Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-03-29
SILVER DOLAARs-THEIR VALUE.


In what was intended for reply to a
paragraph in the APPEAI, the Chattanooga
Iradesman says 1t will not be so far lost in
self-respect and patriotism as to 'allow En-
gland and Germany to dictate what the
value of silver shall be in our coinage"
Not England, Germany, the United States,
or any other nation, individually, has the
power to prescribe what the value, CONNER
cially, OF silver shall be, whether that silver
forms part of a United States coin or be
made into silver spoons for German hert-
zog. Any country can call ten cents worth
of silver what it pleases-a rouble, dollar,
or horin-but that name does not affect the
value, for the value of silver depends
upon Its exchangeable worth in the markets
of the commercial world. When the So
called rouble, dollar or form is taken out of
the countries where those names are used. they
will circulate for more or lees than their as
sumed value where coined, nearly in pro-
portion to their intrinsic worth. We say
NEARLY" because something more than the
market value can be afforded by those who
buy up coins in our country to send them 10
another where lay and custom has endowed
them, in that country, with fictitious value
Such was the case when the West refused
any longer TO take the old "levy" at any
more than ten cents; spectators gave rather
more than that for them and sent them down
to Louisiana, where they circulated as twelve
and half cents. History gives many in
stances of monarchs making the effort to
give fictitious value TO debased currency,
but neither self-respect nor patriotism pre-
vented ultimate depreciation to market
values. 1t is a little surprising to find our
Chattanooga contemporary controverting the
fact that the 100000 of silver a month
this country is minting is not taken
into circulation, even with crutch
in the form OF certificates to help
its haltipg, and with offers also from the
treasury to forward it to any part of the
United States free of freight charges. The
fact is spoken of by our cotenlporary as
something the APPEAL asserts. If the
Iradesmdn will look over the treasury re-
ports, or remember the application of the
treasury for a new $4,000 vault to keep the
uncirculatable silver dollars in, it will know
APPEAL, but fact stated from official
ources. But, says the TiddeSmdn, "lhe tend
ency OF silver to circulate is greater by
fifteen per cent than that OF gold" We
must be excused if we smile at these words.
Our treasury and our banks retain the gold
they have, far ingenuity and effort
will enable them to DO so. lis tendency is
so strong toward circulation that bills, and
treasury securities, and bank notes, and
other instrumentalities have been invented
to keep it from flying away. We are IN
weekly dread, in this country, that the gold
we received when we were supplying Europe
with wheat may leap back again spite Of all
our efforts to retain it, for gold, not silver,
is the master metal of circulation. 1t will
pay debts in every market in Europe, and
because she always meets her commercial
bills with gold, Eugland has obtained the
highly profitable advantage of being the
worlds commercial clearinghouse. As we
are debt-oWing and silver-producing coun-
try, 1t is an unfortunate thing for us that
silver should be at a relatively low price in
the worlds market, but such is the fact. As
consequence of that fact our treasury and
our banks hoard gold, as far as possible, be-
cause they wish to retain it. The former must
do so as security against obligations against
It. Gold is locked up because every body wants
II, and it is therefore the best security