The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-09-16
The Silver Question.

One of the topics of public and practical
interest discussed at the late meeting Of the
American Association for the Advancement
of Science was the effect of making silver
coin legal tender and thus OF having two
monetary standards widely differing in actual
value and constantly liable TO relative chang.
es. President Barnard introduced the sub
ieCt by reading the report of the Committee
on Weights, Measures and Coinage.
The report discussed the question of max,
ing silver a legal tender. With the partisan
aspects of this question the committee have
no concern. The report began with few
clear definitions showing the difference be.
tween greenbacks and actual money. Noau-
thorizatien of Government can change the re.
atty of things or make the grccnbacks any
thing more than the promise 70 pay money.
Although the letter of the law in respect to
greenbacks may be enforced, its spirit cannot
be carried out; no mere legislation can make
the greenback worth dollar by stating that
il is one The value which the greenback
will purchase in the standard metal IS the
test of the value of the paper dollar; No stamp
of authority can make the latter buy more
than it is worth. A coinage founded on
double standard soon finds its level. The
chear CIR metal, compared with the valuation
stamped on it as com, will take the place Of
the other in circulation; the dearer metal will
90 back directly to the melting pot or be ex-
ported for that purpose. If the debtor can
get gold for less than lis face value when
coined he will pay his debts in gold; if he
can get 1t for less in silver he will pay in sill
YER SO long as there is any variation in eth
er metal from their coinage value the dearer
metal will always be demOnetized, reduced to
mere bullion Under the coinage act OF 1892
silver that cost $l5 was worth $3.50 when
stamped by the mint. AS a consequence gold
entirely disappeared from circulation and tor
thirty or forty years was mere object OF Gu
riosily as coin. Whenever q country has
adopted the double standard there has been
an inevitable tendency to degrade the curren-
cy. So manifest is this tendency that the fore
most European States have generally shaped
their policy toward gold standard, permit,
ting a subsidiary silver coinage of an inferior
value merely for the purpose of making
change. Within the past year or two there
has been very large and hitherto wholly
unprecedented huctuation in the market price
OF silver. This price has varied within pc
riod of few months, through range OF not
less than twenty per cent. of Its original val
ne. From its lowest depression it has partly
recovered, and it now stands about midway
between the extreme limits of its variation.
The following resolutions reported by the
Committee were adopted without a dissenting
voice.
Where's: Gold and silver, like other gifts
of nature or products of human industry, are
ub'ect to gradual changes of value, and no
relation of values which may be by law es
tablished between them can permanently con-
form to the actual relation existing in the
markets of the world; and,
Whereas, Coins of these two metals cannot
for any length of time be maintained in cir.
culation side by side when the coinage OF
both is equally free from limitation, and both
are made legal tender in payment for all
all cunts and
Whereas, it is historically true that leglsa
ton, in the endeavor to restore the disturbed
equilibrium between the standard metals, has
tended invariably to depress the grade of the
coinage in one or the other and ultimately IN
both; and
Whereas, il Is the aim of enlightened gov
ernments everywhere at the present day.
whether by the absolute abolition of the dou-
BILE standard or not, to make gold for all prac
ucal purposes the single standard, and to EN-
ploy silver chiefly or wholly as the material
of a subsidiary coinage legal tendsr only TO
limited amounts; and
Whereas, the United States after an eApe.
rience of nearly a century IN the effort to
maintain double standard, during the earli
er portion of which, under the operation Of
the memorable laws governing exchanges
gold was compl tely banished from crcua.
ton, while during the latter, silver of legal
tender grade has shared the same fate; and
after the complete disappearance of the sill
yer dollar from business transactions for
more than forty years, have at length by an
act of deliberate and wise legislation exirca
ted the country from this long.s,anding evil
and adopted gold as the sole standard of val.
ne in their monetary system; therefore,
Rtsolred, As the sense OF this association,
tha, the single standard of value in our sys
TEN of coinage, not fully established by law
ough, to be maintained, and that every prop
osition to restore to silver the legal tender
character for payment TO all amounts ought
to be discouraged,
SHOCKING TRAGEDY.
story Of an Extraordinary AFFAIR In Arkansas.