The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-01-12


1894, is one of peculiar interest. The device
on the diverse of the first coinage was
beautiful head of liberty, with classical Inca
ments and flowing tresses From that early
day until the discovery of gold in California,
it remained as the representative of the
American unit in our monetary system.
In 1S49 an act was passed authorizing
the coinage of the gold dollar, and in 1858
the silver dollar became practically obsolete
as coin for general circulation, for the rea-
son that whilst the legislation of that year
reduced the fractions of the silver dollar to
what is equivalent to about seven per cent,
the dollar was kept at the old weight. The
reasons that influenced this apparently singu-
lar legislation we're perfectly satisfactory in
theory at that time, and have since been fully
sustained by practical results. They may be
briefly stated as follows:-First, convenience
to those desiring bullion for manufacturing
and mechanical purposes; and, secondly, se-
commodation to our merchants engaged in
the trade with China and the West India
Islands. In these countries the most accept
able coin to the people was and is the Ameri-
can, Mexican, and Spanish silver dollar, all of
about equal weight and fineness 1t was feared
that any change in the standard weight of
our dollar would not only inconvenience our
merchants but entail expense upon them,
besides driving our coin out of circulation
and injuring our trade with those countries.
This view of the case has been thoroughly
vindicated, as far as relates to China, in the
simple change of device on the Mexican dol
lar after the accession of Macmillan and
since the Republic has been established. The
dollar of the Empire" and the Republic"
are of equal value with the old dollar, but the
Chinese refuse to accept them in place of the
old 'tpilar dollar" with which they were fami-
liar. AS result, the Mexican mints are about
| returning to the old device, after having
| expended many thousand dollars in preparing
the new.
Congress would therefore seem to have
acted wisely in 1858 in refusing not only to
abolish the issue of the silver dollar, but also
in declining to reduce its weight to confor-
nifty with the half, quarter, etc., which were
reduced for good and sufficient reasons.
With one stroke of the Legislative
pen it is proposed to cut off the
dollar from the list of American coins,
without perhaps a dozen men in Congress
being aware of the fact. This radical re-
moval of one of the time -honored landmarks
of the country is attempted to be justified by
two reasons, both theoretical, viz:-First.
That it is ridiculous anomaly to have q coin
that purports to be unit of value in our sys-
tenn, when it is not. In other words, that the
silver dollar sets up the pretense of being one
hundred cents, equal to two half dollars, four
quarters, etc., when in point of fact, taking
the half and quarter dollars as representing
fifty and twenty-five cents, it is really worth
one hundred and eight cents, and is therefore
not the unit of it's fractional parts,
but in fact coin claiming on
its face to be of certain value, which its
weight and fneness would contradict when
tested by that of the other silver coins issued,
in conformity with the law. The second rea-
son is, that gold is, or should be, the one
standard of value, and that the gold dollar
should represent the unit of our monetary
system. Against both these reasons-perhaps
plausible enough in theory, but which were of
as much weight in 1853 as now-should be
set up the practical fact that this American
coin is of large commercial value as may be
inferred from the number coined at three of
our national mints since 1853, at which time
tuo uHeIodce petWeeu tuo relaIlV6 value OF
the dollar and its fractions was made by act
of Congress. From the report of the Direc-
tor of the Mint, and by personal application
at that institution, we are informed that there
was coined at New Orleans, San Francisco
and Philadelphia, between June 30, 1853, and
June 80, 1870, s., IT'S, $50, equal to 1862, 747'77
pounds, or over 81 tons of standard silver.
The silver dollar has long been recognized
as nothing more nor less than silver bullion,
of convenient bulk, with beautiful dsvice,
and of commercial Importance in our trade
with the countries named. If we must send
bullion instead of other products abroad,
why should it not go bearing the name and
device of the republic, as beautiful though
silent messenger, announcing to all peoples
wherever it circulates that our free institu-
tions still stand as refuge to the oppressed
of all lands, and that the nation is rich
| enough to supply the world with silver and
gold, although her own people may be denied
the coveted blessing?
How much better thus to send the eagles
of the republic abroad than to send clumsy
bars, with weight and fneness stamped
thereon, as is proposed! The silver dollar is
one of the beautiful shining links that con-
meet us with the past. Shall it be severed?
1t is of domestic and commercial value-it
performs a valuable Office in our foreign
trade-let it not be interdicted, unless after
mature and intelligent consideration.
WOMEN'S RIGHTS.