The times. [volume] (Richmond, Va.) 1890-1903, 1891-08-12

ferred TO mono-metalism. The appear OF
| mono-metalic England to bi-metalic france
has put the burden of the proof upon the
| mono-metalic country to establish the SUM-
| cheney of its theory and practice OF coinage
but the fact that France has stopped tho
| unlimited coinage Of silver shows that
however much her fnAnciers may de-
sire bi-metalism, they have been oohged
to stop the coinage OF silver lest
| they might be thrown into mono-ne'-
alic condition. and that. too. on silver OASIS
! II France could with impunity continue the
unlimited coinage of silver without danger 10
| her gold-and thereby 10 her present quail
fed bi-metalism-she would no doubt con-
unue the coinage Of silver which has STOOD
her in such good stead. But. seeing that out
side of tho Government stamp. her silver D.
franc piece is only worth 30 per cent. OF the
gold 5-franc piece, and that if she put her
Government stamp upon all the silver that
might come 10 her. and freely and without
charge used her Government power 70 add %
per cent. TO the yalue-for the time
being-to the silver metal OF any
person from any country who might bring 1t
TO Der minis for coinage. 1t would either Do
used in paying her own citizens tor debts
contracted on different and higher basis or
be exchanged for gold which would be car
ried off as worth at bullion value 100 in Eng
land or Germany. France determined to with
hold the exercise Of this Governmental power,
and so her free and unlimited coinage Of sill
YER stopped.
The true bi-metsllst desires to avoid such
course as will practically demonetize either
silver OF gold The contention OF those in
this country who oppose the free and unlim-
tied coinage of silver of the present
standard. Of weight and fneness is that
the United States cannot alone absorb all the
silver which would be brought to receive this
additional value by Governmental stamp, and
keep the same at par with gold. Their con-
viction is that our gold would be taken abroad
TO purchase silver or would be boarded, and
80 would instantly vanish as an available
source of money. The smallest difference in
value between the gold and silver would suf-
fee to accomplish this. Constituting as il
does now more than one-third of all money in
actual circulation in the United States, that
is say. 1865 900 900 of total of l,525, 100000,
the loss of gold from our circulation would be
a great disaster. That the United States can
not alone maintain the equal value Of
gold and silver at the ratio Of sixteen Of
silver for one of gold seems TO be
fairly indicated by our own expert
rience. for from 1873 to 1873 included eighty
one years-the United States minis coined in
round numbers 1852 900 900 Of gold and A.
600 900 OF silver dollars, an aggregate of $685.
600 OOO of which the silver was about Is per
cent; while from 1874 TO 1890, seventeen
years, the coinage of gold was s679. 600 0O0a and
of silver $476000O00. or an aggregate of
$1155 000, 900, of which silver was nearly a
per cent. 1t will be seen that in the seven
teen years ending June 30, 1890. the United
States coined more than three times as much
silver as it did in the IFeceding eighty-one
years, while of gold she coined less than one
half, or only A per cent, and yet in the face
of this effort TO sustain silver we see IL
still % per cent. below par. 1t is moreover
a remarkable fact that in 1873. when free coin
age of silver was suspended, there were only
s1149,3O5 of silver against 3135, 000, 900 of gold
in the United States simply because before
that time silver was worth more abroad than
il was at home audit was exported--its coin
ing value in the Latin Union being 1917 for
one, while in the United States il was Is for /,
and American silver dollars like those of
Mexico to-day, were used at their bullion
value
If there was a sound reason to
believe that the free and unlimited
coinage of silver dollars at the present ratio of
sixteen for one gold in the United States would
not drive gold from us and make it an article
of merchandise as before the resumption of
specie payment-when gold was quoted egu-
larly as any article on the Stock or Produce
Exchange-we would be anxious to resume
the unlimited coinage Of silver; but in thief face
of our own experience, and that Of other
nations. the certainty of sacrifice is too great
to be made, even to satisfy so respectable an
element as those of our citizens who believe
that our financial ills are not only caused by
the coinage of silver. but would be relieved by
more coinage.
Let the subject be agitated until concur
renee of other leading nations can be had.
and a common ratio fixed between gold and
silver which will give no nducement to carry
silver rather than gold or gold rather than sill
yer from the minis OF one country to those of
another
To insist upon the free and unlimited coin
age at once of silver dollars Of the present
standard of weight and fneness by the
United States is to be willing and DESTROYS at
least to take great risk-with great probabli-
ty of loss-about most momentous subject;
such risk. indeed, as is ordinarily supposed
to be taken only by those who are accustomed
10 gamble recilessly, or have nothing to lose.
That is not good Democratic practice.
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TALK ABOUT TIE WEATHER