The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-12-09
a Plan Of Universal Bimet-
ailism.

Nearly four years ago Mr.. R. P.
Ro,hwel' published in the Engineering
and Mining Journal, of which he is
the editor, some suggestions for a sys.
tenn of universal bimetalism under the
control of an international monetary
clearing house. The plan suggested
by him has, in the interval, formed the
subject Of several papers read by him
before bodies interested 10 it. and of
number of editorials 10 the journal coo.
Quoted by him. and the substance of
these papers and editorials has now
been embodied by him 10 a pamphlet,
in which be has included a considera.
BILE amount of statistical information
compiled both by himself and others.
The prominence of the monetary issue
io the pending campaign has prompted
the publication of the pamphlet, which
constitutes an interesting contribution
to the literature Of the campaign.
The author suggests that the silver
question be submitted to the arbitra-
ment of an international monetary clear
Jog house or commission. to be COM
posed of expert representatives Of the
Dations, empowered to select a univer-
sal monetary standard, to adopt meas.
ures for securing the use of gold and
silver at such flexible ratio as will
effect permanent stability in the value
Of the worlds money. aud to adopt
measures for facilitating international al
monetary transactions. and afor their
supervision aud control. Some Of the
measures which. in the authors opin-
ion, would best aid lu attaining the OBJ.
jscts Of the clearing house are suggest
ed by him. These contemplate, in the
Grst place, the ascertainiug the smouot
Of money-gold, silver aud uncovered
ootes-heid by each country, the use
Of these amounts as the basis fer the
proportions in which the several Dations
would join in the purchase for gold of
the amount Of the silver Of the silver
basis countries necessary to put each
on the bimetallic basis, and also as the
basis Of the proportions in which the
nations would join in the subsequent
purchase of all the gold aod silver
offered each year in excess of that spe-
ci6cally applied for
The clearing house would. further
more, be authorized to issue for the
gold and silver so purchased ioterua-
tioual certificates redeemable in gold and
silver at holders option, or, possibly,
in gold and silver in specified proper
tions; to determine from time to tine
wha, change ln the value ratio of gold
and silver would be called for by the
changed conditions Of production; to
clear every national transaction in the
purchase, sale and emission of money,
and to publish frequently reports Of It's
transactions Under the plan proposed
the clearing house would act through b
the customary cbanrels-the mints OF
the several countries-and, while es-
tablishing . standard and regulating
the value ratio Of gold and silver,
would Dot necessarily interfere with the
coinage Of the nations beyond regulat-
ing the relative values of the metals
EN- ployed in it. The idea of the au-
thor is that the clearing house would,
through the means indicated, prevent
any sudden fluctuations in the value OF
the money Of the world, while not pre-.
venting natural and gradual evolu.
ton towards single standard for un.
limited legal-tender money should such
become desirable. The statistical and
other information contained 10 the vol
ume are iu large part FROM official
sources -Bradstreets.