Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1878-01-11
A Cheap Silver Argument.

The Cleveland Herald wants "a
silver dollar that contains silver
enough to make it edual to a gold
dollar" and wants to know what is
the objection to ii. 1t says it has
Hyet to see a plain sensible argu-
ment against it." Perhaps we are
not good judge of what would be
a 'plain, sensible argument," !" but we
have an objection nevertheless,
which we may possibly make plain
if not sensible. Take the two dol
lars as they now stand. The gold
dollar is worth eight per cent. more,
let us say, than the silvsr dollar.
Therefore the Herald would add
eight per cert. to the silver one and
then we should have the two alike
in value. Two years hence some
some new discovery, some turn in
the market, or some new use for one
of the metals might depress gold
four per cent. and enhance silver
four per cent. What should then be
done? Why, according to the Her
AIDS notion we should add eight
per cent. to the gold dollar-that is
make new gold dollar with gold
enough in it to make it worth as
much as the silver one Again, if
after two years more the new gold
dollar should become worth eight
per cent. more than the silver one,
we should only have to add eight
per cent. more to the latter. And
so the process would be repeated in.
definitely, always equalzing the
coins by adding to the cheaper one.
1t would be fine scheme for the
creditor classes-foI those whose
capital is in bonds-their gold dol
lar might eventually weigh pound
or half a ton. The plain truth is
that the silver advocates want re-
characterization in
wolves the restoration of the "dollar
of the fathers" and the debtors op-
ton to pay in either the legal tender
coins. They do not want equaliza-
tion on a perpetually rising scale.
The making of a bigger dollar is not
reconciliation. If afterward new
adjustments of relative weight, are
found necessary, they would have it
done in way TO preserve both ac-
cording to an average valuation;
not by succession of additions to
the cheaper coin whenever one OF
them should advance in commercial
value Grand Rapids Eagle.
An easy way to show your skill in
argument is TO put ideas into the
mouth of an antagonist which he
never expressed, and then proceed
to refute them, with great glory to
yourself, and, as you imagine, utter
discontinue to him. 1t is not ac-
cording to the Herald's notion that
as often as the value of one of the
precious metals goes up we should
Increase the weight OF The dollar OF
the cheaper metal Our position,
stated in the fewest possible words,
is as follows: We are wiling to try
the experiment of a double standard.
AT present the United States has but
one standard of value-the gold dol.
lar. 1t is proposed to coin a silver dol
lar and make that also standard.
" e iusist that if this be done there
shall he enough metal put in this new
dollar TO make it worth as much as
the gold dollar in the estimation OF
the commercial world. Then the
two dollars will start even in the
race for a circulation, and the dou-
ble standard will have a fair trial.
Ii, owing 10 an increase ih the pro-
ductlou of the mines or to some 9TH
er cause, one kind of dollar becomes
less valuable than the other, the
cheaper metal will drive the dearer
one out of circulation by virtue of
the operation of law as certain as
that of specific gravity. Then we
shall practically have but one stand
ard, because the dearer one will be-
come obsolete. The experiment of
the double standard will have failed.
We frankly cenfess that we have
not entire confidence III its success.
NJ civilized country is now main
taing a double standard. France
has uomInally such standard, but it
limits the coinage of silver so that
the total amount in circulation does
not exceed what is wanted for
change. Still we are willing the ex-
pertinent shall be tried in this coun-