Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1895-03-12
IN EXPLANATION.

Now York Editor Explains tho Terms
Used In tho Hard Money Discussion.
A Recorder reader writes aud asks
me, What, is the difference between q
''sil ;erite' and 'bilnetalIist?'
Neither term is recognized in the
standard dictionaries. They belong to
the technical language used in discuss
ing the money question. Without doubt
they are often used by different persons
with different meanings III their minds,
and as often understood By readers to
mean different things
All silverites arc bimetallists, but all
bimetallists are not silverites.
A silverite means one who advocates
the free coinage of silver at all tho minis
Of the United States upon the same
terms as gold. and with a fixed ratio to
the last named metal
A 'goldite term coined, think.
by President St. John of the Mercantile
National bank-means one who advO-
Gates free coinage of gold only, to the
exclusion Of silver and the measuring
OF all values. including the value of
silver, by the single standard Of gold.
There are possibly few extreme sill
yer men who would like to seq gold de
MED free coinage, and silver put in its
place as the single and only standard for
measuring the values of all other things,
including gold, in this country. know
of no advocate of free silver coinage who
has taken that position. Any silverite
who should take up that attitude would
no longer be bimetallist, but a silver
monometallist
Bimetallists arc of several schools
Some of them say they believe in it as
sound theory, but are against any Mt.
tempt to apply it, because they think it
is impossible in practice. They say they
woul;l like to see it tried whenever Eng.
land can be induced to issue her permits
for that purpose.
As England will probably wait long
time before issuing the permits, the
wait for England school of bimetallists
have been aptly and wittily described as
by and by metallists.
Then there are bimetallists who be-
lieve International agreement is neces.
sary 20 make bin,etallism q success, but
do not believe in waiting for England.
On the contrary, they believe in forcing
England's hand by forming All Ameri.
can tariff and monetary union and dis
eliminating against British imports un.
til the London government shall he CO.
creed into accepting a bimetallic basis.
Again. there are bimetallists who fa-
vor admitting silver to free and equal
coinage with gold at all our minis, with
prohibitive tariff against foreign sill
yer. This would be bimetallisn,, with
silver coinage limited to the product OF
our own American mines.
Straight bimetallism is the doctrine
that the two metals-gold and silver
can and ought, at the same time, in the
same country, to be adopted as stand
ards of value and to bear to each other
q fixed ratio established and recognized
by the government. Straight monomet-
allism is the doctrine that only ono
metal can or ought so to be used.
It is the contention Of the strictly in
ternational school of bimetallists that
attempts to realize bimetaIlism must
fail unless the most important CONNER
cial countries unite in fixing the ratio
between the metals.
Silverites, per contra. contend that
this government, acting alone and indie
pendently, can and ought to give free
coinage to silver as we'll as gold at a
ratio fixed by itself.
The silverites claim, further, that this
is true bimetallism, because it is the
only practicable step this country can
take toward restoring the two metals to
equal use as standard money.
Silverites contend, too, that America
alone could uphold bimetallism, freely
coming both gold and silver, without
the cooperation Of other nations, and
point to the fact that France actually
did so for 20 years, though much
smaller and less resourceful nation.
Bimetallism was in practical opera
tion in France from 1903 to 1878. 1t was
established there in 1903 by Napoleon
At that timo the English currency sys-
TEN also was bimetallic BimetaIlism
bad been established in England in
l717, OIL the recommendation of Sir
Isaac Newton, then master Of the Sing
fish mint. 1t was not abandoned by
England until 1915
From 1903 to 1878 the French mint
was opened for the unrestricted coin.
age, whether Of gold or Of silver. either
! metal being accepted for coinage in the
ratio Of 151s to 1-that is. for instance,
1871 ounces Of silver or l ounce of gold
was coined into an equal cum Of money.
In 1855 the same arrangement was
adopted by the other countries Of the
group known as the Latin union-Bel.
GUM, Switzerland, Italy, Greece.
Down to 1873, then. any one in any
part of the world who had either gold
or silver bullion to dispose Of could have
taken it to the mint Of any of those
countries and have it there made into
coin.
Here, then, are the three points Of the
bimeta1lio system as it was carried out
in those countries. First, any given
quantity Of gold bullion was always ex'
changeable at the minis for it's weight in
gold coins, and any given quantity Of
silver bullion was like wise exchange.
able for its weight in silver coins. Sec
ondly, the coins given out in return TO,
! any weight of standard gold bullion
were Of l51a times the value of those
| given out in return for the same weight
Of silver bullion. Thirdly, all those
coins. whether of silver or of gold, were
illegal tender" within the country fo1
the discharge of all debts to any amount
New York RECORDER.
lndiana's Librarian.
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