Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-10-28
Bimetallism.
A gentleman we'll qualified to DISCUSS
the questions involved in bimetallism has
sent To us the following note'

A gentleman we'll qualified TO discuss
the questions involved in binetailisn mas
sent to us the following note:
TO the Editor of the Displtch:
Feeling much lntereated also In the SUD
jcct OF "World-Wlae B.'l'taliism' take
the liberty OF ca!iirc your attention 10
an article under head Of something
About BimctliIlam." published In the
October U3. 1870 No. ot the FINANCIAL
Chroncal. one of the a0.e9t papers IN inc
world. and would Suggest your pubiish-
ing IL a. u help IN the much-needeu euu-
cation on the subject BlMETALlhsM'
The article referred TO by our CORE
spondent had attracted our attention. ana
had been laid aside for possible future USE
1t is so long. however that We know not
when It would be within our power TO
furnish our readers with ii. We give
nevertheless, a short extract or two from
1t which Will show its bearings on this
important subject. We quote:
"World-wlde blmetalllsm IS, We believe.
feasible under joint agreement OF the
leading commercial nations On the other
hand. free coinage adopted by America
alone Is in every way impracucab.e ana
has nothing 10 recommend II. bNen the
most cherished objects the cheap-mOney
party Is seeding could not be attained
by that method 1t would not raise the
price OF silver a farthing. 1t would rob
our dollar OF half its value, 50 that one
sovereign could buy about ten Of them
instead OF FIVE. as now, 1T would give the
farmer and planter for their produce sill
yer dollars worth about one half the gold
dollars they get under the present sys-
tenn. 1t would not expand, but violently
contract our currency; II would not
stimulate business, but paralyZe IL after
producing the most destructive panic the
country had ever eXpeFenced.'
Again:
But the discussion Of bimetallism has
shown much activity in Europe lately.
and the b.metail!sts have become aSgres-
siyc. Mr.. Hcseltine has given the subject
careful study. and as he brings 70 the
discussion a long and wide business cX-
Icrieuce. both his facts and his method
are striking. He starts with asking the
reader TO bear in mind that the founda-
ton Of the system Of gold monometailsm
IS Of very recent date. 1t IS only since
1873 that there have been two moneys
in the world and Two standards Of value
not linked together by d ratio fixed by
law with more or less perfection. The
period Of greatest stability was from 1875
- 1873. when the French law secured Tor
the world one money. consisting OF all
the gold ana all the silver on the basis
Of which all values rested MonOmetal-
Ism began TO exist in 1873. and then for
the first time the two metals became an
taEOnistlc. Tp 10 that date the money
system Of France made fl the stay and
centre of exchange for the worlds cur
rcncies. As NJ Cernuschi says. IL was
French lfmotallism which saved the value
Of gold in 1872 and following years; II
was French bimet3llism which enabled
English monometallism to live on good
terms with its Indian recommendation
Whatever the quantity ~ bills during That
period the India Office had % sell. French
bimctallism furnished England with
par Of exchange as mathematical ~ that
which she had with Australia a country.
Ike herself. coming only sovercigns."