The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-05-22
BlMEFALL1slr DEFINED.
It Means to Open ths MINIS Of the Count
70 9osH aIefaFg.

lt Means % Open ths MINIS Of the Country
to B0sh Metals.
An editorial writer in the New York
Sun has bumped a very thick head
against an argument made by Hon.
Charles F. 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 1872 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
merciai values Of the two metals prac-
tically 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 sub
stance of Judge Crisp's argument and
the following is the Suns reply:
"Hers we're two instances in which
the mighty fat of the United States
congress, signed by the president,
couldn't keep gold and silver on a
parity'in value at a fixed ratio or keep
them both in circulation. 1t was mono
metallism every time. Yet the free
silyeFites, joined by Judge Crisp him
self in the close of this identical
speech, plead that the United States
can maintain what they call 'bimetal-
ism By starting alone on free silver
coinage at sixteen to one. We are liv-
ing, We are moving, in q grand and aw-
full time"
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 bimetaIlists OF know
what bimetallism means. Bimetallism
exists in any country when its 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 its standard money and
when a stable ratio of value is main
tanned between them. Leading and
candid monometaliists agree that
France by its mint ratio Of fifteen one
half to one substantially controlled the
relative market values of gold and sill
yer up to 1878. When the United
States set up a law, first in 1872 and
then in 1884, in conflict with the
French law, it simply resulted in this
country's exchanging first its gold for
silver and next its silver for gold. But
it got the benefit of both metals. So
long as it could exchange a gold for a
silver dollar OF a silver for gold dol
lar both metals we're available to the
full extent for increasing the supply of
standard money. When, for any rea-
son, one metal left the country, the
other promptly flowed in and filed the
gap in our circulation without causing
the slightest disturbance. That was
bimetallism. What are the conditions
now? There has been for several years
a steady outflow of gold. If our minis
we're open to the coinage Of both metals
as before 1873 we could make this good
by receiving silver in its place; but be-
ing denied this privilege we must buy
back the gold with bonds, and we have
already issued s262, 100000 of bonds for
that purpose. This is monometallism
Monometallism restricts a country to
the use of one metal only.
If it loses that or any considerable
of it it must go without or
buy it back at a 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 Memphis Commercial
Appeal.