The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-06-28
BIMETALLISM.
Continued from page 2.

Continued from page e.
union, equally with gold at the ratio
which had been established.
Now, the disputant who would un-
dertake to oppose Mr.. Chaplin's first
contention-s'that up till the year
1873, all the business of the world
was carried on under the full effects
of the system known as bi-metallism
would scarcely have leg to stand
on. The foregoing points are of COM
mon knowledge and upon reflection
it seems to be energy wasted to 60 to
so much trouble to tell the thinking
world what it ought to know from
school and college years. See what
influence these few countries of the
Latin Union-and three of them at
least small-fry countries at that,
waged against the mighty rival, Eng
land. Notwithstanding her en-
deayor to wipe out silver, the people
of that country lived for all those
years prior to 1873, under bi-metal-
lism and felt the full effects of it,
"just as surely somebody says 'as
our forefathers lived under the laws
of gravitation before the days of
Newton, although they did not k',o,o It
either.' The relative value of the
metals never varied, but remained
practically steady for all those years
from the beginning of the century
up till 1873, although during that
time there were enormous variations
in their annual production, infinitely
greater than any that have occurred
since then. Why? Because, any
body possessing silver knew he could
take it to any of these minis and get
in return for it coin which was avail
able as legal tender money at fixed
ratio with gold, and would never
part with it for less than he could
get any moment from any of these
minis.
Now as to the second contention of
Mr.. Chaplin: The abandonment Of
the bi-metallic system and the at
tempt to carry on the business of the
world with no connecting link be-
tween the metals is new expert
ment in the history of the world.
The establishment of the first propo-
sition establishes the second. Silver,
which, in the United States in 1873,
was at premium of 8 per cent, is
now, on gold basis of values, worth
but little more than 60 per cent of
it's then value.
Another Minnesota state senator
used to say last winter in the silver
discussions that the argument that
the depreciation of silver gave the
real reasons for the decline of wheat
prices, because India, a silver using
country, was virtually given a boun-
ty on it's export of the grain, was 'all
nonsense" He forgot that however
much the rupee of India might have
fallen in value in relation to gold, in
relation to the commodities it would
bring in India 1t had not fallen at all.
Before the value of silver had fallen,
when the rupee was worth two shil-
lings, and wheat 81 a quarter, the
Indian growers got 20 rupees. Now.
with the rupee. worth only 1 shilling,
81 pense, and wheat fallen to Ell a
q uarter, the Indian grower gets "a
rupees! And they are worth to the
Indian as much as they ever were be-
fore. Gold has never been legal ten
der in India. During the panic of
1856, we are told, Calcutta merchants
offered 100000 in gold at the banks
but could not obtain even bank
notes in exchange. Certainly, Mr..
Chaplin's contention (3) that general
and wide depression in commerce,
trade and agriculture in gold-using
countries has followed this expert
ment is demonstrated if we cast an
eye over the commercial world to.
day.