The Monitor-register., 1896-07-31
Communicated.
Arguing for Silver as the Uuit of
Volv1o


Arguing for Silver as the Uuit of
Value.
EDITOR OF MoNIToR-REGIsTER In
asmuch as it is almost If not quite i'm
possible for an able ad dvocate of the free
coinage of silver to secure space in the
great city dailies, for the discussion of
this subject Gin marked contrast to the
only great paper in either New York or
Philadelphia advocating the Chicago NOM
inees, the ". r Journal. which prints
both sides, often the same day. in parallel
oolumps). l hope you will keep your COL
umns open to the discussion of the only
issue in this campaign an issue unsur-
passed in importance by any heretofore
submitted to this nation. The mass of
citizens earnestly desire to vote for the
best interests of the country, and they
can form no just decision unless they are
allowed to judge from the facts and
arguments that can be submitted by each
side. 1t seems to me that paper which
presents both sides fairly, not only best
fills it's duties to it's subscribers but wisely
oonsults its own prosperity.
Turning to the clipping from the Toledo
Blade, the fact that god was used as
money long before iu was coined is men,
toned but SO also was silver. and in
Greece and Rome silver was coined before
gold. While 1t is true dollar in the
United States now and ever since 1878,
when silver was demonetized, means
1922 grains of pure gold or 25 6 grains
OF standard gold, previous to 1878 from
the foundation of the government dol
lar meant 3714 grains of pure silver.
From 1892 till 1887 the silver dollar CON-
taiued 416 grains of standard silver. In
that year the alloy was redu,ed, making
the dollar, 10 fine, to contain 4121 grains
OF standard silver. 1t has not been
changed since. In 1884 the pure gold in
gold eagle was reduced, so that gold
dollar was equal to 1920 pure gold. In
1887 .OS Of pure gold was added, making
the dollar % % pure gold. Therefore,
while the quantity of pure silver in a
dollar has never been changed, Congress
has twice changed the amount of gold to
equal silver dollar. From which it may
be inferred our fathers regarded the silver
| dollar as the standard unit of value.
AS to the possibility of the nations
abandoning gold as money. it is just as
possible as to abandon silver. In truth
the effort was made from 1858 to 1857 to
demonetize gold in Europe, and was par
| TALLY successful. Books were written to
prove that, owing to the rich gold dig
| gings of California and Australia, it was
imperative as matter of justice to Cred
itors that it should be done. Austria did
demonetize gold, SO did the German
States, SO did Belgium. France refused,
England would not join the effort failed.
Had France and England and the United
States followed, why would not gold have
fallen as has silver since fallen under sim
liar legislationS From 1892 to 1859 in
elusive, the world produced about twice
as much silver as gold in value from
1878 to 1899 it produced about / 1 10 as
much silver as gold in value. From 1851
to 1860 it produced 81 times as much gold
as silver in value, Gall estimated at COIN
age value). If, under free coinage from
1892 to 1850 inclusive, the ratio of from
10 to 1G to 1 was maintained, with twice
as much silver as gold produced Cat no
time from 1897 to 1872 did the ratio ex-
ceed 26 % to /, notw outstanding the
greatest variation in the worlds produc
tion of the two metals). and if, with
demonetization, with world production
of but 1 10 as much silver as gold, silver
has fallen since 1878 to ratio of 80 to 1,
what would have been the fate of gold if
it had been demonetized between 1850
and 1860, when its production rose from
one-half as much to three. and a half times
the production of silvers Then with
good reason might it have been claimed
the fall of gold was due to over-produc.
tion. Never in the history of the world
had the relative product of the two metals
80 changed. The gold papers, to mislead,
compare the production of the two metals
in this country only, just as if it was our
silver crop that fixed the price of silver
any more than it is our wheat crop that
determines the price of wheat. In each
case it is the total output of the world
compared with the demand that settles
the price. II demonstration has driven
the silver in dollar from 100 cents in
gold to 54 cents, at the same time that its
relative production has fallen nearly one
half, where would demonstration have
driven gold, as measured in silver, when
its relative production was sev ven times
greater than its average value since the
foundation of the government to that
time. To say individuals would have
coined it is evidently untrue. The con-
stitution gives gold no privileges not
granted to silver, and no individuals have
been allowed to coin silver since It's de. q.
monetization.
| Every one admits law cannot directly
| fix values, but there is an unlimited de-
mand for money, and the law can say and
does say upon what material that demand
shall fall and how much of such material
shall constitute the unit of value and
can regulate the value of every such unit
as measured in every other product by
limiting the number of units coined, what
ever the substance used for such coinage
The advantage and only advantage the
precious metals have over other material
is that under free coinage the amount
produced depends upon the enterprise of
the protector and the bounty of nature.
1t is thought better to leave to these the
annual addition of the worlds stock of
money to keep pace with its increasing
population and commerce. than to trust
to the wisdom of legislative bodies. As
to this opinions differ radically. But II,
after the energy and toll of the miner has
found and developed his mine, legislation
dictates how much of both or of either
metal shall be converted into money, it
might as well dictate the quantity irre-
spective of any mining whatever, and
make money of some material more easily
and cheaply obtained, and with less
hazard. The Blade says "ths value of
gold comes from its use as a commodity,
not from its being stamped into coin."
The Bank of England gives in bank
notes or in coin 8 pounds, II shillings, 81
pence Il quote from memory for every
ounce of gold presented. Il liz this that