Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-01-20
GOLD AND Silver
The Kind of Money the Free SiRve,
Advocates Want.

other. FCu more than 200 years prior
TO 1879 the worlds money was made
from these metals and for this reason
they were called 1.-The precious metals. !"
| When so used they were practically OF
the same value commercially and for
monetary purposes in the different
countries on the ratios upon which they
were coined, and any change which took
place in their relat5sn to each other was
not caused by any change IN their an
nual production, but was wholly due to
changes in the mint regulations Of the
different countries using them These
changes were very slight and did not
interfere with their uninterrupted in
flow into the worlds money stock for
more than 300 years.
In 1875 France, by royal edict, adopt
ed the ratio OF fifteen to one, and in 1908
her mint was opened to the unrestricted
coinage of both metals upon that ratio,
and this became the prevailing ratio in
Europe. During the first half of this
century the annual production of the
metals was upon the ratio, about three
Of silver to one of gold. For about ten
years after 1S49, their annual produc-
ton was nearly four of gold to one OF
silver, but during this entire period
down to 1873 there was no practical
change in the relations of the metals to
each other. The ratio did not rise to
Is for about two years owing to po-
itical commissions. in France, and never
fell as low as Is.
Fifteen and one-half pounds Of silver
would exchange for one pound of gold
in all the markets of the world. Ac-
counts between England and India were
uniformly reckoned upon the basis of
The equivalency of ten rules silver and
one pound sterling gold, and this was
the established par of exchange be-
tween gold and silver using countries
during the whole of that time. So Eng
land, a gold using country, and India,
Il silver using country, enjoyed the full
benefits of bimetallic money.
During this period an increase in the
yield of either of the metals simply had
the effect Of charging the volume of the
worlds stock without in any practical
degree disturbing their relative value.
When used equally for monetary pur-
poses the facility with which the coins
place of the coins struck from the other
metal in making payments causes them
To- rise to a common level, just as fluids
in two different vessels with connect
ing pipe between them will rise to a
common level without regard to
whether one or both of them receive the
supply.
William II. Crawford, secretary of the
treasury under President Monroe, said
il his report February IL, 1890: Like
fluids the precious metals as long as
they are employed as the general meas
ure of value will constantly tend to
preserve a common level. Every varia-
tion from it will be promptly corrected
without the intervention of law"
Having destroyed this connecting
pipe by the act of 1878 by depriving sill
yer of the legal tender function and re-
ducing it to the situation of merchan-
disc, because it has with merchandise
fallen as compared with gold, the advo-
Gates of the single gold standard point
derisively to its low value as compared
with gold as the reason, and the only
reason, why the connecting pipe should
not be replaced and silver restored to
full monetary use; and they have the
effrontery to claim that to do this would
be dishonest; that 1t would degrade our
standard of value by reducing the pur-
chasing power or value of money; that
it would injure the credit of our govern
ment and bring upon US the animal
version of all gold standard countries.
They insist that all property, including
wages, shall be degraded by falling
prices, but that money given in ex-
change for property shall constantly
rise in value; that the only standard of
the nations honor and integrity is
money standard that is continually ris-
ing in purchasing power and which sub
iects the people to a constantly increas-
ing sacrifice to obtain money with
which to pay their debts and taxes, and
this they call honest money.
The advocates for the restoration of
silver are simply pleading for an en-
largement of the value of our circula- |
ton by readopting the money scale of
valuation as it existed prior to 1873,
when it was clandestinely and without |
exciting observation changed. Their |
entire claim and the reason for making |
it are clearly stated by Hamilton in his
mint report of 1892, where he says: 1T |
is most advisable not to attach the unit |
to either metal, for this can
not be done effectually without depriy- |
ing one of them of the character and |
office of money, and reducing it to the |
situation of mere merchandise. To an
nul the use of either of the metals as
is to abridge the quantity of the |
medium, and is liable to all |
objections which rise from a compare |
son of the benefits of a full with the
evils of a scanty circulation" And JEFF
ferson wrote to Hamilton in February.
1892. saying: al return you your mint
report, which have read with a great
deal of satisfaction. concur with you
in thinking that the unit must stand
upon both metals"
The advocates of silver coinage would
place the dollar or unit of valuation
upon both metals instead of combining
it exclusively to one of them, in order
that the country may enjoy the benefits !
Of full and not be subjected to the evils |
Of scanty circulation. For this they |
are denounced by the advocates of the |
single gold standard as anarchists, re-
and enemies of their coun- |
try. They invoke as their shield the re-
vered names of Hamilton and Jefferson,
and also that of George Washington,
who signed the bill which gave to the
people of this country almost the first |
breath of their national life. the silver
dollar. Clad in this armor, the shafts