The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-07-24

30 . ratio f. Of very recent origin. II has
rot always been regarded even es dssira-
BILE as a coin According 20 Aristotle iron
was very extensively employed az cur
reucy ana ~as used BY the spartsns long
after other Greeks had abandoned It. In
continuation with copper. iron formed an
early Chinese currency and until quite
recently It was subsidiary coinage In
Japan. Lead has also served as money.
but never very extensively except in Bur
nah. copser has always been very high
Iy honored and the early Hebrew coins
ware chiefly composed Of II. while down 20
80 r. c. the sole Roman coinage was an
alloy Of copper About that time It WAS
when silver was introduced into Roma.
some time after the GREEKS had begun TO
uss IL.
The ratio Of value Of silver 10 gold has
varied very materially. Bosckh. In his
Political Economy of the Athensans."
says that In some ancient states the vsiIs
OF silver seems TO have been superior 70
that Of gold. and this Ii known TO be
true In ancient Arabia. Tacitus fnds the
same 10 have been true OF ancient Ger
many Until 50 late as the seventeenth
century. silver ard gold were valued
equally in Japan. In the time Of Heroic
tus the Greeks held that gold was thir-
teen times the value OF silver. and II seems
TO have stood at that ratio Cor long
period. The Romans ct one time made
the ratio 10 TO 1. later they changed II 10
II. ana riiIi later to Il Of silver for OF
gold. About the seventh century. in the
Arabian states. the ratio was about 81 20
I. while al the same time It was 10 10 /
In Francs. In England. during the twelfth
century fs was to 1. and about 30 years
later there were certain silver and gold
coins made IN France OF like weight which
had ths same value. so that the ratio was
1 to L In Spain the ratio was lo2. to 1
In 1916 10 lsz to |. but as Spain monopo-
ixed tbs supplies OF both metals II was
easy TO preserve the ratio In a little
more than hundred years Portugal had
acquired such q position that II was abs
10 establish the ratio al IL 70 ]. and for
tlv. value. In IT'S Spain had recovered
control and she changed the ratio from
Is to 1 10 1871 10 fer the peninsula. but
retained /, AZ 10 N her colJhies. France
Rad long held ire ratio at irs. On; littls
over on. hundred years age adopted the
spanish ratio Of iSS. ans has adhered 70
/ n ever since.
/ II would seem from this that the 'esed-
I given ratio r. OF very modern growth.
| Free coinage has By no means been an ac-
/ knowiessxea right Of all times prior 20
iSss The state for many hundreds o,
years haa regulated the quality Of money
coined ana Il was not until sSou, ices that
az eeonsmicai scheol arose in England
which denle8 the states right either "a
| limit ths number OF coins or 20 charge
sesrniorsre. An act was passed IN that
year which permitted private persons &c
have eoires for them ar unlimited guam,
tisy os gold or silver AZ the public min.
/ free or charge. ana similar acts were
ra~.ef IN Holland. France and other coun.
tries. " was soon discovered nAat th-
I exercise Of the state rrerewative to regu-
/ late TIRE nominal value Of gold and SILVER
ies n abuses
A. early a. 10 an agitation was herur
| IN France IN favor c' the adoption cf on,
standard by witch All other coins should
10 valued. Fer sixty years the AGITATION
/ proved Intellectual. but TIE policy Wa.
/ practically adopted IN Holland and Eng
Land ara Definitely ny ~. latter In iSis II
va. accepted by the monetary conference,
/ ASSEMBLED az Parts June - isg-. ara ~
the commercial convention AZ Berlin oe
,on~r ~ 1853 In ISL II was practically
/ although. socorasnx 20 ere hes; anthori
tss.. 90, definitely adopted BY Germany
/ ara ssnr. TRAIT tine ~ several smaller
/ states In 1874 France. ana IN iss ~,
/ United states followed suit
tn. 10 very ertsav ire Alssory cf sA'
rata SO Far as Il ear - gathered sroxz
/ IRE best sources ans e serves 20 xhc-
that sas ratio az silver 20 gold has IN al
tines eeen naats'y dependent uron "a,
commercial value % TIRE tive metals ans
ret sstnsx % sentiment or 20 any alvsa,
,av. "