The Portland daily press., 1896-08-17
TERMINUS OF THE .
). Trains each way Daily except Sunday.
Practical Bimetalism.
To the Editor of the Press:

To the Editor of the Press:
There is danger that in the heat of free
coinage debate the fact that we have a
real bimetalism already and a double
standard although upon a gold basis
may be overlooked.
Complaint is made that the money
unit which was originally the silver
dollar. and that the change was in the
interest of gold monometallists and at
the suggestion of British fnanciers.
Since the gold dollar of 25.s grains was
made the unit OF value, Congress has
made the silver dollar of 412L grains q
czete dollars one of gold and one of sill
yer, both equal before the law. II the
law of demand and supply had changed
the relative values of the two metals, and
the gold dollar had gone down to 53 cents
in intrinsic value, our silver dollar would
now have been the basis Of our money
and not gold. There are the best of
reasons for believing that the promote rs
of both laws acted In good faith and with
view to promote the public welfare.
Having as we do two concrete dollars,
one of gold and one ofassilver and bout
600, 900. 600 Of each actually coined and
n circulation except what is in the pub
l ic treasury, and the entire amount of
silver except about $50, 600, 600 in actual
circulation in the form of certificates or
the dollars themselves, it is absolutely
silly to complain that the act of 1878 de-
clared that the gold dollar should be the
unit OF value. when the silver dollar Is
made Its precise monetary equal; and yet
the greatest emphasis is put upon the
wurdn 'unit of value" and they are
shouted in ones ears as if all the finan-
oial disasters which have happened to our
unfortunate democracy ruled the country
had originated with those innocent
words, which during the years since 1878
have and no meaning whatever either in
law or fact.
Another complaint is made against the
recommendation in its national platform.
suspect that some of our Republican
friends think SO too. There is no founda-
ton whatever for this charge. The plat
form of 1895 is identical with the plat
form of 1892. Read the two. That OF 1892
reads as follows:
"That the purchasing power and debt
paying power of the dollar, whether of
silver, gold or paper shall be at all times
equal
That of 1896 as follows: Whose dollars
whether of gold, silver or paper shall
have equal purchasing power ana debt
paying power with the best dollars of the
civilized world.''
The Republican party has always since
1873 been in favor of bimetallism. The
national Democracy are blindly endeayor-
ing through free silver to give our
country silver aamonometalism. Such is
not the intention of its leaders will as
sumo. but that the result will be in
eyitable If said national Democracy suo.
oeeds.
Gold or silver monometalism would be
equally fatal to the prosperity and conse-
Quent happiness of the American people.
A nation producing from its mines ap
proximately 40 per cent of both gold and
silver of the world would be inefably
stupid not to use both metals to the
fullest extent practicable.
As the case now stands the lneffable
stupidity is on the side of the party
which with ignorant defiance assails
monetary laws as well established as the
fact of the rotundity of the earth, or the
patriotic bsneficience of the protective
tariff for American labor and industries,
of which interests Of labor and industries
deemed sacred bysany government not
absolutely barbarous, four years ago said
national Democracy made blind and stu
pendous havoc.
L. B. BENNETT.