The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-22
New York Herald.

New YORK Herald.
what Is the meaning OF all this talk
about free coinage and sixteen TO one?'
This question was put by a Western
farmer to the cashier OF his bank. The
reply was: why, John, Il means that in
this part OF the country there are sixteen
fools 10 one man OF sense.
Farmers are not the only persons who
are asking this question. Letters are ev-
cry day received by the Herald from other
wise intelligent men OF various occupations
requesting plain explanation of tha
phrase sixteen TO one."
Although most readers are thoroughly
familiar with the controversy, IL may be
well TO briefly outline the facts for the
benefit OF those who are only now awak-
ening 10 its Importance. The pure silver
IN the big dollar weighs about sixteen
times as much as the pure gold in the gold
dollar. The exact weights are g % grains
OF gold and 37l25 grains Of silver. Hence
sixteen to one.
When the mint was founded Hamilton
and Jefferson agreed that pound of gold
was worth In the markets about fifteen
pounds OF silver. and accordingly the ra-
Ito for the coinage at nFSt was made tif-
teen 70 one. Anybody could bring as much
of either metal as he pleased 10 the minis
and have II stamped into coins. This free
or unlimited coinage Of both metals Is
called bi-uetallism, and the country was
said to have q double standard OF values.
The bullion I'm either dollar was Intrinsic
ally worth as much before being coined
as IL was afterward. but the governments
mint stamp was guarantee Of the weight
and hneness Of the metal and made II
legal tender.
subsequently, II was found that ffteen
pounds Of silver were not worth as much
as a pound OF gold. and IN order 10 con-
form TO the relative market value OF the
metals congress decided that the silver
dollar should thereafter weigh sixteen
times as much as the geld dollar. In do
ing this congress went 70 the other ex-
trenle and put too iow an estimate on ST.
YER. The European nations composing
the Latin Union made their coming ratio
fifteen and one-hslf 70 one. and the owner
OF silver here would not exchange sixteen
pounds OF e for pound or gold. because
he could obtain the same thing In Europe
FOR fifteen and haif pounds OF his silver.
In other words. the quantity OF silver In a
dollar was worth more LnaD 100 cents. Con-
sequently holders Of silver bullion ceased
70 send II to the United States mints and
the silver dollars previously coined were
boarded
When the mint - VS. were revised In 1873
the provision for the free coinage OF sill
yer dollars was dropped. This attracted
uttle attention al the time. because none
OF these dollars had been In circulation for
a
them in ali had been coined from the foun-
datinn of the government w 10 that time
Owing 10 the discovery OF new mines the
worlds production Of silver began 70 stead
Ily Increase, and the price consequently
hewan 20 decline. and the European IA
tons were IN self defense compelled TO
close their minis against further free coin
are o. the deprecated metal While silver
Vas high the mine owners cared nothing
about the mint. bat when Il got so low
that a pound Of gold would buy seventeen
pounds Of silver IN the market these gen
tlenen began 20 ciaTnor FOR restoration
CT the privilege OF selling 20 the Ameri-
can people through ths mint al the old
ratio q sixteen 10 one Il waS then they
discovered that the act % 1873 was
crime
As a concession 20 them the Bland law
waz passed. under which nearly four hun
Gre1 million silver dollars were coined.
Ire treasury. however. buying the bullion
for THIS purpose at It's market value In
isza ths Sherman law was passed. compel
Ing ne treasury 10 bay Isa tens % silver
every month ard issue notes In payment
Tels produced the panic % tssS and e was
then repealed. As a result OF these laws
we have eetnea OF issued nearly SIX hun
6re8 million tollsrs % silver DESPITE al
these purchases by the treasury the price
Of silver steadily fell To-Day Il takes
seSat thirty pounds o. SILVER 20 buy q