The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1899-07-14
pIMETALLISM IN FRANCE.
Concerning Free Coinage Bosh
mere and abrond Earl, In
the Century.

pre,fDus TO 1873 the principal -hi-
leila. nation of Europe was France.
..bi,h. in the year iso3, opened its
MINIS 10 the free coinage OF both met
=, The rate Tor ratio. as il Is called
,ffiiccn and one-half ounces Of silver
!, on. uf gold. la lsoj Italy, Belgium
ra switzerland entered into treaty
.itA France. by which they all agreed
" coin money OF the same dcnomina-
,ions and al the same ratio. to-wit:
,.ff IN and onc-half ounces Of silver
~ one Of gold. and the money thus
soir,l was TO be legal tender in all
M those countries. \ few years later
Greece Joined them. and the five ma
Mons constitute what is known as the
Latin Union"
la l7sC the United States, then
merely confederation, adopted the
double or bimetallic standard, provid-
Inc for both gold and silver coins of
fun legal tender. but without any
actual coinage. the country having no
mint. In 1892 n mint was established.
and the coinage of both gold and sill
YER was authorized at the ratio of fif-
teen ounces of silver 10 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 fife
same amount of money as fifteen and
one-half ounces OF silver. At our mint
an ounce of gold was equal to fifteen
,f 81 r.tl = h,.
French mint rate. gold was worth three
per cent. less for coinage purposes in
this country than il was in France.
while silver was worth three per cent.
more.
Partly owing TO this fact and part
III 10 trade conditions. our coinage -
gold was quite small. but with the
exception of the years l>l6-isi7, we
coined some each wear. also coming
considerable amounts Of silver But
the gold did not remain in circulation
here very long. Being worth 'hree per
cent. more for coinage in France. "
was naturally attracted 10 that coun-
try. When vvc had 10 make specie
payment in Europe we sent gold in
preference TO silver. because il would
go three per cent. farther in buying
goods or paying debts.
This made gold scarce in our cur
rcncv. To remedy it. in 1854 our ratio
was changed: but instead Of adopting
the French rate OF fifteen and one-half
70 one. we jumped over il 10 sixteen.
al mere accurately, l5.gss to one. Six
teen 10 one is near enough for general
discussiSn.
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. I'm ounce OF gold in our coin
age was equal 10 sixteen OF silver.
while in French coin il was only equal
10 fifteen and half. The movements
of specie were modified accordingly.
Silver was now the more desirable
metal for export, because il would
make three per cent. more money at
the French mint rate than il would
lere. But. as formerly with gold.
there was always some silver coined
and some in circulation: 50 The United
states was in the fullest sense a BIZ
metallic country.
The American people at all times had
a right to the free coinage and full use
Of both metals rs money. The amount
~ the coinage was immaterial as af-
tccting the principle. We had the
right 10 coin II and use it after il was
coined. This is the essential princi-
PIE OF bmctallism. The right exist
ing. both metals will necessarily he
used 10 the best possible advantage.
II silver is better for export. that metal
will be exported. II gold is better for
export. that is the metal which Will
80. But whichever is exported the
most largely. il Will always be for
iull value in return. and that which re-
mains al home will be good and honest
money FOR the transaction Of our bust
ness. To restrict the right of free coin
aSe os either metal means fall in
price Of property exchanged for money
MI this has followed the dcmonctiza-
ton Of silver since 1873. Labor has
oeen the greatest sufferer.