Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1899-07-13
The Cause of Free Silver.
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BIMETALLISM I'M FRANCE
Facts Concerning Free Coinage Both
Here and Abroad Early in
the Century.

the Century.
Previous to 1873 the principal BIZ
/ metallic nation of Europe was France,
| which, IN the year 1903, opened its
minis TO the free coinage of both met
| ais at the rate Tor ratio, as it is called
of fifteen and oRe-half ounces OF silver
70 one OF gold In 1865 Italy. Belgium
and Switzerland entered into a treaty
! with France, by which they all agreed
10 coin money of the same denomina-
/ tons and at the same ratio, to-wit:
Fifteen and one-half ounces of silver
f! TO one OF gold. and the money thus
Z coined was to be legal tender in all
: of those countries A few years later
Greece Joined them, and the five ma
tons constitute what is known as the
Latin Union
/ In 1856 the United States. then
: merely a confederation, adopted the
double or bimetallic standard. provid-
ing for both gold and silver coins of
full legal tender. but without any
actual coinage the country having no
mint. In 1892 a mint was established,
and the coinage OF both gold and sill
yer was authorized at the ratio of if
teen ounces of silver TO one OF gold.
+ The reader viii carefully note the
/ difference between this American ratio
and that of France. AT the French
mint an ounce OF gold coined into tie
same amount of money as fifteen and
one-half ounces of silver. AT our mint
an ounce of gold was equal TO fifteen
ounces CT silver Compared with the
7 French mint rate, gold was worth three
per cent. less for coinage purposes in
this country than it was in France,
. while silver was worth three per cent
more.
Partly owing TO this fact and part
ly to trade conditions, our coinage of
gold was quite small, but with the
exception of the years 1s16-1s17, we
coined some each year, also coming
considerable amounts of silver. But
the gold did not remain in circulation
here very long Being worth three per
cent. more for coinage in France, 1t
was naturally attracted 10 that coun-
try When we had TO make a specie
payment in Europe we sent gold in
preference 10 silver. because il would
go three per cent. farther in buying
SOOOS OF paying U6DI>-
This made gold scarce in our cur
rency- To remedy 1t, in 1894 our ratio
was changed; but instead of adopting
the French rate of fifteen and one-half
TO one. we jumped over II TO sixteen.
or more accurately. 1885 TO one. Six
teen 10 one is near enough for general
discussion.
The conditions OF coinage were now
reversed. Instead of gold being worth
three per cent. less at our mint than
in France, II was worth three per cent.
more An ounce Of gold in our coin
age was equal to sixteen of silver.
while in French coin II was only equal
10 fifteen and Il half. The movements
Of specie were modified accordingly.
Silver was now the more desirable
metal for export, because it would
make three per cent more money at
the French mint rate than il would
here. But, as formerly with gold.
there was always some silver coined
and some in circulation; so the United
States was in the fullest sense a BIZ
metallic country.
The American people at all times had
right TO the free coinage and full use
of both metals as money The amount
of the coinage was immaterial as af-
fecting the principle We had the
right TO coin ii and Use IT after it was
coined This Is the essential princi- |
pie of bimetallism. The right exist |
ing, both metals will necessarily be |
used to the best possible advantage |
If silver is better for export, that metal |
~vill be exported. If gold is better for |
export, that is the metal which viii |
go. But whichever is exported the |
most largely, II will always be for |
full value in return. and that which re- |
mains at home viii be good and honest |
money for the transaction of our bust |
ness To restrict the right of free coin
age of either metal means fall in |
price of property exchanged for money. |
All this has followed the demonetiza-
ton of silver since 1873. Labor has |
been the greatest sufferer.