The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-08-19

silver have s a driven apart Dy hos
tile legislation which has increasef
the purchasing power OF an ounce ~
gold on the one hand and decreased
the guild pIice u silver on fh.- other
Bimetalfsm will increase the demand
for silver and lessen the demand for
gold. thus bringing the n.slais tn
ge'her and making an ounce % silver.
whether coined or uncoined. worth
81 - I'm gold and the silver dollar viii
then be- equal To the gold dollar In this
country or anywhere else In the world
GU stlon all silver dollars cJn-
tanning varying quantities Of si:yer
were issued from the mints as legal
tender money. would they clrculats
contsmporaneOusly as money
Answer-lf the holder Of silver bull
Hon vas permitted Ia convert his null
Hon without limit and without charge
into dollars differing In size but ic-
gal tender for the same amount he
would convert his metal into dollars
of thr least size. III there were In cir
culatiou dollars Of different wslehts,
the heavier ONES would he reos.ned
Into the lighter dollars OF u they were
not recoined. would pass AZ a premium
In ether words two silver dollars Of
different weights would not circulate
together under free and unlimited
coinage.
Question t-NiIl coins ~ din rsne
commercial value fulfill the same mon
etary function II the law calls ;henI
by the same name and imposes On
them Unfortunately the same mone-
tary srrand9
Answer-while Il Is true that two
coins OF the same denomination. but II
different commercial value. will nos
circulate al par under free and unlim-
ted A frtf. hn f&<1n
commercial ratio viii conform to tho
legal ratio whenever the coinage de-
mand IL equal To the supply of th3
metals The Law can change the COM
mrrrtal value of a coin BY increasing or
decreasing the demand for the metal of
which the coin Is made. liz In not fair
10 say that the commercial ratio now
existing between gold and silver bull
lion will remain the same when our
mines are open to the free coinage of
both metals. The gold value OF silver
fell when the Indian mints were closed.
IL fell again when II became apparent
that the purchasing clause Of the SAer-
man law would be repealed. The gold
price Of silver rose after the passage
of the sherman law when II was
thought that the government had Gre
ated demand sufficient to absorb
all the surplus bullion. The whole the
ory of bimetallism rests upon the facr
tina; gold and silver are produced In
limited quantities. hence called precious
metals. and that a monetary use can
be created for both sufficient to absorb
at the ratio fixed by law all the gold
and silver presented for coinage.
Question bis II true tha. a metal
commercially undervaiued In bimetaI-
liz system of coinage. will be boarded
ar exported.
| Answer-If either metal Il commer-
cially undoryalued. u Will he ut pre-
MUM. IN may not he boarded because
When one hoards money he loses the
Interest upon AZ, and IL may not be ex-
ported because IL can pass at a premium
al home. For instance. during the war
gold and silver were at a premium.
and yet they were used IN this country.
From l7s2 to 1854 gold was at q prs-
ioium In the United states from 1854
10 ls6n silver was at a premium. and
Yet during all that period We had both
gold aud silver in the country, and the
doctor had riEht to pay his debts In
either coin. While he may not have
exercised the option often. the option
was u advantages because II protected
hin against corns~ In either metal
Question 6-in what country does hi
mrtallism Ia fact now exist as In Its
/ monetary system. where coins of both
metals circulate es money,
Answer-Gold and silver do not now
circulate concurr.ntly at a fixed ratio
IN any country where free and unlim-
tied coinage IL given to both metals,
IN. reason b,ing that the blmtallic
standard Is not enforced In any nation
sufficiently important To furnish q uss
/ flr al 1.-The gold and silver presented
! for all the gold and silver presented
] h. Iff.ls faf. IL. -
! a, what smaller nations cannot zc-
| complish.
Question 7.-if the act of 1873 instead
I of dropping the coinage Of the sii-
Ner dollar. had provided that sos'A
/ grains of standard silver should hence
forth be coined without limit or slis-
nOrage and be- legal tender sor ons
dollar. would such coins have circa-
lated as money side by side with gold
coins and been worth 100 cents In goli .
.oa,n Ans~sr - To have constituted %
dollar. the gold dollar remaining a. ir
was. would have betn to stablish q
ratio of II ! instead o. Is to l. IL
would have been impossible To main
tain the parity between gold and sill
Yer at that ratip because other ma
tions offered a more favorable ratio u
I gold. I,ut when we establish the rati1
of it to | 81 give gold a more favor
able ratio than now exists In Euro
I pean nations and therefore there would
be- NJ reason ltr gold leaving us.
Question s-lf the act nf iSss had pro-
yided. as suggested In question :. would
pur silver mines have been worth twice
~ much and would silver mining have
been corrspondingly NOR. profitable.
AnsWet-While the establishment II
the ratio of \ 20 !. suggested In question
:. would not have maintained the par
ity between gold and silver. II would
have continued the demand for silver
as money. aud O. that extent h. would
have protected the silver miners frou
the loss which hostile legislation ha,
.ntailed upon them.
question s-Would the silver doliai
permit Of yet further impairment as &
its weight aud fineness and yet efii.
GENTLY fulfil the errand and function "
q dollar
AnsMcr-'ongrsss has right 10 coif
money and regulate the value thereof
aud this Iow vas cNs rcised in the b.
ginning when the ratio Dt n t. I Ma
established. II Mas again eScrcistd IN
1874 when the sold dollar was reduce,
In size. and the ratio changed tO Is 10 1
There is no desire upon the part of bi.
mgtalliSts u lessen the weight ~ th'
silver dullar or - change the ratio non
existing between gold and silver coins
Blmstallisjs simply desire To- r.stor. Z