Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-08-07
WHAT IS ermerALl,sma
L't'is Piece OF Monetary hi-,ory that
OF fntcr~rr.

or tnter~st.
Col. IL. W. Hall, of McKenzie, Tenn.
mas been writing "a series Of letters on.
o'metaliisn. in one of which no gives
some interesting points on the sub
lect The following poiuts arc taken
from one of his papers,, n.
In discussing so difficult and com
pick problem IT, is of the first inn
Portence To have clear cone option OF
the meaning Of the terms used. There
evidently prevails n great deal of mis-
conception rs To the true Significance
OF the term bimetallism even anon .,
puotic men and newspapers of ,the
highest reputation. / atn not aware
OF more lucid. logiclL just aud COZ
elise dehnition OF bimettliism than
that given bv tho late Daniel Man
ming, Mr. Clevelands first secretary
9i the treasury, fouud In his famous
letter To the house OF represen ntives
dated March ., 1850 Secretary Mnn-
ping was sincere friend of himetal-
lsm. though opposed To tho policy OF
Tree and unlimited coinage OF silver
+ by the United States unless la concert
with tue Earope0a governments This
is his dehaitNon; Open mints for the
frce coinage Of gold md silver. at "A
Fixed rntio, 10 every citizen ..of the
United States bringing either metal
and tho right To have his coins re-
ceived on every sale aud payment as
full legal tender dollnrs. Nothing less
than this Ia bimetallism. II is not
olmet0llism we are having now. All
our silver coinage Is but exccs,ivs sub.
s'diary coinage Of treasury purchases
OF silver for fictitious trensurv profit.
We lack an indispensable part OF bimet-
allism We Lack free coinage Of evorv-
body's silver in an amount unlimitrd
10y government into coins OF fuu legnl
tender We only maintain n free coin
age for everybody's gold TO an amount
/ unlimited by government into full
legal tender
~ Will help the argument and gives
clearer illustration of true bimetnllism
to quote the distinctive features OF the
law Of 1873 aud also OF the ori,-innl
Bland bill for the free and unlimited
2oinnge OF silver. which passed the
house November 2, 1877. and which wns
sent TO the senate. where IL wns
amended aud cmahculatod cf It's free
coinago features and was finally nc-
ccptcd by the houee rs, the bost com
promise att0ina BILE. then votocd bv
President liayes and tho snme dnv
| pissed by "A two-thirds vote OF both
houses over the veto and becnme the
INV since hnowa as the Bland Allison
act
Il now quote from tho senate Jour
nal OF February i5, 1873: ' The sen
0io hnving under considorntion the
bill to authorize the frce coinn-e of
the standard silver dollar and restore
It's legal tender character, tho follow
ing amendment wns agreed -: And
the secretary OF tho treasury is nu-
thorized and directed 60 purchase from
time 60 time silver bullion at the mar.
Ret price thereof not less than se.Ool.-
/ 900 worth per month, and not more
than "a, OO) 900 worth per m0nth, and
cause the same Ia be coined monthly
as far as so purchased into such dol.
lars "
'For more ready comp1risor | place
I'm JuXtaposition with this SENATE
amendment the text % the Blanl free
coinage bill which passed tho house
Novem Der .. 1887:
That there shall be colnod nt tho several
mints OF ihc United Statcs silver dollars OF
thc weight 'ls'f Trnins troy OF standard sllvcr.
as provided In the act 81 January is 1877 on
which shall be tho devices and supcr-cription,
provided by said at which coins togc,hor
with all silver dollars heretofore coined by IA.
United states of like weight and nneness
shall DC legal tender OF their nominal value
Tor all debts and dues, public an private .x-
eept whore Otherwise provided by contract.
sud ny owner o. silver bullion mnv denosit
the Same AZ any United States mint OF assay
orlcc. 10 be coined into such dollars FOR his
benefit. upon the sano conditions n. 4, IL hui
lion Is deposited for coinage undcr cxistfpy
laws
Keeping Ia view the above il!nstrn-
tion and definition, there Is no dinl-
entity In drawing the line OF demariSn-
zion between complete bimetnllism
and the mere subsidiary coinage of
one Of the metals. whcro full and free
coinage Is given To the Other. 10 re-
gard 20 the law OF 1873, II will be seen
there wns no Limitation imposed on
The legal tender or purchasing aud
acbt-paying power Of the silvor dollnrs
authorized under it; but there wns as /
TO the amount To be coined, which was |
fixed with IA minimum OF 81, ,OO0, 900 and |
maximum of 81 600, 600 a month. with
The discretion given TO the secretary
OF the treasury to purchase either tho
one or the other amount a. he saw
proper. And IL was the misfor-
tnOc of the oountry TO hove
during che - yesrs of the ex-
istcnco of the law. secretary
who was un unfriendiy to silver, and the
miaimum OF 81, 00o. 900 was never for "A
single month exceeded. IL will be
seen. further, that under the opera
tion OF this amendment. To tho Bland !
free silver bill the bullion was pur-
chased by the government and coined
on government account, thus working
adenial Of the right under said Bland |
bill OF any owner of silver bullion to |
deposit the same 20 ie coined into sueh !
dollars FOR his benefit upon tho same /
terms and conditions as gold bullion Is /
deposited for coinage rnder existinr
laws. This brief analysis Of these
acts abundsntly shows that any re- 1
strictioDs and limitations upon Che 1
coinage and use of silver as money. |
while that OF gold Is free and un- |
limited, is wholly at voriarce with a
proper conception of bimetaliism, and !
those who argue 10 the contrary dis
play the most shameful ignorance of,
the subject or else, endeavor to mis- I
lead and bamboozle others.
THE d-Alljson law with AL its