The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1880-12-30
The Administration Scheme to de-
preciate the Silver Dollar.

1t, as an alternative 10 the propOHlHon W
discontinue its coinage entirely, does
not satisfy the organs of the bond
obligarchy. The New York Herald
calls the recommendation ga false
move" The National Republican says
"the value of gold and silver is conven-
tional under accepted laws of trade and
commerce, which denominate all values.
In view of all this, it is difficult to un-
derstand why there should be so much
nervousness in regard to the value OF
the American silver dollar, through it
may have a few less grains of silver
metal than some think it should con-
tain. 1t has the stamp of the govern
ment and it is legal tender for 100
cents" CThe Republican might have
added that there is no silver dollar coin
ed by another nation which has more
pure silver in it than the present silver
dollar of the United States.) The Re
publican continues "Silver has demon
strated its usefulness and power as a
factor in finance, and if it had not been
remonetized gold would be king to-day
to rule American currency" The able
financial writer in the Philadelphia
Ledger, says 1.-The scheme will not do at
all. The United States produces more
silver than any other country, and as
matter of course we are all interested
in maintaining the value Of the metal.
There is no reason to suppose if Con-
gress were to decree that heneeforth the
standard silver dollar shall contain $50
or 40 grains Gnstead of 4121 as at
present. the other commercial countries
which have discarded silver coin would
restore it to its former place in their
currency, and our action Gin putting
more grains in the dollar) would have
the effect of helping to cheaper silver
without in any manner measuring its
use elsewhere. The New York Times
says, ''Of what use would be the pro-
cess. A silver dollar which is to be
changed as the value of silver changes
will be only stamped commodity and
an element of more or less confusion in
the currency. * 1t is
only too obvious that the proposition to
increase the weight of the silver in the
standard dollar, if the coinage is to go
on, is very far from meeting the re-
quirements of the situation. 1t could
only have the effect of Immediately dis
crediting the 100000 900 of silver dol
lars already coined, and the new dollar
which would be coined, though for the
time being more equal in value to the
gold dollar, would be exposed to the
same fluctuations that make the present
dollar an element of possible confusion
and disturbance in our currency. From
any other source Except the Secretary
of the Treasury the proposition would
be regarded as too puerile for serious
discussion" The Cincinnati CONNER
cial says, 1.-The favorite proportion is
that we should start out with new
dollar of $50 grains as a ratio of gold to
H. of silver. There are objections to
this that seem conclusive. x x
The present silver dollar is made a fea-
ture by the bond contract" The n. Y.
Public, says, "The proposal of putting
into new coins silver of the bullion value
Of a gold dollar, seems to US the lea st
sensible ever made by Mr.. Sherman"
The reasons set forth by the journals
above quotedare unanswerable. We can
not better conclude than by copying the
following from the Mining Record,
that the present American dol
lar contains more silver than is to be
found in the same denomination in any
other country. 1t says
In that dollar of which we have coined,
at the present writing, at the most 10000
600, we give greater weight of silver for
100 cents in gold than is given by any other
of the commercial nations of the world-a
greater weight by 500 per cent. In other
words, in our alleged dishonest" dollar of
4121 grains we make silver current at the
rate of about sixteen ounces of silver for one
ounce of gold; on the other hand, France
keeps in full legal tender circulation Il silver
currency amounting to more than 5000, 000,
000 at the valuation of fifteen and half
ounces of silver to one ounce of gold; and
further, of this species of money is consti-
tuted, at this moment the cash reserve of
the Bank of France to the extent of $780,
900, 900. And if the same weight of silver
given in the a, 000, 900 of standard dollars
which our minis have turned out up to the
18th of November, 1880 were coined into
French five-franc pieces, it would pass cur
rent for about s., 100000 more in gold in
France and on the continent of Europe
generally than it does in our own currency.
Nor is this all. While thus France has
silver circulation to the extent of $780,
100000, valued in the aggregate $18,3I5, 900
higher with respect to gold than the same
weight of silver would have if coined into
silver dollars Of 4125 grains, the rest of
Europe-that is to say, Germany, Holland,
Belgium, Italy, Austria, Switzerland, Spain
and Russia-has a silver circulation of at
least $500, 200, 900 of the like higher valua-
ton compared with our own. This being
the undeniable fact with respect to Europe, |
we must add that that portion of the British
Empire which lies in India has circulation
at the rate of fifteen and a half ounces of
silver to one of gold, to the extent of ST.
000, 000,000 Even in the British Islands,
Also there is a silver circulation to the
extent of 95,000,000 Qarger than the
amount of our standard silvers by $21 ,0O0,- |
O00) subsidiary money, with legal tender
for all transactions to the extent
Of $40. We repeat, as a pertinent, conclu- |
sive fact, that the trade and daily business
dealings of mankind are largely carried on
in all parts of the globe with silver money
in the aggregate at least 81, go, 000, 600
coined with BOG per cent. less of silver on
100 cents of gold than is given for like |
amount of gold in every standard dollar |
coined at the minis of the United States.
THIS is highly civilized and very chris |
ian country; but a mob of Mississippi |
ynchers burned a man alive the other night |
National Republican.
The man was an Ohian. He had rep