The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1897-06-11
THE GOLD STANDARD.
A FEW PLAIN WORDS FROM 4
PLAIN MAN..
The Free oiuaSe of Silver Must BE
Restored-Thc Various Kinds of So
Called Bimetallism-When Our Money
System Was Made.

OuI lIlSuuS. Inc SOlu mOnOu1etdl-
lists, are prone to call us who believe
in the free coinage Of gold and silver
Silver monometallists.' They charge
that u leaders know that silver mo-
nometallism would be the result of the
free coinage of silver at the ratio Of
l6 to l, hence that so far as leader
ship is concerned We are following a
set of insincere and hypocritical poll
1icians. This we deny. We hold that
the concurrent free coinage of two
metals at a ratio established by law
is bimetallism. The opposition do not
squarely deny this, but when it suits
their purpose, which is most Of the
time, they hold that it means the con-
current circulation of the TWO metals
at a legal ratio. The Junior senator
for Minnesota declares that we have
, now the best bimetallism we ever had.
This statement indicates that there
may be two or more bimetallisms. Any
II can see that those who believe in
plural bimetallism have an excellent
chance to play the hypocrite. OF course,
we don't charge such guilt upon them,
their virtue is above suspicion. They
are Tor honest money! and, of course,
there is but one kind Of honest money,
even if it have several definitions. On
the other hand, we believe in one sin
gle definition, and by that we stand.
There is no chance to juggle, then, if
we were disposed to do so. In the
nature Of tho noco hvrnoricv ;o ir,rnc-
slble on our side. A child can under
stand bimetallism as we interpret it.
II We are wrong; if concurrent cir
culatlon is the true definition, then
Senator Nelson is right: we now
have the best bimetallism!" Then the
best is very weak. Just before the late
election all acknowledged that gold
did not circulate, SO We must have had
silver monometallism, and the best BIZ
metalllsm' was a failure. Moreover,
gold does not now circulate in any ap-
preciable quantity. So it seems that
while We have the gold standard we
have silver monometallism, the very
thing u enemies declare to be ruin
Gus and which must be prevented at
any cost. 1t transpires, also, that we
never had bimetallism. From the day
our fathers established free coinage un-
til 1884 we had silver. recommendation.
After that until 1852 we had gold mo-
nometallism. From that time until 1879
We had neither bimetallism nor mono
metallism, but fatism..: After 1879 we
nave had the "best bimetallism," inter-
spersed with occasional lapses into sill
yer recommendation.
On the other hand, we contend that
our fathers established bimetallism,
and that the bimetaflic system obtained
until 1873. even when no coin circu-
lated, and that since that date we
have had gold recommendation, even
though not a dollar of gold circulates,
We hold that by the free coinage of
both gold and silver, giving the
the option to pay in either metal, we
would certainly produce the concurrent
circulation which our enemies call obi
metallism." There has Just been
enough legislation on the subject to
show how easily the circulation may
be regulated. In our early history we
paid more for silver and less for gold
than the people of Europe. Naturally
we got more silver and they more gold.
There was no double design in this;
our people were poor, the country
sparsely settled, and the cheaper coins
were best adapted to us. Later, when
business increased and fortunes grew.
more gold was demanded. The law Of
1884 met the demand, and because we
paid more for gold and less for silver
than the Europeans we naturally got
more gold and less silver. In 1850 the
great influx of gold began and prosper
ity doomed. We found our fractional
currency was leaving us, so we raised
the price of it, and then it remained at
home. All this was simple and easy,
and nobody was defrauded. 1t was all
done under a bimetallic system. Give
us the same system again. If Europe
takes too much of our gold we can
raise the price, as we have done before.
If they fitch our silver, we can raise the
price of that. The precedents are plain.
Give us bimetallism on the free coinage
plan and We will soon have prosperity.
THOS. C.. HODGSON.
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