Willmar tribune., 1899-07-26
The Cause of Free Silver.
BlMETALLISM IN FRANCE.
Facts Concerning Free Coinage Both
Here and Abroad Early in
the Century.

Previous to 1878 the principal BIZ
metallic nation of Europe was France,
which, in the year 1903, opened it's
mlnts to the free coinage of both met
ais at the rate (or ratio, as it is called) |
OF fifteen and one-half ounces of silver
to one of gold. In 1865 Italy, Belgium
and Switzerland entered into treaty
with France, by which they all agreed
to coin money of the same denomina-
tions and at the same ratio, towit:
Fifteen and one-half ounces Of silver
to one of gold, and the money thus
coined was to be legal tender in all
of those countries. A few years later
Greece Joined them, and the five ma
tions constitute what is known as the
'Latin Union"
In 1856 the United States, then
merely 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 1902 a mint was established,
and the coinage of both gold and sill
ver was authorized at the ratio of if
teen ounces Of silver to one of gold.
The reader will carefully note the
difference between this American ratio
and that of France. At the French
mint an ounce Of gold coined into the
same amount of money as fifteen and
one-half ounces of silver. At our mint
| an ounce of gold was equal to fifteen
ounces of silver. Compared with the
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, it
was naturally attractea to that coun-
try. When we had to make specie
payment in Europe we sent gold in
preference to silver, because it would
go three per cent. farther in buying
goods or paying debts.
This made gold scarce in our cur
rcncy. TO remedy it, in 1884 our ratio
was changed; but instead of adopting
the French rate of fifteen and one-halt
to one, we jumped over it to sixteen
or more accurately, 1888 to one. Six.
teen to 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, it was worth three per cent
more. An ounce of gold in our coin
age was equal to sixteen of silver
while in French coin it was only equa
TO fifteen and a half. The movements
of specie were modified accordingly
Silver was now the more desira bl'
metal for export, because it woult
make three per cent. more money a
the French mint rate than it woult
here. But, as formerly with gold
there was always some silver coinet
and some in circulation; so the Unitet
States was in the fullest sense bi
metallic country.
The American people at all times ha,
a right to the free coinage and full us
of both metals as money. The amour
of the coinage was immaterial as at
fecting the principle. We had tn
right to coin it and use it after it wa
coined. This is the essential princi
pie of bimetallism. The right exist
ing, both metals will necessarily 3
used to the best possible advantage
If silver is better for export, that meta
will be exported. If gold is better fo
export, that is the metal which Wi
go. But whichever is exported tn
most largely, it will always be fo
full value in return, and that which re
mains at home will be good and homes
money for the transaction of our bus
ness. To restrict the right of free coir
age of either metal means fall i
price of property exchanged for money
All this has followed the demonetizs
ton of silver since 1873. Labor ha
been the greatest sufferer.