The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-05-30

o1vura-eS of free coinage at the RATIO OF
1G 10 | now propose TO reyolutlOnIZe at
nncp bv a change in the standard of value,
~ that the whole mass Of circulation left
for the use of the people would be reduced
TO about one-half the purchasing power
il has now; or. in other words, so that u
would require about double the amount OF
currency that is required now to perform
rho same service in the exchange OF
commodities But the contamination OF
such a policy would produce results more
far-reac ching and disastrous than the mere
reduction Of the standard of value, be
rouse. for n long time. at least, credit.
which constitutes by far the most import
ant factor in our financial and commercial
transactions, would be substantially des-
troycl by the confusion and uncertainty
necessarily following such great and sud
den change in our monetary system.
DOUBLE STANDARD IMPOSSIBLE.
But it is contended by a large number
Of the advocates of free cOinage-perhaps
Il majority of them-that the effect of their
policy would be. not to abolish the present
standard of value and substitute the single
silver standard in its place, but that it
would establish what they call bimetailism
and a double standard. | confess my in
ability to understand what is really
meant by double standard or measure of
value: the idea is incOmprehenSible to my
mind. because | can not conceive how it
is possible to have two different legal and
authoritative measures of the same thing
in use ut the same time, as, for instance.
a pound weighing 16 ounces and a pound
weighing eight ounces. or half as much
ana both declared by law to be legal
pounds. | agree entirely with General
Jackson'S secretary of the treasury. who
said, The proposition that there can be
but one standard in fact is self-evident."
The proposition to establish and
maintain two different measures of
value to be used at the same time,
and to be applied to the same things at
the same time emhOdies a physical and
metaphysical absurdity, and this is 50 evil
dent that the ablest thinkers and writer's
upon the subject have been at last forced
to abandon it. Prof. Francis A. Walker,
one of the most distinguished bimetalliSts
in the United States or in the world, i'll
carefully prepared paper recently pub
liShed. says:
but one thing more remains to be said
in this connection; that is, in reply to the
allegation of the mOnOmetallist writer's
that the course Of events in France which
has been recited did not constitute a genu-
inc case of bimctallism. If these writer's
may he permitted to impose their own
definition upon us their contention can to|
a great extent be made good. What they
say is, that France from 1903 to 1913 did
not enjoy the concurrent circulation OF
two metals. but only an alternate circula-
ton, now of one and now of the other, and
this, they declare, is not himetallism at all.
Therefore, according to their view. there
is no great historical instance of the sue
cess of bmetallism.
"If, on the other hand. we may be per-
init fpp N what
and propose by bimetallism, the criti-
cism in question does not touch our case
at all We fatty deny that bimetallSm
necessarily involves the concurrent circula-
ton of the two metals. There is some
reason to believe that the French states
men of 1903 really expected that concur
rent circulation would result, but no hi
mctallist nowadays makes the concurrent
circulation of the two metals in the same
country a necessity of that system. If It'll
results only in establishing an alternating
circulation the chief results of bimetallsm
will still he achieved as they were by the
action of France"
This is ineligible, for we can all under
stand how it is possible to have an alter
mating standard and circulation, some
times gold and sometimes silver,
and the monetary history of the
world proves that this is just
what happens whenever the two
metals are freely joined 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, if the free
and unlimited coinage of silver at the
ration of IL to should drive out gold and
substitute silver and paper redeemable
in silver in its place. we should have Il
single silver standard and actual silver
monOmctallism. Instead of using both
gold and silver as we do now in larger
amounts than ever before in our history,
we should instantly eXpel the more valu-
able metal from the country and make
the other the sole basis of our currency.
We have now practical misunderstanding
use of both metals as money, we should
have then practical monometalIism-th
use of only one metal as money. This Is
neither speculation nor prophecy. but
conclusion based on facts established by
the experience of all nations in all ages.
WHAT THEY DEMAND.
In order to eliminate all irrelevant mat
ter and simplify the argument, allow
me to state eXatly what the proposition
now pending before the people is: 1t is
proposed that the United States, without
Int cooperation OF dSSiSlduCt vi any Olu-
err government shall provide by law that
all silver bullion, or foreign silver coins,
that may be presented at the minis by in
dividualS or corporations, foreign or do
nestle shall be coined at the expense
of the public, into silver dollars at the
ratio of 16 to l with gOld-that is, that
1G pounds of silver shall be considered
equal in value to 1 pound of gold, and the
weights of the coins shall be adjusted
accordingly-and that the coins so made
at the public expense shall be delivered
to the owners of the bullion, or for
eign silver coins, as the case may be,
and all the people of the United States,
but nobody else, shall be compelled by law
to receive them as dollars of full value
in the payment of debts due to them from
their own fellow citizens and from the
citizens or subjects of other countries.
1t is not proposed that the citizens or sub
iects of other countries. with whom our
people trade. shall he compelled TO
receive these silver dollars in their trans
actions with us, because that can be done
only by international agreement and oui
frcc-coinage friends declare
their determination to proceed ut once in
of all other governments. Al
who are indebted to us are. therefore, to
have the privilege of paying in silver,
while all to whom we shall become in
debted are to have the privilege of re-
quiring us TO pay in gold.
Measured by their purchasing power in
the markets of the world, which is the
only real fest the relative value of silver