Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-11-08
From tho y. Y. independent, Oct. e3l
The EIghty-tyo-cent Dai!ar.

IHt
The fall OF silver in the London market to
forty-nine and hall pence per ounce brings
down the bullion value ot tho dollar Of tie
fathers" to about oish;y-tn.o cents. as CON-
pared with the standard gold doI.ar When
the Silver Law was passed tie value Of this
dollar was about niH, ty-1:.c cents. and since
that period it has declined almost nine per
cent, while the tendency Of the silver mar
ket is to still further decline. 1t was
claimed by the silver men, when the subject
was under discussion in Congress. that re-
monetization, by increasing the demand for
silver would have the effect of raising the
market price of this metal, and that IN this
way the dollar would be brought nearer to
the gold dollar, ii not be mIie equal TO it.
Secretary Sherman has been in the market as
purchaser of silver and has ..lrerly coined
some twelve millions of silver dollars vet
the effect has not been n ;l,Z, q. ihv move
ment OF the market Las been III ov,ielly the
opposite direction.
So also it WAS hoped by the silver men,
that the Monetary Conference provided !ur
in the law would prepare the way for .,u agree
ment between the United States and the lead
ing nations of Europe rs 10 the ralio Of
value between gold auI siive. to be adopted
tts n common basis among these nations for
the coinage OF both metals Senator Allison
admitted, in the debate in the Senate that
unless this result could be So cured. the sil-
yer experiment III this country would be a
total failure. The Conference ha; been held
and this branch of the exp, riueLt vas ;.n en-
tere failure. The European delegates heard
what the American delegates had to say On
the subject and then concluded that no sach
agreement WAS practicable.
rhUs the matter stands 80 the present
moment and. rs the law Eun is. the United
States presents 10 the world the singular
spectacle OF coming two kinds OF dollars AMI
masiuS them equally a. l,al tender IN the
payment Of debts, wien, as matter of fact,
they differ about eighteen per cau! in tiyir
value This gn!siipa; the value O! these
coins with ver s,ancv, eIualed only uy lis
stupidity. The only reason why the SILVER dol
lar does not to-day circulate at eighteen
per cent. discount, rs compared with
gold is the defective supply OF tie
former. Fortunately for the country, when this
attempt WAS made by Law 10 make water run
uphill, there were ro silver ,olIr' IN ,ic,U-
ation, and the supply is not yet ssf.iri,ut 10
bring them I" their bullion yhiur.
this result. and th.n r"agr,-S must
take the bacl, track and undo IL own folly. or
the gold OF the United State, Will speedily
depur; to other countries. I:it i,avr III this
country "a debaSrd silver iuila- aS the stand
ard OF salue. This result. % ;he Silv,r Law
shall remain UnreP,aled, is rs certain a. the
recurrence OF day aud night.
Bi-me;aism waS the thtnr. Of tn. -.iv.r
m'n and silver monn-rurttii. IL i> t. n, the
fruit ut their experiment., uHl,ss ti.r Law
which they enacted Is changed. 1t is diff
cult 20 find il the whole history OF this coun-
try more astonishing example OF stupid leg
islatiOn. Not one solitary BEN lit has ariZen
from it ami there Is not the slightest prospect
of any benefit The people hIye practically
salC that they do no; want the silver dollar.
They have treated it as a nuisance in our coir.-
age system and it Is such by reason OF lis
bulk and weight. ii for no other reason. Tie
evils resulting will be felt when, ii ever.
these dollars shall enter into general circula-
tion and their purchasing power shall Le IN
dicated by the price Of commoditi,s.