Bimetallism

TABLE OF CONTENTS Reference is to Sections. I. HISTORY OF THE PRECIOUS METALS i- is II. COST OF THE PRECIOUS METALS 16- 26 III. RATIO BETWEEN THE METALS 27- 44 IV. EXPORTATION OF THE PRECIOUS METALS 45- so V. OVER-VALUATION IN THE UNITED STATES si- 57 VI. CONSUMPTION IN THE ARTS 58- 74 VII. VALUE 75- 86 Vlll. VALUE OF THE PRECIOUS METALS .. 87- 94 IX. INFLUENCE OF LAW ON VALUE 95-103 x. BIMETALLISM 104-143 XI. ADVANTAGES OF BIMETALLISM 144-163 XII. BIMETALLISM IN FRANCE .164-178 XIII. GOLD STANDARD IN ENGLAND 179-134 XIV. DEPRECIATION OF SILVER 135-200 XV. INFLATION OF PRICES FROM BIMETALLISM 201-229 xvi. PARITY OF EXCHANGE 230-232 XVII. DEMONETIZATION 233-260 XVIII. BIMETALLISM IN THE UNITED STATES 261-304 XIX. THE UNITED STATES ON A SILVER BASIS 3os-3is XX. MEXICO AND SILVER MONEY 319-365 xxi. APPENDIX 366-416 20029S9 PREFACE A discussion of the question of Bimetallism necessarily embraces, to some extent at least, the larger question of money. The money question is of almost infinite importance, and there is great diversity of opinion as to the essential elements of money. Alexander Del Mar, in the closing paragraph of his History of Money in Ancient Countries says That which has engaged the attention without harmonizing the convictions of such master minds as Aristotle, Plato, Tycho Brahe, Copernicus, Locke, Newton, Smith, Mill and which no man can Spencer is surely a study afford to approach with rashness, nor leave with complacency. When the principles which underlie it are thoroughly understood, money is perhaps the mightiest engine to which man can lend his guidance unheard, unfelt, almost unseen, it has the power to so distribute the burdens, gratifications and opportunities oflife that each individual shall enjoy that share of them to which his merit entitles him, or to dispense them with so partial a hand as to violate every principle of justice and perpetuate a succession of social slaveries to the end of time. I do not expect that all who read the follow- ing pages will agree with me in my con- clusions, but I think all will admit that the money question is A study which no man can afford to approach with rashness, nor leave with complacency. All I ask is that he examine the authorities cited and the reasons adduced in support of the conclusions reached. If the authorities do not justify the premises, if the reasoning is falacious, if the conclusions are not warranted by the evidence, of course they should be rejected. But, if the premises are reasonable, are sustained by authority, the reasoning logical and the conclusions warranted, and if the reader has previously entertained opinions at variance with such conclusions, I think I have the right to expect that he will make further investigations, and that he will not accept the party platform of any political party as infallible. And if, on further investigation, he shall discover the truth, I think I have a right to expect that he will fearlessly proclaim and ijt follow wherever it may lead. A. j. Los Angeles, Cal., December, 1899. CHAPTER I. HISTORY OF THE PRECIOUS METALS. SEC. 1. A careful study of the history of the precious metals will conclusively show the effects of a plentiful as contrasted with a limited supply of money, and the consequences resulting from expanding or contracting the volume of money...