The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-12-25
BIMrrALI.rsM DEFINED.
"Cofn" Harvey Gives ~ Plain State
mcnt Of the Money Question.


"Cofn" Harvey Gives ~ Plain State
mcnt OF the Money Question.
tWritten for The Post.)
The statement has been made TO me that
not one In ten Of our voting population
knows. understandngly. what bimetallism
Is. and have been asked to define Vt.
1t Is the right TO use either OF two metals
for noney-gold and silver. The sapply
reaches the people through the mints OF
the government, by the mints being open
to coin all that comes. The option, known
as the bimetallic option. is with the gov
ernment and the people to use either Of
the two metals In the discharge OF their
obligations. II the government is paying
its soldiers. its employees, Cts numerous o.
ficials OF other obligations. under bmatal-
lism. IL has the right to pay In money made
from either metal. IL the people are ray
ing their taxes TO city, State or Nation
purchasing postage stamps, OF discharging
their obligations TO each other, under BIZ
metallism, they have the right to pay in
money made from either OF the two me ais.
IL thus places the two metals in compe-
tition with each other to supply the de-
mand 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 uss
money made from either OF the two metals
they controlled TIE demand and placed
that demand on the one THAT was the mcst
accessible. III silver grew cheaper they
shifted the demand 10 1t and took the de-
mand away from gold, hence silver rose
in commercial value and gold declined. II
gold came TO be the cheaper they, the
people, used 1t, thus shifting the demand
to gold and taking it away from silver
And it was THE demand thus controlled by
the people. as such and as a government,
that practically maintained the commercial
parity of the two METALS for all time prior
to 1878.
Following the act OF 1873 the option was
given to the creditor to demand either Of
the two metals-iust the reverse of BIZ
metal1ism-and the result Ia that the cred
itor demands the dearer OF the two MEALS
--and the dearer it gets the more apt Ae
is TO demand It, Under bimetalltsm, the
use OF two metals. the people could DO
depended upon, naturally, to shift the de-
mand automatically to the cheaper Of the
two metals when either WAS cheaper than
tho other. Taking the demand away iron
the dearer brought 1t down in value. and
placing dt on tine cheaper brought tho lat
Ter up in Yalue-thus the commercial value
OF the two was pialntained at a parity. TIE
effect was to give practically the volume
OF the two metals TO our stock of metallic
currency. and furnished the basis for an
equally enlarged volume OF paper money
under . redemption monetary system.
The theory of the open naDts uo coin
all that came of either metal was to iet
the supply reach the people Close the
mInts 10 either and you smut of Uhe sup
ply and force uhe use OF the otner. TIE
open mints 10 the Two metals gave the
supply and the peopie controlled the d.
mand. II silver rose In value II Stunned
the mints and was shipped abroad to pay
debts-as 1t was for time prior 10 1873
or tn exchange for gold, and ths later
was added TO the domestic supply that Went.
to the m.nts. and vice versa. Neitaer
could rise in value and extort lrlbute from
tine people so long us the other was In
competition with it-open mints and op
ton with the people.
The government bought neither metal.
The minis were open TO coin all that came
of either metal, and to give back the
coins TO those who had brought the bull
ion 1t was cotnied free because 1t was
craftsmanship for the government TO fla
oilitate and provide a way Tor money, ole
OF the principal functions OF society. B.
metalhsm therefore consists OF open minis
and option with the people 10 use either.
Under bImetalllsm there is no such thing
as gold contracts; it is colin" contracts,
The reason why the dem1nd. SHIFTED from
one metal to the other as exertsd by
Nation Ike the United StS'es viii ma n
tain the commercial parity OF the two
mensls, is because OF the worlds Inn ted
supply OF the two metals. All the gold In
Tine world at the present tdme available toT
money will go In the cube OF % feet; all
the silver in the cube OF es fest All the
gold in the United States will go In an
average size bedroom. all the silver IN al
most any farmers barn.
W. n. Harvey.