Morris tribune., 1896-08-12

possible to make 1t, for that would have
been equivalent, at that time. to the adop-
ton Of a ratio by international agreement.
1t was only by adopting, In 1875, the ratio
of 14.SS to l., In respect to our subsidiary
silver coinage-our small change-rnaL we
succeeded In keeping that In circulation.
During all this period from 1892 till 1873,
our mints were open to the free coinage
of both metals, and yet we had no practir
cal bimetallic circulation. The first stage
was all silver, the last stage all gold. inc
gist Of true bimetallism Is not free coinage,
but active free and concurrent circulation
Of two metals, at a fixed coin ratio, as
legal tender, side by side. The century
Dictionary, first class and impartial au-
thority, defines bimetalIism as follows:
1.-THE use of two metals as money, at rela-
tive values set by legislative enactment;
the union of two metals in circulation as
money at a fixed ratio. Specifically That
system of coinage which recognizes both
coins of silver and coins of gold as legal
tender to any amount, or the concurrent
use of coins of two metals as circulating
medium at fixed relative value"
In the senate last winter, in some remarks
i made on this question, said, and l.
reiterate 1t here: Complete bimetalllsm
implies not only equal mint privileges. but
also equal facilities of circulation. Both
metals may be freely coined and yet not
coined, and yet be powerless to maintain
itself in circulation. Though both metals
may be freely coined, yet l., -or any cause,
only one of them Is in active circulation,
then there is a failure of that bimetallism
which seeks an abundant currency and en-
HANGED prices" Free coinage with out
bimetallic circulation is snare and de-
fusion. 1t is a mere shadow without any
substance or background. The most that it
can, under any circumstances, afford US is
shifting and fuctuating monometalltsm.
If, when nearly all of Europe was in q
state of bimetallism and had free coinage
for both metals the difference of half an
ounce Of silver between the coin ratio and
the commercial ratio was sufficient, during
the first period to expel our gold, and, dur
ing the second period, to expel our silver
from circulation, how can we expect, when
this difference is Ia ounces of silver, and
all Europe has suspended the free coinage
of silver and is
On the Gold Standard,
how can we expect, under these condi-
lions, with the free coinage of silver and
consequent silver deluge, to keep both met
ais in active and concurrent circulation.
The cheaper metal, silver, will inevitably,
under such conditions, now as in the past,
expel our gold from circulation, and we
shall be reduced to the single silver stand
ard-when silver will circulate on its bull
ion value and f1uctuate from day to day.
This is illustrated by the case of Mexico
and Japan. Since 1873, annually and
since 1890, quarterly, the director of the
mint has been required to estimate the
value of foreign coins in our money of ac-
count, for the use of our custom houses
in passing upon the value of imported
goods. In making these estimates he classi-
fies the different countries into those with
fixed currencies and those with fuctuating
currencies. Among the latter are Mexico
and Japan. The following are his annual
and quarterly estimates Of the value of the
standard silver coins Of those countries. in
the money Of account of the United States: