The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-06-19
Blmctaiiism Defined.


| Renoo OF mankind may not flnd better
system than both of them, but wo do soy
| that to dcmonotizo either of thOso metal.
Is n step baok ward and not n step forward
Bimetallism Is the right to use either
gold or silver rs primary money. Thus
under such n law, II our trade rotations OIL
the laws of other nations tako our gold
away, thon we have silver, and no serious
| injury occurs. And tho same saving prin.
oiple applies II our silver should leave II.
and gold remained.
The vital principle In bimetalism Is the
right to use either metal. II production
grows less on one, we have the other, and
tho two together furnish a moro stable
supply OF money than either alone can
furnish. With only one Of them for money
the contraction and expansion OF the
worlds supply, alternating as they will,
makes an uncertain and unstable supply,
or tho two metals, dollar for dollar, 1e
parts of silver TO pnrt Of gold, silver is
tho most useful of tho two, is applied tc
tho most usos and Is tho most sorvicoable
TO mankind Of the two metals.
The principle that It is snfor to rely for
money on two metals than on one Is
principle that we carry into everyday life,
We rcly on whcnt, corn and rice for bread,
on beef, pork and mutton for meat. II
ono Is scarce, wo use tho other.
Under frco coinage of both metals silver
and gold nro In competition with cnch other
to supply tho demand for money. So long
ns pork and mutton aro In competition
with bcof for meat beef cannot rise unduly
In value and threaten tho health OF the
nation, and gold could not, as 1t is doing
now, threaten tho credit OF this great ma
III Al IA
ns money.
You hear us called "silver men," As II
wo were opposed to goldl We nre callod
silver men because silver Is the metal do.
monctized and wo are trying to restore II
to equal rights with gold. We are In favor
of putting tho white metal on an equality
with the colored metal. To do this does
not mean that wo pu5 the country upon
silver basis 1t means tho right to make
primary money from either metal, and In
this way one relieves tho strain upon the
other.
As we have two eyes, ono to relieve the
strain upon the other; two cars, ono TO re.
lieve tho strain upon tho other, and for
the same reason two openings In tho nose;
two lobcs to the lungs and two vontricles
to the heart, so Is this great necessity for
money supplied by having two metals
ono to relieve the strain upon tho other
and having tho right to uso the two docs
not mean monometallism
What Recommendation Means.
Tho right to use only ono metal as pri
mary money, as is the Inv now, Is mono.
metallism. 1t Is like man with one
arm, one leg or one lung. Monometallism
Is n ono lung monetary system.
nitnntn lliam Ia tbp riUht In psa oith |
both Of two metals. Only one may be In
use at n time, or partially one and mostly
tho other. If ono grows scarce or is cor.
nored by spcculators, We may use tho 9th
or. II under bmetallism ono is in use
more than the Othor, 1t Is because 1t Is the
most accessible, and this fact may save
our monetary system. IL gold leaves us
and goes to Europe under bimotallisn, II
does not hurt us. 1t (gold) would in such
\ case, with silver taking its plnoo with
ns, go to swell tho supply OF primary
money in Europe and increase the price of
products in tho worlds markets, and
thereby Increase tho prioo of our exports to
hose sano markets. Under bimotnllism
he expectation OF gold docs not hurt us.
Under gold monometallism It's expectation
1oprivos us OF tho only primary money
metal we have Bimetallism Is the right
10 uso either metal as primary money, and
hat was the law up to 1873.
Option OF the Debtor.
Under this bimetallic law tho debtor
iad tho option as to which of tho two mot.
lis ho would pay I'm. Thus tho demand
vas regulated by tho debtor. The govern.
nent exercised tho same option rs to Its
rcditors. Tho demand was thus applied
o the metal that was most plentiful. II
liver became tho cheaper by slight nuo-
uation, tho demand was thrown on It,
hus restoring the parity bctweon the two
metals. If gold was tho cheaper, 1t WINS
lsed and the demand brought 1t buck
There Is no better recognized principle
han the law Of supply and demand regu-
ating values. 1t was tho law to which
was adjusted, and to make 1t
elf operative the option was given to
he debtor, who would always put the de-
nand on the moro accessible or cheaper
metal, and this prevented any material
luctuation In the commercial value OF the
wu metals.
We have had tho effect OF this law In the
niclal reports OF governments for 200
ears prior to 1873, and tho fluotuatlon,
nc dollar rs compared with the other, was
Iever to exceed por cont.
What sixteen to One Means. ,
Under this law, with us, 37lt4 grains OF
ure silver were put In n dollar and 23 l-5
rains of puro gold wore put in dollar,
o gold dollars to weigh as much as l
liver dollar. That Is what 10 to means.
II other words, any ono bringing 371H
rains Of silver to the mint had it coined
nto "a dollar and any one bringing 23.22 ,
rains of gold to tho mint had II coined ,
nto n dollar. And rs long as this wns the ,
NV no man was willing to sell or did sell
hat much silver or gold for less than dol ,
,r. Foreign Inducements at times caused
iuch OF our gold to leave us, as Il Is doing .
ow but wo had silver To fall back ON, /,
nd thon again when much Of our silver /.
1T us wo had gold. Thus We walked
own the century ON two logs from l3
oor colonies to 80 grand states.
During all of that century the metal In
no two dollars nevor varied moro than 8
OF cont and could not, under tho inoxor.
bic law Of supply and demand, with the
lints open and tho hands Of our debtors
u tho governor that controlled the de-
,and. And the fact TINT we had two mot .
Is to rely on gave us more money and a
,fer system than If wo had relied on one y
these metals only. This was the elastic
y that bimctallism gave to our primary .
lOney.
In 1873 the law was changed and gold '
My was mado primary money. Tho mints
ere loft opon to the free coinage Of gold, y
ut closed us to tho free coinage Of silvcp,
n unlimited demand for gold for use as
loney was loft In operation. Tho unlin,.
ed coinage Of silver was stopped. Ono O! u
10 main arteries feOding blood to oivlIlza.
ON was cut of. The dobtor was to have