The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-28
MIR. BRYAN ON BIMETALLIsM.


We made some reference yesterday TO
the book which Mr.. William j. Bryan IS
about 10 publish. The publishers have
given out extracts from the work at va
rious points to illustrate its character,
and we reproduce the following from what
he has to say Of bimetallism. lie says:
"In a speech made in Ohio. l think IN
lSg5 Senator Sherman used language
something like this-I quote from mem
ory: The parity between gold ana Sill
YER can only be maintained by the use
OF gold as a standard, with silver coined
i'm limited quantities as n limited legal
tender This can properly be called BIZ
metallism.'
This definition OF bimetallism has with
in the last four years become quite com
mon among those who favor the gold
standard. but are not willing to be known
as mOnOmetallists. Bimetallsm means
two-metalism just as certainly as the
word biped means an animal with two
feet. II means tho use of two metals as
standard money, and to be standard
money they must be treated alike. If 10
use gold as a standard, with silver coin
in limited quantities as legal tender is
bmetallism. then England now has hi
metallism. II that system can properly
be called bmetallism. then the use OF
COPPER I'm limited quantities az n limited
legal tender along with such a system
would constitute bimeialism. II seems
10 me that the absurdity of Mr. Sher-
mans definition must be apparent TO any
one who will give the subject a moments
consideration"
How any man who knows anything
whatever Of the laws OF economies and
who has common sense can entertain
Mr. Bryan's opinion upon this subject.
passes our comprehension. The silver
dollar contains 81 IA grains OF silver.
and the gold dollar contains 1922 grains
OF gold. But 1922 grains OF gold sell
in the markets of the whole world for
about double as much as 81 IA grains OF
silver. Now II there is an unlimited
quantity OF both OF these dollars. with no
attempt made TO keep one as valuable as
the other, il ought 10 be obvious TO any
one that the silver dollar will be worth
for purchasing other things. only half as
much as the gold dollar. In that case
whenever a man had to make a payment
he would make II in silver dollars be-
cause, if he had 100 bushels OF wheat.
for instance TO get money with. with
which TO make his payment. he could ex-
change his wheat for twice as many sill
yer as gold dollars. Every man ought to
be able 10 see that under such a condition
OF things all gold dollars would so into
birding. and refuse TO circulate at par
with silver dollars. We do not under
stand how Mr.. Bryan can think that with
such conditions we would have bime,al-
lism. We should have monometallism,
and the single metal would be silver. All
we should accomplish by adopting such a
system would be to make our entire
money silver. with the silver dollar worth
just half OF what the present dollar is
worth.
The only way we can have bimetallism
OF the sort Mr. BRYAN desires is 10 put
enough silver into the silver dollar 20
make it actually worth as much as the
gold dollar and then to continue changing
the quantity in it or I'm the gold dollar
to keep them always OF the same value
as the supply OF each metal, and the
demand for 1t altered.
Senator Sherman is as radically wrong
upon all questions relating TO paper cur
rency as Mr. Bryan is about silver, but
Senator Sherman has exactly correct
ideas about the only bimetalism that is
practicable. The only bimetallIsm that Is
practicable is the sort they have In Eng
land. France. Germany. the United States.
and all highly civilized countries where
gold is the standard of value. and no
more silver is allowed 10 be coined than
what the people need for change. which
silver is not worth what II purports 10
be worth but is always redeemed by the
Government in gold according TO what
il purports TO be worth. While
the quantity OF this silver is
held down to reasonable limits, so
that the Government is always able TO re-
deem IL with gold. 1t passes at its face
values. and performs a most useful ana
necessary function But. il the quantity
OF IL were allowed TO get beyond what
the Government could always redeem. IT
would drive all gold out OF circulation.
and become the only money of the coun-
try.