Arizona weekly citizen. [volume] (Tucson, Ariz) 1880-1901, 1894-01-27

the reach of attainment-these are the
very Fundamental points of bimetallIsm
L am now merely calling attention tC
Inc fact that, as things are, We have
under the demon nation OF so-calleo
monometallism, not one common stand
ard OF value, but two distinct standards
gold, in England, for instance, and
silver in Indian-each metal being liable
to tiuctuation il value, and the fiuctua-
items in one being wholly independent
Of the fluctuations in the other. Plainly
there is nothing in the nature of things
to hinder gold from fiuctuatIng in value
whilst the value of silver remains I'M
changed; nothing to hinder silver from
huctuating in value whilst the value of
gold remains unchanged; and, in fine,
nothing TO hinder both gold and silver
from Huctuating in value at the same
time, and tiuctuating very notably, and
In opposite directions.
This is what we are exposed to in
the present monometallic system. 1t
In no sense results in unity. 1t Results
In duality and divergence, pure and
| simple.
Now, on the contrary, the aim OF the
blmetallists, instead of being-as Is
sometimes incorrectly supposed-to
| set up duality of standards. is to bring
about common standard of value, as
far as possible everywhere, in gold
countries and "silver" countries alike.
What bimetallsts contend for, In the
first place, is that tue unity which is
one or the first requisites in monetary
standard has not been attained in our
present monometallic system. Fur
theremore they contend that it can be
brought about only by the adoption of
toe system they advocate, which is, To
make the standard of value-if pos
sible everywhere, but, at all events,
over the largest possible area amongst
the commercial nations of the word
consist, not of one or of the other or
the two precious metals, gold or silver,
but of combination of the two, linked
together.
How can two metals be linked to-
gether, SO as to form, combined, one
standard of value? That is easily
shown. Here, for instance, is how they |
we're combined in the system which |
was in operation in France down TO
1898 There Is a special reason for |
taking the system as t was 10 opera |
ton In France from 1903 10 1878. |
BImetallism was established there IN /
1909 by Napoleon. A. that time, the |
English currency system also was
blmetallist. Bimetallism had been es-
tabished in England in III, on the /
of Sir Isaac Newton,
then master of the English mint 1t
was not abandoned by England until
1916. But, speaking of France, here
is how bimetallism worked In that
country down to 1878. From 1903 to
] 1873, the French mint was open for the
coinage, whether OF gold
or of silver, either metal being ac-
cepted for coinage in the ratio of l512
to 1,-for instance, 1873 ounces of
silver or one ounce of gold was cOired
into an equal sum of money.
In 1863, the same arrangement was
adopted by the other countries of the
group know as the Latin Union
Belgim, Switzerland, Italy, and Greece.
Down 20 1868, then, any one, i'll any
part of the world, who had either gold
Or silver bullion to dispose of, could
have taken it 10 the mint of any of
those countries and there made into
coin.
Here are the three points of the
system as it was carried out
in those countries. First, S1:y given
quantity of gold bullion was always ex-
at the m:nts for Its weight
in gold coins; and any given quantity
IF silver bullion was likewise exchange
able for its weight in silver coins
Secondly, the coins given o1t in return
Tor any weight of standard gold bullion,
were of 1513 times the value of those
given cut IN return for the same weigh
IF silver bullion. Thirdly, all those
coins, whether of silver or of gold, were
legal TENDER" within the country, for
he discharge of all debts, to any
amount.
1t can hardly be necessary to point
out that when the Is o metals sre thus
AIKEN into the standard currency, the
king of a ratio of value between them,
that is, between the mint value of a
given weight of one and ths mat value
IF the same weight of he 9th r,-is a
natter of absolute necessity.
Except TT a fixed ratio of value
between them, the two metals could
rot be kept in circulation in ii country
Is money. That is admitted on all
hands. Ii no check were kept upon
he tendencies to divergence between
he respective values of gold and silver
the Value of each being left to be
determined merely by the chances of
supply and demand in the markets
If the world-commerce would be
endered practically impossible. For
t would be open to debtors to dis
charge their obligations in. one or in
he other according as one or the other
vas, for the time, prOportionately less
n value. That would be utterly sub
'ersive of the certainty which is an
A l~... Ill 81 i
actions.
Monometallism, as we have it in ,
Great Britain aud Ireland, In Germany,
md in so many other countries, tends
o raise the value of gold, there by ,
avoring the interests of all capitalists, :
he interests Of all those who have :
command of goid, -money-lend and
he hke,-favorlng all such persons
It the expense of the general COM
nunity, and favoring also the interests
# all creditors, the interests of all who ,
laVe a claim to receive a fixed money :
payment from others, favoring these
It the expense of their unfortunate
debtors.
Until 1873, the existence OF bimetal- |
ism over the large area in which 1T was
till maintained, practically saved the
whole commercial world from feeling I
he effects of mononetaiism. So long
IS the minis of so many countries were &
lept open on bimetallist principles.
went on almost "a before.
But how could the maintenance of
he system in France and those other l.
have affected the relative |
-alues of silver and gold elsewhere?
How could it have affected their rela- t
ives values. for instance, in England? {
n this way: These who had, for ex- I
Im pie, silver bullion TO dispose Of
ay, in Eng not part with }
s or 20 ounces of it for an ounce of
,cld, when by sending it to a public ]
mint, in France, for instance, they I
.oulG get as valuable and equivalent for 7
81 ounces.
Gold, as the result of variety OF
81 -.