The times. [volume] (Richmond, Va.) 1890-1903, 1895-07-14

which prevails ana MUS 'Nt'
the ephemeral bimetaliic literature on ~
day. Is simply due TO ignorance rIo'n
ISIS. England has been Withdrawn iro'"
this action OF a bimetallic law, and me
u,dern fnsular pamphleteer has before
his eyes no sign OF its working ~ MS
own country He therefore assumes
universally OF such experience, ana az
tributes IL 20 the French legislative Ia
ito IL il I'm no polemic spirit Dut si'a-
ply i'm the interest Of science, thAt 'N'9
particular misapplicaton OF history
the squarlng OF a theory IS 10 pe piai,NS ,'.
The niainest facts Of history are thti'pf
absolutely misrcpresented, and the as
SUMPTION OF cause and effect Is so faF
from heinz. true that the rcpose or the
rnylish currency history Of the nine
teenfh century Is 20 be attributed 10 'l'
absence OF bimetailic systemic us
DESPITE rather than It's presence ana III
nucnce."
most heartily endorse every word OF
this.
have been blamed ia certain quar-
ters Tor the severe language IN N"',"
I have spoken of bimeiallism. ! may N'
permitted to say that | have NOT ihN'H
up this question for the nonce, or IN vac"
of the present disturbance M c1ii'i"'
] have carefully considered the ~,
ton OF n lNUIAf rAAlitNAN 10
ism. as IT'S advocates are pleased 10
term it-for thiry-hye years. J. oi1y
wears ago circumstances comlell'u '"'
TO take up economies. and ! saw that one
OF the great defects Of the current "of"7
on the science was the insufficient at
tauti,n they gave to the theory oi lhe
coinage and the history Of the coiha-''
The theory of the coinage and the ms
tory OF the currency are one OF the mus
importaut departments Of the economies
of a country. In my Clemens or TO-
ltical Economy" published in 1885, / Tor
the first time gave a sketch OF the mn
tory of the coinage Of England. III '"'
course of this Investigation came uP'.
Sir Thomas Greshams letter 10 H''e'
fifgar.fh which for the FIRST time ih
this country explained that BAD money
ALWAYS drives ont good money. itlceN
ing Inc transcendent Importance OF TINS
law. 1 suggested that IL should be can' I'll
Gfeshap's law: this has now been UNI
yrrsaly accepted. I'm 1854 the great
trpatises of Oresme and Copernicus were
first published in a popular form uh"''
the odii0rship Of my friend Nj. w oloNaNl'
and it appeared that they had aife"NS
anticipated Gresham's law I'm their re-
srcctive countries. This great funnh-
mental law has been invariably Nerl-
fled I'm The history of the coinage OF every
country during 80 years, ana nolau'y ~
m the period from 1898 to i,it in France
which the bimctallists cite as the golden
age of bimetallism. which IL was lil ,n'
sense of demonstrating it's utter iuuhty.
gim.tallism has ruined and destroyed
every system OF coinage when j. ever
touched.
When. then. I saw persons in responsl-
bile positions addressing cheering meet
inps and gatherings Of artisans and fu7-
Hes making assertions which / knew
To- Doe founded ON fictitious facts ana dis
torted and falslhcd history holding OUT
anticiDations which I knew to pe uii, r.
ly delusiye. and making promises Wnl'"
1 kuew 10 have no more value Do lh'Hi
than so many bills drawn upon the Bank
of Elegance or Aldgate Pump. n was
difficult TO refrain from the language OF
severe ccnsure.
Since then. AS 7 have said. Mt 9hh"
has published a. work which ike 10Y
own emhodils the results of careful
study OF the history Of the coinage oI
the principal European countries for an
yoars. and his Judgment agrees 100 every
roint with mine. and he speaks Of tho
himetalist1 I'm just as severe terms as
DO. de says.
"ln economic history there IS no de-
partmcnt I'm which the study of the cN-
parience Of other times ami nations is
more necessary and rosullful lessoniul.
v.isdomful than the domain of curren-
Is. The verdict OF history 1n me great
problem of - nineteenth century '.-
moalislm-i is clear crushing, ana hnal'
and AGAINST the evidence OF history ro
eainsaying OF theory ought Tor a moment
to stand"
And also.
..rhc modern theory of himotallism S.
almost the only instance iH histor- OF
a theory growing not ont of practice
but of the failure of practice resting not
ON data verified, but on data falsiiei.
and consure marked. No words can Doe