The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1896-09-23
"Bimetallism. +"

some do not, however, is manifested
by the manner in which it is frequently
and freely used. If it means any
thing, bimetallism means the use of
two metals as money, at the same
place and time, with coins of the two
metals of the same denomination
each equal to the other in purchasing
and debt paying power.
The United States is, it is true, a
country of bimetallic traditions. The
NoRTHERNER has all along professed
to be bimetallist, and is at times
taken to task for an alleged change
of front, when in truth no such
change has taken place. We have
in common circulation to-day both
gold and silver money, interchange
able and equal. If it is not bimetal-
ism, what is it? Oh, but both metals
are measured by common standard,
say our silver friends. Yes, that is
true; so are silk and cotton cloths
both measured by common yard
stick, and yet they are not the same.
In fact such thing as 'double stand
ard" is physical impossibility, unless
both standards be of equal length,
breadth, heighth, depth, size or power,
as the quantity to be measured may
be.
1t should be remembered in this
discussion that the principle for which
we contend is bimetallism, not free
coinage. The installing the two as
synonymous terms is responsible for
many of the financial errors of the
day. Bimetallism can have but one
meaning-the use of two metals as
money. If any system is proposed
that will not concurrently circulate
the two at parity, that system has
no claim to be called bimetallism.
At the present low price of silver,
there is not the slightest doubt that
free coinage at 16 to ! would send
gold to a premium and consequently
OUT OF CIRCULATION. If this be true.
then free coinage is not another name
for bimetallism, but silver monomet-
allism. 1t is BECAUSE the NORTH
ERNER is bimetallist that it is OPP
posed to free coinage at 16 to l.
If Mr.. Bryan and his followers ex-
pect their theory to be accepted as
genuine bimetallic doctrine, they
must show beyond a peradventure
that with free coinage the 53-cent
silver dollar will circulate at a parity
with gold. In discounting the future,
we must draw on the experiences Of
the past. When did free coinage
ever wipe out the commercial dis.
parity of gold and silver? So far as
as we can discover, never. In oul
own country, from 1892 to 1884, the
ratio of free coinage was Is to l.
This ratio was fixed because it was a,
the time the commercial ratio be.
tween the two. However, free coin.
age did not hold silver at that ratio
and a slight fall in silver drove gold
to a premium and out of circulation
In 1884, to restore the parity, the
ratio was made 16 to l; the CONNER.
cial ratio was 1876 to /, and free coin.
age of both metals did net wipe out
the disparity, silver now going to a
premium and going out of circula.
ton, and remaining out of circulation
so far as full weight coins were con-
cerned, until the passage of the act
of '73, which "demonetized' a metal
that had no practical circulation for
40 years previous to that act!
If 97-cent silver dollar drove
gold out of circulation prior to 1884
and S1.03 silver dollar disappeared
for 40 years subsequent to that date
how can it be logically argued that a
53-cent dollar will circulate side by
side with gold in 1896?
The strongest combination ever
effected to hold gold and silver to.
gether at a fixed ratio, was the
Latin Union, consisting of France,
Belgium, Italy and Switzerland. In
the fourteen years from 1865 to 1873,
these nations, under free coinage
minted 1,343,000,000 francs with
full legal tender quality. In the lat.
ter year, these countries abandoned
free coinage because of inability to