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It has always been declared by the bimetallists that the successor of gold monometallism will be paper, and Germany is expected to go upon a paper rather than a silver basis. In exchange operations German paper is about 8 per cent discount, but exporting gold or buying or selling gold at a premium is by law forbidden. All are penal offenses.
Their ears are deformed by the wealth of metal hanging from lobe or strung on the upper rim of that organ. It can be said of Jeypore's fair sex that they are bimetallists in the strictest sense.
The bimetallists claimed that this decline was a result of the monetary changes; the advocates of the gold standard asserted that it was due to the great increase in the production of silver. Whatever the cause, the result was that, shortly after silver had been demonetized, its value in proportion to gold fell below that expressed by the ratio of sixteen to one.
It was a period when the contest between the advocates of a single gold standard and the bimetallists raged fiercely, and the contest had not been fully settled by the election of McKinley in 1896. Godkin was emphatically for gold, Walker equally emphatic for a double standard. And they clashed.
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