The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-07-06
ABOUT HARD MONEY
Senator Teller on the Technicali-
ties of the Silver Bill.
BI-METALLIsM. MoNo-METALLIsM
Ind the Ratio Between Gold and Silver-An
Able Argument Against Demoneti.
zation of Silver.

SENATE CHAMBER, July l, lS90.-TSpecial
correspondence OF The HERALD Since
she present agitation of the silver question,
10 called, began in Congress, I have re-
seived many inquiries which convince me
hat, while there is a general desire among
'he people Tor information on the subject
and general feeling of friendliness to-
ward the proposed reform, many are ignor-
ant not only Of the primary principles in
golved, but arc even uniformed as to the
meaning Of the terms employed in speak
ng on the subject. 1t has been suggested
70 me that plain definition of some Of the
terms most frequently used in the discus
sion of the question Of bi-metallism ana a
grief statement as to the elementary
principles involved would be of service to
large proportion Of the American public,
and While doubling my ability TO throw the
needed light upon the subject, l have con
sented to make the attempt, promising that
this article IS for the lay reader alone, and
notfor those who have made 8 study of the
subject and are familiar with the terms en-
ployed in the discussion of it.
People often ask what is bi-metallism,
what is mono metalism and what is meant
By The ratio between gold and silver?
the money metals now recognized are
gold and silver. Formerly copper was re
garded as a money metal and used for small
coins, and while it is stin used for small
coins, it IS no longer regarded as d money
metal Those who think both cole and
silver should be used as money are called
81 metallists, or two-meLallists Those who
think but one of the money metals ought to
be employed are called mono metallists. or
ons-iDetallists. Those VINO think gold alone
snould be used as the legal tender money Of
Tie country are called gold mono metallists
hnd those who desire 10 use silver only are
called silver mono metalhsts.
The gold mono-metallic countries make
gold legal tender fer the payment of all
debts. while silver is used only as a subsi-
diary coin. Silver mono metallic countries
make silver the only legal tender.
Great Britain, since 1916, has been a gold
monometal.ic country, silver being used
Tor small money and as d legal tender to
tie amount OF about SO, or II.
India Is d silver mono metallic country,
gold bel - an article of merchandise and
not legal tender.
France Is a double standard or bi-metailic
country, and has gold and silver in about
squ,- quantities, having $500, GOO 600 of
gold, while Great Britain has only S550. OOO.-
d.. Great Britain has Sl00000,000 of sill
VI. and France has between 500, OOO. 900
AL. IS 5000 000, and some claim even more
thar that amount.
lie population of Great Britain is
53,"ll,9e2. France has a population of
5 .2iS,90
ThA United States has always been a
double standard country, except during the
period between February II, 1913, and Feb
ruGTy IS 1878. The United States has
abo Il $6S4, 600 of gold and about S435.
,G00 OF silver.
About l30, COG, 900 to 10000, 600 of people
Of the g. he are Inhabitants of gold mono
metallic countries and the rest of the world
either belong to the silver mono metallic
countries or to bi-metallic countries. So il
viii be observed that about nine -tenths of
the population of the world that use money
use silver, or silver and gold as legal tender
Many of even the gold mono metallic coun-
tries must use'silver as subsidiary money
gold not being fit to make small coins of.
Ike bali collars, quarters and dimes
BY ratio between gold and silver is meant
the relative value that one kind of metal
bears to the other. When we say the ratio
between gold and silver is as one to fifteen
and one half, we mean that fifteen and one
half ounces Of coined silver will exchange
one ounce OF coined gold. This relative
proportion or ratio was first fixed by the
merchants and traders, and was afterwards
established by law. The first accounts of