The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-06-28
b. METALLISM.
AN HISTORICAL REVIEW.
An Interesting Article, that Every
one Should Read.

An Interesting Article, that Every
one Should Read.
BY G. VIC.
l was struck some time ago on
reading in the London Mail an &C
count of the remarks of Mr.. Chaplin,
member ofthe English Parliament,
made in a discussion upon bi-metal-
ism, by their similarity to the line of
argument made by Senator Donnelly
upon several occasions recently. If
your space will permit, propose to
lay before your readers some of the
points made by the Enolish advocate
of the bi-metallic theory as whole
some food for thought. Mr.. Chap
Inns contentious are: "O That up
till the year 1873, all the business of
the world was carried on under the
full effects of the system which is
known as bi-metallism; (2) that the
abandonment of that system and the
attempt to carry on that business
with no connecting link between the
metals is new experiment in the
history of the world; (3) that this ex-
pertinent has been followed by conse-
quences which have led to very gen.
eral and wide depression in COM
merce, trade and agriculture in gold
using countries; and (4) that it is de-
sireable to revert to the system
which prevailed prior to 1873, and
under the effects of which the COM
mercial and industrial prominence
of this country (England) was at
tanned"
On the first proposition he argues:
be-metallism is almost as old as the
history of the world. It is not new
idea, but the abandonment of the
bi-metal system and the attempt by
western nations to carry on the bust
ness of the world on gold basis is
the novelty. 1t does seem that there
can be no denial of this. Biblical
history tells us that 400 shekels of
silver, current money with the mer-
chant" were paid for the cane of
Machpelah." This was nearly 1900
years before Christ. Then we have
the testimony of Professor Max Null
Ter who tells us:
ut has been shown that the ratio
between silver and gold in the Egyp-
tian cOins''-and the history of
Egypt is pretty nearly as old as the
worlds twas always maintained at
to 123, while in Babylonia and all
the countries which adopted the
Babylonian standard it was | to 134
where, with slight fluctuations, it
was maintained for great length of
time" He further tells us that
from the 10th century before Christ,
or if the statement is restricted to
coined money, from the seventh CEN
fury, B. c., to nearly our o,on time the
appreciate ton was not more than IL,
that is, it was limited to variations
between 133 and Is; and that, too, in
spite of the sudden influx at various
times of one or the other of the
precious metals. The readers of the
REPRESENTATIVE can see how small
a figure the extent and cost of pro-
duction of either of these metals cuts
when they are jointly upheld by the
commercial nations of earth. At no
time has the purchasing power of
gold or silver fallen in anything like
the ratio of increase in their produc-
ton. An English writer on political
economy tells us: eve have seen
three hundred million pounds (15OO
million dollars) added to the general
currency within fifteen years, with
SO little effect that it is still doubted
by many authorities whether there
has been any depreciation at all"
But, l am getting away from the
member of Parliament's first conten-
tiOn, that bi-metallism was the
worlds rule till the momentous year
1873. In England, he says, for $40
years, from 1851 to 1897, gold and sill
yer formed the legal tender money.
The British mint was open to free
and unrestricted coinage of both
metals. and when coined at a given
weight and fneness the silver coins
as well as the gold coins were avail
able for the discharge of debts of any
amount. For 81 years of the period
above named, 1863 to 1717, silver was
the standard money and gold was
rated to it. Up to the year 1916, ex-
cept during the great wars, when the
currency was paper money, things re-
NAMED like this. But in 1916 the
single gold standard was adopted,
and silver was legal tender only to
the extent of 40 shillings This was
the first link in the chain of events
which leads up to the present situa-
tion. The effects were not instan-
taneous, because outside influences
were working. France, 13 years be-
fore her neighbours adoption of the
gold standard, opened her minis to