Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1900-11-07
yer in the silver dollar weigh fifteen times

yer in the silver dollar weigh fifteen times
as much as the gold in the gold dollar;
and hence 1t is said that the ratio Of the
two metals was 15 to /. Afterwards, in
1884, we reduced the weight OF gold in
the gold dollar to 1872 grains OF pure gold,
or % grains of gold nine-tentbs fine,
leaving the silver dollar at 371A grains OF
pure silver, or 4121A grains Of silver nine
| tenths fine. This changed the mint ratio
| OF the two metals to about 16 to /, at
which it has ever since remained.
| The reason for the change was that at
| ID to gold was UNDERMINED in COMPARE
son with its value in Europe, SO that it
was all exported, and left us only silver
| dollars for use as money, but the ratio Of
| is to was too much in favor of gold, and
undervalued silver. Hence, silver became
worth in Europe more than we allowed
| for it, and was in turn exported, leaving
| US only gold coin.
From 1884 down to 1873 the silver dollar
was worth Il 06 in gold, and consequent
| ~ ceased to circulate as money, SO that
in 1873 we repealed the law authorizing
its coinage, supposing it would never
again be wanted.
In 1878, however, silver had SO fallen
in value that the 16 to ratio over-valued
| 1t, and then we recommended coming 1t
| on government account and have con-
| tinued, until now we have coined $780,
| 600, 900 silver dollars, of which &C, 600 600
are in actual use and the rest are in the
| treasury, being represented by certifi-
Gates payable in silver dollars on demand.
1t has been shown that whatever is used
as measure of value must itself possess
value, because, II it does not possess value,
nobody would give in exchange for it any
thing valuable. More than this, the
things used for money must not only have
value, but they must be generally ac-
ceptabie. They must pass readily from
hand to hand, because il man could not
get rid OF them when he wanted to, he
would not take them. This was the
trouble with cattle, iron, brass, tobacco,
skins and wampum, and it is now the
trouble with silver.
Tea circulates in Asia and salt in Africa,
because every body can use these commo-
ditie,; and, therefore, everybody accepts
them. Their defect is that they are liable
to damage by keeping. Tea loses its
flavor in time, and salt is injured by damp
ness. They are, besides, bulky, and take
up great deal OF room.
| Gold, now, besides possessing value, is
| acceptable all over the civilized world. 1t
loses nothing by keeping, it is of small
| bulk in proportion to its value, it can be
cut up into small pieces and then melted
| together again without loss Of weight,
| and it can be buried in the ground for
| centuries and come out as good as ever.
Silver has some of these qualities, but it
| is bulkier than gold in proportion to its
| value, 1t furnishes more quickly, and
latt-tly it has been produced SO album
dainty that lis value, as we know, has
fallen more than one half from what it
was formerly. Hence it has been dis
carded as a measure Of value by all
| European nations and by the United
States As has been said, we discarded it
really in 1884, and by act of Congress in
1878 Since 1878 gold has been in this
country, as it is in Europe, the only rec
ognized standard by which the value of
o, her things Is reckoned.
The democratic party does not deny
that, since 1873, the gold dollar has been
the only measure OF value in use in this
country, and that since 1879 all contracts
for the payment OF dollars have been vir
tuaiiy made for the payment Of gold dol
lars. Even during the suspension Of coin
| pay ments, from 1862 TO 1879, the country
repeat eddy promised to redeem the green
backs in gold, and everybody who took
and gave greenbacks did so with the
| knowledge tnHt they would, as soon as
possible, as they we're in 1879, be made as
| good as gold.
1t is true also that, as has already been
said, the government began in 1878 to coin
SILVER dollars at the ratio of Is to l, and to
-
dollars, but it coined them slowly and un-
der pledge TO keep their value equal to
that OF the gold dollar. Thus far the pledge
has been redeemed, because the amount
OF silver dollars is comparatively small,
and they are received, like gold dollars, in
payment Of dues to the government,
which in one single year more than equal
them in amount. While there are Alto
get her only 500, 600 OF them in exist
ence, the government collected from the
people last year s60O, OOO, 600.
The democratic party proposes now to
throw the coinage OF silver at the old
ratio OF 16 to l open to everybody, and
let every body who chooses bring 10 our
mints what il now AZ cents worth OF
silver and get back for it silver dollar.
There Is in the world already enough
silver to make 4 900 OOO, 900 Of our dollars.
The Bank of France alone has enough for
$50 900, 600; Germany enough for 100, 600, =
600, and the silver mines in various
countries are already producing 165, OOO,-
600 ounces year, which would add over
200, 0O0, OOO dollars to the mass, to say
nothing OF the increase of their output
which would follow the offer to coin the
metal without limit into dollars as avail
able for the payment OF debts as gold
dollars are.
That the effect OF the coinage Of this
immense amount of silver dollars would
be to reduce their value to that OF The
metal in them, that Is to say, to AZ per
cent, Of the value OF the present dollar, is
evident.
The man who mad lent out 81 900 in
gold, or taken notes to that amount Tor
property sold by him, would get back
Il, 900 in money which would enable him
10 buy no more than he could have bOugh bit