a ratio of 16
to 1, or thereabouts, would certainly not secure it, but one almost
identical with the market ratio would be imperative. Not once in the
history of our country did this alternation occur, although from 1792 to
1873 we were upon the double standard. It is true that in 1834 the
circulation changed from silver to gold, but that was due not to the
automatic effect of that system, but to an actual change of the legal
ratio from 15 to 1 to 16 to 1. But if the legal ratio is now made to
conform to the market one, what becomes of our present silver coins?
Must they be called in and be replaced by the new? If so the convenience
of our subsidiary coinage will be sacrificed, for a silver dollar twice
its present size would be intolerable.

The obstacles in the way of international bimetallism need not be
enumerated here. The proceedings at the Brussels monetary conference in
1892, though they accomplished little besides, certainly served to make
these difficulties plain. The primary object is to make silver coins and
gold coins continuously interchangeable in trade at a ratio
approximating as closely as possible to 16 to 1, and the discussion of
the means to accomplish this has apparently narrowed down to one
proposition to be answered by a simple yes or no: Shall the free coinage
of gold and silver at the ratio of 1 to 16 be restored? It will not do
to insert any other ratio (except, perhaps, 1 to 15 or 1 to 15-1/2),
because if a ratio closely approximating the commercial one is
contemplated, each nation might decide the question for itself, and an
international agreement would be superfluous. All the civilized nations
have their own established ratios of coinage varying from 15 to 15-1/2
or 16 of silver to 1 of gold, and whichever of these should prevail the
result could not but be a serious matter to those nations obliged to
reform their coinage in accordance therewith. Neither horn of the
dilemma presented by the plan of a fixed ratio is practicable; the
convenient one of 16 to 1 is impossible, and the commercial one would
necessitate recoinages and make the coins prohibitively cumbrous. The
choice of an intermediate ratio would be a virtual relinquishment of the
principle itself, for how would that ratio be arrived at if not by mere
guess? There are no data to guide us, nor is there any formulated rule
by which the desired ratio may be determined. Besides, the intermediate
ratio would still remain open to the o