Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1900-07-26
SIXTEEN to One

u nQef the coinage laws Vi tus Cnltcu
States sixteen ounces of silver are the
equivalent of one ounce of gold. The law
under which our gold and silver is coined
was enacted in 1884 Prior to that time
the coinage laws of 1892 were in force
making the equivalent in coins of fifteen
ounces Of silver and one ounce of gold
The silver coin of the world outside Of
the United States bears the ratio to gold
coin of 153 to /. Prior to 1884 gold coin
of the United States was shipped abroad
in payment of foreign balances in prefer
ence to silver, because gold, relatively to
silver, would go further in satisfying foreign
demands on account of one ounce of gold
being equivalent to 152 ounces Of silver
abroad while il was only equal to fifteen
ounces at home.
In 1885 law was passed reducing the
weight of our gold coins. Under the new
law one ounce of gold was the equivalent
in coin of 1898 ounces of silver, which
being only 20l of an ounce less than six
teen has since that time been referred to
incorrectly, as 16 to I for the sake of speak
ing in round numbers.
After the passage of the coinage law OF
1884 the American silver dollar was at a
premium over American gold coin in
Europe until after the decentralization act
of 1878.
What is therefore known as sixteen to
one is the law Of the land, and has been
such for sixty-six years. The latest coin
age law enacted in this country was passed
By a Republican Congress and signed by
President Mckinley June ID, 1898. 1t will
be remembered that when the war revenue
bill was on its passage Senator Wolc0tt, Of
Colorado introduced an amendment, which
became a part of the bill, authorizing the
coinage of not less than 100000 silver
dollars each month. The silver dollars
coined under this law are coined at the
ratio of sixteen to one and contain the
same amount of pure silver authorized IN
the law of 1894 which is the only silver
dollar ever coined by the government.
Under the administration of President
Mckinley there has been coined SIS, 98S, $50
silver dollars. During the month OF Jnne
this year there were coined at the minis OF
the United States three million silver dol
lars at the ratio of sixteen to one and the
minis are still coming silver dollars at that
ratio.
Why then this Republican howl about
sixteen to one II sixteen is wrong, why
aid President Mckinley sign law autho-
rizing the coinage of not less than ], 500, 900
of these dollars per month at that ratio,
until all the silver bullion puTchas, under
the Sherman law, amounting to about $780,
100000 worth is made into coin,
If there is anything wrong about 10 to /
why has not the President recommended a
change of ratio, which he has not done
If is to l is wrong, why has not some Re-
publican member Of the House OF Repre-
sentatiyes or of the Senate introduced a
bill to change the ratio which none of them
have done, but instead have passed bill
10 coin approximately ninety millions OF
dollars at that ratio,
Sixteen to l is McKinley's ratio, the con-
elusive proof of which is that he is coming
silver at that ratio and has never mentioned
any other, although both Houses of Con-
gress are Republican and the administration
mas the power to change the ratio.
1t has been our experience, and we ven
ture the assertion that it is the experience
Of our readers generally, that the men who
are found pFating about sixteen to one
throughout the country are ignorant of the
facts herein stated. Many of those whom
We find decrying sixteen to one honestly
think that these figures refer to something
new, the invention of dr. Bryan or some
thing copied by him from the Populists
They do not know that it is the law of the
land and that it has been such for sixty
six years and that it has the Endorsement
of the present administration. If there is
anything wrong about sixteen to one the
Mckinley administration is culpable be-
cause under a law of its own enactment it
is coming and paying out silver dollars ST
that ratio, and is not combining itself TO the
minimum authorized by Law but is utter
ing such coin far in excess Of such minimum
limit under the law.
These facts will no doubt appear to be
startling information to such Republicans
and Democrats as have been the unsuspect-
ing dupes of some ignorant editor who
parrots through the columns of his paper
the twaddle sent out from fake factor OF
the gold combination. But the fact that
they haye been deceived and victimized
ought to serve to put them on their guard
in the future and to warn them against
crediting what purports to be information
coming to them through any such unreli-
able sources.
washington, D. G.. Waterman.