Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-12-06
because durIng al thnt period silver bad

The bimetalists are energetically
urging governments to adopt their doc
trines. Well, we have two examples OF
the ideal condition Of the bimetallists,
and we shall sec with what results.
In 1866 it was enacted that all persons
might bring their gold and silver to the
mint-to be coined free of all charge. BY
the mint indenturcs the gold guinea
was coined TO be OF the value of eos. in
silver, but no legal ratio was fixed be-
tween the coins; the public were to re-
ceive them at such q rating as they
pleased. Guineas, instead of being cur
rent at eos. according to the miut in
dentures, passed current at 22s. The
silver coins became constantly more de-
graded, until at last they were Clipped
down to half their weight After the
great recoinage by William the Third,
guineas were successfully reduced by
proclamation, and treasury warrant
fixed that they should be received at the
rate of of 2ls. Sd. at the Treasury. But
still all the good silver coin disappeared
from circulation as soon as it was issued
from the mint. In their perpiexity the
government referred the whole matter
TO Newton, who showed that the true
value of the guinea was only 2Os 3D.,
according to the market value of the
metals, and that in consequence OF this
all the good silver was at once exported.
He recommended that the guinea should
DO reduced to 21s. by way of expert
ment. This was accordingly done; but
the guinea was still oYerrated by 4d.,
and the consequence was that there was
no good silver in circulation during the
whole of the century. II then became
an established custom among merchants
that all obligations became payable in
gold only, rs the cheaper metal The
foreign exchanges were settled in gold;
so ever since 1718 England has become
a gold monometallic country, and in
| public estimation the standard was
changed from silver to gold, although
the obsolete and effete words of BIZ
metallism fingered on in the statute
book for another hundred years. At
| the great recoinage of 1916, that which
had become established by mercantile
usage was enacted by law. Gold was
adopted as the sole standard, aud silver
was coined only in limited amounts,
| and made legal tender for only ,40s.
Ever since then England has enjoyed
the most perfect system OF coinage ever
devised by the ingenuity Of man, and
has been perfectly free from all coinage
troubles.
will now take the case which the
bimetallists cite as the golden age of
bimetallism. France endeavored to
maintain bimetallism from 1113 to 1874.
But during that time the mint price Of
the marc of gold has been changed LAG
times, and the mint price of the marc OF
silver 251 times, and the changes of the
rating between geld and silver were in
Vulnerable; at last, in 1926, the ratio of
gold to silver was fixed at to al. But
silver was rated too highly, and by the
same law that gold became the standard
in England, silver became the standard
in France In 1903 the ratio of gold to
silver was fixed at l to 1871, at which it
still nominally remains. Gold and silver
coins were made equally legal tender at
that ratio. But the French liberating
armies plundered all the sanctuaries of
the countries they came to liberate OF
their treasures. Vast quantities of silver
were coined, and the market ratio OF
silver to gold became II to |. Thus gold
was at o premium from 1903 to 1850
and consequently there was no gold in
general circulation during that period.
myself can testify that in 1899 there was
scarcely gold coin to be seen in com
, mon circulation in France. There was
of course plenty of gold coin to be hat
at the Bank of France, but those wht
: wanted it had to pay a premium for it
, Soon after 1850 the gold supplies cam
Z in from California and Australia, ant
: the market ratio of silver to gold, which
), was l54 to 1, rose to 15b to /; and thu
Z apparently slight change in the marke
i ratio, while the legal ratio remained a
15t to i, was sufficient to displac
= 150,000,000 to 200,000,000 of silver AM
y to substitute an equal quantity OF golt
y for it. | was residing at a French sea
), port town in 1857, and every steame
/, that came in was loaded with casks o
:, Scotch whisky going to be transmute
- into French Brandy, and every steame
y that went out had its deck piled wit
- bags of 5.franc pieces. II was the sam
at every other port. Silver departed iror
y France in flood, and at length becam
IS so scarce that it became necessary t
II coin those detestable 5-franc gold piece
le This case shows the immense practic,
! importance Of even a very slight ditfel
4, ence between the legal ratio and I'll
y market ratio of gold and silver, md dC
Y cisively negatives the allegation Of th
N bimetallists that gold and silver can eli
~ culate together in unlimited quantitit
V at legal ratio differing from the mark
&c ratio.
q In 1865 the Latin Union was forme,
+, but even then Italy declared herself
il favor OF single gold standard. In lSt
n. the value OF silver began to fall and I
10 create uneasiness. A commission W.
t.1 l,y
IS against the adoption of single go
standard. In 1868 the fall became mo
accentuated, and a commission by
IS majority declared in favor of sing
X gold STANDARD. Another commission
'se lS6970 reported still more strongly in
'e' favor, In June, 1870, Prussia appointt
~ commission to consider The expct
w ency of adopting a single gold standar
ne but the war Of 1870 put and END 10 {
n these discussions. By acts of 1871 al
so standard. In December, 1872, Belgui
adopted single gold standard. r.
Ich matter then became still more presSin
oil and q great debate was held at I
Societe Economic Politique, in viii
the government was represented
ere NJ. deParieu. The majority strong
llts dcCNlSd Nh tiO lAVSSsslGS Va hlJpIlHs
nd a single gold standard. In accorlar
the with this resolution, France closed /
ln- minis to the free coinage of silver
Ind 1874, and became gold monometal
ing country The bimetallists persisten
Jne assert that it was Lie closing OF
be French minis in 1874 that caused
fer fall in the value OF silver, whereas
hat was exactly the contrary. 1t was /
be fall In the value of silver which &C
PEELED the closing OF the minis 10
: Of free coinage Of silver, and It's necess