The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-01-28
eIMETaLllC MONEY.
The Kind OF Money the Free silver
Advocates Want.

and silver, is their relation 10 each
other. For more than 200 years prior
to 1873 the worlds money was made
from these metals and for this reason
they were called 1.-THE precious metals"
When so used they were practically OF
the same value commercially and for
monetary purposes in the different
countries on the ratios upon which they
were coined. and any change which took
place in their relation 10 each other was
not caused by any change in their an
nual production. but was wholly due 10
changes la The mint regulations Of the
different countries using them. These
changes were very slight and did not
interfere with their uninterrupted in
flow into the worlds money stock for
more than 800 years.
MSS France. by a royal edict, adopt
ed the ratio Of fifteen to one. and in 1903
her mint was opened 10 the unrestricted
coinage of both metaleupon that ratio,
and this became the prevailing ratio in
Europe. During the first half of this
century the annual production of the
metals was upon the ratio. about three
OF silver to one of gold. For about ten
wears after 1910, their annual produc-
tion was nearly four of gold to one of
silver. but during this entire period
down TO 1878 there was no practical
change in the relations of the metals to
each other. The ratio did not rise to
I6 for about two years owing to POI
litical commissions in France. and never
fell as low as Is.
Fifteen and one-half pounds of silver
would exchange for one pound of gold
in all tie markets of the world. Ac-
counts between England and India were
uniformly reckoned upon the basis of
the equiyalency of ten rules silver and
one pound sterling gold. and this was
the established par of exchange be-
tween gold and silver using countries
during the whole of that time. So Eng
land. gold using country, and India.
silver using country. enjoyed the full
benefits of bimetallic money.
During this period an increase in the
WELD of either of the metals simply had
the effect of enlarging the volume of the
worlds stock without in any practical
\ degree disturbing their relative value.
When used equally for monetary pur-
poses the facility with which the coins
struck from one of the metals take the
place of the coins struck from the other
metal in making payments causes them
\ to rise 10 a common level. just as fluids
1 in two different vessels with Il connect
ing pipe between them will rise TO a
common level without regard TO
n. f.1. . 1,s.
supply.
William H. Crawford, secretary of the
treasury under President Monroe. said
IL his report February IL. 1890: Like
! fluids the precious metals as long as
they are employed as the general meas
ure Of value will constantly tend TO
preserve a common level. Every varia-
tion from il will be promptly corrected
! without the intervention of law"
Bimetalljc money is single money,
as the fluid from the common outflow of
the two vessels having a connecting
/ pipe between them is a single fluid,
! though in the inflow the color Of one
NAV have been white and that of the
other yellow.
Having destroyed this connecting
pipe by the act of 1873 by depriving sill
ser of the legal tender function and re-
ducing il TO the situation of merchan-
disc. because it has with merchandise
fallen as compared with gold the advo-
Gates of the single gold standard point
derisively to its low value as compared
with gold as the reason. and the only
reason. why the connecting pipe should
not be replaced and silver restored 10
full monetary use; and they have the
effrontery to claim that to do this would
be dishonest; that X would degrade our
standard Of value by reducing the pur-
chasing power or value of money; that
ii would injure the credit of our govern
nent and bring upon us the animad-
version of all gold standard countries.
They insist that all property. including
wages, shall be degraded by falling
prices. but that money given in ex-
change for property shall constantly
rise in value: that the only standard of
the nations honor and integrity is n
money standard that is continually ris-
ing in purchasing power and which sub
jects the people TO a constantly incrcas-
/
which TO pay their debts and taxes, and
this they call honest money.
The advocates for the restoration of
silver are simply pleading for an en-
largement Of tire value of our circula-
tion by readopting the money scale Of
valuation as IT existed prior to 1873,
when ii was clandestinely and without
exciting observation changed. Their
entire claim and the reason for making
it are clearly stated by Hamilton in his
mint report CT 1902. where he says: 1T
is most advisable not TO attach the unit
exclusively to either metal, for this can
not be done efYectually without depriv-
ing one Of them Of the character and
Office of money. and reducing 1t to the
situation Of mere merchandise. To an
null the use Of either of the metals ms
money is to abridge the quantity Of the
circulating medium. and is liable to all
objections which rise from a COMPARE
son Of the benefits OF full with the
| evils NJ n scantv circulation" And .Jcf-