The herald., 1897-09-29
people? 1t looks very much as If such an
attempt would soon be made.
TWO PHASES OF BIMETALLIsM

The two striking phases of bimetallism
are national and interna tional There t.,
70 such thing as International money
No coins, no notes circulate freely or
are taken in settlement of international
transactions of any considerable magni-
tude. No nation creates circulating
medium for use in any other country.
Under the single gold standard balances
are settled by weight of gold Of pre-
scribed fineness.
Metals are coined and notes are issued
solely to facilitate domestic commerce.
International trade is separate and dis
tinct from domestic, and what is called
money Is created for the latter and not
for the former.
Any interna tional agreement in regard
TO silver will go no farther than to fix
the value of a specified quantity to be
received in settlement of balances. In
ternational coinage is out of the ques-
ton. A few years ago there was an
effort made by European governments
it came to no result except disagreement
The gold standard was not adopted in
pursuance of any International compact;
it was started by Great Britain, single
handed and alone, and other nationsfo fol-
lowed her example. The adoption OF
the gold standard by the British govern
ment was for the purpose of promoting
the interests Of that country. Through
her protective policy she had become in
depen MT and opulent, and through her
selfish and restrictive navigation laws
she had acquired monopoly OF the
carving trade upon the high seas. and
her position became such that balances
OF trade and earnings were assured IN
her favor. 1t was to the interest Of the
British people that thossbalances should
be paid in the ecarcest and dearest
money. Hence she adopted the gold
standard.
silver was not demonetizedl in pursu-
ance of any international agreement or
conferences. 1t was done through separ-
ate and Independent action, and it will
not be remonetized except through the
same process. Any great nation leading
off in silver coinage will Immediately
have following which will speedily end
in the use of silver as an international
measure of value.
The United States of all others is the
one to take the Initiative We have
the largest civilized population in the
world, are the greatest producing ma
tion especially of food products and of
raw materials for the manufacturers.
Except for the debts which governments
and corporations owe abroad, this coun-
try could very soon deplete the gold
resources of Europe through balances
Of trade, which must inevitably be in this
countrys favor, and at the worst, our
Indebtedness abroad must be ex-
tinguished at an early date.
Our international commerce, including
exports and imports, amounts to less than
s., ZOO, 600, 900 annually. and the sum re-
quired to settle balances one way or the
other is comparatively infinitesimal.
Our domestic trade is more than $50, ,000,-
100000 It requires a very large sum
of money to effect the innumerable tran
sactions between our people. AS people
have been educated to believe that notes
are not good except they are redeema-
BILE on demand in coin, very large vol
ume Of coin or basic money is a neces-
sity. Gold is too scarce to supply suf-
fciency Of basic money; it will be too
little even should the Klondike pro-
duce as much as the most san
guine and enthusiastic expect. Ac-
cording primacy solely to gold is
cramping and crushing to our vast and
rapidly growing population and trade.
Coinage of silver for domestic use will
hurt no one, but money system based
upon the wants only of foreign commerce
and to accommodate it is utterly made
quate to the requirements of domestic
trade. A large volume of metal money
Is an absolute necessity, and adequacy
cannot be provided by comforting pri-
macy on gold alone.