The advocate., 1896-06-03
MONEY VERSUS METAL IN BIMEFAILlsM.

49, S4O A4CN@O Va 4VSgA@~OAA~8eAvOp W
Hon. Charles A. Towne Rep.) Of
Minnesota attracted q good deal of at
tentiOn ct the time because Of It's clear
ness and force. Defining bimetallism,
MT. Towne said:
Blmotallism means two-metallism. 1t was
coined TO mean and does mean Q money sys-
tenn where the two metals, gold and silver, are
treated exactly alike. II signifies the equal
access Of gold and silver to the mlnts at q
fixed ratio, and the option by the debtor as to
the coin in which he shall discharge his debt.
Quoting from che monetary Sys-
temS Of the World" at page IL, Mr..
ToWne said:
By bimetallism strictly defined is meant
the free and unlimited coinage Of both gold
and silver into coins Of full debt-psyipg power,
Again, quoting from the report of
q Royal Commission In 1885:
A bimetallic system Of currency to be COM
plstSly effective must, in the view Of those
who advocate IL, include two essential Rea-
lures: (S) An open mint ready to coin any
quantity Of either gold or silver which may
be brought to It; (b) the right on the part Of
debtor 10 discharge his liabilities at his Op-
tion in either OF the two metals at ratio
fixed by law.
Referring to these definitions, Mr..
TOWne said for himself:
Gentlemen here and elsewhere constantly
misApply this word. here and now challenge
any gentleman upon this floor or anywhere
elss--And this IL not a mere rhetorical def
0nCe, but is intended to bring this confusion
10 Rn end-tO produce definition Of bimetal-
lism by any publiciSt or economist Of author
ity or any statesman Of standing, made prior
70 1895, which Is not in substantial accord
with the dehaition have given,
One DR.. E. p. Miller, commenting
In New York paper on Mr.. TOWne'g
conclusion, says:
Now, Il these are fixed definitions, bimetAl.
lism under existing variations between the
market and coinage value Of the two metals
would DO an absolute impOssibllity In any
country in the world on any ratio Of coinage
thAt has been or 10 likely to be established.
II the government had the power 10 regulate
the relative production and consumption OF
the two metals 90 we'll as their ratio Of coin.
age IL could undoubtedly fix . ratio OF coin
age Of commercial value which would be the
same, in which case we could have bimeGAl-
liam with the unlimited coinage Of both met
els. But the government has not such power
and hence it inevitably follows that II can
never establish bimOtallism with the free and
unlimited coinage Of both metals unless the
production and consumption Of both metals
should in some mysterious way be such a. TO
make the commercial ratio the same As the
coinage ratio. The law OF supply and demand
which establishes the commercial ratio has
more power than any act Of Congress that
establishes the coinage ratio, and / "chal'
.lenge" the Hon. Charles A. Towne or "any
other gentleman" 70 prove the contrary.
And the ADVOCATE challenges DR.,
Miller to flnd an instance In the history
Of nations where any law provided
that the coinage ratio should always
be kept at the market ratio Of value Of
the metals out Of which coins are
made.
No such instance can be found. Al
any rate nothing of the kind has ever
fallen under the eyes Of him who
writes these lines. The history o.
these United States Is not so old but
that It iS all printed on paper which
Dtlll retains the printed letters. Ii
: our first mint sct-April 81, l792-th'
ratio between the metals In cOin-(iE
eOiD, remember was fixed at 10 to
} BY weight. The law made q dollar Il
IA Aha nnfk IN eontaln 271l< Oralna n