New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-23
Mr. BELMONT ON BIMETALLIsM.
ppov,xrNr DEMOCRAT SEEKS DEFINITIONS

MR.. BELMONT ON B1METALAiS"'
=, ppovyxENr DEMOCRAT SEEKS DEFINITIONS of
THE woRpLcoMMENTs ON THE RErcD-
LIcAN POSITION.
To the Editor Of The Tribune
cir Tho oninions and purposes Of the Repupiicai
marty and of its avowed asprants Tor the r'e'
dency respecting coinage are this year Oh u"u'"..
Importance. Is that party and are those "op .s
content with our existing coinage statutes anu @
Treasury Interpretation and execution -
~ not then what reform do they propose 49,,
Referring I assume. to my comments recently
published on the Republican Ohio and iowa pa
forms the personal views OF senator Aih'o - -
Mckinley and the Republican Natlohai p'"1io. a.,
1902 YOU make the editorial headline. Deio'' 49,
Word JUGGLING" and declare that the c"'e'e q,
of tho nhrase bmetasm in political discussion -
RESPONSIBLE for much current misapprene"s'o,
which men Of Belnont's standing shoui" 80
az all times to remove" The purpose Oh MY 80
mcnts was not as you say. TO set kcpuolca"'
ouarreng with each other over an entreiy UNI.
an, ousation as TO- namely. whether iegai-te'ue.
notes should be retired but was TO sho" '~s
neither Senator Allison. nor Mr. Mckinney, "o. ~
platforms Of their two States. nor Senator Sher"""
vindcates "bme.alsm -.
You declare the word "bimetallism IS NOT useu Wy
competent students monetary teachers 10 Ie,e'
IN tho use Of a subsidiary purely repTeseh'a.'e
currency" In that statement concur uu. oe
ators Allison and Sherman and MI Nch'''e' -
not You add: The Republican party s'anuS WV.
great unanimity upon its declaration III INV,
currency embracing gold and paper. every par
a,n,oInod at mar with gold This Is not 'bimetal-
ism, In the scientific of the word nor ooeS
the Republican party regard such o'"e'A'.
! attainabe excepting by international asree"''
but Il strive, to use silver as suDsioary' 'epio
sentne gold only so far that representative cnar
actor can he safely maintained With the last
sentence Of that paragraph concur. II Is what my
comments on the present attitude OF the f'epuo''.
party intended maintain. ala not say ina
senator Allison, Mr. Mckinley and the hepuo'ioa"
leaders generally. West and south are '"ee,"e
with bimetallism and guilty of false pretence "heh
asserting their own advocacy of "bimetaiiis"
that would have been offensive, even II true.
mentioned the invention and first use OF the woro
bimet allism" by Mr.. Cernuschi the origin ~ i.''
portant He has said In his monograph "BiInetahc
| par and in his notes submitted to the BRUSH
| Cold and Silver Commissions 1T was on January
0 1863 AT the Economists dinner In Paris. that as
liking 10 use the deceptive expression donpie e'a'on
| double stardard) l improvised new one non"se
bmetalloue' have since taken the name Vi VI
-ne,allists for US who called advocates OF the
double etaon' and have given the name OF MONO
,,o,ar,sts 10 those who called themselves opponents
~ tho double etalon The word bimetall'sm Is new
bu, the thing Is old. very old That was saio
twenty-seven years ago
AFR cernusch added that in 1884 the United States
sunerseded bimetallism at Is by bimetaism at 10
small fore wheels (golD and large hind wheels
(silver) the carriage admirably because stou'
beam uhe 5i2 ratio) joined them II IS not tpe iau''
Of the small wheels nor yet the faut or the large
wheels IL the carriage now runs with JERKS anu
shocks II IL because the beam has been broken.
Let the beam be restored ana 'he ca'''"ee win W
as before
Such is Mr. Cernuschls bmetal!!sm. which. IN
other monographs. he makes synonymous win Tree
bimetallic coinage Ton fixed par) OF fuii iegai
tende- coins That Is also the meaning OF oi-
u.,al,ism "a set forth in The Encyclopedia Brit
tann,ca edition Of 1883 Volume Is. page 1856 That
"a the definition by Secretary Manning IN MS re-
ports TO Congress: Free coinage OF both metals for
all corners at fixed ratio OF weights. into COINS OF
unlimited legal-tender." That is the dennit'on OF
! the word by every English and American economist
! whose writings have seen That IL also. assume
the definition OF the word az used by tho Republican
National Convention 1892 IN this resolution: Inc
American people from tradition and Interest FAVOR
/ b,metallisrn. and the Republican party demands the
use Of beth gold and silver as standard money, with
such restrictions and under such provisions. TO be
determined by Iegsia ton. will secure the mainten
ance OF the parity OF values OF the two metals 40
| that the purchasing and debt-paying power or the
dollar whether silver. gold paper. shall be at all
! times equal" Tho Republican party thus demands
the use OF silver standard and not as "subsid-
ary" or token, money. which you say It now pre-
fers, unless there can be international agreement
Excepting the legislation OF 1853 relating only TO
silver coins less than dollar for which the Treas
ury was to buy silver and exclusively coin.
for which tho ratio lowered from 16 to
Ass and broke the continuity OF free bimetalc full
lega-tender coinage. the United States had b-
metallsm from 1872 to 1873. in 1873 Congress. for
the first time expressly and specifically made the
gold dollar OF % $40 grains the unit OF value and
the silver laws OF 1873 and 1890 did not alter the unit
In 1873 all silver coins made subsidiary and
Of limited legal tender They were to be coined only
on Government account. and the coming of full
ega-tender silver dollar was not permitted That
was precisely the existing English system Of gold
Silver Dollar law which left standing the monetary
gold unit or isia and authorized conegs lbut only
FL nn free Coinage v. would
Mr. h Hny
II as 'humpbackod monoruetallism.' the silver dol
BY President Harrisons reopenng Of the silver
e his ANNUAL message came the Sherman a
said was enacted because OF the fear that the Re
say that. the sherman law in fac. stopped silver
hay have shown, and largely on your own statements
bimetasm. or gold monometallism, or silver mono:
mcialllsm What coinage system J does 1t advocate
either side? do ask concerning paper currency.
sSed that the Country has now only partial and
Imperfect omstssm because q, Sc silver coinage is not
metallic coinage OF everybodys silver and gold into
full legal tender coins. from 1892 to 1873 but what
was the unit OF value? Perhaps silver dollar. and
perhaps That enactment OF 1892 should be care
fully read. Two units are inccnceivable. but the
coinlng OF one unit in two metals Is not.
Does the Republican party advocate, or does II
condemn the coming OF moro full lesal-tender
silver dollars: That "a vital question say moth
ing OF the opinions Of the New York Democracy. or
OF my unmportant individual Views respecting
the future attitude Of the Democracy as to conage
New-York, March %, 1885, PERRY BELMONT.
COUNTRY WOMEN AND THE SUFFRAGE.
To the Editor of The Tribune.
Sir: One OF the arguments Of the an-suffragist Is
that II women be allowed to vote the corrupt or