The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1878-01-10


of dollars; on this basis we owe State,
county and municipal debts of some
twelve billions Of dollars. If the gold
dollar of 25.7 Of standard gold is worth
ten per cent. more than the silver dol
lar, the decentralization of silver add
ed one hundred and fifty millions to
our nationalitlcbt, and one billion two
hundred millions 10 our other debts.
| Under our laws, from 1892 to 1884 the
United States was as IA 1-2 TO /, that
is Il l-2 pounds of silver would buy
one of gold. In London it was Is 10
to one-a pound, troy, Of silver on
each pound Of gold, difference. OF
course, our gold all went to Europe
and our metallic money circulated in
this country was all silver. Up to
this time We had 10 silver mines, and
but little gold.
In order to keep our gold in this
country, we had TO give it a greater
money valne, and we in 1884 reduced
its fineness from GIG 2-3, to less than
600, and made il 600 in 1887. We also
reduced its weight from go grains in
our eagle, to 25S grains.
Up to 1916 we were producing in
the world three times as much silver
as gold, but after the discovery of gold
in Russia in 1S47, the annual produc-
ton of gold increased TO over forty
millions, being equal to that of silver.
In lS47 and 1S48 we discovered gold in
California; this was followed by the
discovery of gold in Australia, aud the
annual production of gold increased TO
Sl65, 100000; silver remaining at $40
100000. In the Upited States the pro-
duction of gold reached $4,000, 900 in
one year, then the production Of silver
did notreach five million.
The writer referred to says, leaving
its intrinsic value the same" What
does this writer mean by ''intripsic
value" when speaking of gold and sill
yer as money! | can readily under
stand how we may change the "money
value" of the two metals, but how we
can change the 'intrinsic value" by
legislation is beyond my comprehen-
sion.
Was not this increase of gold the
true cause of silver going out of cir
culation, and gold taking its place as
money, because gold was comparative
ly the cheapest money, as well as the
fact that il took sixteen pounds of
silver, under our laws after 1884, to
equal one of gold?
Silver was not demonetized in 1858.
The silver dollar remained the 'unit
of Flderal money!" and we provided
"token money" of small silver coin,
with money value greater than its
''intrinslc value" as bullion, to supply
the country with small change, The
dollar of 412 1-2 grains was not coined,
because gold was the cheaper metal.
But the bondholders and money kings
did not then clamor to change the
"unit of values" from the silver to the
gold dollar. On the other hand il was
demanded that gold be ''demonetized"
and it was "demonetized' by some
European governments, and at this
time over S0o,000,00O are using silver
as money, to less than $50, 600, coo using
gold.
The writer says: "In a very few
years daddies' dollar went entirely out
of circulation, and no more was coin
ed" The writer is terribly mistaken,
or else the reports from the minis are
frauds of The first water. There new
er was as many silver dollars of 412 IL
grains each coined in any two years, as
there was the two years prior to 1873.
Ny recollection is that over one-third
of tho entire coinage for eighty-one
years, was the two years prior to the
denomination of silver III 1873.
''None of it had been coined for MA
ny wears before the demonstration
took place." again says this writer.
This writer either has not examined
the reports of the minis, and does not
know whereof lie writes, or he is try
ing TO mislead your readers, 1 do not
know which; as the very last year be-
fore demonstration took place, there
was more silver coined than in any one
year for eighty-one years before.
The writer also forgets that our gold |
coin does not circulate as money in
any other country in the world tina;
when it leaves our shores it is weigh
ed and sold as bullion; that each ma
ton has standard of its own. While
ours is 900 fine, in England it is 3l6 2-3
fine. The next demand, l presume,
viii be that we adopt the English
standard of weight and. ineness, which
is seven per cent. greater than ours.
The writer says that ''if we say by our
Congress that ninety cents of silver is
4 dollar, that it does not make il true"
But we can that 412 1-2 grains of stan
lard silver, 900 fine, shall be the stand
ard dollar. And then gold, not silver,
iuctuates. We said in 1892 that
.wenty-seven grains of gold, GIG %
vas dollar in gold. We say now
hat 25 $40 grains is dollar. We say
hat the trade dollar shall contain 420,
,ut we do not make it money-it is
lot legal tender. 1t is only coined
or our trade in China and Japan. 1t
S sold as We sell wheat But We say
hat II 1-2 grams of standard silver
hall be half dollar, and legal ten
Ter for $500. The II IL gram is 2 1-2 ;
rancs, French money. Five grams
ur twenty-cent piece-is one franc.
'wo half dollars is five francs. This /;
money is legal tender tender in sums
( $500, and under. A dollar of it '
ontains thirty-six grams less than the :
rade dollar. Yet it is worth more all +
yer the country, and is quoted higher, t
ompared TO gold or greenbacks, than
he trade dollar.
So it seems that as money, we can 9
,frir lata va1uo into loth roll ,nI 81 a