The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-07-04
The Ntlvcr DoIiar--An Able Discussion
or the SILVER Question.

The Nilvcr DoIiar--An Able Discussion y =
or the SILVER Question.
To the Editor of the World
Sir.--iScfore me Is letter oil the hon, u
p. Morton. pubiished IN the World OF 29st
May. and speeci OF the Hon. ). b. Shii'
reuaen. both members Of Congress. The!
wore chosen to represent the comaiereia
interests Of the country and OF. tsls cits
in particular, Their yiews:On silver, espe
ciaiiy those OF the Hon. Mr. Chitteaden, are
very prououuced, and have received ths
Dlaudi;s OF the Press Those ,of Mr.. Chit'
Iendcn have received the serni-ofactai sa'S'
fion OF the Chamber OF Commerce havioe
been distributed under cover Oh t~Sls
stamped envelopes.
IL seems to me that the . eoiG craze H'o
not sufficiently subAided to ask 1or ss.Vel
that respectful attention which It's import.
apce demands. bat Is It not hieh tiiae q
throw aside prejudice and, looking az sae.s
shape our judgments aocordaagiy! II IS '.
he regretted that q sentlemas so highsy es
,eemed and associated with the banking in.
tcrtsts of this city rs Is Mr. Morton eSouio
allow himself to write that -sthe people OF
the United States Will never permit tae pay
mont at IT'S coin obligations aa 81 ceas SsICe1
dollars. or that nation that bas hitherto
maintained its honor and paid its obllga'
lions in honest god dottarS," &c., twill
now Disgrace itself by forced payment In
clipped silrer doRars." (Fhc emphasis is
my own.)
L ia also to be regretted that Mr.. Chit
tepdeu, no less esteemed, and deserEediy
SO. bv all, should head his speech-GellV-
cred before the House OF Representatives
Muy Sth, nnd printed Tor oirnuiatiet ID y
s1lch cIap-trap heading as " a dishonest sl'-
yer dollar cheats the iaboriug man and en-
riches speculators," and q speech mainly
rood and well meant should be marrcd by
such expressions, alluding to silver as 'ex-
pose the covert idiocy and rascality OF the
measure,'' s.raldS upon gold bugs VIII he
in regular ORDER" .'agaipst Gods laws ST.
YER and grcenback Sinners" GAS the For
ty-fjfth Congress OF the United States clip
red the honest dollar" /" / regard our DIS
honored and justly imprisoned silver dollar
as a most dlSgraceiu form OF political
money! land this bill for free coinage in
the Interests of genuine gold bugs ana
poiitical dead beats only, and no better than
highway robbery of labor, and "make
your silver dollars Of honest weight"
These choice expressions disparaeing the
silver dollar arc unworthy OF statesman.
Hard names and severe inTectiyc are not ar
cuInenls, nor do they carry conviction. All
the above can readily be met, and with much
more force. Without being precise, it can
be said that for over thirty years prior TO
1873 this Same dollar. now stignatized as
dishonest and clipped. sold at a premium
from one TO five per cent. Was it then the
dishonest or honest dollars With gold at
from one TO five per cent. discount as COM
pared with silver, was the cry raised that
we paid our interest in dishonest gold dol
lars 2
Iwou'd ask the Hon. Mr.. Morton if from
1862 to 1873 The United States had paid its
interest In what you now cali the S4-cent
dollar. or clipped dollar, which was then
selling ut a premium, would your banking
firm have refused 1t and asked for an honest
dollar? think not. l am very frank to
say that if l were compelled to bold United
States per cent. bonds until their maturi-
ty, thirty years hence, l would pay the
Government n premium Of at least one per
cent. to have the Interest paid in the much
abused standard silver dollar. My reasons
viii be found hereafter. ~.
Gold and silver, by the Constitution and
laws OF our country, are lawful tender.
These gentlemen, representing the CONNER
cial and financial interest OF New York, do
know, or ought to know, that bolh silver
and gold have two values. The one is Il le-
galyalue, liked by law as l6 to l, and Is
lawful tender for the payment OF all public
and private dues. The other is an intrinsic
value, varying in price like other metals,
such as lead, copper, tin, iron, &c, whose
price is regulated by tue law OF supply and
demand. l. it right and just, may
say more, is it honest, to measure the In
trirlsic value OF silver by the legal value OF
gold and sneerinsly call the standard dollar
the clipped dollar, and worth only 81 cents !?
1t is also asked with an air OF triumph,
Who wants the silver dollar? 1t can also be
asked, WHO wants the double. eagle? Both
lie imprisoned in the Treasury, uncallcd
for. The double.eagle is not wanted for
use or circulation. The convenient gold
coin mostly required for circulation is the
balf-eagle. The experience OF other coun-
tries proves the, same, rs witness the
English sovereign, the French napoleon,
the Germans 20-mark piece. The demand
for double-eaglcs is chiefly for expectation.
And here let me ask, Why should the Gov
eminent be put to the expense OF coming
doubie-eugles merely Tor the convenience Of
exporters: Why not run gold into. bars,
and let owners sell it us bulIion? When
there should arise 4 demand for GOLD coin
the Government can purchase it for coinage
us silver is now purchased, the profit accru-
ing to the Treasury. The producers OF both
gold and silver should have equal treatment.
These gentlemen say that the bullion or
tnstrinSic value o! the standard silver dol
lar is eighty -four cents. 70 arrive at the in
trinsic value OF gold let it be put to the
same crucial test as silver. Let the same
minis which refuse the coinage OF silver de-
cline the coinage Of gold. New, what
would bullion sell Tor, holding the same le-
gal yaiue 20 silver as 16 to l!
This leads me to make some general Oh
servations and statistics OF the two metals.
Silver Is and always has been unit OF value
the world over. The use OF silver is uni
yersal, so much so that it IS called the uor-
NAL currency Of the world, while the use
OF gold is restricted and confined to only
about one third. Silver is 4 very important
factor, even in nations having single gold
standard. The United Kingdom employs
scventy-three millions Of silver used as sub
sidiny coin; and this, it is said, performs
greater functions in buying and selling than
all its gold and bank-notes combined. It is
also computed that out OF Il population of
80, OOO, 600 of the United Kingdom, 2S,OO0.-
600 never use gold sovereign year in |
their ordinary daily transactions, and that !
the abstraction OF the silver coin would |
produce Z greater personal Inconvenience
than tue withdrawal o! all the gold and |
bank-uoteS combined.
The production Of silver TO gold for three
centuries and half prior to the discovery
of gold in California is estimated to have
been 800 silver to $50 OF gold. Since 1852 |
be production is reversed, and has been |
500 Of gold to $40 Of silver. The worlds
supply Of silver for many years after 1852 |
was about S40.G00.000 per year, but on: the |