The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-07-13
BIMETALLIsM IN FRANCE.
Here and Abroad Eahiy in
the CeHtasy.

Previous Go 1873 the principal BIZ
snrtsilic nation of Europe was France,
which, In the year 1903, opencd its
mints 10 the free eolnngs Of both met
ala at the rate Tor ratio. M 3, is caliedi
of fifteen and one-half auncca Of silver
10 ono Of gold. In 1888 Italy. Belgium
and Switzerland entered into treaty
with France, By which they NIL agreed
10 coin money of the same hen0mina-
tions and at the same ratio, to-wit;
Fifteen and one half ounces of silver
90 one Of gold. aud the money thus
coined was 20 be legal tender IN NIL
OF those countries. A few years later
Greece jninet them. and the five ma
tions constitute what Is known us the
rLatin Union"
In 1880 the United statcE. then
merely a confederation. adopted the
double or timetable standard. provid-
ing for both gold and silvrr coins Of
full legal tender, but without any
actual coinage. the country having no
mint. In 1879 a mint was rstahlishesi,
and the coinage Of both gold and sit
yer was authorized at the ratio OF IF
teen ounces Of silver to one ~ gold.
The reader win carefully note the
difference between This American ratio
and that Of France. AZ the French
mint mn ounce of gold coined into tie
same amount Of money a7 fifteen and
unc.haif ounces 81 silver. AZ our mint
an ounce ~ gold was equal 20 fifteen
ounces of silver. compared with the
French mint rate gold was worth three
pr cent. less Tor coinage purposes in
this country than 10 was In France,
while silver was worth three per cent.
more.
Partly owing 70 this fact and part.
" 90 trade conditions, our coinage Of
gold was quite small. bat with the
exception Of the years IsiG-Isi7. We
coined some each year, also coming
'uu-,dcrablc amounts of silver. Bui
the gold did not rrmnin In circulation
here very long. Being worth three pes
cent. more for coinage In France, II
WIS naturally attracted 10 that roun.
try. When We had TO make a spCric
payment In Europe We sent gold IN
preference 10 silver. because IL would
go thrrr per cent. farther Ia buying
goods or paying debts.
This made gold scarce In our cur
rrncy. To remedy IL. in 1884 our ratio
wnS changed; but instead Of adopting
The French rate Of fifteen aud lne-half
80 one, We jumped over II 10 sixteen,
or more accurately. 1898 to one. Sis
teen 20 one is near enough for general
discussion.
The conditions Of coinage were now
reversed. Instead Of gold being worth
THREE per cent, lc.;s at our mint than
in France, II was worth three per cent
more. An ounce Of gold in our coin
age was equal to siStrrn OF silver.
while IN French coin IL was only cqunl
90 fifteen and half The movements
Of specie were modified accordingly
Silver WIS now the more desirable
metal for export. because Il would
make three per cent. more money AZ
the French mint rate than u would
here. Hut, us formerly with gold.
there was always some silver coined
and some IL, circulation; so the United
States was in the fullest sense a hi-
metallic country.
The American people al all times had
right 70 the free coinage and full use
Of both metals Ms money. The amount
of the coinage WAS immatcrinl rs af-
fr"ting the principle. We had the
right iU coin II and usr II after Il was
coined. This IL the essential princi-
pie of bimrtallism. The right exist.
ing both mrtals will necessarily be
used 10 the best possible advantage.
II silver Is better for export, that metal
will be exported. II gold h better for
export, that is thr metal which wilt
go. Hut whichever Is exported the
most largely, Il will always be- for
full value In return, and that which re-
mains al home will b. good aud honest
money for the transaction OF our busi-
ness. To restrict the right of free coin.
nge Of either metal meHps fhll In
price Of property exchanged for money.
All this has followed the demonetiza-
iion OF silver since 1873, Labor has
been the greatest sufferer.