TJie Standard of Value. 



gold circulate together freely as money. Taking the experience and 

 judgment of all sound financial minds as our guide, with all history 

 of fiscal affairs for our enlightenment, there can be no escape from the 

 conclusion that, in the present condition of affairs, the free coinage of 

 silver with us would place us upon the mono-metallic basis of silver, 

 and with the silver dollar, not as now, exchangeable for a gold dollar, 

 but degraded to the commercial value of the quantity of silver in the 

 dollar coin as our standard of value. It would be a degradation of our 

 standard of value to the equivalent of seventy-five cents or less. Gold 

 would stand at a premium of thirty-three and one-third per cent, and 

 would, of course, disappear from circulation. 



We do regard it important that silver be retained as part of the 

 world's money as has been through all history the case. But, until 

 the foremost commercial nations will jointly agree with us upon a ratio 

 of coinage of the two metals, at which they will maintain both in 

 circulation, under free coinage it would be fatal for us as a single 

 nation to undertake it. And when undertaken, it would seem great 

 folly not to recognize the commercial depreciation of silver, under 

 the effect of its increased production, and widen very materially the 

 former ratio of coinage value. Until such joint action of the nations 

 can be reached, silver cannot with safety be more than it is at 

 present — a subsidiary currency. 



The attempts of our Congress to legalize the unlimited coinage of 

 the silver dollar are prompted by the greed of the mining interest, 

 joined with the advocates of fiat money. This interest is reinforced 

 by many men of upright purpose who are misled by false statements 

 and the specious arguments of its advocates. Nothing of sound 

 public economy, of good finance, or of true statesmanship is found 

 to support it. The single fact that, in the eighteen years since adopt- 

 ing the act dropping the further coinage of the silver dollar coin, the 

 world's annual production of silver has doubled, is in itself alone suf- 

 ficient reason for its refusal, unless at a very considerable widening 

 of the present ratio of weight of the two metals, and in conjunction 

 with the commercial nations. The relative values of silver and gold 

 which four centuries ago had become established at about eleven to 

 one, had a century ago reached fourteen and fifteen to one, and, dur- 

 ing the present century up to 1873-76, were fifteen and one-half and 

 sixteen to one, have for the past decade stood at twenty to twenty-two 

 to one, with tendency still further to widen. 



The production of silver in the United States was insignificant 

 down to 1861, amounting usually to not more than $50,000 to 



