The Cook County herald. [volume] (Grand Marais, Minn.) 1893-1909, 1896-09-26
BIMETALLISM DEFINED.

IL .. to Both Metals, 49,:
An editorial writer in the New York
Sun has bumped very thick head
against an argument made by Hon.
Charles T. Crisp in Georgia in favor of
the free coinage of silver; Judge Crisp
had referred to the disappearance of
gold from our circulation under the
act Of 1892 and of silver under the act
of 1884 by reference to the conflicting
ratios in this country and France. The
ratio OF the French mint kept the COM
mercial values of the two metals prac-
tica1ly steady at the valuation fixed
by law But when two nations coin
freely at different ratios both ratios,
OF course, cannot control, and each
metal will seek the country whose law
gives it the higher valuation. This
was the substance of Judge Crisps
argument and !, the following is the
Suns reply: ssssassa ssszfs> .
'Here were two Instances in whick
the mighty fat of the United States
congress, signed by the president
couldn't keep gold and silver on a
parity in value at feed ratio, or
keep them both in circulation. It was
recommendation every time. Yet the
free silverites. Joined by Judge Crisp
himself in tie close of this Identical
speech, plead that the United States
can maintain what they call 'bimetal-
llssG by starting alone on free silver
coinage at sixteen to one. We are liv-
ing, we are moving, in a grand and aw-
-
i" 1t IS plain that the writer of the fore
going did not even dimly perceive the
meaning of. Judge Crisp's argument,
and that he does not understand the
position of the bimetaNists or know
what bimetallism means. Bimetallism
exists IN any country when it's minis
are freely open to the coinage of both
metals, when it gets the full benefit of
both in sustaining and replenishing
the volume of it's standard money and
when stable ratio of value is main
tanned between them. / Leading and
candid : monometallists agree ) that
France by it's mint ratio of 15& to 1
sui stantially controlled the relative
market values of gold and silver up to
1873. When the United States set up a
law, first in 1922 and then in 1884, in
conf1iee with the French law, it simply
resulted in this country's exchanging
first its gold for silver and next it's sill
yer for gold. II But it got the benefit of
both metals. = So long as it could ex-
change gold for silver dollar or a
silver for a gold dollar both metals
were available to the full extent for
increasing the 4 supply of standard
money. When, for any reason, one
metal left the - country, the other
promptly flowed in and filed the gap
IN our circulation without causing the
slightes disturbance. That was BIZ
metallism. What are the conditions
now? There has been for several
years steady outflow of gold. If our
minis were open to the coinage of
both metals as before 1878 we could
make this good by receiving silver in
Its place; but being denied this privi-
lege we must buy back the gold with
bonds, and we have already issued
1862, 600, 900 Of bonds for that purpose.
This is recommendation. Monometal-
lism restricts q country to the use Of
one metal only.
If it loses that or any considerable
proportion of it it must go without or
buy if back at 2 sacrifice. Bimetallism
gives it the use of both and enables it
when one metal goes abroad to fill its
place with the other without loss to
the circulation M mphis Commercial
Appeal, sAsstssssss