The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-07-31
Silver AS Money.

1t is but recently that silver has come
to hand as money. For fifteen years it
had been as Invisible in the currency of
the country as though 1t had never been
raised from its mysterious mines. Boys
oftitteen when the civil war broke out
have grown to be business men Of thir-
ty without ever having handled one sim
gle dollar OF silver as money. But now
the bright metal fresh. from the mint
comes forth, after this long obscuration,
to take the place OF the postal currency
which for all that time had been the me-
dunn of our fractional exchange in busi-
ness transactions. At the same time,
newspapers are proclaiming that silver
coin is worth less than paper money by
some fifteen or even twenty per cent.
At such ruinous rate of discount one
might expect to learn Of popular tu-
multi on such debased currency being
put into circulation by the Government
to replace its own fractional currency.
But nothing Of the kind occurs. On the
contrary, the people receive it gladly.
They even hoard away this silver coin
which newspapers tell them is at dis
count OF twenty per cent. as to gold
when currency is only twelve per cent.
below gold. - -...
This shows that the people are not 30
stupid as to be controlled by abstract
theories, nor SO blind but that they car
perceive the difference between the sign
and the thing signifed, between the sub
stance and its shadow. They see wha'
Mr.. JEFFERSON saw, as expressed in his
memorable letter to Col. Darlington in
1888 on the British finances, tnat "paper
money is poverty; it is only the ghost Of
money, and not money ITSELF"
But, now we are told that silver,
though one OF the precious metals, and
the one that has borne the character oil
money among all races of men longer
than any other metal, is to be discarded
from use as money! or, as the phrase is,
to be ''demonetized." 1t is maintained
that only one metal, gold, is hereafter tc
be employed as the medium of exchange
and as legal tender for the settlement
of balances and payment OF debts. This
10 proposition Of serious moment. II
is pubic measure that ought not to be
the subject of any hasty or inconsider
ate legislation. II adopted, it would bt
equivalent to arevolution in the worlds
financial condition. Its effect upon tht
worlds indebtedness, public and pri
yats, would be Of the most momentum
import.
This proposition can not proceed from
any innate unsuitableness in silver ii
self 70 meet all the requirements Of
circulating medium as money. AS sucl
It has been used and found suff1cien
from period of time even antedatinl
historic records. When Abraham bough
the burial place for his dead wife, h
psad for 1t in silver:--'And Abraham
wsighed to Ephron the silver which b
had named, four hundred shekels o
snyer, current money with the mer
ehantp Even then it had long been tn
"sarrent money" Of the Old World, an
10 TO this day.
But it 10 said that recent discoverie
ia. our mineral deposits have so ia
oheapened silver by its abundance as t
disaualify it for use as q standard Q
value. But, we read that during th
peaceful and prosperous reign Of Solo
mon he s.made silver to become a
ssones in Jerusalem" for abundance
and ret silver was not therefore demon
etized and excluded from circulation b.
->it,- iss't" yr~>- ''-''''ss'