The comet. (Johnson City, Tenn.) 1884-1916, 1896-07-23
ANSWERS
To Multitude Of Inquiries on the Money
Question.

lO MultlIuuo OI lnquIrleb ON Une money
Question.
From The Cincinnati Enquirer.
The Enquirer receives daily scores of
letters asking the questions which will
be found answered below;
What Is meant by free coinage
of Sllver7
Free coinage means that the mints
are thrown open and bullion is con-
verted into coin without charge to the
owner. The holders of gold bullion have
that privilege, and SO did the owners of
silver bullion before the act of 1878.
What Is meant by the ratio OF i6
to I 2
Answer-In period of 400 years re-
liable statistics show that with slight
variations, or oscillations, the relative
product of silver and gold mines from
year to year has been is pounds of sill
yer to pound of gold. This being the
fact, our constitution having provided
that both should be money metals,
congress fixed the ratio of their coinage
to correspond as near as possible to the
ratio of their production. Hence it is
that the silver dollar contains 3714
grains of pure silver, and the gold
dollar contains 23.s grains of pure gold.
The quantity of either silver or gold is
purely arbitrary.
What Is meant by fiat money?
All money, whether of gold, silver,
copper, nickel or paper is fiat" Mon
ey is created by law, and is not in any
sense a natural product. Gold money
is as much fat money as paper money.
If deprived Of its money use there is
enough gold on hand to supply the arts
and manufactures for the next 90 years.
Having impaired to it the money use
its value is determined by the fiat Of
government.
What Is the official ard estimated
amount of GOLD and silver In the
world 2
The director of the United States
mint, in response to q congressional
committees request, reports that the
gold and silver used as money in all
nations is:
OF gold. ............. SO, ,7s7, ,O1s, 800
OF silver ................ 1891, ,571 ,346
Total ..............$7, ,548, 500, ,215
The difference in the amount of gold
and silver used in making the worlds
exchanges is only $94, 552, ATT more of
ailver than gold.
The total gold coin and bullion used
as money is 80 81 per capita. The total
of silver coin and bullion used as mon
ey amounts to So 5s per capita more of
silver than of gold.
How many countries use only
gold as money! How many use
only silver How many have the
double standard. using both gold
and silver as primary money!
The gold countries are II in number,
as follows: 49,
Brazil. Great Britain. 1.
British Possessions. Siberia.
Denmark. Norway.
German Empire. Portugal.
Egypt. Sweden.
Turkey.
The countries using only silver are
II in number, as follows:
Austria. Belgium.
Bolivia. Costa Rica.
Guatemala. Honduras.
Nicaragua. Salvador.
China. Columbia.
Ecuador. India.
Mexico. Peru.
Russia. Tripoli.
Venezuela.
Twelve countries, including the Uni
ted States, have the double standard,
using both gold and silver, as follows
United States. France.
Argentine Republic. Greece.
Chill. Cuba.
Hayti. Italy.
Japan. Netherlands.
Spain, Switzerland.
What countries have the great
bulk OF gold and slIver2
The United States, it is
claimed, has of gold. ..$ zoe, ,O1s, ,s6!
OF fsilyer. .............. AS, ,071, ,364
| ----
Total al.................. 81, 1874, 900, s8'
The United Kingdom,
gold ...,,........$ $50, ,OOO, ,0OI
Silver .,............... 100, 900, OOt
Total. l..~.......s $50, ,oOO, ,OOI
France has of gold. IS 900, ,OOO, ,00I
Silver rs............. 700, ,00O, ,00O
Total. ..............S 1000, 900, ,OOC