The Standard of Value. 



279 



$150,000 annually. In 1861, the production was 12,000,000. Down 

 to 1873, it had reached $27,750,000; in 1878 it had reached $51,200,000, 

 and in 1889 it had reached *$64,646,000. 



In 1878, when the Bland- Allison coinage act was adopted, the 

 market prices for silver and gold bullion made their ratio of value 

 by weight fl7.94 to 1. In 1889 the ratio was 22.09 to 1. The mining 

 interest meantime, more and more urgent for free coinage, suc- 

 ceeded during the last year in carrying the United States Senate for 

 their measure. The menace of the silver standard was so imminent as 

 to lead to the adoption of what is termed the Windom bill, in July 

 last, which authorizes the purchase of 4,500,000 ounces silver bullion 

 monthly, and storing it in the treasury. This provision for the pur- 

 chase of the total production of the country (less the amount used in 

 the arts), virtually authorizes the secretary as buyer, to cooperate with 

 the miners as sellers, to use all legitimate means to crowd up the 

 market price of silver. The act had the effect to raise the average 

 market price for three or four months, from ninety-four to one hun- 

 dred and fourteen cents, twenty cents per ounce, but fails, as 

 experienced financial minds predicted it would do, to permanently 

 advance the price. 



What the ultimate effect of the continued operation of this act is 

 to be on the future market value of silver, is a problem for the political 

 economists, skilled in estimating the effects of syndicates and trusts 

 t© " corner " and " bull" the markets for products, to solve. Will the 

 fact, known to the whole world, that there is here this accumulating 

 hoard of useless silver, added to by yearly accretions of fifty-four million 

 ounces, J have the effect to appreciate or to support the world's markets 

 for silver ? This query may well be weighed by our statesmen. 



We have already coined under the Bland- Allison act of 1878, nearly 

 or quite 400,000,000 dollar-coins of silver; although about 65,000, 000§ 

 is the largest number of them which, with all our effort, and the 

 delivery of them free of charge at all points in the United States, we 

 have been able to force into circulation. The remainder, about 

 335,000,000,1 occupy the vaults and storage room of the government, 

 at its expense to hold and guard them. 



thousand eight hundred tons (Neat). 



each)? S Mint Report for 1 



