The Magnolia gazette. [volume] (Magnolia, Miss.) 1872-current, 1899-01-18
sIMPLIFIED.

fotiuS popuiaLlun KNOWS, under-
standingly, what himetallism is,
and ! have been asked to define
lit.
| II is the right TO use either OIL
two metals for money-gold and
silver. The supply reaches the
people through the mints OF the
government, by the mints being
open to coin all that comes. The
option, known as the bimetalic
option, is with the government
and the people to use either OF
the two metals in the discharge
| Of their obligations. IL the gov-
ernment is paying .ts soldiers,
| its employees, its numerous off
cials or other obligations, under
bimetallism, it has the right to
pay in money made from either
metal. II the people are paying
their taxes to city, state or nation
purchasing postage stamps, or
| ldischarging their obligations 10
each other, under bimetallism.
they have the right to pay in
money made from either Of the
two metals.
| 1t thus places the two metals
in competition with each other to
supply the demand for money.
Thus one relieves the strain upon
, the other--as one eye relieves
the strain upon the other.
With the option with the peo-
J pie to use money made from
eltherof the two metals they con-
trolled the demand and placed
i that demand on the one that was
most accessible. II silver grew
, cheaper they shifted the demand
TO II and took the demand away
i from gold; hence silver rose in
commercial value and gold de-
} lclined. If gold came to be
cheaper, the people used it, thus
shifting the demand to gold and
taking it away from silver. And
it was the demand thus controll-
ed by the people, as such and as
q government, that practically
maintained the commercial parity
OF the two metals for all time pri-
or to 1873.
Following the act tof 1873 the
option was given to the creditor
to demand either Of the two met
als-just Tho reverse Of bimetal-
lism, and the result is that the
! creditor demands the dearer OF
the two metals--and the dearer
j it get sthe more apt he is to de-
, mand it. Under bimetallisn !,
: the use OF two metals, the peo-
! pie could be depended upon, +,
naturally, to shift the demand
automatically to the cheaper Of
ths'two metals when either was
cheaper than the other. Taking
fthe demand away from the dear
er brought il down in value, and
2 placing il on the cheaper brought
the latter up in value, thus the
: commercial value of the two was
! maintained at parity The ef-
! feet was to give practically the
volume Of the two metals 10 our
! stock of metallic currency; and
! furnished the basis for an equally
enlarged volume of paper money
under a redemption NOR etary
: system.
! The theory Of the open mints
: to coin all that came of either
metal was to let the supply reach
3 the people. Close the mints to
r either and you will shut off the
Q supply and force the use Of the
? other. The open mints to the
two metals gave the supply and
the people controlled the demand.
II silver rose In value II Stunned
the mints and was shipped abroad
: to pay debts--as 1t was for time
9 prior to 1673-or in exchange for
gold, and the latter was added to
? the domestic supply that went tc
. the mints and vice versa. Meth
y er could rise in value and extorl
: tribute from the people 80 long as
y the other wasin competition witt
= it-open mints and the optior
with the people.
The government bougiss sieith
e or metal. The mints were oper
= to coin all that came OF eithe
II metal, and to give back the coin
q to those who had brought tn
.s bullion. 1t was coined free be
cause it was statesmansip for TIL