The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1876-07-20
From the y. \. independently
The Dollar Of the United States.

IL the Buffers, the Careys, the Kelleys,
the imitation Democrats of Ohio. and the
whole race Of greenback and threesixty-
FIVE financiers would stop long enough to
define the word dollar, there would be
some hope Of their seeing things rs they
are, and at last coming to a sensible con
clusion in regard TO the currency ques-
tion. What is a dollar. as determined
by the laws Of the United States7 In
the first place, it is a piece Of gold or sill
yer, containing nine hundred parts Of
pure metal TO one hundred Of alloy. II
il be 4 gold dollar, then, in the next
place, il has the standard weight Of
twenty-five and eighttenths grains and
is the unit Of value. IL il be a silver dol.
lar, then its weight is four hundred and
twenty grains troy. In the third place,
this dollar in either form is coined by
the authority of the United States, and
also bears upon it certain inscriptions,
for the purpose Of identifying il. The
gold dollar and its multiples are a legal
tender for all sums Of Indebtedness, and
the silver dollar is legal tender for any
amount not exceeding five dollars in any
one payment
The word dollar is simply an abridged
statement Of these facts IL is a term to
represented, including the metal, its
weight, its fneness, its coinage inscrip-
tions, and its legal tender character.
The whole is summarized in a single
term.
Now. what are greenbacks7 Are they
dollars or multiples of dollars2 Not at
all, any more than a bag Of feathers is a
load of hay. They do not profess 70 be
dollars, and the law authorizing their is.
sue does not declare them TO be dollars
On their very face they purport to be ey-
licences Of debt against the United States.
and, as such, promises 10 pay dollars to
their holders-that is to say, to deliver
to these holders a given quantity OF gold
coin. The stipulation is 10 pay certain
quantities Of gold These greenbacks
are not payable in stamped paper, in 36j
bonds, OF in anything but the precise
thing which they stipulate. They pledge
the Government to pay dollars; and the
Government has defined by law the
meaning Of the word dollar as IL occurs in
the contract
Take, then, this dollar as the medium
Of payment-or, rather, the thing to be
paid-from behind the greenback. and
/ what have you leftR Separate the thing
I promised from the promise, and the resi-.
dunn is piece OF paper. having no more
value than any other paper OF the same
kind and equal amount, and none the
better because il was originally issued by
the Government. IL is the relation OF
this piece Of paper, real or supposed, to
the thing promised that gives u all its
commercial value: and the moment this
relation is absolutely dissolved the value
disappears. Put behind il another piece
OF paper, called n 3-6j bond, and what
you have is one piece Of paper supporting
another, each convertible into and rest
ing on the other, and neither resting up
on real value. The general credit of the
Government, as a support TO the green
back, amounts to nothing except as II
leads to the belief that the Government
will ultimately pay the thing promised
Let il once be settled that the debt Is &
be repudiated and never paid in gold o
its equivalent, and IL will share the fat
Of all repudiated paper. gradually deelin
ing in purchasing power and finally be
coming worthless.
But we are told that the greenback
while a debt Obligation. is also a lega
p tender in the payment Of debts; whic
| simply means that the Government, b
the naked force Of law, declares that
, shall be receivable at ITS face value in th
p payment Of debts. This Is quite tru'
! Yet no legal tender act ever did or ev'
D can control the natural laws OF valu
/ The Legal tender Act has been in for,
; ever since 1862; and who needs 10
r told that during this period the gree
8 back has fuctuated more than one hu