to be coined in 1878, to which time there had been made $35,959,360. IV. In February, 1878, an indiscreet and unreasonable movement induced Congress to authorize the recoinage of the silver dollar-piece at the obsolete ratio of 1834 (1 to 15.98), while the market ratio was 1 to 17.87. So extraordinary a reversal of all sound principles and such blindness to our previous experience could be explained only by a desire to force this country to use a silver coinage only, and had its origin with the owners of silver-mines, aided by the desires of debtors for a cheap unit in which to absolve themselves from their indebtedness. There was no pretense of setting up a double standard about it; for it was evident to the most ignorant that so great a disproportion between the mint and market ratios must inevitably lead to the disappearance of gold entirely. This would happen, if owners could bring their silver freely, in any amounts, to the mint for coinage (“Free Coinage”), and so exchange silver against gold coin for the purpose of withdrawing gold, since gold would exchange for less as coin than as bullion. This immediate result was prevented by a provision in the law, which prevented the “free coinage” of silver, and required the Government itself to buy silver and coin at least $2,000,000 in silver each month. This retarded, but will not ultimately prevent, the change from the present gold to a single silver standard. At the rate of $24,000,000 a year, it is only a question of time when the Treasury will be obliged to pay out, for its regular disbursements on the public debt, silver in such amounts as will drive gold out of circulation. In February, 1884, it was feared that this was already at hand, and was practically reached in the August following. Unless a repeal of the law is reached very soon, the uncomfortable spectacle will be seen of a gradual disarrangement of prices, and consequently of trade, arising from a change of the standard. In order that the alternate movements of silver and gold to the mint for coinage may be seen, there is appended a statement of the coinage(239) during the above periods, which well shows the effects of Gresham’s law. Ratio in the mint and in Period. Gold coinage. Silver dollars the market. coined. 1:15 (silver lower in 1792-1834 $11,825,890 $36,275,077 market) 1:15.98 (gold lower in 1834-1853 224,965,730 42,936,294 market) 1:15.98 (gold lower in 1853-1873 544,864,921 5,538,948 market) Single gold standard. 1873-1878 166,253,816 ........ 1:15.98 (silver lower, 1878-1883 354,019,865 147,255,899 but no free coinage)