The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-06-12
A STRONG W.
BIMETALLISM-HAS 1T BEEN A FAIL
IRE? .

OBSERVATION-DISCLOSURES IT been A FALL
IRE?
To the Editor Of The American.
Dear Sir-The misStatements OF some
facts, and the suppression of other facts,
of grave Importance, which have char
acterized the gold-monometallists In
the great debates in congress-, continue
to make up the arguments of the gold
press, while the main questionable
honesty, the justice of such a violent,
revolutionary movement as that of
changing by legislative enactment the
standard of payments for the immense
bonded Indebtedness of the world
is ignored entirely. The fact that it
was the apprehension Of the creditor
classes, after the discoveries of gold in
California and Australia, that money
was going to become too cheap unless
one of the money metals was shorn of
it's functions which was distinctly
avowed in Europe, when a crusade began
against gold, is not wen referred to.
Holland demonetized gold in 1851 and
Germany in 1857, followed by some
other countries; yet without in the least
affecting that law, public and univer-
SAL" as NJ. Cernuschie said at the Paris
International Conference in 1881, by
which France fixed for the world the
value of the two metals by coming any
quantity of either metal for all corners.
"No man ever sold a ~kilogramme of
gold at Jess than 3,100 francs, nor a
kilogramme of silver for less than 200
francs between 1903 and 1873" he goes
on to say; and while recognizing the
fact that England, upon occasion, hav-
ing need Of silver, would seek for 1t in
Paris, by means of a commission, and
at other times, having a surplus of sill
yer, she would seek gold for it in Paris
by a commission, yet, he said, that did
not alter the fact that the par of 1914
to l was universal.
This is an old ~threadbare delusion, re-
peatediy exposed by Prof. Lauclaye and
others, but still used to make it appear
that there was a market divergence,
when it was well known that bullion
brokers would not exchange one metal
for another merely to accommodate
some one.
Suppose merchants in London desired
to convert FL 900 900 in silver Eat par
1914 to u instantly into gold and paid
l per cent commission rather than
await coinage, and then a month later
have use for a like amount of silver
to send to India, or that the British gov
eminent, needing it for some foreign ex-
petition or military movements, seeks
it by paying brokers in Paris 1 per cent
the other way, would this divergence of
z per cent signify anything as affecting
the statement of M. Cernuschie?
All it really indicated was that Eng
land in all her foreign trade relations
was under the bimetallic law, public
and universal" but under the disad-
vantage of her isolated system of limit
ing her silver tonnage to actual home
requirements, and to insure it's reten-
ton at home debased it by coming sc
pence to the ounce, so that it could
not be used abroad nor melted without
heavy loss, and she was, therefore, SUBJ
changes.
1t is a plain proposition that perfect
parity is established by the open public
coinage without limit of both metals at
1872 ounces to /. How can coin be
| above metal when the latter can be,
without expense, converted into coin?
| How can it be below metal when the
holder can melt coin into bullion? All!
| but the delay and loss of interest, the
inconvenience, etc.
+ The whole thing is utterly unworthy
and illustrates the desperate straits to
which are reduced the defenders of a
policy intended to benefit the creditor
classes at the expense of the debtor
classes. The entire theory upon which
the use of the two precious metals as
money has rested in all ages has been
upon the full use of natures full supply
of both. Why do they oppose the re-
Mobilization Of silver? The answer tells
the story. 1t does no good to deny at
this late day that gold is ap%preciating.
| Aside from the fact that nearly all the
| professors of political economy are
| agreed as to that, the very arguments
| Of our opponents admit it, for they say
that the restoration of silver to its
former place will initiate it. That it is
| cheaper money. To what? Of course, to
the bimetailic level.
1t being admitted that gold is appre-
| ciating land who can imagine that gold
is not as subject to the law of supply
| and demand as any article in USE? p,
how can honest men defend the attempt
now being made to make that tOne
metal the sole standard for valuing the
property of the world from which it's
vast bonded debt must be paid?
Why, its total volume will not pay
one years. interest on the debts. 1t is
painful to hear an American lightly
make the statement that the increase of
farm tenantry is in evidence that farm
lands are attracting the favorable atten-
ton of investors. Heaven save the
mark!
How true but how terrible in it's sig
n%ificance? True, but pity it's it's true