Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1896-08-07

possible to make 1t. for that would have
been equivalent, at that time, to the adOp-
tlon Of Il ratio by international agreement
It wis only BY adopting. in 1895, the ratio
OF Ass to l, In respect to our subsidiary
silver con0ge-our small change-that we
Succeeded In keeping that In circulation.
"a During all this period from 1902 till 1873.
our minis were open to the free coinage
Of both metals, and yet we had no practi-
cal timetable circulation. The first stage
was all silver, the last stage all gold. Inc
giSt of true bimetallism Is not free coinage,
but actlvc free and concurrent circulation
of two metals, ut fixed coin ratio. US
legal tender, side by side. The Century
dictionary, a first class and impartial au-
thority, defines blmetalllsm US follows:
''The use Of two metals rs money. NJ rela-
tive values set by legislative enactment;
the union of two metals In circulation Ms
money ut a fixed rato. 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 rs circulating
medium at fixed relative Value
In the senate last winter. In some remarks
! made on this question. l said, and !
rciterate 1t here: Complete bimeta'lisn
implies not only equal mint privileges. but
also equal facilities Of circulation. Both
metals may be freely coined and yet not
freely circulate. A metal may be freely
coined. and yet be pOwerless to maintain
itself in circulation. Though both metals
may be freely coined, yet t.. :or any cause,
only one Of them Is In active circulation.
then there is a failure Of that bimetnllism
which seeks an abundant currency and en-
HANGED prices" Free coinage with out
bimctallic circulation Is snare and de-
fusion. 1t Is n mere shadow without any
subSta nce or background. The most that 1t
can, under any circumstances, afford us IL
Il shifting md fuctuating recommendation.
IL, when nearly all Of Europe was In
state Of bimetalism 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 cXpei our gold, and. dur.
ing the second period, to expel our silver
from circulation how can we expect. when
this difference Is II ounces of silver. and
all Europe has suspended the free coinage
of silver, and IL
On the Gold Standard.
how can we expect. under these condl-
tions, with the free coinage OF silver AMI II
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.
cxprl our gold from circulation. and we
shall be reduced to the single silver stand
ar,-when silver will circulate OH its bull
ION value and fluctuate from day to day.
This Is Illustrated by the case of Mexico
and Japan. Since 1879, annually. and
since 1890, quarterly. the director of the
mint hns 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-
nrs the different countries into those with
fixed currencies and those with fluctuatIng
currcncles Among the latter arc 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: