The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-27
IBlmotailsm Ia History.

use. Az tho consumption oil $685.
FOL fine unc OF silver for money In
this country from 1878 10 1893 did moi
prevent tho fall OF silver, II 10 evident
that tho mine owners a hope for moth
ine in this direction except by driving
gold out OF the country, and rcplacingi /!
with silver. Soma advocates OF free
coinage actuatcd by n desire to raise the
price OF bullion, and others by a desire
to lower tho monetary unit. Both Of
those purposes can not possibly be &C
complished.
But suppose We could have FREQ coin.
age. without lowering tho present value
OF the dollar?
There would DO enormous profits for
the owners OF silver mines.
Does bime,alltsm consist in the use Of
both gold and silver?
No, it conaists, so far MS the law goes,
in the froe coinage OF both metals, and
80 far rs the fact goes, in the simulta
neous and concurrent circulation Of gold
and silver, with the free coinage Of
both.
Does bimctallism exist anywhere?
Nowhere; not even in France, where
free coinage ceased in 1878.
Is the bullion in ton silver dollars
worth tho bullion in an eagle?
Only about bali rs much.
Was that always so2
No; when the first mint law was en-.
acted one pound OF gold was worth III.
teen pounds OF silver, or that was the
conclusion Alexander Hamilton reached
after careful investigation.
The United States was an independ-
emit nation. Why did it not make it's
own ratio between gold and silver, in.
stead OF trying TO learn what tho ratio
in Europe was?
Because Mr.. Hamilton and the other
founders OF this nation were men OF
sense, who dealt with facts aud not
with dreams.
Mr.. Jefferson was particularly an.ag-
onis;ic 10 tho ''etfete monarchies," was
he not? lie entertained extreme views
OF the power oil the American people;
he certainly must have insisted on their
right 10 make anv ratio that wa, for
their interest, and as they wore poor
their interest must have been to have
poor money.
On the contrary, he said: Just prin-
ciples will lead us TO disregard legal pro.
portions altogether; to inquire into the
market price Of gold in several countries
with which we shall principally be con.
nected in commerce., and TO take an nv.
ernge from them"
1t i. said that tho silver dollar was
the sole monetary uni. from 1892 to 1878.
It ia not go. The act OF 1892 provided
for the coinage OF gold and silver at a
certain ratio, on tho ame terms. \
single unit W as struck in silver and mul.
tipIes OF the unit in gold. because II
gold dollar is inconvcniently small. md
aten-dollar silver piece would be absurd.
How did Alexander Hamilton UNDER
stand tho unit?
In his mint repor. he said: I'll each
OF them [goid and silver be as valid as
the other in payments to any amounts,
il is not obvious in what etIectual sense
either OF them can be deemed tho
money unit, rather than the other. Ii
the general declaration that the dollar
shall DO money unit OF the United
States could be- understood to give 1t Il
superior legality in payments, the in
stitu,ion OF coins OF gold. aud the decia-
ration that each OF them shall be equal
to q certain number OF dollars would
appear to destroy that inference"
But it is urged that in 1854 it was the
gold dollar and not the silver dollar
whose weight was changed.
Tint was because the gold dollar had
been driven out OF use, and its weight
could DO changed without effect upon
business,
II it were true that tho act OF 1902
made the silver dollar tho exclusive
standard would it be true tina, it 70.
manned so ill 1873?
No, for the gold dollar was made in
lSiy.
What conclusive evidence ia there
that tho standard and the material o!
the ono dollar piece are not identical?
Tho fact that tho coinage OF tho gold
dollar was stopped in 1890. while silver
dollars are still coined but tho gold stan.
dard prevails in IL coinage.
or course gold and silver remained at
the ratio Congress fixed?
They did nothing OF the kind; when
the market ratio changed n little gold
disappeared and left the country with q
silver circulation.
Who saws so2
Tho currency committee OF Congress,
in its report OF February Q, 1921. said OF
tho mint rntio established By Hamilton
at is sufficient 10 know by unhappy OK.
psricnce that its tendency is to rid us
OF II gold currency and leave us nothing
but/silvor.
What clso?
Secretary lngham, May 1, 1880. in re.
sponso to n senate resolution Of inquiry,
said: Tho history OF coinage proves
that little reliance can DO placed on
artificial regulations Of relative values
Of the standard measure OF property rs
II means OF maintaining n regular cur
roncy Of Uniform value. = = The
proposition that there can be bur one
standard in fact 10 selt-cvidcn,. . >
Tho history Of coinage abounds with
mint regulations to keep gold and silver
together. and statutcs prohibiting, IN.
dor severe penalties. tho cxportatiou OF
either; MI OF which hnvo disanpointcl
every OK pectatiOn OF their PROJECTORS
Any more testimony OF this sort?
Mr.. L. 4. Whites select cOmmittco o,
tho house on coins enid in n report,
June 80. 1882: "rhc committee , 4
cannoi ascertain that both metals have
ever circu'atcd simultaneously, con.
c%urrontlp aud Unfortunately in auy