The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1895-12-06

- IN ul0ooaf . Bt0esallAss oa&
Ten ~ Tran - sAs -.
11.>
A. the avowed purpose Of this pub
ucatton u - aid In the complete resto.
ration of "~bimetallism" In the United
states. II 10 deemed proper that the pre-
else nature Of "~bimetailism." or the
"oimetallte systsm." should be clearly
and accurately stated. In the present
tag OF the controversy In this coun-
Try II seems - Be in the highest degree
essential that such an explanation
should Be made. A large majority OF
the opponents Of free silver coinage
proclaim themselves "bimetallists.''
The idea Of . person being opposed to
the free coinage OF silver and at the
same time being . "bimetallist.' is alb
surd. There are certainly some who
are sufficiently familiar with the sci
ence OF money to know that they are
giving themselves a false designation:
but the most Of those who thus apply
the term are no doubt innocently mis-
taken.
There can be no true .bimetallism''
with free coinage Of one metal and .
limited coinage Of the other. The word
"bimetallism" a. used by monetary
writer's means exactly the same Is the
double standard" That is to say. il
means . money standard consisting OF
Two metalA used at a certain ratio to
zach other. both freely coined and each
full legal tender after it is coined.
In hts testimony before the Royal
Commission Of England. given on the
fourth day Of March. 1857. H. II. Gibbs.
then . director and ex-governor OF the
Bank Of England. defined bimetallism
IS follows:
l. An open mint. to which every
man may bring either gold or silver
70 be coined. I
2. A nxed ratio which the gold and 8
silver coins are to bear TO each other. .
>. The enactment that the money 80 '
coined shall be legal tender TO any
amount Of the option OF the payer. .
Any limitattsn upon the coinage OF I
either or upon it, legal tender. de- '
stroys one Of the fundamental princi- o
pies upon which bimetaliism rests. The o
other 1t once becomes the standard. $
while the one subjected to . restric- u
ton Is dropped into q secondary or sub G.
ordfnate position. The theory Of BIZ Je
metallism Is that the free coinage and q
full legal tender Of the two metals az
ter they are coined will keep them at y
. substantial parity. II. for example. =.
the value Of one should rise q little. BY u
q . stronger foreign demand. 81
the home demand for that one would "
decrease and fall upon the =
other. and cheaper. metal. thus act =
Ing ~ . compensation. But. IL one hes =
free acces To the mint and the ethe :"
not, then they meet upon unequal
terms and this principle cannot act.
The one which can be freely coined will
Always be In stronger demand thar the 20
'ther. and. consequently. OF greater ~
value. "
Nor 10 this merely . theory. IL u a
a. we'll established a the Law
supply and demand" In fact. il 10
me Of the most perfect illustrations
( the working Of that law. and IL COR -.
ectnees has been proved by seventy -,
'ears OF Europesn monetary history =
. 1903 France threw open her mints
. the free coinage Of both metals IT -,
he ratio Of ls1s OF. of silver to or. OF !
old. and this mint ratio controlled the 10
elative market values. not only in I
rance. but everywhere. up to the year AZ
s73. :
In 1916 England adopted the gold ~
tandard. and It once put forth an un- I
sual demand for gold. Had there been s,a
o bimstallism in France. gold would !
Immediately have risen greatly in 49,
aiue. A. IL va. though. . large part il
{ the gold required By England was con-
By France. but the demand 9.
| the latter for silver TO take the place XIV
the gold Withdrawn By England op- a..
rated a. . compensation. and prevent No,
! the silver from falling or the goid the
ON rising. except to . very limited
Ktent.
Again. when the American civil var :
Foke out. England vas forced TO turn ~.
India for cotton. She had no silver. -
nd the East Indians had no use for -.
old. So England exchanged large r..
mounts Of gold for French silver. 80
This. combined with the immense -
I'D production Of California and Aus :.
ALA, drained France Of . large por- -.
on OF her silver. The conditions OF 80
'is were now reversed. and E~ngland's 80
Et~raordinary demand for silver was -.
7set BY the French demand for gold 49,
. it, place. and again the parity ~
~ preserved. ~
These are facts recognized by all 49,.
onetary writer's Of sufncient standing 49,,
Be remembered fifteen minutes after -.
icy are dead. Wolowski on the BIZ 80,
etallic side. Jevons on the gold mono 49,,
etallic side. the Royal Gold and Silver ~
Of England. consisting OF
I bimetallists and six mo~nometallists. ~
concede the correctness Of the prtn- ~
pie here stated But without consult -
8 the authorities At all. It ought 10 uan
manifest to any person Of ordinary n !.