West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1896-10-22


cents. No we'll informed man says
this il sincere.
Jefferson and Hamilton proposed
that the supply of money metal
should be as large as the supply
Of both silver and gold. Even
simpletons know that if both
metals may be coined, at their
market ratio.we will have twice
as much money metal as with only
one of them. A metal is money
metal when, and only when, the
mint offers to coin all that comes.
If we have two money metals, then
when one is scarce we will shift to the
other. We shifted several times be-
tween 1892 and 1860, and shifting
caused no inconvenience. Neither
metal can appreciate if the country
may shift from one to the other.
The issue is, not whether to coin
at ratio different from the market
ratio, but whether gold shall be the
exclusive money metall The ques-
ton is, not whether we can maintain
silver and gold coins circulating side
by side, but shall have two money
metals or only one, and that one, the
scarcest2
Nobody publicly advocated in this
country the exclusive use of gold,
until long after the act of 1873.
There had been much discussion
about the difficulty of maintaining
bimetallic circulation, but we did
not hear of gold recommendation un-
til two years after the act of 1873
had gone through Congress with
the tread of cat.
1t is deception to quote an iso-
lated sentence which makes Con-
gresham say: Gold was demonet-
lied by the act of 1899. by establish
ing coinage ratio of IS to when
the market ratio was nearly 10 to /. -
He was talking about bimetallic cir
culation. We had bimetallism in
1860 although temporarily using
gold
Could the act of 1873 have passed
if it had been published that its pur-
pose was to make gold the exclusive
money metal2 Cold speakers should
be forced to answer this question.
No amount of sophistry and lying
can repress the fact that Congress
was tricked into demonetizing sill
yer.
THE BLAND-ALLIsoN ACT.
When it became known what had
been done, the public demanded
that the act of 10 be repealed and
silver restored as money metal.
But the money power plotted tohold
on to the incalculable advantage it
had surreptitiously gained. At this
point commenced the struggle be-
tween the people and the money
power. The Democratic party stood
then where it stands now, namely
for the free coinage, at their market
ratio, of both gold and silver. 1t is
true the money power in both par
| ties had its 'retainers,' but there
was an overwhelming majority to
right the wrong. History will re-
cord the truth, that, to prevent the
restoration of silver, the money
power forced situation which re-
suited In Allison samendment. Con-
gress enacted that the Treasury
should purchase monthly from the
lowest bidder limited amount of
silver and coin it, on government
account, into dollars.
The distinction between coming
on government account, and free
coinage, is perfectly plain. Coinage
on government account" is when
the Treasury buys ten cents worth
of copper and issues 100 cents, or
buys ninety cents worth Of silver
and issues two half dollars. Such
coinage is not, and never was con
sidered honest money. It was the
representative of money; it was re-
deemable in money.
It shows gross ignorance to con-
fuse bimetallism with coinage on
government account. Bimefai-
lism means two money metals. 1t
means the coinage con private ac-
count" Of all that comes to the mint.
Coinage is only to save the use Of
scales and prevent disputes about
hneness Of bullion. The Democratic
doctrine has always been that moth
ing is money unless il floats on its
own value, independent Of govern
ment credit or promises Of redemp-
ton; nothing is money" unless it
IS worth as much in the form Of bull
lion as in the form Of coin. But,
under Allison's amendment, the
Treasury might buy 37r.23 grains
Of silver and issue q coin falsely
called a dollar Be it observed
this coin although worth as bullion
only SO cents was unlimited legal
tender, and was not redecmabie.
There are 500 million Of these So
called SO cent dollars. Unless silver
IS restored as a money metal they
will not be worth SO cents, II Con.
gress does not make them redeema
bic, as copper cents are redeemable,