The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-09-11
TRUE AND FALSE BIMETALLISM.


Three distinct notions are included in
the conception of bimetallism They are
as follows:
first-ln order that monetary system
shall he truly bimetall!c, silver and gold
coin must both circulate as money.
SCcond-rhey must circulate at par with
each other.
Third-The parity between them must lie
real and not artificial 1t must be due 10
an equality in commercial value between
the silver contained in a silver dollar and
the gold contained in Il gold dollar.
We have not In this country, at the pres
ent time, true bimetallism; because, al
though gold and silver both circulate as
money, and although they circulate at par
with each other the parity between them
is not real but fictitious. The govern
ment has undertaken to maintain the sill
YER dollar at parity with gold by means
of legislation. 1t has declared that silver
dollars shall be a legal tender for the pay
ment of all debts, public or private, to
any amount. This IL in effect a loan Of
public credt-as truly as If the govern
ment had agreed to redeem silver dollars
(as 1t redeems United States notes. in gold
With this explanation and understanding,
We may be said even though we have not
true bimetallism, to have Il modified and
legal standard of valuation.
The issue in the present campaign may
be stated as follows: Shall we preserve
or abandon the modified bimetallic system
which We have, under which the country
has enjoyed such unparalleled prosperity? :?
And If we decide to make change in our
monetary system, shall II be to true hi
metallism, or to silver monometallism?
The Rpnublrnn I'm nj
has declared itself in favor of true bimc.al-
lism. 1t is in favor of the use of both
gold and silver as money and In favor of
making the silver dollar not merely nom
inally but actually worth as much as Il
gold dollar: but without a change in the
coinage ratio, 1t does not believe that this
can be done, except by international agree
ment. The change which the Republican
party desires, and which 1t has pledged
itself to bring about if possible, is a change
from limited and modified bime etalism to
bimetallism true and complete.
The advocates of free and unlimited COIN
age of silver at the ratio of IL to !, on the
other hand, are not true bimctalists, be-
cause % they do not declare themselves in
favor of an increase in the value of the sll-
Yer bullion contained in a silver dollar
from 53 cents to 100 cents in gold; (D while
they favor making silver dollars, each CT
which containes 37lh grains of pure sill
Yer, legal tender for 100 cents, they over
look the fact that the coinage of an "un-
la itcd'' number of dollars of that weight
would strain the credit OF the government
to Il point at which the silver dollar would
not be accepted by the public at it's face
valuation, and it would accordingly cease
to circulate at parity with gold; 90 the
consequence would be, that gold would he
boarded or sent abroad in payment for i'm
ports and interest, and the only coin in aC-
tuai circulation would be silver. The
friends of free and unlimited coinage of
silver at the ratio of lG to l are, there
fore, reaily-thouSh some of them are not
aware of the fact-advocating a change Of
our monetary system from our present
modified and limited bimetallism to prac-
teal silver monometallism. The only es-
cape from this conclusion Is i'm the aSser-
tion that the effect of free and unlimited
coinage of silver at the ratio of 16 to /
would be, by increasing the demand for
silver bullion, TO raise its market price.
so that @7lit grains of silver bullion Uhe
amount of pure silver in n silver dollar)
would be exchanEeable at par for % 22-lJO
grains OF gold bullion (the amount of pure
gold in n gold dolla). Some OF those who
advocate free and unlimited coinage be-
iieve this: others do not.
There Is not only complete absence Of
proof that this effect would follow: there
is every reason to think the contrary. The
difference between the coinage ratio of
gold and silver GG to u and the CONNER
cial ratio (3l to y Is too great TO be thus
overcome BY coinage ratio is meant
the comparative weights OF gold and silver
dollars; a silver dollar weighs sixteen
times IS much % a gold dollar. BY "com-
mcrrian' ratio Is meant the compare tive
weights of gold and silver bullion of equal
value, unconcd, in the markets Of the
world. Moreover. the last published re-
port of the director OF the mint shows that
from January l. 1873. to June 30. 1885, the
number Of standard silver dollars coined
was in round numbers l23,OO0,Oeo, or about
53-5iths of The total number coined since
the foundation OF the government, ana yet
the bullion value OF the silver dollar de-
clined. in the face Of this immense pro-
duction of dollars from 90 cents in 1878 70
50 cents in 1896. How would unlimited
coinage have prevented this decline?
From this statement of the distinction
between true and false bimetallism II is
evident that the friends of free and un-
limited coinage OF silver at the present
legal ratio, lG to !, are not genuine bimetal-
lists. The Republican party. in common
with genuine 5imetalists everywhere, is
opposed to the free coinage of silver at
any other ratio to gold than the CONNER
cial ratio. The Republican party, there
fore, is the party Of genuine bimetallisn.