Marietta daily leader. (Marietta, Ohio) 1895-1906, 1900-10-12

| Hun. EDWIN u Wight.
Congressional Candidate. Fourth District
forms-precisely the same as If a
farmer kept two bushel measures, one
of wood and the other of tin.
Alexander Hamilton, our first sec
retary of the treasury, a great filaa-
cier and statesman, before coming
American money, made diligent in
Quiry as tt the commercial ratio of
gold and silver, and came to the con-
clusion that one ounce of gold was
worth about the same as Is ounces of
silver. And SO our coinage for years
was at ratio of Is to /. But it was
discovered that the two sorts of coins
would not circulate together at that
ratio, because gold was undervalued;
that is, one ounce of gold was worth
little more than 10 ounces of silver.
The consequence was, gold was hoard
ed, or sold at premium. 1t was BIZ
metallism in theory, but silver mono
metallism in practice.
In 1884 congress made an effort to
correct the error. The gold coins were
reduced Z per cent in weight, and the
ratio was made 16 to l. The aim was
to keep the two coins, gold an silver,
at a parity in value at the ratio of
16 to /.
The financiers soon found out that
they had fixed two measures of un-
equal value-that the silver coins were
worth more at that ratio than the gold
coins; that is, 16 silver dollars had a
greater commercial value than one
gold dollar. Hence, silver coins went
into the melting pot, the silversmiths
finding it more to their interest to pur-
chase silver coins than silver bullion.
In 1853 congress made another effort.
This time per cent less silver was
put in the coins, and the coinage of
silver was limited, as now. And that
civil war, when both gold and silver
went out of circulation, and paper
money came to be our only currency.
The above facts go to show that BIZ
metallism; that is, two metallic stand
ards of value, is impossible, unless we
Ccl http tht lNo LlCldio dl dH tuudl
commercial value at a given ratio, or
limit the coinage of the cheaper metal.
Suppose then we undertake to do
what the Kansas City platform de-
mands, "the immediate coinage of sill
yer without limit at the ratio OF 16
to l." what would be the result? Mono
metallism. Silver being by far the
cheaper money, would drive gold out
of circulation.
Mr.. Bryan, when he talks about the
silver question, is cute enough to say
that the ratio he pleads for is the pres
ent ratio of 16 to l; but he fails to
mention the all-important fact that
the government at present limits the
coinage of silver; whereas, his clamor
| is for free and unlimited coinage. Is
Mr.. Bryan candid in his one-sided
| statement?
The present commercial ratio of &C. d
and silver is about 32 to /, and henc =
our silver dollar is worth, as compared
with gold about As cents. Any one
can see that if we coin gold and silver
at the ratio demanded by the Kansas
! City platform, and without limit, sill
yer monometallism would be inevita-
Bile. And yet they talk about bimet-
allisml
1t is said that we are strong enough
to have our own financial system. Per-
haps we are strong enough; but we
are not quite foolish enough. We are
strong enough to have our own bushel
measure, cur own yard stick, and opr
own MULTIPLICATION table; but we a
not quite silly enough to change tie
old bushel, the old yard stick, or the
old multiplication table, for something
of less value for standards. Better LEI
we'll enougH alone.
But, say cur silver friends, ITS NOR,
money we want" Would they have
acre money by driving out OF circula-