Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-05-18
IS BIMETALLISM PRACTICABLE ?
To the Editor of the Register:

To the Editor Of the Register.
The intolerance of the gold mono
metallists is 2S interesting as the
vagaries of the extreme silverites; but
the surprising feature is that the for
mer do not see that popular sentiment
is consolidating against them. We be-
lieve that an intelligent majority is in
favor of bimetallism, and it is short
sighted to ignore the views of well in
formed and thoughtful men. True
craftsmanship aims at a financial pol
icy which. based on the approval Of an
enlightened public judgment may be
accepted as permanent Such a policy
must be ont in the open, and it will
not emanate from bankers who, how
ever patriotic, are trained to look at a
situation with an eye single to person
al profit, and who regard all men, like
the writer as either ignorant or dema-
goggles. Some Of the best and most
patriotic talent in the land is now
studying this subject with no motive
but the public good. This talent is
outside of the influences prompting
either the gold or the silver pr0pOgan-
das Lending money, trading in
stocks. is not the best school to pro
duce Hamiltons and Gallatins. We
may admit that our scheme of self
government is a failure, and the bay
onet should be substituted for the
ballot, but, unless this admission is
made. We cannot assume that voters
will accept the theory that only ignO-
rant persons and demagOgues differ
with Wall street as to what financial
policy will be best for the country
The wisest men of this age predicted
the outcome, if silver was bOycOtted
and their judgment was indicated by
the emergency which forced the Pres
ident to employ Rothschild to sustain
what is mis-called the credit of gov
eminent" Many thoughts and facts,
questionable in financial centers, are
now clamOring for a hearing, but We
have not room for them here, our
present purpose is only to suggest
A SAFE MIDDLE COURSE ON Sill
YER.
There is q wide distinction between
attempting TO maintain an unknown
supply of silver bullion on a parity
with gold bullion, and attempting to
maintain eXchangeability between sill
yer and sold coin. EXchaugeability of
coin is practicable if there is always q
gold dollar for every silver dollar.
A silver dollar is now worth as
much as a gold dollar only because the
government undertakes to exchange
one for the other. The volume may
be indefinitely increased, provided the
eXchangeability be maintained. But
exchangeability cannot be maintained
if silver is coined in excess of gold.
If the government offered to coin all
silver coming to the mint. and also of
cred to exchange gold coin for silver
coin. az sixteen for one the silver bull
ion would beeXchangeable for one-siX-
teenth its weight i'm gold. The bullion
would be eXchangeable because easily
converted into eXchaugeable coin. But
this eXcbangeability could not be
maintained when the production Of
silver exceeded one-siXteenth that of
gold. The combined governments Of
the world could not keep the two met
ais on a parity, at any fixed ratio,un-
less the output OF the mines be kept at
the same ratio.
The silverites insist that the produc-
UOu III the future VIII De IN the same
proportion as in the past. They are
mistaken. We cannot risk the output
of silver increasing more rapidly than
that of gold
If the government should not at
tempt TO keep silver bullion on a par
ity with gold bullion. then free coin
age of both metals must be abandoned.
But to abandon free coinage does not
necessarily mean TO continue boycott
ting silver. The government may
bind itself TO always coin sixteen
grains Of silver. when it coins one OF
gold The coinage of silver would thus
be limited by the amount of gold offer
ed at the mint.
We accept the proposition that the
bullion in a silver dollar must be as
valuable as the gold in a gold dollar.
Gold mOnOmetallistS Will insist that
the supply of gold is insufficient 10
offset as much silver as viii be offered
at sixteen to one. They may be mis-
taken. Let us try it. If the gold sup
ply is less than one-siXteenth, then
raise the ratio. A certainty that the
ratio Will be raised would check an ex-