Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-09-18
e.Mg1AhLlsM DEFINED.
Il izsaas TO opsn RIA. si,n,s of tbs Country
IL, 7t.,th at....t.

II Gsnos to Opeu ria. Nfints of the Country
& 81. to Both Metals.
An, editorial writer iu tho New Yorl:
Sun has bumped II very thick head
against an argument made by Hon.
Charles L. Crisp in Georgia In favor of
the free coinage of silver Judge Crisp
Z had referred TO the Disappearance of
gold from our circulation under the
act or 17e2 AID of silver under The act
~ 1881 by reference to the con dieting
astios in this country and France The
rotio OF the French mint kept the com.
fnc<ciai values of the two metals prac-
, tically steady ut the valuation liked
b. lazy. But when two nations coin
freely ut different ratios both ratios,
OF course, cannot control, and each
metal will seek the country whose law
g gives IL the higher valuation. This
wnss the substance of Judge Crisp's
argument and the following is the
Suns reply:
Here were two instances in which
the mighty fiat of the United States
conpress, signed by the president,
couldn't keep gold and silver on u
parity in value at fixed ratio, or
keep them both i'm circuln tion. 1t was
recommendation every time. Yet the
free silverites, Joined by Judge Crisp
himself in the close of this identical
speech. plead that the United States
can maintain what they call 'bimetal.
ism by starting alone on free silver
coinage Mt sixteen To one We are liv-
aug, we nre moving, in IL grand and aw-
1ul time"
1t is plnin that The writer of the fore
going did not even diinlv perceive the
meaning of Judge Crisp's argument,
aud that he docs not understand tho
position OF the l1netallists or know
what bimetallism tneans. BimctalliAm
exists i'll any country when it's mints
are freely open TO the coinage of both
frretals when it gets the full benefit OF
both In sustaining and rcplenishins
Hs volume of its standard money and
when stable r;dio OF vnlue is main
tHtned between them. Leading and
candid monometa,lists agree that
Francc by its mint ratio of 15L to
suhstn-n Tally controlled the relative
market vaiuos of gold and silver up to
1873 When the United States set up n
law. first in 1899 aud then in 1881, in
eonh ct with the French law, 1t sinply
resulted In this country's exchanging
fs'st It's gold for silver and next its sill
Yer for gold But 1t got the benefit of
both metals So hong as it could ex.
change gold for a.silvcr dollar or a
silver Cor gold dollar both metals
wcpc available 10 the full extent for
E'eSensing the supply of standard
money When, for any reason, one
netal. left HE country. the other
promptly flowed in and filed the gap
IN our circulation without causing the
slightcs disturbance. That was BIZ
mctallism What arc the conditions
now? There hns been for several
years steady outflow of gold. II our
mints were open to the coinage of
both metals as before 1873 we could
nuke this good by receiving silver in
ITS place; but bein, denied this priv
)ege we must buy back the gold with
bonds, and we have alrc; ly issued
S2G2, 200, 000 of bonds for that purpose.
This is munome tnll ism. Monometnl-
ism restricts country TO the use of
one metal only.
II it loses that or any considerable
proportion OF it 1t must go without or
buy II back ut II saoRifice. Bimctallism
gfves it the use of both and enables IL
when one metal goes abroad to fill it's
place with the other without loss to
the circulation.-Memph Commercial
Apppal