The Providence news. (Providence [R.I.]) 1891-1906, 1896-07-30

OF what the silyerites mean by the free,
unlimited and independent coinage Of
silver, the delusive idea OF bimetallism is
quite generally abandoned, and there IS
a general agreement that the policy pro-
posed would bring the country down 10
silver monometsllism in place OF keeping
1t on a gold basis, where 1t has been,
for all legislation seeking the double
standard, since 1884.
This clears the atmosphere ana removes
from the discussion the question OF BIZ
metallism, leaving controversy free TO
consider the merits and the demerits OF
the silver STANDARD. We should say that
for the silverites they loose a good deal
10y this simplifying OF the Issue, for there
is no end OF contemporaneous facts at
command to confound their claims of the
advantages OF a currency based on the sill
yer standard or on any second-rate mint
age. AT the same time 1t is evident that
In the ranks OF the doupters, the ques-
tioners and the believers IN the free coin
age Of silver are many who are IN their
current frame OF mind because OF the de-
luslon that bimetallism and not silver
monometalism is the object in view, and
that that object is desirable ana for the
good OF the country.
great many people have long held to
the opinion that bimetailism, the con-
current coinage OF two metals at fixed
rate, would be advantageous to people.
But whatever the views as to that 1t has
heen demonstrated that bimetallism as SO
understood, whether desirable or not, Is
impossible.
Nowadays nobody questions the law OF
gravltation or the multiplication table.
For the benefit of inquiring minds it may
be from timo to time necessary to demon
strate the Law of grsvitation and the fact
that 2 times equals 2, and times 2
equals 4. But the average run OF folk
accept these fundamental laws without
question. And the law that declares bi-
metallismto be impossible is quite as in
yiolable, Trustworthy and not to be
questioned.
The more familiar form of this is con-
tained in what is known as "GREsHAM's s
Law" which runs ae follows;
"When two sorts of coin are current in
the same nation, of like value by denomi-
nation but not intrinsicaliy, l. O., in
market value, that which has the least
value will be current and the ether as
much as possible will be noarded or
melted down or exported"
Sir THOMAS GRESHAM, an English
Gnancier and merchant OF renown, and
chancellor. OF the exchequer under Queen
ELIZABETH, proclaimed this concrete
expression OF the facts of experience as
long ago as 1926. He drafted 1t from his
own experienc, and Investigations, in
stead of accepting the conclusions of his
predecessors whose vestigstions had
taught them the same principle. The
verdict of experience for at least six CEN
Iuries, and before and since GREsHAM
enunciated his "law," is, as one writer
expressed 1t, "olear, crushing and final"
that a definite ratio between an ounce
or pound OF silver and gold can never
be maintained for any extended period.
As recent writer puts it, "the pursuit
after a constant ratio between gold and
silver 10 vain as the cruise oi the Flying
Dutchman." CopERNIoUs laid down
GREsHAM's law moro than century be-
fore GRESHAM, and he was not the first to
"discover" and expose the delusion, and
nations tnat have overlooked or doubted
the verify OF the law have by new ex-
perIence learned the lesson OF the impos
sibility OF keeping The ratio liked between
gold and silver. Twice has the United
States tried the scheme, and in both cases
the undervalued coin disappeared from
circulation. France tried Il, the Latin
union tried IT,, England and Germany
tried it, and every experiment only
served to demonstrate that GREsHAM's
law rules, as 1t always has ruled.
THE captain OF the Brooklyn park
police gives the following sufficient