The Savannah morning news., 1900-10-26
GAGE HEAD IN BROOKLYN.
SECRETARY a. TREASURY TALKED
oNFINANCDs.

Now at the Ratio OF 10 90 H-Ques-
lion Apple, 90 Wage Farmers Rnd
Those On saaries.
New York. Ct S-Thc Academy Of
1 Music IN Broolyn waE crowded 60 the
doors tonight by people who came 20
hear Secretary Lyman J. Gage on the
campaign issuel The meeting was held
under the auspices Of the Brooklyn Young
Mems Republican club. and was presided
over by Frank Harvey Field president ~
the Glib The other speakers besides
Secretary Gagcw Seth Low president
Of Columbia Cillcge. and the Rev. Or
-. w. wolsey Stryker Of Hamilton Col
lege.
Secretary Gage's reception was most
hearty. He saidin part:
II is my purposs TO speak 20 YOU Tor
twenty minutes Ny subject may be sta led
after this fashion What Is the interest
OF the wage-e arnsr and stipendiaries Of
every class iu enc proposition 20 open the
mints for the rec aud unlimited coinage
Of silver al thu ratio OF Is 10 ! 2 Il IS tho
declared purpose o. the Democratic party.
90 called. to 10 that thing II DONE Il
all have an enormous effect FOR veal or
woe upon the welfare OF every man. wo-
man and child In the United States No
question IS OF deeper moment than this
question. and sou oan not act inteligently
on II unless yuu understand Il.
Do you really understand it2 I thought
until lately tina Is this time ,ho me. It's
or demerits OF that proposition must b.
understood b. everyone but I know bet
ter now. A gentltman-a business man o.
considerable irtelligence-ouly week
since. called on q member 81 Congress and
asked him this question what does 70
20 ! mean7 am ignorant ard want TO
know Now lot me ask that question
right here and now what o. Is O. -
what does the term n,an? ! have a lit
tie granddaughter eleven years Oh. She
visited me few weeks ago. ana while
with me asked me that very question /
said so her: '"fd. ms what you under
stand IL 10 mean We'll she said. -
think Il is this GAY; Gold Is worth about
thirty-two times ~ much as silver, bat
the Democrats want 60 pass law o
make sixteen ounces OF silver worth the
same as one ouace OF gold don't know
f that is right though" well. my
child" said. YOU have II right down
fne and ] won't disturb your mind by
further explanation
what IL I6 60 ~
But we grown.up folks can probably
enlarge the point a liitie here. What is
i6 20 ~ II Is the ratio which Congress
fixed many years ago between god and
silver when coined at the mint-ihat Is TO
say. II Is a relation, In weight Of metal
between silver dollars AMI gold dollars
Under the law. given quantity OF gold
was stamped dollar ana sixteen times
that weight IN silver was stamped a dol
lar You perceive It is a relation OF weight
not a relation % value.
You viii ask. then. why was the weight
ratio liked "a l6 20 ~ The answer Is OBJ
vious and plain. It was because chat re-
lation OF weight recognized IN the coins
minted the then commercial value Of the
two metals Ia the markets Of the world
Because the commercial value OF gold
was sixteen times - thcrea0Out. greater
than silver. Congress recognized the fact
and established he coins Ia the same
ratio OF weight Make 10 mistake on this
point The mint ratio never established
the value OF either gold or silver. nor did
ia establish the relative value OF one 20
the other The commercial exchanges Of
the world iN the value Of all things. in
Guiding gold and silver. The only way on
earth to determine the value Of gold.
either as coin or as bullion. h. go find out
what Il viii bring IN -four. or clothing
or labor. or other things The value OF
gold il measured by the quantity Of things
for which IL viii exchange The same is
exactly true as 10 silver. Now. gold and
silver are no more related 60 each other
IN any nxed ratio than are wheat and
corn Wheat and corn are good for food
and there b. q sort OF relation between
the two IN value. but u Is a huctuatins
noe 4 fixed relation. The same ia true
Of gold and silver. They are both metals
used az money. but their relation to each
other IN exchangesblo value has as his
tory proves. been a variable. not fixed.
relation.
The Mint aud the Real Ratio.
Now. when our coinage laws were pass
ed in i7s2 and amended IN 1884. - i5is or
i6 ounces OF silver had about the same
power 60 purchase things N the world as
had ounce Of gold, and for that reason,
and that reason solely tho mint ratio.
ratio OF weight was established Ia way
that was supposed 20 correspond 20 their
commercial values IN their respective
powers 10 buy things. ] cannot stop to
recite history. Sufficient 10 say that never
In our history did both metals come 60
the mint Tor coinage ln any Improbable
volume ~ the same period OF time. Tnat
metal came for coinage which had at ths
lime the least relative buying power
abroad. while the one which enjoyed the
NtffA'A AAAAltAatit~ iRfftA Atti Nafi NifA tNA
come 10 the mint. but went abroad where
% could make better bargains for tho
owner % a. But since the years 1929
aud 1884 the relative value between gold
and silver has radically changed la the
former periods one ounce ~ gold would
exchange for about sixteen ounces OF Ell.
yer. For some years past one ounce Of
gold has exchanged for thirty-two or
thirty-four ounces OF silver. n will now
exchange IN the same ratio. and there 4
no reason to doubt that IL will 80 continue,
to exchange for an indefinite time. These
are facts.
I shall not stop 70 discuss how this came
about Whether % was the alleged "crimo
Of a." or whether q was because silver
has become relatively more plentiful than
gold. or because the desires of men have
changed-whatever theory you may adopt
the fact remains unchanged. viz. one
ounce Of gold o. equal IN exrhaureablc
power 10 thiriy-two ounces Of silver Yet
u IL In fun view 81 these facts that a
political party. or rather. q combination
81 az least three poiit cal parties proposes
if u gets control OF the government, 20
reopen the mints 20 the free coinage OF
silver a. the OLD ratio Of rs l. Whv7
Why2 II II were desirable 10 open the
mints for the free coinage Of silver. why
rot do a. our fathers ala 20 wit. make
the ratio as near as possible 90 the com
mercini-vnluc rsto3 They say II was =
crime 20 close the mints 20 free coinage OF
silver In 1873. I deny o.. but n n were
true. would n cure that crime 10 commit
an ogregious folly IN 1900?