The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-03-18
BIMETALLlSM.

The Provo Enquirer, the pioneer gold
standard paper of the state, declares
that the single standard insures bimet-
allism while the double standard would
cause recommendation. OF course, this
contention is absurd on the face of it.
The law just enacted provides that the
gold dollar shall be the unit of values
in this country. This makes gold the
basis of our financial system 1t is a
system based on one money metal. 1t
is gold monometallism.
That silver in limited quantities may
circulate with geld does not mean BIZ
metallism. Copper cents circulate also.
Why not call the gold standard a sys-
tenn of tri-metallism? The subterfuge
of the Enquirer may as well be discard
ed along with that 'iri descent dream"
Of an international agreement.
But our Provo contemporary asks The
Herald to explain what bimetallism is
If the single standard is not.
Bimetallism is the use Of two metals
at a defined ratio as a monetary basis.
It insures tho right TO use either gold
or silver for money. The supply comes
from the minis, which are open to coin
all the gold and silver taken there, the
weights ard sizes of the coins deter
mined by the law and the established
ratio.
Bimetallism insures TO the govern
ment and to the people the option to
use either of the two metals in the dis
charge of their obligations. When the
government pays it's employees it has
the right to pay them in money made
from either metal. When men pay their
taxes or their notes they can pay in
either meIl. If the usurers attempt to
hoard one for speculative purposes or
TO cause a panic that the sharks may
fatten from the wreckage. the other
metal will circulate in the channels of
trade and perform the necessary func-
tions of money.
In this way one metal relieves what
ever strain or drain may be placed upon
the other.
SO long as this option was left with
the people they controlled the demand
which was always placed upon the
metal most accessible. Now that the
bankers control the demand. that there
is but one metal recognized in contracts.
the people have no option. The demand
is always upon that which is most in
accessible.
After the decentralization Of silver in
1873 the option was transferred to the
creditor He could then demand and
has since required that his obligations
be paid in the dearest Of the metals.
The scarcer, the dearer is money, and
the harder it is for the people to get
the more the banker insists upon hav-
ing it.
Under bimetallism the demand Shift
ed automatically and as the greater use
was made Of the cheaper money it nat
uraIly became dearer and so the de-
manI shifted back again to the other,
the cheaper metal. Each protected the
other and both protected the people
from the exSctions Of the usurers. And
so, by this automatic variation in de-
srnand. giving the public something to
fall back on whenever one kind of
money became scarce. the commercial
value Of the two metals was maintain
ed at parity.
The effect OF this has been, when
given fair trial, to give practically
the volume Of the two metals to our
stock of metallic currency and to fur
nish a basis for an equally enlarged
volume OF paper money, under a re-
demption money system. But, says Wall
street, when we have so much money
we cannot get such ratio. and when
capital cannot put the thumb screws
on the people once in a while it might
as well pack up and follow Astor to
Europe
Bimetallism means twice the volume
of money We now have, which is none
too much, nor yet enough for the de-
mands of trade. The gold standard is
a system of currency contraction which
means the restriction of trade to
monied concerns, the destruction of
competition, the enlargement of the
powers of the banker, the gradual en-
slavement Of the American people.