356 THE (QUESTIONS OF THE DAY, 



tance as money metals. Up to about 1870 this was true. Since 

 that time a great alteration has taken place in their relative 

 values, which has resulted in a great political controversy. 

 The money "question of the day" is the question of tlie use 

 to be made of silver as a money metal. Upon this question I 

 intend to give no opinion of my own, but to present the argu- 

 ment for each side in a form acceptable to its most earnest 

 advocates, and leave the reader to decide for himself, prefacing 

 this with a statement of facts conceded by all well-informed 

 persons on both sides of the question. 



Silver and gold have been used as money by all civilized 

 nations from time immemorial. They have never been held 

 at the same value in exchange, pound for pound. Since the 

 dawn of history a pound of gold would always buy more 

 commodities than a pound of silver. This difference has 

 tended to increase slowly, with occasional fluctuations the 

 other way, since such matters have been carefully noted. At 

 the opening of trade with Japan a pound of gold was valued in 

 that country at four pounds of silver. Of course it very soon 

 rose there to its value in silver elsewhere, doubtless making 

 some fortunes quickly for shrewd traders. In England, in 

 1262, there are records of exchanges at the rate of nine and 

 two-fifths pounds of silver for one of gold; in 1485, the ratio 

 of silver to gold was declared to be thirteen and three-fourths 

 to one; this was in England. About the same time the ratio 

 in Spain was about ten and one-half to one. Gradually as 

 commercial intercourse increased, the ratios in different coun- 

 tries tended to come together, although not very closely ; in 

 1724 the ratio at the French mint was fourteen and one-half 

 to one, and at the English mint fifteen and one-fifth to one. 

 On the continent of Europe, in the latter part of the eighteenth 

 century, the more common ratio was fifteen and one-half to 

 one, at which ratio it is still maintained so far as coined.* 

 When the United States began coinage the ratio was fixed at 

 fifteen to one; but as a pound of gold would buy, in France, 

 half a pound more of silver than it would buy here, all our 



* Silver, except subsidiary coins, is not coined in Europe. 



