Bimetallism
a term invented by Henry Cernuschi and currently used to denote a double monetary standard of value. The idea was first promulgated by Schneidt in 1766 and nearly 100 years later by Schübler, J. Oppenheim and Ph.
Geyer. Bimetallists assert that the exceedingly unsatisfactory condition of the productive industries and of commerce generally is largely due to the appreciation of gold and the violent fluctuations and uncertainty of exchange between gold standard and silver standard countries; and that the best and most effective remedy is to be secured by an agreement, on a broad international basis, to reopen the mints of the leading nations of the world to the unrestricted coinage of both gold and silver. An International Monetary Congress, held at Paris, September, 1889, discussed the subject academically, and an International Monetary Conference, which was convened by the United States, "to consider by what means, if any, the use of silver can be increased in the cur- BINARY ARITHMETIC rency system of the nations," and which met at Brussels in November, 1892, separated without coming to any conclusion. The currency question in the United States influenced very materially the canvass for the Presidency in 1896. It appeared, as the year wore on, that free silver doctrines had captured a majority of the Democratic party, and at the Chicago Convention (July 7th) this majority adopted a platform demanding "the immediate restoration of the free and unlimited coinage of gold and silver at the present legal ratio of 16 to 1, without waiting for the aid or consent of any other nation," and that "the standard silver dollar shall be full legal tender equally with gold for all debts, public and private." WILLIAM JENNINGS BRYAN (q. v.) was nominated for the Presidency, but was decisively beaten by WILLIAM MCKINLEY (q. v.), the Republican candidate, who favored a single gold standard, though he pledged himself to promote action by international agreement. To this end he sent commissioners to France, Great Britain and Germany, in 1897, and they, together with the French Ambassador, laid various proposals before the British Government, the chief of which were that the Indian mints should be reopened, and that Great Britain should annually purchase £10,- 000,000 of silver. The Indian Government, however, declined to agree to the first suggestion, and no action resulted.
Bimetallism has ceased to be a political issue, but the continued tendency of silver to reach a closer parity with gold as a result of conditions during and after the World War was taken by advocates of the theory as a vindication of it.