The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-06-26
FRANCE AND BIZ METAL.LIsM.


FRANCE AND b. ~ETAlLIsM.
A subscriber sends to THE INDIE
PENDENT the following inquiry:
l. What is the present monetary system
OF France and how does it compare with
that Of other nations as regards quantity in
circulation and general satisfaction to the
people?
2. II bi-metallism is satisfactory in some
countries, why wouldn't IL bs a solution of
the present silver problem?
France has a BIZ metallic standard.
Size coined gold and silver at a ratio of
one to 151S until 1876, when she ceased
to coin the latter owing to hostile legis-
lation against silver in other European
states and in the United States. But
she demonstrated through a period Of
seventy years that heafgtrreatest prosper
ity and financial stability were secured
and maintained by coming and circulat-
ing gold and silver on equal terms and
to-day she keeps in circulation al enor-
nous volume Of silver on a parity with
gold. She has of visible coin in the
Bank Of France to-day S264,0 0.0C0 gold
S251, 100000 silver, while the United
States has $685., 5000 gold and $685.
100000 silver in circulation. The atti-
tude Of France to-day as described by
Leon Say is "a waiting policy, but com
mitted to the bi-metallic standard"
Her people have reason to be satisfied.
They are prosperous and are lending
money to single-standard England.
The coin circulation per capita is nearly
three times that Of the United States.
There is no money stringency in that
country. There will be none. France
| presents an argument for the use OF
silver as money that is unanswerable.
At the meeting of the American Bank
ers' association in New Orleans two
years ago President st. John of the
Mercantile National bank, New York,
said:
During %sixty-nine years following
1903. while the mint laws Of all nations
differed Independently, the mint law OF
France provided equally unrestricted
coinage for the worlds spare gold and
and silver, valuing the silver required
for our dollar at 1O3 cents in gold. In
the sixty-nine years 81 ,447 ,326,20S of
gold coin and S917, 735, 1858 of silver five
franc pieces were emitted from her
minis. By voluntary act of the owners
Of gold and silver, France thus obtained
SO great a volume of coined money in
circulation that embarrassments were
not possible from occasional flights of
either metal in settlements Of her inter-
national trade. Thus in the period 1911
to 1920, while the worlds aggregate pro
duction of gold and silver showed IS per
cent silver, S11O,9O7 GIG Of gold and
$149, 1886 Of silver were coined in
France. (In the worlds present aggre-
gate production of the money metals
only SO per cent is silver.) During 1S41
to 1850, with the aggregate production
showing 4S per cent silver and 50 per
rent gold, only $50, l57 ,4S0 Of gold with
| S175, S45, 1858 of silver we're coined. In
1866 to 1870. with production showing
81 per cent silver and 60 per cent gold,
1927, III, 13O OF gold and S51, 1854, $40 OF
| silver were coined. A conspicuously
noteworthy result Of such IN automatic
operation of her minis, under the equally
unrestricted coinage law of France, was
that in the face of widely varying pro-
/ portions in the worlds relative produc-
tion of gold and silver, the relative mar
ket price of both was thereby MAIN
tanned at an average of between one to
l5.4S and one to 1880. her mint valua-
ton being one to 1850. Thus effectually
by France alone, the value possessed by
either metal IN its scarcity was bestowed
upon the other in abundance, by decree.
Such were the means and the achieve
ment by which France put a'dollar's
worth of silver IN the dollar, and for
si~xty-nine years maintained il independ-
entity at 100 cents"
2. Wouldn't bi-metallism be a solu-
ton of the silver problem? It would.
But that isn't exactly the difficulty.
The question is, how shall we overcome
the misunderstanding as to the situation
that exists in the minds of a great num-
Der Of our own people, and how can we
bring other countries to our way of
thinking? In short, how can we secure
b~i-metallism? So far as this country is
concerned there is but ono way. 1t
must coin its silver into dollars and
circulate them.
LELAND STANFORD was ono Of the