Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-08-07
WHAT IS elMerALllsMq
L,t,io Piece OF Mone!nry hi-,ory That 1.
of lnterept.

Noi' H. W. lihli, OF Mckcnzie, Tenn;
has been writing series of lotters on
oimetallism, in one of which no gives
some interesting points on the sub
1ecI Tho following poiuts nro taltcu
from ono of his pnpcrs:., ~.
In discussing so difficult and com,
pick problem IL is of the first inn
portance to have n clear cone ,ption OF
the meaning of the terms use,. There
evidontly prevails u great deal of mis-,
conception as TO the true suuificance
OF the term bimetallism cvou amon .,
public mon and newspapers of vthe
hirhest reputation. / nm not awurc
OF u moro lucid, logical. just and con-
Disc definition of bimetrllism than
that given by tho late Daniel Nun.
ming, Mr.. ClcvelnnEs first secretary
Of the treasury, found in his famous
lottcr to the house Of representatives
duted March ., 1850 Secretnry Mnn-
ping was n sincere friend of himctnl-
lism. though opposed to tho policy OF
free and unlimited coinage OF silver
by the United States unless Ia concert
with tho Enropeaa vovernmenta This
Is his doilnitOn: Open mints for the
frcc coinage OF gold md silver, nt II
liked rntio, to every citizen ..of the
United States bringing either metal
pnd tho right to hnvo his coins re-
ccivcd on every snlo nnd payment rs
full legal tender dollnrs. Nothing less
thnn this Is bimctnliism. 1t ia not
bimetnilism we are having now. All
our silver coinage is but excessive sub.
sidinry coinage of treasury purchases
of silver for u fictitious ivensury profit.
We lncls nn Indispensable purt of bimct-
nllism. We luclS free coinage of every
bodv's silvcr in nm amount unlimited
by government into coins OF fun legal
tender. We only maintain n FREQ coin
ago for everybody's gold to an amount
unlimited by government into full
legal tender
1T will help the argument and gives
clearer illustration of true bimetnllism
To quote the distinctive features OF the
lpw of 1873 aud also of tho original
bland bill for the free and unlimited
coinnFe of silver, which passed the
housc November 3, 1877. ana which wns
sent to tho senntc, where IL wns
uncnded and emnhculatod cf it's free
coinngo Nfcntures md was finally nc-
oeptcd by tho house nsi the bnst com
promise nttnina bio. then votucd by
president Hayes -nud tho snmc div
passed by IL two-thirds vote of both
houses over the veto and becnmo the
INV since known as the Bland. Allison
act
II now quote from tho senate jour
nnl of February u, iSIs: :" The SON
ntc having nuder confederation the
bill To authorize the frce coinngc of
the standard silver dollar and restore
It's legal tender character, tho follow
ing amendment wns agreed 10: And
the secretary of tho treasury is nu-
thorized and directed To purchase from
time to time silver bullion Mt the mar.
kct price thereof, not less than sa,Op).-
900 worth per month, and not more
thnn 81. 00), 900 worth per month, and
cnnsc the same Ia be coined monthly
MS far as so purchased into such dol.
lnrs'"
'For'more rcndy compnrisor place
I'm juxtnposition with this sennte
amendment tho text of the Blanl free
coinngc bill which passed. tho house
November ., 1887:
That thcro shall be coined nt the several
mints OF the United states silver dollars Of
the weight Iis,f Rrnins troy OF standard silver
us provided In the act OF january ls. 1897. ON
which shall he the devices and supcrsc riptions
provided by snfd Mt. which coins togo ihor
with MI silver dolnrs heretofore cu!nod by the
United States OF Hike weight nnd nnoness
shall be legal tender at their nominal vn!uo
Tor oil debts ana duos, public nnl nriyatc sx-
ocpt whore Otherwise provided by contrnct.
snd ny owner % silver bullion may de poait
the samo ut my United States mint or nssuy
otlcc 10 Oo coined into such dollars for his
benefit, upon the Same conditions nS u Id bull
lion IL deposited for coinage under existing
laws
Keeping In view tho above illnstrn-
tion and definition, there is no ditll-
entity In drawing, the line of demnrisa-
Gon between complete bimetnllism
and the mere subsidiary coinage of
one OF the metals whcro full and free
coinage Is given to the other. In re-
gard TO the law Of 1873. II will be seen
there wDs no limitation. imposed on
the legal tender or purchasing and
dcbt-paying power OF the silver dolinrs
authorized under IL; but there was ns
TO the amount TO bc coined, which was
fixed with II minimum OF 81, 900, 900 and
. maximum OF "a, 900, 600 Il month. with
tho discretion given TO the secretary
of the treasury to, purchase either tho
one or the other amount as he snw
proper. And 1t was the misfor-
time of the country to have
VIZ VI VIC IN
istrnco OF tho law. secretary
who was unfriendiy to silver, and the
minimum OF 81, 900. 900 was never for a
single month exceeded. .It will be
Eeen, further. that under the opera
tion of this amendment. to tho Band
free silver bill the bullion was pur-
chnsed by the government aud coined
on government account, thus working
h.deninl OF the right under said bland
hill of any owner of silver bullion to
deposit the snmc to ie coined into snch
dollars for his benefit upon tho same
terms and conditions as gold bullion is
deposited. for coinage under existinr
laws This brief analysis of these
acts abundantly shows that any re-
strictioDs and limitations upon Che
coinage and use of silver us money,
while that of gold is free and un-
limited, is wholly nt vorianee with
proper conception of bimetallism, and
those who argue TO the contrary dis
play the most shameful ignorance Of
the subject or else, endeuvor to mis-