The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-16

found TO disappear In one or the other oil
| these three ways.
ut is exactly the same IN all cases In
| which persons are allowed TO pay their
| debts IN things which have NORMALLY the
/ same value, but In reality are OF differ
| cnt values. When persons are allowed
\ 10 nay their rents in nind. they natural
| ~ select the worst portions OF the pro-
| duce to pay their landlords and keep the
| best portions for themselves.
| IF merchants received an order for so
| many yards OF cloth, and the law allow
| ed two different yard measures to be
| used. one OF three feet and one Oh TWO
| feet, merchants would natural, iuinI
| their orders in yards of two feet, rather
| than in yards Of three feet. III is ohiy
natural that persons should pay ,helr
/ debts in the cheapest form 10 'hen-
| selves.
80 II the law allows debtors TO pay
their debts IN coins OF different metals
which are rated equally In law, but whoSe
value differs In the market OF the world.
thew will naturally pay their debts in the
| coin which Is overrated. and keep the
| coin which is moderated at home. Then
| inevitably the coin which is underrated
| disappears from circulation ana the coin
| which IS rated above its natural or market
value alone remains current, and this Is
| fr,,e whether single or separate States
| 40 90. or whether the whole world does
an ~. then. the whole world were TO
| gree 10 rate q coin below It's market
value. IL would inevitably disappear from
circulation, for the whole world can no
more by universal agreement make nine
equal TO twelve than any separate States
can.
YuIILITY OF INTERNATIONAL AGREEMENT.
For the very same reason. II is i'm
possible 10 maintain a fixed par OF ex-
oh hot t1A which l.
ferent metals az their standard. because
coins are only accepted in foreign coun-
tries according TO the market value OF the
bullion they contain, and as the value OF
the metals is constantly changing in the
market OF the world the value of the
coins must equally do So TOO.
'"rhe truth Of these principles, which are
gathered from the experiences OF ages, is
incontrovertible.
THE bimetdllsts contend that II fixed
ratio between the metals were establish
ed by international agreement the market
value of the two metals would conform to
It; that by so doing the metals would
circulate together in unlimited quantities
at the fixed ratio. ana so augment the
currency or circulating medium OF the
world that every one would bring his
gold and silver 10 be coined that these
might be used ndifferently In the payment
Of debts. and that a stable ratio of ex-
change might be established between all
nations.
Most unfortunately, the experience of
bImetallisnn in every country for five nun
bred years entirely negatives all these
allegations.
l. 1t Is proved that the fixed legal ratio
between the coins never had the slightest
effect on the relative market value of
the metals.
2 That when the fixed legal ratio be-
tween the coins differed from the relative
market value Of the metals, the coins of
that metal which was moderated in
variably disappeared from circulation. and
the coins Of the metal which was over
rated alone remained current, and that
as the market value Of the metals chang
ed gold and silver alternately drove each
other out of circulation, so that there
was no augmentation Of the currency,
but one metal simply displaced the other.
3. That when one metal is at premium
i e.. its market value exceeds the legal
ratio-no private persons bring that metal
to be coined, because il would be simply
to diminish the value Of that metal. The
master of the mint stated in 1916 that
during the whole Of the reign of George
III, no more than f6i.5 800 of silver was
coined at the mint, because during all
that period silver had been az premium.
AT the great reCOinaGe Of 1876 that
which had become established by mer-
camille usage was enacted by law. Gold
was adopted the sole standard, and
silver was coined only I'm limited amounts,
| and made legal tender for 40s. Ever
J since then England has enjoyed the most
| perfect system Of coinage ever devised by
| the ingenuity OF man, and has been per
fectly free from all coinage troubles.
| Tuy LATIN Union
! "In 1865 the Latin Union was formed,
| but even then Italy declared herself in
| favor of a single gold standard. In 1851
| the value of silver began TO fan and TO
| create unca siness. a commits sion was
| appointed. which. by majority, declared
| against the adoption of single gold stan
| dard In 1868 the fall became more ac-
centuated and a commission, by a ma
| jorlty, declared in favor of a single gold
| standard. Another commission, in lS6J-7O,
reported still more strongly in its favor.
| In June. 1870, Prussia appointed COM
| mission to consider the cXpediency of
| adopting a single gold standard. but the
war Of 1870 put an end to all these dis
cussions BY acts of 1871 and 1873 Ger
many adOpte1l single gold STANDARD. In
| December. 1872, Belgium adopted a single
! gold standard. The matter then became
| still more pressing, and great debate
| was held at the Societie a Economic Poll
! tique. in which the Government was rep
| resented by M. de Parieu. The majority
! strongly decided on the necessity of adopt
| ing a single gold standard In accord
| ance with this resolution France closed
| her mints to the free coinage of silver
! in 1874 and became a gold monOmetallic
| country. The bmetallists persistenly as
Sert that IL was the closing OF the French
| mints in 1874 that caused the fall i'm the
] value of silver, whereas it was exactly
| the contrary. 1t was the fall in the
value of silver. which compelled the
| closing of the minis TO the free coinage of
silver, and it's necessity was foreseen six
years before ii took place, and it was
only done after the fullest discussion, and
in accordance with the advice of the
highest authorities.
nxPERIrSCE OF CENTURIES.
THUS. while the bimetalsts of the
present day aiiege that a fixed legal ratio
between the coins can control and fix the
relative value of the metals the expert
ence of five centuries and a chain of au-
thorities comprising some Of the most IL
lustrious names the world ever produced,
with the consequences of bimetalllsm be-
fore them, clearly and Unanimously de-
cded that such an idea is delusion,
and that 1t is the market value of the
metals which regulates the relative value
of the coins.
"Bimetallists now admit that no single
country can maintain bimetallism by it.
self, but they allege that If all