Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1896-05-21
slMETALLIsM DEFINED.

aana - Open tho Mints Of the Country
70 Both Metals.
ANY ditoral writer in the New York
Sun bumped very thick head
against N argument made by Hon.
Charles Frisp in Georgia In favor Of
the Tree coilGe OF silver. Judge Crisp
had referredN the disappearance Of
gold from characterization under tho
act of 1892 and silver under the act
Of 1884 by referend to the conflicting
ratios in this countta and France. Tho
ratio of the French Init kent the COM
mercial values of the 4 8 metals prac-
tically steady at the v1lnation fxed
by law. But when two Nations coin
freely at different ratios Nth ratios,
Of course, cannot control, Nd each
metal will seek the country We law
gives it the higher valuation. This
was the substance of Judge CGp's
argument and the following is Ne
Suns reply:
ssHere were two instances in which,
the mighty fiat of the United States
congress, signed by the president,
couldn't keep gold and silver on Q
parity in value at q fixed ratio. or
keep them both in circulation. It was
monometallism 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-
lism' by starting alone on free silver
coinage at sixteen to one. We are liv-
ing. we are moving, in q grand and aw-
full time"
1t IS plain that the writer of the fore.
going did not even dimly perceive the
meaning Of Judge Crisp's argument
and that he does not understand the
what bimetallism means Bimetallism
exists In any country when Its mints
are freely open to the coinage Of both
metals, when it gets the full benefit of
both in sustaining and replenishing
the volume of its standard money and
when stable ratio Of value is main
tanned between them. Leading and
candid monometallists agree that
France by its mint ratio Of 155S to 1
substantially controlled the relative
market values of gold and silver up to
1878. When the United States set up
law, first in 1892 and then in 1884. In
conflict with the French law, it simply
resulted in this country's exchanging
FIRST its gold for silver and next its sill
yer for gold. But it got tho benefit Of
both metals. So long as it could ex-
change a gold for silver dollar or q
silver for gold dollar both metals
were available to the full extent for
increasing the supply of standard
money. When, for any reason. one
metal left the country, the other
promptly flowed in and filed the gap
in our circulation without causing the
slightes disturbance. That was BIZ
metallism. What are the conditions
now? There has been for several
years steady outflow of gold. II our
minis were open to the coinage OF
both metals as before 1873 we could
make this good by receiving silver in
its place; but being denied this privi-
lege we must buy back the gold with
bonds, and we have already issued
$500, O0O, 900 Of bonds for that purpose.
This is monometallism. Monometal.
lism restricts country to the use OF
one metal only.
If it loses that or any considerable
proportion of it it must go without OF
buy it back at sacrifice. Bimetallism.
gives it the use of both and enables It
when one metal goes abroad to fill It's
place with the other without loss to
the circulation. Memphis Commercial
Appeal