Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-01-27
STAND BY The RATIO.
sixteen to One Is the Standard Z
LibernIfty.

LtbeEnlfty.
In the United States the battle for
bimetallism must be lost or won on the
ratio of sixteen to one. No other ratio
is practically possible on which the
battle can be fought The attempt, i'm
the northeast corner of the democratic
camp. to raise again the question OF
ratio, is by men who are secretly hostile
to the use of silver as true money.
Could they have their way, they would
cast aside entirely the issue of bimetal-
ism. At present their antagonism goes
no further than an attack on the ratio.
for the reason that they believe they
can attack the ratio without having
their claim to being democrats ques-
toned.
All considerations require that the
ratio should not be wider than sixteen
to one. If it were to be changed at all,
| it should be narrowed, to correspond
| TIC the ratio of the Latin union, fifteen
and one-half to one, which would make
| it easier for France, Belgium, Italy,
Switzerland. Greece, Spain and Russia
| to follow the lead of the United States
| in opening the minis to the free coin
age of silver. After the battle is won
in this country, the nations named will
still be retarded by an uncertainty as
to the effect on their currency of the
one-half point difference between their
ratio and ours. America, to secure their
cooperation, may ultimately find it to
her advantage to remint her silver az
the ratio named. But as we are not as
sured of the support of those countries,
there is no reason why we should, at
this time, go out of our way to oblige
them, especially as they leave us to
fight the battle alone.
In all arguments by our adversaries,
silver is priced in gold. Very well: as
words go, we can as we'll use that man
ner of speech as any other. Remember,
then, silver is priced in terms of gold.
With this for a basis on which to work,
let US compare the recent centuries and
see about what the ratio should be, in
the light of silver and gold productions
of this century.
From the discovery of America to the
year 1000 the world produced so ounces
of silver to one of gold, and yet the
ratio was about fourteen to one. Dur
ing the next century the worlds out
put was 40 ounces of silver to one OF
gold, yet the ratio was scarcely more
than fifteen to one. In the next CEN
fury, 1901 to 1900, the production was
again 80 ounces of silver to one of gold,
with no appreciable change of the ra-
ito; yet there had been a variation in
the ratio of production of over IS per
cent. AS both metals had free coinage,
this difference in ratio of production
was not able to make itself felt in the
commercial ratio.
During the first ten years of this
century, so ounces of silver were pro-
duced to every ounce of gold, yet the
ratio was not thrown out of joint. In
the second ten years the worlds pro-
duction was 40 ounces of silver to one
of gold. According 10 the theories Of
gold monometallists, the ratios of all
the nations in the world should have
gone all to pieces at this sudden widen
ing of the ratio of production. But the
currencies of the world were not unset
tied, and the wisdom of bimetallism
was demonstrated beyond reasonable
argument. AS the century wore on,
new gold mines were found, and the
production of gold increased enormous
". Thus, from 1850 to 1870 there were
5h ounces of silver produced to one OF
gold. If the theory of some that the
ratio of production regulates the ratio
of commerce were true, then the ratio
of value between silver and gold would
have been not sixteen to one, but less
than six to one. But no such change in
values took place, and the truth of the
b;metallic theory was again demon
strated. From 1871 to 1898 the world
yielded II ounces of silver to one of
gold. During the entire period from
1900 to 1895 the relative production was
only ID 2-3 ounces of silver to one of
gold.
Thus, the sixteenth century gave 30
ounces of silver to one of gold; the sew
enteenth century 40 ounces of silver to
one of gold; the eighteenth century 30
of silver to one of gold; the first 95 years
of the nineteenth century gives 10 2-3
ounces of silver to one of gold. We have
the lowest productive ratio of four CEN
turtles, and the highest coinage ratio;
and yet, in the face of all this, the spec
ulators in the yellow metal have the
splendid effrontery to stand up and
with long faces tell the nation that we
need a yet wider ratio.
The ratio of sixteen to one is exceed
ingly liberal. The wide commercial ra-
tho is due entirely to legisla ton hostile
to silver and favorable to gold. The ire
mendous power of such legislation is
seen in the effect that it has had on the
price of silver in century of low
silver production as compared to
gold. We must stand by the ratio.
There can be no compromise. Nothing
can now stop the onward sweep of the
army % liberation. If traitors get in
the way they will be crushed.
H. F. THURSTON.