The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1898-12-23
WHAT Is BIMETALLISM!
W. fl. Harvey Defines il For The
Herald.
1t Is the Right to Use Either of Two
Metals, Gold and Silver, For
Money, the Minis Being
Open to Both.

CHICAGO, ILL, Dec. 10, 1898 EDITOR
HERALD, Columbia, Tenn.- The state
ment has been made to me that not one
in ten of our voting population knows,
understandings, what himetallism is,
and | have been asked to define it.
1t is the right to use either of two
metals for money-gold aud silver. The
supply reaches the people through the
minis of the government, by the mints
being open to coin all that comes. The
option, known as the bin 9tallic option,
is with the government and the people
to use either of the two metals in the
discharge of their obligations. If
the government is paying its soldiers,
its employ es, its numerous officials or
other obligations, under bimetallism, it
has the right to pay in money made from
either metal If the people are paying
their taxes to the city, state or nation, or
purchasing postage stamps, or discharg-
ing their obligations to each other, un-
der bimetallism, they have the right to
pay in money made from either of the
two metals.
it thus places the two metals in com
petition with each other to supply the
demand for money. Thus one relieves
the strain upon the Other-as one eye
relieves the strain upon the other.
With the option with the people to
use money made from either of the two
metals they controlled the demand and
placed that demand on the one that was
the most accessible. If silver grew
cheaper they shifted the demand to it
and took the demand away from Z Id ;
hence silver rose in commercial value
and gold declined. If gold came to be
the cheaper they, the people, used it,
thus shifting the demand to gold and
taking it away from silver. Ana, it
was the demand thus controlled by the
people, as such and as government,
that practically maintained the com
mercial parity of the two metals for all
time prior to 1873
Following the act of 1913 the option
was given to the creditor TO demand
either of the two metals-just the re-
We rise of himetallsm, and the result is
that the creditor demands the dearer of
the two metals-and the dearer it gets
the more apt he is to demand it. Under
| bimetallism, the use of two metals, the
people could be depended upon, ma
turally, to shift the demand automati-
| cally To the cheaper of the two metals
when either was cheaper than the
other. Taking the demand away from
the dearer brought it down in value,
and placing it on the cheaper brought
! the latter up in value-tEUs the com
mercial value of the two was main-
tanned at parity. The effect was to
! give practically the volume of the two
! metals to our stock Of metallic cur
rency; and furnished the basis for al
equally enlarged volume of paper money
under a redemption monetary system
The theory of the open mints to coin
all that came of either metal was to lei
the supply reach the people. Close the
minis to either and you shut off the
supply and force the use of the other
The open minis to the two metals gave
the supply and the people controlled
the demand. If silver rose in value il
stunned the minis and was shipped
abroad to pay debts-as it was for g
time prior to lS13-Or in exchange fOl
gold, and the latter was added to the
domestic supply that went to the mints
and vice-versa. Neither could rise in
value and eXtort tribute from the peo
pie so long as the other was in cOmpeti
ton with it-Open minis and option
with the people.
The government bought neither me
tai. The minis were open to coin AL
that came of either metal, and to give
back the coins to those who brOugh
the bullion. 1t was coined free because
it was statesmans hip tor the govern
ment to facilitate and provide way fo
money, one of the principal function,
of society. Bimetallism therefore con
ssts of open mints and option with thu
people to use either. Under bimetal
lism there is no such thing as gold con
tracts, it is "cOin" contracts.
The reason why the demand, SHIFTED
from one metal to the other a. eXerteC
10y nation like the United States, will
maintain the commercial parity of thu
two metals. is because of the world
limited supply of the two metals. Al
the gold in the world, at the presen
time, available for money, will 90 II
the cube of - feet; all the silver in tn
cube of rs feet. All the gold in tn
United States will go in an averag
size bed room; all the silver in almOs
any farmers barn. W. ii. HARVEY.
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