Crawford avalanche. (Grayling, Mich.) 1879-19??, 1896-10-22

-ek>~ - ~ F7.s<<S> W. e3<&&'
vsss csiasss u Bsssis w..la Me- nsass
Their PFies.
Did you ever stop 70 think what
would be the rcsult II the gofernment
sh4gld by esislationdetermins that py-
diHary hpilding bricks 2 BY 4 byr.s
inches In size should be legal tender in
any amount for 81 each and should ar
range TO have them 70, stamped in any
quantity free Of cost to the persons pre-
uehting themr
Under spch circumstances. the price
Of building bricks would at once advance
to 81. 900 . Thousand, for II they could
be coined" without cost the bricks
"uncoined' would be worth just as
much ~ The. kscoised'a bricks--el each.
But did 1t ever occur TO you that 1t
would not be an advance in the value Of
the bricks, but decrease in the value
Of the dollars. which would thus estab-
lish a new parity between money and
property" that under such q system
81, 900 would be worth. only 1000
bricks; that that 1000 bricks would
exchange for no more commodities or
labor than 10 does today, and conse-
quently that 81, 900. would mean no
moro to US than 1000 bricks do nowf
In other words, our government can
determine by legislation what commod-
ity and what amount Of that commodity
81 shall be. but IL must leave IL to the
laws Of comparative supply and de-
mand, cost Of production, ETC.. 10 de-
termine what the value Of thax COM
modify shall b 1t may declare that
brick shall be q dollar. in which case
81 will be worth whatever brick will
exchange for. 1t may declare that %. 8
grains Of gold shall be a dollar, in
which case 81 will be worth whatever
1873 grains of gold will exchange for.
or it may declare that 412x grains of
silver shall be dollar, In which case 81
will be worth only what 412& grains Of
silver will exchange for. the same to-
day as sos cents in gold, or, "giving
the debtor the option" as to what dollar
he shall use with which to pay his
debts, it may declare that each Of these
three shall be dollar, in which case
81 will be worth just as much as the
least valuable of the three, which under
present conditions would be the brick.
IL Carroll Root.
Silver Inferior to Gold.
Silver is inferior, to gold as a stand
ard for measuring value, and 1t has
become in the last twenty years much
less fitted for the purpose than 1t was
before on account Of q decrease in the
cost Of producing 1t, and a correspond
Ing increase in the amount produced,
with consequent fluctuations in it's val
ue which have constantly tended down.
ward. This can be shown by the ac-
cepted results of Dr. Soetbeer's studios
down to 1885, and the reports of the di-
rector Of the United States mint Tor
the recent years.
There Is really no fixed relation be-
tween the ratio of production and the
ratio Of value for the two metals, be-
cause there are other elements besides
supply to determine the value Of each,
the most important being the demand
for other uses than coinage. A much
larger and much more variable proper
ton Of silver is now used in the arts,
and Of two valuable articles that
which Is obtainable in the smaller
amount and at the greater cost is less
subject to variation in value, all the
more so when the supply Of it is more
steady. However much truth there
may be In the claim that gold itself
varies In relation to other products, it
Is certain that silver varies more; and
that in the last twenty years the di-
vergence from the old relation has been
mainly, If not wholly, depreciation
In sil~er. 1t should be kept in mind
In making these comparisons that the
most important of all qualities In n
standard of value is stability of value
in Its own substance.
The average annual production of
gold in the world during the thirty
years after the discovery of America
was less than 100000 ounces, valued
at about $4,000,O00. During the same
period the average annual production
of silver was about 100000 ounces,
with coinage value of about $1,000
600. The ratio of production by weight
was IL gold to 50 silver, and by value
66.4 gold to 1876 silver and the ratio at
market value Of the two metals was
about 1915 to for the same weight.
The average annual production of gold
increased steadily and almost regu-
larry from 1921 to 1910, and for the de-
cade ending with the last named year
had reached only $50, POI ounces, val
ued at $13,4S4 900. The supply Of sill
yer had increased with much less
regularity and In considerably larger
proportion, and the average from 1880
to. 1910 was 19,175,S67 ounces, valued
at $24, 795, O0O The ratio of produc-
ton had varied between IA gold to o.
silver, and IL gold to 9S.3 silver in
weight, and between $50 gold to AL
silver, and % gold to 70 silver in value
The ratio Of one metal to the other in
market value for the same weight had
gradually changed from 1915 to / in
1920 to 1925 to in 1920, IA to in 1910
and Is to 1 In 1860 The fiuctuation
from that time to 1910 had been be-
tween the lines of 14.14 to 1 and 1926
to- New York Times.
An object Lesson in Silver.
: There is an American silver dollar.
There are two Mexican dollars. There
is more silver in each of them than in
the American dollar. bought both of
them for that. What is the reason? The
cole reasonis that our dollar Is a limit
cd coinage, backed by gold There Is