Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1877-11-16
The silver FaIIacy.


So long have the pcopl, Of this country
been accustomed TO use deprecated paper
currency. which has no inherent value, and
to regard this promise to pay dollar rs n real
dollar. that they have to "a great extent lost
sight of the real functions Of II circulating
medium as Il measure Of value. Should one
tempt TO make them believe that yard
stick constructed of such material that one
day II would be thirty-siN inches in length and
another thirty-three or thirty-four. was the
best possible measure for the buying and sell
ling Of fabrics he would b. looked upon as "a
lunptc: while the men who should advocate
the use of a currency which is the measure Of
all commodities. which varies in its value
from day to day and month to month. III COM
parison with that great measure of value
adopted by the unanimous concurrence of the
commercial world, are regarded IN tine light
of benefactors. This hcresy j, not so popu-
lar as it was Il few years since.
But now We have another currency hcresy
not less absurd and that /, the silver dollar as
a standard Of value. There is a general de-
mand for it throughout thu South and West,
and why? Because it is cheaper dollar
than that which is mad Of gold. We're it
not for the fact that ninety-two cents worth
| of silver will make u coin which these people
expect to pass for one hundred cents, we
| should never have heard this demand for the
dollar of our fathers and should never
| have been called upon to witness the specta-
Gle of a House Of Representatives declaring to
| the country that ninety-two or ninety-fve
cents shall be one hundred cents if offered in
the form Of a piece of silver Of given weight
There is general impression that all elias
| SEES will be benefited by this attempt to get n
cheap dollar but in what manner 1t will puz-
zle the advocates of III reconciliation of sill
| YER to tell. There are those whom II will help
Senator Jones of Nevada and other gentlemen
| who own silver mines which are turning out
large amounts Of silver will make a good
thing by having ninety-two cents worth of
metal declared to be worth one hundred cents.
! The brokers in Europe who deal in the pre-
cous metals will realize large profits 10y gath
tring up the deprecated silver coin in Europe,
where II is chiefly used as a subsidiary cur
rcncy, with no legal tender. or at best. limit
ed legal tender power. and selling it III the
United States at TIN fictitious value which
Cong, So hp- attached TO the commodity The
gold Spectator, In Wall street who have
done ia business of the country so great in
jury 10y cold spacuhtions, will ind field for
fresh speCulnlOn~ and new complications.
1t is also possible tina, "a class of debtors might
purchase quantity of silver ~ its market
price As commodity. md after having II
coined, pay 10 their creditors NJ it, ictitlou,
value as fixed by Congress but IL isn't prob
able thut any cOnHiu 'iubl" portion OF the Oeht
or class would toe IN q situation to avail them
selves of this piece of sharp practice. Beyond
those above referred to. no other class can b,
benefited Gold the standard of the com
mercial world. Will continue 10 br the meas
ure of all values. including tn silver dollar.
If all tn natoga with which the people o.
tho United States are in commercial relations
adopt yard of thrty-si inches. there woult
be no sense i'll Congress declaring that thirty
two inches should he Il legal yard. 1t woul,
only create confusion The ConGessiona
yard would be cheaper because il is shorter
For the same reason the Congressional dolla
, VIII bc cheaper and will buy less than the dol
lar of the commercial world. When We ge
cll ar of our confused ideas about money, "A
We shall at some time, and go back TO III
hard money ideas of the statesmen of earle
, times. we shall regard the action of the Hous
in practically decreeing that ninety-two cent
worth Of silver shall be legally accepted a
worth one hundred cents in the same light a
e if that body should pass bill declaring that
E | piece of cloth thirty-threo inches III lengt
r shall be received by the purchaser for thirty
, six inches. The friends of "a sound currenc
. now look to the Senate for the defeat of thi
wild and speculative scheme, or mt least fo
! such modification of the measure as will lin
e it its coinage and its legal tender power