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Message:: [QUOTE="Danester, post: 1164105, member: 17058"]This US History of 16:1 Gold/Silver Raito. In 1837, Congress established a relationship between silver and gold at the ratio of 16 to 1 (meaning that 16 ounces of silver were to be equal in value to one ounce of gold). During the war years of the 1860s, little silver was mined and the open market price rose sharply. Miners stopped selling their silver to the government and instead found buyers from the ranks of jewelers and other users of the product.  In 1873, reacting to market realities, the Grant administration demonetized silver, leaving gold as the sole standard of the nation's currency. Silver became simply another commodity whose value would be set by supply and demand. There was little reaction to this move initially and certainly no outrage. However, following the Panic of 1873, a severe depression descended upon the country, reviving interest in the monetization of silver. Pressure was exerted from two sources – Miners and Farmers. The early 1880s saw the return of farm prosperity and the resulting decline of interest in the silver coinage issue. However, hard time hit again in 1887, prompting renewed demands from farmers and miners to reinstitute the coinage of silver at the old 16:1 ratio. Read more at - <a href="http://www.u-s-history.com/pages/h763.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.u-s-history.com/pages/h763.html" rel="nofollow">http://www.u-s-history.com/pages/h763.html</a> After Grant's demonetized of silver, the 16:1 slogan appeared in many political camaigns. <img src="http://i699.photobucket.com/albums/vv360/Danester247/NewDieVarieties/bryan161Line-1x1.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /> The Danester[/QUOTE]

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