The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1877-11-17

The decentralization Of Silver
What IS understood BY this tsrm2 ri
i simply 10 authorize BY law the reeoinage
b lhe silver dollar Of 1887 Of the weight
df412i grains troy Of standard silver, and
to make IL a legal tender at It's nominal
value for al debts and dues, for all sums
instead Of Sims Of Eve dollars only, as
heretofore provided Tho text IF the bill
which recently passed the House Of Re
presauRaslvea BY the large vote Of l6S to
B, Is as follows
That there shall be coined al tho several
hints of ne United Slgtes silver dollars the
weight Of ll2h grains Troy Of standard silver,
az provided IN the act Of january lS, 1887, on
which there shall be the devices and super
acriplions provided BY said act, which coins,
Observation-Disclosures dollars heretofore coin
ed by the gJnited Stntosof hkeweightan
ness, shall be a legal tender at their nominal
value for al debts and dues, public and pri-
vale, except where otherwise provided By
contract, and any owner Of silver bullion
may deposit the same at any United States
COINAGE mint or assay Office to be coined into
such dollars for his benefit, upon the same
terms and conditions as gold bullion sdeposi-
ted for coinage under existing law.
$50. 2. All acts and parts Of acts iucon'
sstent with the provisions Of this act are
hereby repealed.
Under this Blll, which is the same that
was passed by the House at the last scs-
sion, the recoinage Of the silver dollar Of
1887 Of 4i28 grains is authorized. This
dollar b made legal-tendcr for all debts,
public and private, except where otherwise
provided By contract. The bill makes the
issue and circulation Of the silver dollar
practically unlimited by allowing the own
er Of silver bullion to have it coined into
dollars at the mint upon the same terms
and conditions that gold bullion is now
deposited for coinage. By this clause Of
the bill the Bonanza men are enabled TO
turn into dollars, declared to be legalten-
der, and nominally at par with gold dol
lars, all the silver they can mine and put
the entire quantity, as fast as ii Is coined,
into circulation.
The bill has been amended by the SEN
ate committee SO as to restrict the unlim-
tied coinage Of bullion, and il viii doubt
less undergo other amendments. Il is
objected to the bill that it vitiates our eur
rency BY the coinage Of nominal dollar
which is not dollar. The value Of the
paper dollar with gold at 1925, is ga
cents, whilst the gold value Of the silver
dollar of 412I grains, on the basis Of the
quotation in London Of 54l d, per ounce,
IS 92i cents, or Eve cents les than the
greenbaek aud II cents less than the gold
dollar. The tendency Of this difference in
relative value, it is alleged, would be To-
ward an era Of silver imitation beyond any
thing yet known in the circulation Of the
precious metals in this country But, it
may be answered, how are we ever to have
sable currency, ifthe double standard Of
gold and silver recognized by the Constitu-
ton is to fuctnaie with the quotations Of
these metals 10 the markets of the world ?
Instead Of treating them as commodities
the prices Of which are regulated by de-
maud and supply, the standard Of gold
and silver coin should be fired and immu-
table as the poles, and any attempt at cur
rency-tinkeFing, after being once properly
regulated BY law, should be treated with
penalties as severe as those denounced
against coanterfaitiDg itself There never
will and never can be stable currency,
if gold and silver coin are subjected to the
fluctuations Of demand and supply. Let
the standard gold and silver coins be fixed
according to their relative values, and
once fixed let them so remain, otherwise
there will be no end to the changes Of
value, and our currency viii be as shifting
and unstable as the sands upon the sea
shore. Our currency is Of triple char
aeisr-gOld, silver, and paper The dollar
Of each kind ought to be Of equal and
uniform value and readily interchangeable
for the conyeuiencies Of trade, and unit!
these results are attained there will be no
end to our currency difficulties and to
public clamor upon the subject