the Benefit OIL
the Financiers Who are Young In



the business.
silver: What is meant Ivy the ratio OF IL 10 J.?
What Is meant by bimetallism? What is
meant by single standard, gold or silver?
These questions were submitted 10 oeuatoi
Jones OF Arkansas. chairman OF the demo-
cratic national committee, and Director ol the
Mint.
WHAT SENATOR JONES SAYS.
1.-THE free coInuge Of silver means coinage OF
silver without charge for mintage, just aS
gold is now coined and as silver was coined
prior to l"I3.
..The ratio OF l6 10 means that there shall
be sixteen times as much ipure silver by
weight in silver dollar as there Is In pure
gold IN gold dollar The true ratio. that in
force just prior 10 1874. IS small fraction un-
der IL TO |. but it is spoken OF In round num-
ave mean by bimetallsm the use of both
gold and silver In coinage at The same tlnie
as standard money. The single standard,
gold or silver. means the decentralization Or
one metal and the use OF the other, only, as
standard money
WHAT Mr.. PRESTON SAYS.
Mr. Robert L. Preston, director OF the mint,
i. What is meant by the free coinage Of
silver?
Ans.-The right of individuals TO deposit
and have 1t coined into full legal tender coins.
9. What is meant by the ratio of lG to l"
AnS.-The ratioln coinage of IL to means
that IL ounces Of pure silver coined shall have
the same value as one ounce OF pure goid
colned-namely, $2O.G.
g. What is meant by bimetallfSm?
Ans.-The unlimited coinage OF both gold
and silver, on private accounts. into full legal
tender coins.
l. What is meant by single standard, gold
or silver?
Ans.-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.
INQUIRIES OF THE DIRECTOR OF THE MINT.
Mr.. Preston, director of the mint. Treasury
Department. Is in receipt of a daily growing
mail from all sections of the country devoted
to requests for information on hnanciai
topics. The questions cover every concelVa-
bic phase of the currency question. and tne
inQuirers are OF all shades Of political belief.
Most of them want information that can De
easily furnished, such, ior instance. as the 10,
tai amount Of the coinage OF the last nscal
year, the amount OF gold and silver In clfcu-
alion In the United States, the present value
of different COINS, etc, but many OF tne
questions are OF Il more absiruSe nature ana
would tax the officials to answer them pro-
perly.
The bureau is doing all IT can TO meet the
demand upon IL as All educational institution.
and Director Preston says that he could dis
of his bureau If he had them for distribution
Mr.. Preston has made the following simple
aud comprehensive statement In regard 10
the coinage ratio between gold and silver, In
response to frequent inquiries on that point:
WHAT lG TO l REALLY IS.
All standard silver dollars coined by the
mintS of the act January is, 1887, nave Deen
coined in he ratio of 10 l59SSi-, generally
called the ratio OIL 10 1G l5 9SSI-being verv
nearly IL. Still, to reach accurate results, the
former, and not the latter, figure must be
used In calculation. The ratio is obtained IN
lains OF pure silver and the gold dollar % %
grains OF pure gold. If you divied 3l.25 by
% % you will get the ratio of weight between
gold dollar and silver dollar, that is' To-
1t Is true that to be on par with gold
silver would (at our ratio) be worth 81. 2929
The reason is this, gold dollar contains 2522
grains OF pure gold, In an ounce, or loo grains
of gold there are as many dollars as 23.Z2 ls
contained times In 4S0, or ore ounce. Ii you
divide 4SO by % % you get OG7, the number
OF dollars that eau be coined out OF an ounce
OF pure gold; In other words, the money
equivalent of one ounce of gold or of l59SS4
ounces Of silver at the ratio OF TO l5'9Ss4.
Now, If l5.9Ss4 ounces of silver be worth
S2O.G7. one ounce will be worth Sl..929, as you
can prove by simple division. The same re-
gu 1t is obtained by dividing $50 grains or one
ounce Of silver by 3Il.25, the number OF grains
OF pure silver in standard silver dollar, At
the ratio Of 10 l5.9SS4, which gives 81. .2929.
Sixteen ounces of pure silver will coin
little more than one ounce OF gold. l59SS4
ounces OF silver will coin exactly the same
amount of money as one ounce of gold, that
is S2O67 You can prove this by dividing
Is 1854 ounces by 57l 2j grains. The operation
IL as follows:
l59SA multiplied by 4SO divided by 3Il2'
equals S2O.Gl. go,
tn not true that l6 ounces Of silver will
coin on y SlGS0 NJ the ratio Of Ito IT,
AS will be seen above, one ounce OF silver
will coin Sl.2929. Multiplying Sl.2929 by IL
gives S206S. You can make the same result In
another way; sixteen ounce Troy or I,GSO
grains divided by 37l.25 gives the number o
silver dollars that can he coined out OF sin
teen ounces OF silver. 1850 diyided by S1l y
equals $-O.GS.