The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-07-02

snail secure TO thetn tNe lUll oppOEtu-
nifty OF supplying the American market.
Since the Republican party is COM
mittod to bi,mattalliSm, its policy is to
protect the perpetualion OF bi'metallilm
II il needs protection, Bi-metallism
means the circulation OF both gold and
s,lyer as primary or redemption monay,
To protect bi.mstallism, therefore, is
not necessarily to RdOp, the Tree coinage
oil silver or the free coinage Of gold. 1t
Ia to protect tho circulation Of the two
metals Ut par with each othcr. Money
metals will circulate at par on the same
economic principle that different COM
moditips will sell Mt the sRme price,
namely, on the basis OF the cost OF the
dearest necessary part OF the supply.
II. for example, an American com
modify, which costs % percent moro to
produce it than tho foreign Is needed In
tho general supply Of the American
market, then. as ia vol known, the
price OF both th8 domestic aud the for.
sign product will be- equal to the cost OF
supplying the American portion, and
tho foreigners or importers will got the
difference between the foreign aud do.
mestio cost at profits. That is to say,
tho foreign producers will got the ad-
vantage Of the American prior, hut, II
the foreign supply is equal to the whole
demand OF the American market, the
American product will DO driven out,
aud the price will fall to the cost Of sup
plying the foreign product 1t is under
Just such conditions as these that pro-
lection Is needed II the American in
dustry Is to continue. In order to pro-
tect tho opportunities OF American pro-
ducera to exist aud compete In tho
American market, their product must
be rendered necessary to tho general
supply, which a only ba assured by
restriction OF the foreign supply.
GOLD on SILVER, wHlcIH
Now, in the case OF coins, the princi-
plO aud operation is exactly the same
Bi.metaIlism requires thaIthe economic
opportunity for the permanent circula-
ton OF both metals shall DO secured.
This involves the protection OF the
| dcarer motai being driven out by tho
cheaper, whichovor that happens to be.
Ii ut any time the difference in value
| Of tho two metals is sufficiently grGa. to
afford u profit large enough to increase
the supply OF the cheaper metal 90 that
It will furnish the whole demand for
coin, then the dearsr coin will uecos-
sarily disappear from circulation, and
bi.metalliSm DO superseded by mono.
metallism on the basis OF the cheaper
metal, whether it DO gold or silver.
Time was when. at the legal ratio,
gold was cheaper than silver aud drove
silver out OF circulation. To-day the
case ia reversed, aud, with a greater diff.
ference in tho value OF the two metals
than ever existed before. FREQ coinage
OF silver to-day. with a profit OF about 80
psr cont, would necessarily do with gold
exactly what free trade would do with
our wool. silk. tin, pottery aud other
American products, nSnely, make it
absolutely unnecessary fOt- monetary
purposes and consequently drive 1t out
Of circulation,
Tho continuity Of b~imetallism as n
national policy, therefore, demands that
the doarer motal, gold, DO protected
against determination, which can only
be- accomplished by restricting the
amount OF silver that shall DO coined.
II will thus be seem that protection TO
silver as au industry is one thing, pro-
lection TO "bimetallism as q monetary
policy Is quito another. One calls for
tbs protection OF American silver against
competition with foreign in tho Ameri.
eau market. The other calls for the
protection OF the deRror motal against
being wholly supplanted by the cheaper
in the American monetary circulation.
GOLD NEEDS PROTECTION.
Undor present conditions, tho gold
being tho dourer. and doarer by nearly
80 per cent more than tho fixed ratio
between coined silver and gold, 1t il tho
metal whose existence Moods protection
in our monetary system In order to a V
us from being forced to monomotallism.
FREQ silver and FREQ trade are practically
identical. Free trade would destroy
American industries and give the Amer.
lean market ovSr 70 foreign producers.
Free silver would destroy bimetallism
by giving tho American monetary sys-
Tom over to silver.
Therefore, il tho iroo silver people in.
slst upon free coinage Of silver, regard.
less Of its monetary consequences, thoy
nrS neither true bimelallists nor true
p~rotocttouists. In the Same way that
undor protection unrOstticlOd commerce
must DO subOrdinnted 10 tho develop.
ment Of American induItrics, uudur BIZ
motalism unrestricted coinage OF any
metal mustbn subordinated 10 the main.
tenanco Of a bimotallic circulation. II,
them. tho Republican party Is true to
its doctrine Of protection and bimotal.
liBm in the broad, economic aonIo, its
course Is clear.
There Mood DO no oquivocations in itH
declarations nor lodging In its plat.
forms; its fundamental doctrine ia pro.
lection to whatever Il desirable and
a%gutnat whatovnt il not desirable In the
industrial, social or political lilo Of tho
republic II II Ia In favor OF bi.mOtal.
ism, thOn, for tho Bnmn reason that It
would protect the liberalization OF In.
duiirioS, personal freedom, political
rights or Rny other beneficial institu.
tion, II must protect bi.mOtallism by
Whatever 9 IS Hsc6sNary 70 proyont
cithor metal from crowding tho other
out Of our monetary circulation.
Having definitely taken its logical
and truly scientific position on tho quCB.
ton nj coinage, II will DO In u poaitiou
to tako NJ tho banking and currency
question aud ptvo thc United statoa
what h hH1 not had since Andrew Jack.
-on vetoed tho charter Of tho Second
Bank Of tho United Stnlc1, namely, n
nounl banking aygton, whoin currency
shall be- ~ elastic rs tho demand III
business aud kOnt rs solvent IN tho 70.
public bv daily redemption In standard
coin. Nothing Olso ran over furnish