The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1878-02-02
The Dollar of the Pa.bs,s.

AAI sAAfGt IAEetAUn IN congress has cached
point when it IS of vital Importance to the
public credit and the material interests Of the
country that a distinction should be drawn
between what can be accepted on both sides
without serious injury, perhaps, and what
cannot. From the restoration Of silver To
the place which 1t held in the coinage of the
country, IN the purview of the constitution
and prior to the act Of February, 1873, It is
possible that no particular harm would follow.
10 the reconciliation of silver the recoinage
OF the dollar of 4l2l grains, with the same
qualities of legal tender as the gold dollar, is
by no means an Indispensable or necessary
condition. The constitution undoubtedly re-
cognizes both ''gold and silver coin" To
Congress is given the exclusive power s'to
coin money" and regulate the Ualue thereof
Under this power, by the first coinage act of
1892, Congress provided for the coming of
gold eagles, half eagles, and quarter eagles.
and sttreT dollars, half dollars, quarter dol
lars, dimes and half dimes. The gold dollar
was first authorized 10 be coined by the act
OF March 3, 1919. The silver dollar author
lied by the act of 1892, was of the weight of
4l6 grains, hneness 1924 parts of silver In
1000. 1t is very clear, therefore. that to re-
mouetlZe silver II is not necessary 10 adopt a
dollar of any particular weight or fneness.
The dollar of 4l2l grains, 900 rsarts fine.
specified IN Mr.. Stanley Matthews resolution
and called for by the Bland bill, is no more
the dollar Of the constitution than the dollar
OF 400 grains or 430 grains would be- The
determination OF the weight and ineness either
of the gold or silver dollar is purely a matter
Of legislative discretion on the part of CON.
gress- The difficulty of having two coins
of different metals, yet of the same legal
and commercial value, was carefully avoided
by the fathers IN all their legislation down to
1919. The act Of 1892, as we see, provided
for gold coins for all denominations above
one dollar, while the dollar itself and its frae-
tional parts were silver When the cold dol
lar was first coined, in 1919, after the gold
discoveries in California, the silver dollar had
ceased to circulate, and has never circulated
since. Moreover, IN fixing the relative weight
ana hneness of gold and silver eoinsin 1892 the
father" endeavored to make their legal or
standard value conform TO their relative com
mereial value. The value Of silver, compared
with gold, was then in the ratio of Is TO l.
when subsequently this commercial value
was disturbed, Congress endeavored in 1887,
and again IN 1858, to readjust the relative
values OF the two kinds of coins by changing
the weight of the subsidiary silver coin
halves, quarters, DC. Now, when for forty
years the silver dollar has practically ceased
to circulate, and when for FIVE wears it, coin
age has been suspended by law, it is proposed
TO restore the silver dollar of 1887. without
reference to any of the changes which have
since taken place either in the relative value
OF the two metals or in the monetary system
oil the world. This is certainly not according
to the precedent set by the fathers Their
aim was TO conform TO the true relation in
point OF value between gold and silver. They,
as all their legislation shows, would never
have dreamt of authorizing the coinage of
gold and silver dollars Of unequal value. The
present scheme for having a silver dollar
worth " cents to circulate upon an equal
footing as legal-tender with the standard gold
dollar Is absolutely without precedent OF par-
allel IN the legislation of the country. III we
are to follow the example Of the fathers
and restore the silver dollar to its place in the
currency, let it be such dollar as then wouid
have authorized-snch dollar as the trainers
OF the acts of 1892 and of 1887 would have
authorized if they were living and legislating
under the changed condition of to-day. Let
us not insult their memory by citing their ex-
ample as justification for debasing the Cur
rency. To an honest silver dollar-to silver
dollar which shall have the same intrinsic and
commercial value as the gold dollar, and
which is worthy, therefore, to be clothed with
the same attributes of legal-tender-we sup
pose there can be so serious objection except
on the part OF the Incorporating mono
metaliIsts or advocates of q single standard
Their objections, however, rest upon grounds
OF expediency wholly, and are earnestly com
batted by the bi-metallists, or friends of a don
bic standard
That Is controversy which il NAV not be
incumbent upon Congress at this time TO set.
tie, and which may be left to the test of furth-
erexperience. To the coinage Of such sill.
yer dollar as we have spoken of there can at
least be no objection on the score of honesty
and public morality. Accordingly we find
that some of the most earnest opponents of
the Bland bill and the schemes ofthe bonanza
people, are willing to make this concession.
Senator Eaton, of Connecticut, has signifed
has intention of offering an amendment to
that effect to the Bland bill Senator Blaine
has introduced bill of his own for the same
purpose. Senator Lamar, in his eloquent
speech IN opposition to the resolution of
Stanley Matthews, declared his dissent from
the theories of mono metallism either of gold
or silver, and his readiness to s'go as far as
propriety will admit towards the establish
ment of dual system, with fairness of re-
latlon between the two metals in the currency
OF tins country. Unfortunately this is not
what the advocates of silver reconciliation
at this time desire. They want, not a silver
dollar which shall be as good as a gold dollar.
but a cheaper dollar Such dollar as Mr..
Blaine or Mr.. Eaton proposes and Mr. Lamar
would favor furnishes no facilities for cheating
either the public creditor or private creditors
out OF part of their just demands. Neither
does 1t offer the prospect Of enormous profit
to the bonanza people, the owners of silver,
which had so much TO do with creating and
stimulating the Observation-Disclosures
tiDlOre Sun.