The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-31

BIZ MetaIlisn.

In one respect, the present campaign il
likely TO prove the most profitable in our
political history. Never before have
party platforms been so clear and unmis-
takeable, or party leaders so outspoken
on any great issue of the day.
All the financial nonsense has not been
confined, in the past. to those who are
now talking for silver. As one party
leader said Of the platform OF his own
party, I'VE have exhausted the language
in our efforts to conceal our purposes!"
Leading men OF both great political par
ties have INDUCED in far too much hum
bug about a mythical bi-metallism and
an impossible double standard So this
is a good time to call a spade spade
and state precisely what history has to
tell, regardless OF any pre-copceived mon
etary theory.
After several centuries OF failure
throughout Europe, and nearly century
OF failure in this country, is it not about
time that the theory OF bi-metallism took
its place with other NEUROLOGICAL things?
For five centuries this thing has failed
utterly 10 do what its modern advocates
claim il will do today. Unlimited coin.
age of both gold and silver never resulted
for any length OF time in bi.metalIism;
that is, both metals in circulation az the
same time. No country, today, under
unlimited coinage has any gold in circu-
lation; yet all countries, where silver
coinage is limited, have both gold and
silver in circul ation. Is not the lesson
plain? Further, there is no recorded in
stance OF the enactment of coinage
ratio bringing the commercial ratio TO an
equivalent, but instances where coinage
ratios have been changed TO coincide with
the commercial ratio are Plentiful
enough. In onecentury France il said to
have changed her coinage ratio no less
than $50 times. Again. during our own
experience with unlimited coinage. we
find it powerless to bring into use the
undervalued metal, either gold or silver.
We tried it both ways, Atour first ratio
OF 5 to /, gold was underyalued, and
Thea at the ratio OF 16 TO / silver was
underyalued. but in neither case did we
have actual bi-metallism, or a double
standard. A double standard. by the
way, il another myth that the myth.
makers find convenient in their business
There never, nor can be, any such thing.
The very word standard implies unity,
not duality. The result OF unlimited
coinage was not double standard but |
an alternating standard, of first one
metal and then the other.
Along with these things, which more
properly belong in museum OF antiq.
uity, comes the quantatiye theory of |
money a theory that prices depend upon
the volume OF money in circulation, or,
"a Mr.. Bryan has it, "the value OF dol |
lar depends on the number Of dollars" |
But John Stuart Mill. the great author
ity OF these theorists prior to Coin Har- |
vey." put an important proviso in his |
statement. He said something like this: |
The volume Of money controls prices
PROVIDED money is the only medium of
exchange" What would he say today,
when credit instruments are 90 per cent |
or more OF such medium?
However, we don't need to theorize
about this; we know that our per capita |
circulation Ia much larger than twenty.
i've years ago and II 10 conceded on
every side that prices have declined dur.
ing that time. This 10 an exactly oppo-
site condition from that which the guam