The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-10-22
81. II.LYIE|::R5QUESTION.
The Erce Coinage Of Silver at the
!. Ratio Of 10 to l.
lREGlOROfTHE MINT WRITES
An,Able Article Upon the Paramount
Issue Of the campaign-As to
Wages and Prtces-Every Import
ant Nation Has Adopted the Gold
Standardization Dollar HAS o
Range Of Three Per Cent.
/ By. Hon. George 3. Roberta.

Il By Hon. George 3. Roberts,
Director OF the Mint OF United States.
s3rha gold dollar Of the United States
contains 1922 grains OF fine gold. and
the silver dollar, s7lN Of fine silver.
Dividing the former into the latter
giyesjl5.9 and q fraction, which Is 30
near is that the ratio is commonly said
TO be 10 to /. The relative contents OF
ourlgold. and oliver coins were fixed as
they are because when the act was
passed these. weights were believed to
give equal values. This was done in
1855 It soon developed, however. that
either the silver coin was over-valued
/, In the act, or silver Immediately after
ward advanced in value in the markets
OF the world, for our silver coins be-
came worth slightly above their face
.,yelue, and were melted down and sold
abroad as bullion. This condition last
1ted Tor more than thirty years and ex-
iseed when the silver dollar was drop
ped from our list OF coins. when silver
began to decline and the present value
Of SIN grains Of silver is now under
Gfty cents. III 10.
Eilver From Everywhere.
! To reopen the mlnts now at the old
ratio, as though this decline had never
+ occurred, would be contrary to the
principles upon which the coinage ratio
ETas originally established, and In view.
Of the past experience Of this and other
Countries It must be assumed, would
result in e1pellIng our gold from circu-
;leton and giving us silver only for our
metallic money. AS about one-half OF
all the money In the country is gold,
the result upon tho business Interests
Of the country Sof such contraction
would inevitably DO disastrous. In
time, the vacancy In the circulation
would be supplied by silver coming
from all parts OF the world. but 1t would
require several years to complete thu
transition from. q gold To- a silver basis
and they would be years OF paralysis
end distress When the equilibrium
was ,regcined!t would be with new
scale OF values. Wages and prices
would have to adjust anew their rela-
lions and, as commodities are influence
ed by world prices. they would reach
the new level lrst. and wage-earners
would lie under q. disadvantage.
Coined Into Dollar.
Under such a policy. any one who had
SIN grains Of silver could takc 1t TO the
United States ra.nt and have It coined
= Into a dollar and returned TO him for
his private use, and benefit. All debts
and obligations OF every character. call
Ing for dollars. could be legally dis
charged in the new dollars. Bank de-
(: posters. the holders OF life Insurance
policies. lenders OF money. and wage
esthsru would all fare alike.
lnpsmuch az every important nation
of,tho world. except China and Mexico,
has adopted the gold standard. the
United States, by leaving 1t would Iso-
late Itself In trade relations from Its
chief customers
Brond and Stable Bnse.
The nations which have n common
standard OF value have broad and
stable basis for mutual trade. Their
currencies bear. such relations to each
other that the variations between them
can never exceed the cost OF shipping
gold. The value of a certain sum in
the money of one! country can always
be calculated in the money OF another.
Our salesmen are now in oil parts OF
the world quoting prices and persuad-
Ing buyers. Every risk that they lie
under which does not also lie against
their competitors. tends to reduce their
prof,ts or exclude them from tho mar
ket.
Tha Mexican dollar last year had n
range OF 6 per cent as compared with
The money Of all gold standard coun-
trirs, end all the international ttansac-
tions OF that country were Involved In
its huctuatlons.
Range of Three Per Cent.
The Mexican dollar has had d rsnge
of: per cent In the last three monthg.
With -four at 50 per barrel. II nm Amer
lean mill with q capacity OF 1000 bar
rels per day had a contract In Liverpool
or Hamburg. for future delivery, n
huctuntion OF ) per cent In the value OF
our currency to gold would make a dlf-
ference to that r,ill OF $3.50 per day. We
cannot hope to become a great indus-
trial or commercial nation under such
handicap as that.
Whatever ground thore may have
once bsen for the claim that the supply
OF gold was inadequate. has been re-
moved by the rapid increage in gold
production In recent years. The total
production OF gold and silver In 1;sa.
vnluins silver at 1f to l. was about
sl7s,o1o.0o5.
In 1899 the total production OF gold
alone, was .nhou, 13l5, 100000. and but
for the war in the Transvanl, would
have reached ;3i,,oso0ss
Production OF Geld.
WITH all fields Increasing their out.
puts, the production Of gold alone. next
year will doubtIepS equal twice the out.
put OF both gold and silver In the year
1879.
In view OF this fact. 1t would seem 20
be clear that there Is no proIptc; for a
dearth OF money and hence no possible
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