Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1896-10-29

have two eyes, one to relieve the strain upon the other,
two ears for the same reason. two lobes to the lungs, two
ventricles to the heart-the nose. the mouth. our whore
physical structure is dual in construction. We have one
head, but two lobes to the brain; one body, but two limbs
to support 1t. Bimetalism was one financial SYSTEM
but based on two metals.
WHAT MONOMETALLISM is.
The right to use only one metal as primary money, as
is the law now, is monometallism. 1t is like a man with
one arm, one leg, or one lung. Monometallism is a one
lung monetary system. We are called silver men, but
that does not express it. If gold had been demonetized
we would have been called gold men. We are in favor
Of the use Of both metals.
We do not pretend to claim that A better financial sys-
TEN may not be established by the wisdom of mankind;
but we do say that to demonetize either of these metals
is a step backward and not a step forward. (Applause)
Bimetanism is the right to use either or both of two
metals. Only one may be in use at a time, or partially
one and mostly the other. If one grows scarce, or is cor
nered by spectators, we may use the other. If under
bimetaIism, one is in use more than the other, 1t is be-
cause it is the most accessible ana TINS iact may save
our monetary system. If gold leaves us and goes to Eu-
rope. under bimetallism. it does not hurt us. 1t, gold,
would, in such n case with silver taking its place with
usl. 60 to swell the supply of primary money in Europe
and increase the price of products in the world $ markets.,
and thereby increase the price of our exports in those
same markets. Under bimetallism, the expectation OF
gold does not hurt us. Under gold monometalllsm Its
expectation deprives us of the Only primary money we
have. (Applause) Bimetalism is the right to use either
metal as primary money. And that was the law up to
1873.
OPTION OF HI B
Under this bimetallic law the debtor had the option of
which of the two metals he would pay in. Thus the de-
mand was regulated by the debtor. The government
exercised the same option as to its creditors. The de-
mand was thus applied to the metal that was most plen-
tiful. If silver became the cheaper by a slight huctua-
ton. the demand was thrown on it, thus restoring the
parity between the two metals. If gold was the cheaper,
it was used, and the demand brought it back. There is
ro ,,t+n, r,onrni1n1 prinriDla tbnn tho | w nf Cl1nplv and
demand regulating values. 1t was the law to which BIZ
metalism was adjusted and TO make it self-OperatVe the
option was given to the debtor, who would always put
the demand on the more accessible or cheaper metal,
and this prevented any material fuctuation in the COM
mercial value of the two metals.
SUPPLY n EMAND
To understand the effect of the demand thus shifted
by the debtor, it is necessary to consider the supply on
which the demand operates. All the gold in the world,
available for use, as money, at the present time, is con-
coded to be 1000. 100000. That you may more readily
understand what this quantity of gold means, | will
state that if it were all cast into one block, it would go
in the cube of twenty-five feet. 1t could all be stored in
a single bank building in this city of Springfield, and
leave ample room for the transaction of all the business
of the bank building in which it was stored. You can
make your own calculation on this. or you can have your
boys make it for you. Take a $50 gold piece, If you can
find one laughter. and measure it, allowing one-tenth
for alloy. and you will get the same result that l have,
or, take the weight of Il cube foot OF cast gold, 19.25S
ounces. multiply the number of ounces by the number
of gold dollars in an ounce, at 2i.22 grains of gold to a
dollar, and you will get the number oil dollars i'll "A cube
foot of gold. By dividing the number Of gold dollars in
Il cube foot Of gold. into the 81. 00O,O00,0 600 of gold in the
world. available for use as money, jOu will get the
result | have stated. Mr.. Harvey was here handed 10y
the L. s. Express Companys agent $500 in $50 gold
pieces. and he made the calculation on a blackboard in
the presence of the audience. 1t was money dra WI by
him from the bank for the purposeD
SILVER IN THE WORLD.
All the silver in the world, available for use as money,
is a like amount, so conceded, $4,OO0yO0O,OO0. By a sim
liar process Of calculation it Will be found that it win
all go-aIl the silver i'll the world available for use as
money-in the cube of siXty-siN feet This is the supply
of the two metals in the world on which the demand
of the debtor would operate, at the present time, il we
had bimetallism.
In considering, therefore, the effect OF a timetable law
given US by the unselfsh wisdom OF our fOrefatners, we
apply it to the law of supply and demand. Under this law
the Two metals never varied in commercial parity more
than 8 per cent. and this slight fuctuation or oscillation
the elasticity that a bimetallic system gave to our
finances based thereon. |
F~LUCTUATING SUPPLY OF d METALS.
From 1892, the date OF our first coinage act, to 1850, the
worlds supply OF the two metals was 81 of silver to 81
Of gold. Or by weight, the worlds production Of the