Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-05-24

which constitutes by far the most I'M.
portant factor In our financial and
commercial transactions would be sub
stantially destroyed by tho confusion
and uncertainty necessarily following
such great and sudden change in our
monetary system.
But II Is contended by n large num-
Der OF the advocates OF free coinage
perhaps majority OF them-that the
eject OF their policy would be. not 10
abolish the present standard OF value
and substitute the single silver stand
ard In Its place. but that II would ea-
tablish what they call blmetalilsm and
n double standard. confess my inabli-
ity TO understand what Is really meant
by double standard or measure OF
value; the idea is incomprehensihle to
my mind, because | cannot conceive
how IL Is possible TO have two different
legal and authoritative measures OF
the same thing In use at the same time,
! ns, Tor instance. a pound Weighing
sixteen ounces and Il pound Weighing
eight ounces, or only half as much
and both declared by law TO be legal
| pounds. / agree entirely with General
| Jackson's secretary OF the treasury
VINO said THE proposition that there
can be but one standard In fact is self
| evident" The proposition to establish
anu maintain two different measures
OF value to be In use Mt the same time,
and TO be applied to the same things,
at the same time. emhodies a physical
and metaphysical absurdlty. and this
is so evident that the ablost thinkers
| and writers upon the subject have been
| at last forced to abandon Il. Professor
| Francis a Walker, one OF the most dis
tinguished bimetallists In the United
States or in tho world, In carefully
prepared paper recently published, says:
But one thing more remains to be
said In this connection; that is, in reply
To the allegations OF the monometallist
| writer's that the course OF events in
France which has been recitcd did not
constitute genuine case OF blmetal-
ism. II these writer's may be permitted
TO impose their own definition upon ne.
their contention can 10 a considerable
extent be made good, What they say
! Is that France from 1903 to 1879 did not
enjoy the concurrent circulation OF the
two metals, but only an alternate cir
culation, now OF one and now OF the
other; and this. they declare, Is not
himetal,ifm at all. Therefore, accord
ing TO their view, there il no great his
torleal instance of the success OF BIZ
mettl'ism.
If, on the other hand, we may be
permitted for ourselves TO say what
We mean and propose by bimetalllsm,
the criticism In question does not touch
our case at all We natly deny that BIZ
metallism necessarily Involves the con-
current circulation OF the two metals.
| There IL some reason to believe that
the French statesmen OF 1909 really
expected that concurrent circulation
would result; but no bimetallist nova
| days makes the concurrent circulation
OF the two metals In the same country
necessity of that system, II II re-
suits only in establishing an alternating
circulation. the chief results OF bimetai-
ism VIII still be achieved, as they
were by the actions OF France.
This is Ineligible. for we can all
understand how II IS possible to have
an alternating standard and circula-
tlon, sometimes gold and sometimes
silver, ana the monetary history Of the
world proves that this is Just what
happens whenever the two metals are
freely coined In any country and made
full legal tender, Values Will always
be measured by the kind OF money In
actual circulation, no matter what the
law may declare and, therefore, II the
free and unlimited coinage OF silver
at the ratio of 10 TO / should drive out
gold and substitute silver and paper
redeemablo In silver In Its place. wo
should have single silver standard
and actunl silver monometnlllsm. In
stead OF using both gold mud silver as
We do now In larger amounts than ever
before In our history, We should In
stanuy eNpel the moro valuable metal
from tho country and make tho other
the sole basis OF our currency. We
have now practical bimotalliBm--tho
use OF both metals ~ money! we should
have then practical monomotallism-
the use OF only one metal as money.
This is neither speculation nor proph-
eoybut conclusion based on facts es-
tabllsned by the experience OF all ma
tons In all ages.
In order to eliminate all Irrelevant
matter and simplify the argument.
I L.. NNau "a A..
proposition now pending before the
people Is Il IN proposed that the
United states, without tho cooperation
or assistance OF any other government,
shall provide by law that all the silver
bullbn, or foreign silver coins, that
may be presented at the minis by In
divduals or corporations, foreign or
domestic. shall be coined, at the public
expense, into silver dollars, at the
rauo OF 10 10 ] OF gold-that is, that six
ten pounds of silver shall be consider
cd equal IN value to one pound OF gold,
ald the weights Of the coins shall be
adjusted accordingly and TINT the
'oins 80 made at the public expense
shall be delivered to the owners OF the
bullion, or foreign silver coins, MS the
case may be, and oil the people OF the
United States, but nobody else, shall
be compelled by law 10 receive them
as dollars Of full value, In the payment
OF all debts due TO them from their
fellow-citizens and from tho citizens or
subjects OF other countries.
II is not proposed that the citizens
or subjects OF other Countries with
whom our people trade, shall be COM
PEELED TO receive these silver dollars
In their transactions with uH, because
that can he done only by international
agreement and our impatient free
coinage friends declare their determ-
ination to proceed at once indepen-
IDENTIFY OF all other governments. All
who are Indebted to US are. therefore,
TO have the privilege OF paying In sill
yer. while all TO whom we shall become
indebted are to have the privilege OF
requiring us to pay In gold.
Measured by their purchasing power
In the markets OF the world, which is
the ony real test the relative value
OF silver bullion TO gold bullion Is
about 80 to /; that Is. II requires IN all
countries. silver-standard countries as
well as gold-standard countries about
80 pounds OF silver bullion to procure
the same quantity Of commodities that
one pound OF gold bullion will procure.
and. therefore. the proposition TO au-
thorze the free and unlimited coinage
of silver into full leRal-tender money
at the ratio OF lG 10 / means under
existing conditions that tho intrinsic
value Of the silver dollar shall only be
half. or about half. the intrinsic value
OF the gold dollar Ny own opinion is