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affect American Annual ANSON PHELPS STOKES appeared Appendix appreciation average basis of currency become believe bimetallic called caused cent cloth coin coinage commodities Constitution cost of production danger DAVID debts decline in values demand deposit differ diminished direction discovery discussion dollar economic EDITORIAL equal exchange express fact fall February final basis fixed future GIFFEN gold and silver Government half History honest increased interest issue Italy joint joint-metallism labor less LETTER limited March market values measure medium metallic basis Mint mints Monetary monometallists months notes Octavo ounces party period permanent pieces Post precious metals present production of gold quantity question ratio reason regarding Report result safe sound standard of value supply tables tion Treasury true United weight York
Seite 79 - We hold to the use of both gold and silver as the standard money of the country, and to the coinage of both gold and silver without discrimination against either metal or charge for mintage...
Seite 80 - The American people, from tradition and interest, favor bimetallism, and the Republican party demands the use of both gold and silver as standard money, with such restrictions and under such provisions, to be determined by legislation, as will secure the maintenance of the parity of values of the two metals, so that the purchasing and debt- paying power of the dollar, whether of silver, gold or paper, shall be at all times equal.
Seite 82 - ... the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law.
Seite 22 - I am certainly of opinion," said Mr. Webster, "that gold and silver, at rates fixed by Congress, constitute the legal standard of value in this country, and that neither Congress nor any State has authority to establish any other standard or to displace this standard.
Seite 94 - We believe the fall to be mainly due, at all events, to circumstances independent of changes in the production of, or demand for, the precious metals, or the altered relation of silver to gold.
Seite 93 - Nor does it appear to us d priori' unreasonable to suppose that the existence in the Latin Union of a bimetallic system with a ratio of 15J to 1 fixed between the two metals should have been capable of keeping the market price of silver steady at approximately that ratio. " The view that it could only affect the market price to the extent to which there was a demand for it for currency purposes in the Latin Union, or to which it was actually taken to the mints of those countries, is, we think, fallacious.
Seite 92 - Looking then to the vast •changes which occurred prior to 1873 in the relative production of the two metals without any corresponding disturbance in their market value, it appears to us difficult to resist the conclusion that some influence was then at work tending to steady the price of silver, and to keep the ratio which it bore to gold approximately .stable.
Seite 85 - The demand for non-monetary purposes on the annual production is also preponderant in the case of gold, and very large in the case of silver. About two-thirds of the gold annually produced is taken for the arts; and if the consumption of India is included, as being either for simple hoarding or for the arts, and in no case for the purpose of circulating money, then the demand for gold for non-monetary purposes appears almost equal to the entire annual production.