The comet. [volume] (Jackson, Miss.) 1877-1882, 1879-08-23
The DOIIar OF the g.thcr. -- FF"c-
teal View Of tAe silver Problem

To the Editor OF The Comet
Your correspondence Mississippl lax
payer-in your issue of the 10th August
very casually alludes to a subject "ii'n
moods moro calculation than no has seen
proper to give. He favors the coinage Oh
412l grains silver dollars, with their legal
tender capacity restricted to the uiSchaiee
of debts contracted before resumption, but
he says nothing of the coinage OF silver ior
present or future transactions.
That silver should not be demonetlzed'
seems now to be conceded by oil not hoiuihe
Government bonds. The controversy is
about the manner of restoring silver 10
circulation. Some insist that silver, to an
unlimited amount, should be issued with
full legal capacity, and that the dollar
should contain only 4121 grains-the bull
lion value of which is only about 81 cents
To do this, would bring about the result
which was 30 much feared by Senator
I,amar-viz: the driving off Of all the gold
from the COMMUNICATING us practically
mono.metalists, with the baser and cheaper
metals only for our money, On the othef
hand, to put as much silver in a dollar as
to make it eqnal in value to gold, II thore
be no other coinage of silver, wonld leave
debtors, whose obligations were created
when the currency was deprecated, no
other means of payment but in money
worth from 10 to 20 per cent. more than II
was worth when their debts were made.
The solution of this difficulty seems to
be in the suggestion that sufficiency OF
silver dollars, weighing 4124 grains, should
be coined for the use of the people in pay
ing ante4resump debts, and then an
unlimited issue of silver coins with the bull
lion value equal to gold, or so nearly SO that
their universal legal tender capacity would
keep them equal to gold. The first nam
ed dollar would, except in paying ante>
resumption debts, possess no value beyond
the bullion which they contained; for
creditor receiving them, and not owing
an ante-resumption debt, could only use
them as bullion-for sale in the market.
This would enable debtors to discharge
their debts with the currency value in which
thew were created, which is certainly fair
and lust measure, The last named dollar
would circulate equally with gold or green
backs, and thus add to the volume OF the
currency, and to that extent increase enters
prise. and infuse life and vigor in trade.
We would have expansion of the currency
without inflation-and without depreciation
enterprise without reckless speculation.
The 4l23 grain dollar would necessarily be
short lived. 1t would die as soon as the
colectible ante-resumption debts were all
maid, md could then be recoined into dol
lars equal to gold
1t REQUIRES no scientific education as
political economist, nor the possession or
that peculiar kind of governmental lore,
which is the glory and pride Of q member
of Congress, to determine upon the justice
and feasibility of this plan, as seems to DO
supposed by your correspondent. That
the coinage Of two kinds of dollars OF diff
ferent values with the legal capacity of each
fixed is unprecedented, is no objection.
The ever varying conditions Of our society
occasioned by the pluck and energy, not to
say the extravaganza and recklessness OF
our people, will always demand new
methods and processes. 1t is the business
of craftsmanship to invent these, and adapt
them to smooth, regular and just working,
without violent or unfair disturbance of
vested rights
l will add that the present silver coinage
has been of no value to the people. What
has been coined is kept housed in the
in the Treasury. 1t would all flow out as
readily as gold, if this system were adopted.
Tho plan presented requires prompt action,
since we are receding daily from the date
of resumption; and consequently debts
created before that time are being discharg-
ed in the more valuable currency 1t
would be necessary provision in law au-
thorizing such coinage, that the 412t grains
silver dollar should be a legal tender for all
debts created before resumption, although
by renewals they might appear with a
subsequent date.
That we should return to a deprecated
currency by the unlimited issue of paper
money, not redeemable i'll coin, can have
little support beyond the walls of our luna
tic asylums, or that class of idiots who have
assumed to have discovered that the mere
fiat of the government can impart real
value to nothing. A DEBTOR