The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1897-02-20

"Blmetallism." he continued, ~ the
use OF gold and silver both a. real
money. with the mints open alike -
each-to coin all that comes OF BOTH II
was adjudged wisely that money was
needed to promote civilization and that
the first duty Of a government We 70
provide for what was to be money and
how made. And. In answering this e.
pectation TO perform this first impor-
tant function for civilization, the Gov
eminent provided that money should
be made OF silver and gold and to en-
courage and hasten a supply OF money.
civilizations blood. the Government
said II would coin free OF charge all OF
these two metals brought to the mint
Tor that purpose. When coined It was
handed back to the person who brought
the metal And when he had paid the
freight, smelling charges and cost OF
mining he usually had very little left
as profit. 1t thus put itself in circula-
ton and went among all the people,
from hand TO hand In the exchange OF
products. and gave employment to thou
sands OF men to mine II as well as thoss
engaged in its transportation and In
smelling IT, The Government. BY open-
Ing Its minis. intended not to buy
money for itself, but to provide money
Tor It's people-money that would 20
back among the people and put Itself
In circulation. The Government was
thus encouraging the production OF
money-the blood OF civilization"
| But. John" asked Mr.. Wallace. ST..
hoidlng his eye glasses extended In hia
nght hand, how could dollars made
from different metals with the metal
worth more In one than In the ether.
circulate together? II you can answer
that you can answer the PRINCIPAL OBJ
lection to bimetallism."
1T Is this way" said John. The law
gave the option to the people to use
money made from either metal. and IL
gold was scarce and dear-held at a
hlgher price than silyer-then the peo-
pie used silver. This made greater
demand for silver and increased its
value, and by withdrawing the demand
from gold the price OF gold was brought
down. And in turn, II silver became the
dearer the people used gold and
brought silver down by Withdrawing
the demand from il. So. the two metals
were In competition with each other TO
supply the people with money. II
farmer took a hundred bushels of wheat
10 market and they offered him $50
In silver for IL. but could give him only
SID in gold for the wheat. he would
say: Give me the $50 in silver as.
under the law. IL answered him every
purpose the same amount or gold would.
Hence gold, under those circumstances.
had the demand taken from 1t and fell
In value to silver. And thus the people
had the two metals competing agains,
each other to supply them with money
But. John" Interrupted the elder
Mr.. Wallace a second time. using Union
Club House wisdom. If one only was
being used. say silver. and gold ~
fused 20 xo 10 the mint. and N colne1
Into money. for the reason that tho
owner OF the gold bullion could sell n IN
the bullion at premium. then civiiixa-
ton would get the benefit OF money
made from one metal only. No greater
volume OF money than one metal could
furnish would be in circulation at q
4, time"
!, The answer is this" said John
:. Under bimetallism there never wa
:, n difference OF more than 3 per cent
in the commercial value Of the metal
in the two dollars. The 3 per cesS@ rep
!, resents the oscillation in their c'-nmer
: cial value as they competed with eaci
other. The demand for them as money
was the principal demand. and through
all history. under bimetallism, there
never was to exceed 3 per cent. premi-
um on either. And when silver was
d y
IL refused largely TO go to the mints
and mostly gold was coined. But here
is what happened. The silver bullion
was shipped 10 Europe and exchanged
for gold. and the gold received in ex-
change was taken TO the minis and
coined into money. So. the quantity
OF money coined was as great as the
supply OF both metals"
"Ha, Hal" calculated Henry Wallace
Father. that's a corker He's got
you"
The father said nothing and John pro-
ceeded.
IF at such time we are in debt 10
foreign nations. the dearer metal is
used in the bars TO pay the foreign bal
ance we owe. and II at 3 per cent. pre-
MUM each dollar shipped pays S1.03
Of debt. While under monometallism,
we are selling them our silver for 90
cents on the dollar. and that not pay
ing our debts we are shipping them
our gold. Under monometallism, only
one metal is permitted to go at will TO
the minis and be coined into money,
and that is now gold. The other metal
Is discredited. There is no open mint
or unlimited demand for 1t. There Is
for the other. Mr.. Wallace" he said,
addressing the father of his partner,
"a boy 10 years old knows what SUP
ply and demand is. and when the Gov
eminent left an unlimited demand
for gold TO be coined. free OF
charge. and at pleasure, into money.
the most valuable OF all things and
closed the minis TO silver, that boy
would know that silver would fall in
value as compared with gold. Well.
that Is what was done In 1873"
He paused a moment and leaned
against the desk on which the electrical
apparatus was situated. The ladies'
were intensely interested. They We're
listening and understood all that was
said. The highest authority known to
mankind was being appealed to-rea-