The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-02-15
"Aaother cold bag Pinned
Up.n

or he is trying to do what he accuses
others of dOing-mislead by misrep-
resentation.
After giving the coinage of the sill
yer dollar for the years 1S6S-1S73, in
elusive, he goes on to say that "the
gold coinage" for the same years was
so and so, giving the coinage of the
gold dollars alone, but conveying the
impression that that was the entire
gold coinage for those years; at least
that was the idea I received when
reading the article and knowing it
was a mistake, took the trouble to
look it up.
Everyone knows that the gold dol
lar, from its small size, is Eot a con-
venient piece OF money to handle. It's
coinage has therefore been prac-
ticGIly discontinued. Yet as
compared with the silver dol
lars there have been more than twice
as many gold dollars coined as silver
ones.
Whole number of gold dollars ever
coined SIS. 345. 43s. Whole number of
silver dollars ever coined, $S,045, 1888.
This is the total number of dollar piec-
es coined of each metal up to June 80,
1877, as given by the director of the
mint. Now compare the total coinage
OF the two metals for the years named
Qses-77):
Gold coinage, 1858, $1S,1I4, 425; 1869,
$21, S2s, 637 80; 1870, SIS, 257 ,3I2.5O %;
1871. 81, 29s. $500; 1872, 81, 1885,
4O6.O0; 1873, 81, 2iS, 1897 so; 1874, $780,
AZ, $50 90; 1875. $S3, 554 $4,000; 1876,
$3s, us, $3.50; 1877, ~, JOS, 1890
Total, S9O3, 379, 1890.
Silver coinage, 1868, d, 136. 5000
1859, ss40. 746,50; 1870, SI,767, 253.5O
1871 81 .955, s05 %; 1872. 3,029, sS4.05;
1873, $2,946, 1850; 1874, 81, 9ss, SOL 80;
1875, $40 JO7O, 1865. 90; 1876, sls, In, 502..
so; 1877, 2s,549, 1856 90. Total, $780,
406, 691 go.
These figures, it seems to me, show
something of the relative importance
Of the two metals as money. The cry
that great injustice was done by dis
continuing the coinage of the old 41211S
grain dollar in 1873 will be better ap-
preciated when it is known that in the
following year, 1874, there were coined
Of the new s'trades' dollar more than
twice IS many as had ever been coined
in one year of the old dollar, and In
1877, mora than Q million dollars more
than had eveT been coined from 1875 to
1879. A great portion of these trade
dollars was sold in Chine for what
they were worth In the market, like
whest, cotton, or corn. Verify the
bonanza owners ought to cry because
the Government don't make smaller
dollar legal tender for more than ii
Is worth, and thus bull the market for
their benefit at the expense of the rest
of the country.
also notice in your issue of Feb.
sth, you say that DR.. LindeFman, diree-
tor of the mint "iaxoEs the silver bill. !"
OF course do not know your authori.
ty, bnt ! think it mnst Do mistake, or
that he is a gerry recent convert, if by
the silver bill, is meant the HBland
BILL" In work only published this
year ('EMoney Gad Legal Tender'') he
points out very clearly some of the
disadvantages of making silver an un-
limited legal tender.
He says-psge 1O4: "These metals
are subject to changes In their relative
value which render it difficult, If not
impossible, to retain for any consider
able time in any country the concur
rent use of legal-tender coins of both
metals in q fixed ratio" Pages 1866.
"The advantages OF single gold stand
ard, with silver as q subordinate ten
der, compared with the double or al
ternate standard OF gold and silver,
would appear to be sufficient to justify
this country in adhering to its present
position with reference to the metallic
money standard" Page 1l6, t'If the
treasury had sold the bonds, and re-
ceived payment on the basis of silver
dollars, of the weight and fineness ex-
isring by law in 1870, it might justly
redeem in such dollars; but to do so,
in face of the undisputed fact that it
received payment on the gold basis,
(25 $40 grains standard to the d0llar,)
would be to subject its good faith to
suspicion, as well as to disregard its
moral obligations to return borrowed
money equivalent in all respects to
that which It received"
On page 1l9 he says, "If coined
without restriction or lImita ton of
legal tender, silver will, as far as can
now be seen, become the actual money
standard to the exclusion of gold. This
It Is clear we cannot afford" Page
l2l, ''Of gold, which should be our
money Of large payments, we have al
ready the greater portion necessary;
and silver, which with us will find its
true place in small payments, and
trade coin, will be produced from our
own mines, and come to US from other
countries, more rapidly than we can
coin it." RESUMPTION.
It seems to as that Resumption pima
himself mp better than Senator CoekerelI
did. Admitting that the Senator's 6g.
ures in regard to coinage were wrong,
and Rssumption's are right, they cor
robor ate the historical fact that from 1858
up 20 the time silver was demonetszsd in
1873, the silver dollar Of 4121< grains was
worth more than the gold dollar It was
worm 1o3 cents In gold when the coinage
law Of 1873 was passed, ami it was be-
canse it was worth the most (cOinage Of
both being free and both being equally
legal tender) that people preferred to use
the cheaper gOld dollar to pay their debts
with. Hence the gold coinage was the