Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1899-02-02
SILVER MONOMETALLISM.
The Real Meaning OF Free Coinage
at the Ratio of sixteen
TO One.


tee, on THE Recent Election and Its Re
suits" In that article Mr.. Kerr states
that ION the financial question the
democratic party is committed to BIZ
metallism, while the republican party
is irrevocably committed to the single
standard" In another place Mr.. Kerr
asserts that
"The near approach of the campaign of
1900 may discover that free silver a sixteen
to one is not the acute issue it was in 1886,
by reason of the fact that for time other
issues, that must be settled, may assert
themselves, and, along with bimetallisln,
claim recognition from the people"
Thus Mr.. Kerr alleges that the demo
cratic party, of which he isl member, is
for "bimetallism," and that sixteen to
one" is "bitmetallism." Neither of
those statements is true. Mr.. Kerr,
who is reasonably intelligent man, is
aware of the fact that neither of them
is true. He makes them simply be-
cause he hopes some of the readers OF
The magazine in which those state
ments are made will believe them to be
true, and being deceived, will vote the
democratic ticket next year.
The democratic national platform of
1896 defines the status of the party on
"the financial question" That plat
form demands specifically "the free and
unlimited coinage of both gold and sill
yer at the ratio Of sixteen to one" But
free coinage at that ratio cannot be "bi-
metallism," when the present CONNER
cial ratio is more than thirtyfour to
one. Until Al cents in silver can be
shown to be the equivalent in value of
100 cents in gold there can be nothing
savoring Of "bimetallism" in a scheme
which contemplates the free coinage of
silver dollars worth Al cents and gold
dollars worth 100 cents and assumes
that they will circulate concurrently.
There can be no "bimetallism" with an
impossible ratio. Not even the plat
form of the democratic party can ac-
complsh impossibilities.
If Mr.. Kerr believed that the demo-
cratic party favored "bimetallism"
there are some questions which might
properly be put TO him in order to find
out what his conception of "bimetal-
lism'' was He might be asked whether,
bttduSc lIClC OlICC was d lIiA4G W iltIl
the free coinage of 16 ounces of silver
as the equivalent in value of one ounce
of gold was ''bimetallism, that free
coinage at the ratio of sixteen to one
must be "bime always, no mat
ter how much the value of silver may
decrease. He might be asked, in other
words, whether he believes that be-
Of Ci1Nyar
changed freely in the market for % 1-5
grains of gold that exchange can be
made now anywhere on the face of the
earth. If not, then all monetary poll
cies based on the former equivalence in
value of 16 ounces of silver and one
ounce of gold must be abandoned.
The democratic party is for sixteen
to one" Therefore, it is against obi
metallism" and for silver monometal-
ism, which is what free coinage at the
ratio of sixteen to one implies. The re-
publicans are bimetallists only to the
extent to which bimetallism is possible
when the commercial ratio is de-
parted from. The republicans com
bined the free coinage of % 1-5 grains
gold dollars with the limiked coinage on
government account of 371H grains sill
yer dollars. They have been able to
keep in circulation at par nearly 500,
100000 of 371H grains legal tender sill
yer dollars, or the certificates which
represent them and are redeemable in
them.
But when in 1898 the volume of the
silver dollars in circulation and of the
treasury notes paid out for silver bull
lion grew alarmingly large, and the
business men feared that the process
Of silverizing the currency would con-
tinue indefinitely, a frightful panic
broke out. The panic, due to the fear
that excessive doses of silver would de-
base the currency, cost the country
three times over what all the silver in
the United States was worth. 1t took
four weary years for the country to re-
cover from the fear that it was going
to be plunged into what Mr.. Kerr men
daciousIy calls "bimetallism."
1t would be impossible to impanel a
jury, except in some peculiarly be-
nighted part of the U2ited States,
which would bring in verdict to the
effect that the free coinage of gold and
silver at the ratio Of sivteen to one is
''bimetallism." A jury which returned
such a verdict would have TO decide that
there is no difference between ratio
of sixteen to one and thirty-four to one,
or, in other words, that two is equal to
four and a fraction over. An unlettered
jury would stick at doing that. But ac-
cording to Mr.. Kerr this manifestly alb
surd proposition that sixteen to one is
"bimetallism" is to figure in the demo-
cratic campaign in 1900.-ChicagoT Trib-
une.
EyIt will be a gloomy task for the
democratic party to attempt to divide
politically within year a nation which
at present is not divided. The north
and south are one again. There is no
den ocratic-republican disagreement
about the tariff. The country is sub