Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1895-08-13
ls eI.MetaIIIsm PractieabIe2

The combined governments Of the
world could not keep the two metals
on parity at any ratio different
from the ratio between the output of
gold and silver mines. The silver
ties insist that production in the fu-
ture Will be in the same proportion
as in the past. They may be mis-
taken. We cannot risk the produce
ton of silver increasing more rapidly |
than that of gold. The fatal objec-
ton to the 16 to l theory is, that, if |
the silver output exceeds. 16 times
the gold output, then there will be
more silver than gold dollars. and
exchangeability cannot be main
tanned.
If government should not attempt
to keep silver bullion on a parity
with gold bullion, then the free coin-
age of both metals at any fixed ratio |
must be Abandoned. But to abandon |
free coinage, at l6 10 /, does not
necessarily mean to continue boycott
ting silver. The government may
bind itself to coin all of both metals
offered at the mint; it may bind it
self to coin an equivalent of silver
whenever it coins one grain of gold.
Our proposition is, to change the size
of the dollar as often as the proper
tion changes between the output of
the two metals, We accept the
proposition that the bullion in sill
yer dollar must be as valuable as that
in gold dollar; but we propose to
coin at flexible ratio, which, work
ing automatically, will vary as the
production of the mines varies. Our
proposition is, that the quantity of
bullion in silver dollar shall depend
on the relative amounts of the two
metals offered at the mint during,
say, twelve months. If, during 1895,
the metals are offered in the proper
ton of 50 to 1, then that will be the
ratio for the year; if, during 1897,
they are offered in the proportion of
| 15 to 4, then that will be the ratio
for the year. The method will be
very simple. Let the government
issue its certificate to a man bringing
silver, reciting the number of ounces
and that he is entitled to have the
same coined into dollars at such ra-
ito as shall be fixed by the relative
amounts of two metals brought to the
mint during the following twelve
months. Suppose the gold brought to
the mint many year yieldsS50, 600, 900
then the amount of silver brought to
the mint, be it much or little, shall
be coined into S50,Q00,0Q0. Then
there will always be as many gold
/. dollars as silver dollars, and it will
be safe for the government to agree
to always exchange one for the other.
| IL exchangeabilitY is maintained, one
will be as valuable as the other the
world over. Exchangeability may be
maintained forever, if there is al
ways gold coin to Offset every sill
yer coin.
The gold mines add, say, $50. 000,-
900 annually to the volume of our
redemption money, but if this auto
matte ratio be adopted, silver mines
will add another $50, 100000. Our
redemption money will then increase
as the annual outputs of both silver
aud gold mines are added to the
supply of precious metals: whereas
the gold-bugs wish to limit the in
crease of redemption money to the
amount of gold which may be pros
duced. The gold-bugs do not pro-
pose to coin any more silver whereas
the bi-metallists propose to coin all
of both metals, but at such ratio as
will keep the bullion in silver dol
lar equal to the bullion in a gold
dollar.
The word ''exchangeability" must
not be COMPOUNDED with the phrase
redemption money" Prior to 1873
both metals were redemption: money
viz: all credits were payable in eth
er silver or gold. If we had never
had any "paper money" the phrase
redemption money" would never
have been heard of. Exchanged
bility' means that the government
agrees to be always ready to ex-
change gold dollar for silver dol
lar.
1t will be objected that this sys-
tenn may give US two sorts of silver
dollars, one larger than the other
This objection will be answered
presently: our only object now is
to show that it is practicable to coin
all of both metals, and yet maintain
the silver dollar equal to the gold
dollar.
8. Sixteen to one " is already de-
feated. If vote be taken between
gold recommendation and free coinage
at sixteen TO one, silver will be
beaten, and it aught to be beaten,
because it is risky. But an over
whelming majority are in favor of
honest bimetalllsm, and if silver is
sagacious it will force a vote be-.
tween an automatic ratio and gold
monom etalism. On this issue silver
will win. 1t cannot win on sixteen
to one. j. NJ. MASON.
Charles Town, w. Va,
August II, 1895. !
A large fire at Hagerstown satnr-
day night destroyed the Moller or
| uon factory and ifs contents with n