, 1879-06-27

Tal1o Of tho other metal, aud thon making
tho monot'zed tho staudarl by which tt
measure the valua Of the 1emouotizetl. Golt
n1ld eivor constitute tho metallic r,onoy 81
tho world. Noithor, a1onc, IL sufficient Il
meet the wants Of mankind, mud Ut tho TIVE
gold is tho Bcnrcer and fcss sufficient IL
Bupp1y. To demonctizo silver reduces, 10 the
o1tont of decentralization, Tho aggregate oil
metallic money, aud to tho e1tont that gold
is made tho exclusive currency its value Ii
enlarged. Tho decentralization OF silye,
creates al increased necessity for gold, which,
being scarce and insufficient in supply, Oh.
sains an enlarged purchasing power, md the
gold!tes thon making gold nt this e1traorai.
nary valuo tho standard, measure thereby
tho value Of silver. Tho demonstration OF
ailTer is accidental, and Ill TINT is needed to
restore It to Its ordinary ralne as compared
with gold is to rcpair tho acoilsut, md tho
result will follow. Silver was len,onetizca
iu thia country not because 1t was not at
par with gold, hut in order 10 give gold an
additionnlvaluo. Germany, acting at tho same
,timo and under probably the same influences.
tle1nonotizsd silver. Tho Increased demand
for nonetized gold to take tho place Of tho
demonotizcd silver gave additional valua
to the ono at tho cost Of tho other. No ono
will question that tho RECOMMENDATION OF all.
vor by tho Unisod Statoa aud Germany will
restore the valuo OF silver rs bullion to what
it was hoforo tho chango, and lenco tho OBJ
joos Of tho Chicago Silver League, to pro.
mote tho complete restoration Of silver. iyin
tho general interest Of mankind and Of tho
revival and extension Of tho world's COM
maroe.
Aa tho demonstration of silver reduced tho
demand for 1t, SO tho remonotization Of ai]-
YER will roatoro tho demand for 1t. Tho act
Of 1878 did not restore tho use Of silvor as
money. Tho bill just defeated In Congress,
known as the WAnSEn bill, would navo ro-
stored tho Use of silver, would havo fur
nishod an unlimited market for 1t, md of TIC,
cesaity would have raiaod its value as tu1,.
ion to ita value rs money.
The argument that gold will not circulato
with silver rs currency, because tho oo1d
val''e Of silver rs bullion is not equal to tho
value Of coin, is one Of these half truths
which deceive no ono not willing to 10 do
ceivad. The "dollar OF the United Statea
haa boon always and ia now d speciticd
woight OF silver or specified weight of
gold. Either Of these is a legal dollar, md
ITO attempt by law or otherwise l1as over
beon madc to mako tho s'lvor dollar equal
In gold to tho gold dollar, or the gold dollar
equal in silver to tue alycr dollar, In point
OF tact, thoir bullion values haYo never been,
equal; ono or the other has atvaya tcon
ut a premium. Tho .ory theory md funda-
mental principle on which tho bl-,notallio
currouoy roats is TINT this inequality
Of tho meta1s, owing to temporary
causos, may work 10 arrangement Of
the values Of any other property or
OF dobts, because bi.1notallis,n socuras
TO tho country tho option Of paying
in that currency which at tho 1nomont ulay
nippon to bo tho ohoapor. Whom t1o chr.
rency is bi-metallio there can 10 no "cor.
nors on gold nor any speculation In ailvcr
Dobss may not DO advanced &, 10. or 20 psr
cent by the advance in vatuo Of tho metallic
money, nor the value Of property reduced to
q llko e1tont by tho doolino Of tho currency.
Such variations aso impossible uuilor tue III.
1notallio System. Tho ono metal recula.ca
the other. When In tho oarlier DAYS of tho
Republic the gold coin was tho tlearost, sill.
ser, being the cheaper, was tho universal
money Of the United States. Then tho gold
coin was nl'de tho cheaper, and the silver
became tho doarer, and then the chcapor
gold canio into general uso. When, again, In
1875, gold boca1no tho doarer aud silver tho
cheaper, and tho demand for oliver coin wns
natao, 1t was discovered that silver hasl bcen
'urroptitioasly demouotized, md for tho first
limo in tho history of this country tho Amer
can pooplo wcro deprived Of tLe option to
my IN tho cheaper coin.
This option, AZ 1t exiats In oyory country
where tho law Of bi-,notatllam permits opor-
'tes eaactual1y to prevent any depreciation
II tho current value of oi.l,or coin. aml
qually to prevent tue advance IN va!,,e o:
ltAor coin, or to force either ono out of Rou.
ral use. LII Franco, Belgium, Switzerland, |
nd Italy tho sllvoF coin, though per cont
sss tn bullion value than that In tho United
'tatos, circu!stes freely, aud in what would |
70 considered In thla country euortnous
mounts, but 1t has not exnellod u,s
old, which is u abundant In France ay It ia
u England, whero 1t Ia the exclusive 1netallio
honey. II gold advances In value, silver,
tl'ch is abundant, Immediately takes ita
ace, and, undor the option, silver iY used III
aymonta. It Is Of no advantage TO oxport
1e gold, because the gold IL wortl, as much
! Franco NJ elsewhere mud uo nlorc. anil os