Iron County register., 1896-06-04
WHAT is 6iMETALL.sM7
Little Piece of Monetary History That
OF Interest.

bimetallism, in one of which he gives
some interesting points on the sub
ject. The following points are taken
from one of his papers:
s'In discussing SO difficult and COM
plex problem it is of the first inn
portance to have clear conception of
the meaning of the terms used. There
evidently prevails a great deal of mis-
conception as to the true significance
of the term bimetallism even among
public men and newspapers of the
highest reputation. 1 am not aware
else definition of bimetallism than
that given by the late Daniel Nam
ming, Mr.. Cleveland's first secretary
of the treasury, found in his famous
letter to the house of representatives
dated March 2, 1886. Secretary Man
ming was sincere friend of bimetal-
Gsm, though opposed to the policy of
free and unlimited coinage of silver
by the United States unless in concert
with the European governments. This
is his definition: Open mints for the
free coinage of gold and silver, at a
fixed ratio, to every citizen of the
United States bringing either metal
and the right to have his coins re-
ceived on every sale and payment as
full legal tender dollars. Nothing less
than this is bimetallism. It is not
bimetallism we are having now. All
our silver coinage is but excessive sub
sidiary coinage of treasury purchases
of silver for fictitious treasury profit
We lack an Indispensable part of bimet-
a14iSn We la frao onipana of avarv-
body's silver in an amount unlimited
by government into coins of full legal
tender. We only maintain a free coin
age for everybody's gold to an amount
unlimited by government into full
legal tender
ut will help the argument and gives
clearer illustration of true bimetallism
to quote the distinctive features of the
law of 1878 and also of the original
Bland bill for the free and unlimited
coinage of silver, which passed the
house November 5, 1877, and which was
sent to the senate, where it was
amended and emasculated of its free
coinage features and was finally ac-
cepted by the house as the best COM
promise attainable. then vetoed by
President Hayes and the same day
passed by two-thirds vote of both
houses over the veto and became the
law since known as the Bland-Allison
act
Il now quote from the senate jour
nal of February Is, 1878: The sem
ate having under consideration the
bill to authorize the free coinage of
the standard silver dollar and restore
its legal tender character, the follow
ing amendment was agreed to: Aud
the secretary OF the treasury is au-
thorized and directed to purchase from
time to time silver bullion at the mar
ket price thereof. not less than So, O0O,-
600 worth per month, and not more
than S4. 900, 900 worth per month, and
cause the same to be coined monthly
as far as so purchased into such dol
lars"
For more ready comparison place
in juXtaposition with this senate
amendment the text of the Bland free
coinage bill which passed the house
November 5, 1887:
THAT tn ere shall be coined at the several
mints of the United States silver dollars Of
the weight 412M grains troy OF standard silver.
as provided in the act of January is, 1887, on
which shall be the devices and superscriptionS
provided by said act: which coins, together
with all silver dollars heretofore coined by the
United States OF like weight and tineneSs,
shall be a legal tender at their nominal value
for ell debts and dues, public and private, ex-
cept where otherwise provided by contract:
and ny owner Of silver bullion may deposit
the same at any United States mint or assay
office to be coined into such dollars, tor his
benefit, upon the same conditions as gold bull
lion is deposited for coinage under existing
laws
keeping in view the above illustra-
ton and definition, there is no diff
Guilty in drawing the line of denarka-
tion between complete bimetallism
and the mere subsidiary coinage of
one of the metals where full and free
coinage is given to the other. In re-
gard to the law of 1878, it will be seen
there was no limitation imposed on
the legal tender or purchasing and
debt-paying power of the silver dollars
authorized under it; but there was as
to the amount to be coined, which was
fixed with minim um. of 50, 900, ono and
a maximum of 81, 600, 900 a month, yith
the discretion given to the secr-rar-
of the treasury to purchase either the
one or the other amount as he saw
proper. And it was the misfor-
tune of the country to have
during the IL years of the ex-
istence of the law secretary
who was unfriendly to silver, and the
minimum of So, 200, 900 was never for a
single month exceeded. 1t will be
seen, further, that under the opera
ton of this amendment to the Bland
free silver bill the bullion was pur-
chased by the government and coined
on government account, thus working
a denial of the right under said Bland
bill 'of any owner of silver bullion to
deposit the same to be coined into such
dollars for his benefit upon the same
terms and conditions as gold bullion is
deposited for coinage under existing
laws This brief analysis of these
acts abundantly shows that any re-
strictions and limitations upon the
coinage and use of silver as money,
while that of gold is free and un-
limited, is wholly at variance with a
proper conception of bimetallism. and
those who argue to the contrary dis
play the most shameful ignorance of
the subject or else endeavor to mis-
lead and bamboozle others.
1.-The Bland Allison law with al its
shortcomings. and unsatisfactory as it
was.a fforeed much relief and was real
boon to the people. Under this law
more than S37s, 0Oo. 600 of silver was
coined aud added to the volume of
currency, saving the country from all
the horrors of monev famine. Is