The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1898-05-20
THE QUESTION OF RATIO.
Argument Advanced By william -.
stewart for the Restoration OF Our
Earlier COIuuge Laws.

/ given amount OF money IS Cdllt4 the
ratio between the two metals. This
ratio is purely arbitrary and depends
entirely upon the discretion Of the law
makers. It is TO be remembered that
. the aggregate weight Of the silver in
the world is about 151z times greater
than the aggregate weight Of the gold
/ N the world This singular coincidence
has led many TO suppose that the pre-
railing ratios Of the various nations Of
the civilized world are ordained by ma
ture. Bimetallists do not base their in
sistence that the minis Of the United
States ought to be open to the coin
age Of gold and silver at the ratio Of
sixteen 10 one upOn any natural phe-
nomena- They are IN favor Of sixteen
10 one because it is the established
ratio now in existence under the laws
If this country, and upon the faith Of
which ratio the obligations of the gov
eminent are predicated- The act Of July
II, 1870, under which every bond now
outstanding has been issued, provides
that the public debt incurred under
that act shall be paid in coin Of the
standard value of that date (July a.
ls7O). 4 change of ratio would be in
derOgation Of every contract now out
standing between the government and
its creditors.
No good reason ca1 be given for
change which would require more sill
yer to be put in the silver dollar than II
now contains. The fact that there are
shout S4COO, 100000 Of silver coin now
doing duty as money at a ratio approx
/ mating fifteen and One-half to one
must be duly considered. If the com
mercial value Of silver bullion, which
: now denied the right OF mintage, Is
TO be the basis OF a ratio, II would re-
quire ali the silver coin In the world 10
| be recOined TO correspond with the new
ratio, which would contract the worlds
money not less than s., OOO, 900, 600. Such
contraction would be Of the same Grim
inaI character as the original demone-
tizatiOu of silver 1t would rob the
debtor for the benefit Of the creditor,
! paralyze enterprise, and produce pow
/ erty and distress
It is constantly rejected by the gold
monOmetallists that the United States
alone cannot maintain the parity be
tween the two metals on the ratio Of
sixteen 10 one, and that, therefore, that
ratio must be abandoned. The govern
ment has nothing TO do with parity
other than to make equal laws. Parity
| between the different kinds Of money in
circulation does not depend upon the
| cost of the material Of which they are
made, but depends exclusively upon
their relative functions. Every full
! legal tender dollar viii perform the
same service, and is Just as valuable as
every other full legal tender dollar in
circulation. Nothing can make a diff
| ference in the value of full legal tender
money but a discrimination in favor of
the coin of one metal and against the
/ coin Of the other. If one kind Of money
has useful functions which another
kind of money does not possess, its
value might, and almost certainly
would, be greater than the money less
| favored by law.
The suggestion that the silver dollar
would be a 5O-cent dollar under free
| coinage at the ratio Of sixteen to one
originates in falsehOod and a desire to
deceive. The United States has issued
| treasury notes from time TO time since
| 1913 and made them receivable for all
public dues. Every one of such notes,
which was receivable for government
dues, has al all times been at par with
coin. Coin and government notes re-
ceivable for government dues never
parted company until a provision was
| inserted in the legal tender act repudi-
ating the greeHbacks and refusing TO
receive them for duties on imports and
/ interest on the public debt.
There are nearly SOC, 600, 900 standard
silver dollars. doing duty as money on
/ a par with gold, either in actual circula-
ton or in circulation by their represent
atives, silver certificates. II is stated
I that this is because the amount Of such
dollars does not exceed 500, OOO, 600. At
tention is called to what Secretary Of
the Treasury Sherman, the father OF
/ the gold standard, said on this subject
n 1879:
The total amount Of silver dollars coined
1 10 November ,, ISIS. under the act OF Feb
ruary 8. 1873. was SzS-205.200. Of which S12.-
/ lo2,S4Z was IN circulation and the remain
der, SO, 2l5 SIS. IN the treasury at that time.
l No effort has been spared TO put this coin
/ In circulation. Owing 70 its limited coin
| age IL has been kept at par: but its free
| coinage would soon reduce its current value
| TO its bullion value, and thus establish
/ single silver standard Finance Report,
u lcasf Ee=E H.
The purchase and coinage Of silver
\ bullion into standard dollars continued
for about Il years after this declaration
Of Secretary Sherman, and the amount
OF silver coin was increased more than
/ tenfOld without the slightest dePrecia-
ton ia the purchasing power OF the sill
I ver dollar. This statement Of Secretary
Sherman is cited because it is one Of the
| stock arguments Of the advocates of the
! gold standard, which, like all their
ether contentious, is in direcs opPOsi-
ton to existing facts.
Mr. Cleveland, after MS election and
J5efore his Inauguration, on February
"A, 1855, addressed letter to Hon. A.
J. Warner and others, then representa-
tives in congress, requesting an imme-
diate repeal of the Bland-ATIisou act
providing for the purchase of not less
than s., 0OO, 900 nor more than 81, OOO, 600
worth OF silver bullion per month 10 be
coined into standard dollars In that
ietter, among other things. he said:
7 hope that you concur with me and