The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1896-09-26
TRUE AND FALSE BIMETALLISM

While Mr.. Bryan and his Populistic
school of currency doctors, are by every
specious argument in their power, en-
delvoring to rebut the idea that the free
coinage of silver at the ratio of 10 to l,
means practically silver recommendation, the
fact is not to be overlooked, that the Re-
publican party in its platform adopted at
St. Louis has declared itself in favor of
true bimetallism.
1t is in favor of the use Of both gold and
silver as money, and in favor of making
the silver dollar not merely nominally but
actually worth as much as gold dollar;
but without a change in the coinage ratio,
it does not believe that this can be done,
except by international agreement. The
change which the Republican party desires,
and which it has pledged itself to bring
about il possible, is change from limited
and modified bmetallism to bimetallism
true and complete.
The advocates of free and unlimited
coinage of silver at the ratio OF 16 to /, on
the other hand, are not true bimetallists,
because % they do not declare themselves
in favor of an increase in the value of the
silver bullion contained in silver dollar
from SO cents to 100 cents in gold; (2)while
they favor making silver dollars, each of
which contains 81 grains of pure silver, a
legal tender for 100 cents. They over.
look the fact that the coinage Of an ''un-
limited number of dollars of that weight
would strain the credit of the Government
to point at which the silver dollar would
not be accepted by the public at its face
valuation, and it would accordingly cease
consequence would be, that gold would be
boarded or sent abroad in payment for i'm
ports and interest, and the only coin in ac-
tual circulation would be silver.
The friends of free and unlimited coinage
of silver at the ratio of Is to l are there
fore, really-though some of them are not
aware of the notwithstanding change of
our monetary system from our present
modified and limited bimetallism to prac-
tical silver recommendation.
The only escape from this conclusion is
in the assertion that the effect of free and
unlimited coinage OF silver at the ratio of
16 to l would be, by increasing the de-
mand for silver bullion, to raise its market
price, so that 81 grains of silver bullion
(the amount of pure silver in silver dol.
lar would be eXchangeable at par for
% %, 100 grains of gold bullion the amount
of pure gold in gold dollar. Some of
those who advocate free and unlimited
coinage believe this; Others do not.
There is not only a complete absence of
proof that this effect would follow; there is
every reason to think the contrary. The
difference between the coinage ratio of gold
and silver (1G to J and the commercial
ratio 81 to 1 is too great to be thus over
come.
By coinage" ratio is meant the compar
alive weights of gold and silver dollars;
silver dollar weighs sixteen times as much
as gold dollar. BY commercial ratio
is meant the comparative weights of gold
and silver bullion of equal value, uncCined,
in the markets of the world
Moreover, the last published report OF
the Director Of the Mint shows that from
January /, 1878, to June 80, 1895, the
number of standard silver dollars coined
was in round numbers 423, 900, 600, or
about SO. 54ths of the total number
coined since the foundation of the Govern
ment, and yet the bullion value of the sill
yer dollar declined, in the face OF this i'm
mense production of dollars, from 90 cents
in 1873 to SO cents in 1896. How would
unlimited coinage have prevented this de-
cline?
From this statement Of the distinction
between true and false bimetallism, it Is
evident that the friends OF free and I'M
limited coinage of silver at tue present
legal ratio 16 to /, are not genuine bimetal.
lists. The Republican party, in common
with genuine bimetallists everywhere, is
opposed to the free coinage of silver at any
other ratio to gold than the commercial
ratio. The Republican party, therefore, is
the party of genuine bmetallism.
The Republican party is the friend Of
the silver dollar, since it desires to main
tain it at parity with gold, The advocates
of unlimited coinage are not its friends,
because the effect of their policy, if adopted,
would be to reduce its purchasing power
to SO cents.
The Republican party, if it is the friend,
as we claim, Of the silver dollar, is the
frind of every man who has n silver dollar
or who hopes to earn one; it is the friend
of the MINER the mechanic, the farmer, the
merchant-in II word, of all the people,
without distinction of fortune or occu-
patton.