The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1899-01-12
WHAT BIMETALLIsM Is.
Twtitten for The Carroll Chronicle.

lWfllten IOT Inb OafTDll OuTOulCltsl
The statement has been made to me
that not one in ten of our voting popu-
lation knows, understandingly, what
bimetallsm il, and have been asked
to define it.
1t is the right to use either Of two met
ais for money-gold and silver. The
supply reaches the people through VI e
mints of the government, by the min
being open to coin all that comes The
option, known as the bimetallic option,
Is W tn the government and the people
to use either of the metals in the dis
charge Of their obligations II the
government is paying its soldiers, it's
employees, its numerous officials or 9th r
obligations, under bimetalri.m, 1t has n
right to pay in money made from either
metal. II the people are paying their
taxes TO cil ~, state or nation, purchas-
ing postage stamps, or dischargDg their
obligations to each other under bimet-
allism, they have the right to pay In
n oney made from either of the two
metals.
1t thus places the two metals in )m
petition with zach other to supply the
de and for m oney. Thus one releves
tie strain upon the other-as one eye
relieves the strain upon the other.
With the option with The people to
use m Oney MAZE from either of the two
metals they controlled the demand ana
d sced that demand on the oue tnat
was most accessible. II silver grew
cheaper they shifted the demand tt 1t
and took the demand away fron gold;
L L.. ~ nj ~.
and declined, II gold came TO be the
che 'per they, the people, used 1t, thus
| shifting the demand to gold and taking
| it away from silver. And, 1t was the
demand thus controlled by the peop @,
as such, aud as a government, that
practically maintained the commercial
parity Of the two metals for all time
! prior to 1873.
Following the act Of 1873 the option
wa- given to the creditor to demand
eitt er of the two metals-just the re-
verse of bimet tllism, and the result is
that the creditor demands the dearer OF
the two metaIs--and the dearer 1t gets
the more apt he is to demand 1t. Under
| b'metallism, the use OF two metals, the
rep g could be depended upon, natu
rally, to shift the demand auto onaticall '
| to the cheaper the two met lis when
! either was cheaper than the other. Tax
ing the demand away from the deareT
brought it down in value, and placing
it on the cheaper brought 1t up in value
thus the commercial value Of the two
was maintained at a parity. The effect
was to give practically the volume oI
the two metals to the stock of our
metallic currency; and furnished the
basis for an equally enlarged volume oi
paper money-under redemption
monetary system.
The theory of the omen mints to coir
all that came of either metal was to lei
the supply reach the people. Close the
mint to either and you shut of tine sup
ply and force the use Of the other. Tne
open mipts 20 the two metals gave the
supply and the people controlled the de
mand. If silver rose in value IL Stunned
the miuts and was shipped abroad tc
| pay dehts-as 1t was for time prior tt
| 1'73-or a exchange for gold, and the
latter was added to the domestic supply
that went 10 the mints, and vice versa
| Ne ther could rise in value and extoTt
tribute from the people as long as the
other was in competition with topper
mints and option with the people.
The government bought neither metal
The mints were open to coin all that
came Of either metal. and to give bach
the coins to those who had bought the
bullion. II was coined free because II
was statesmanship for the government
to facilitate and provide q way fol
money, one OF the principal functions o
society. Bimetallism therefore consist
Of open mints and option with the
people to use either. Under himetsllisn
there Is no such thing as gold contracts
it ia "coin" contracts,
The reason why the demand, shifted
from one metal to the other as exertsd
by a nation like the United States, will
maintain the commercial parity of thu
two metals. Is because Of the world
limited supply Of the two metals. AL
the gold In the world, at the presen
time. available for money, will go in the
cube of % feet; all the silver in the cub
Of 68 feet. Ali the gold in the United
States will go in an average size bee
room; all the silver In almost any far
mer's barn. W. II. HARVEY.
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