The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-11-16
LETTERS TO THE EDITOR.


To the Editor OF the Indianapolis JOuFnaIi
There is justly great complaint throughout
the country about the trade dollar, and the
loss that has been and is being made by rea-
son of its circulation. A brief history of the
coin will demonstrate that the people have a
right to complain OF the government for the
loss they are suffering by reason of its pres
ent status. The trade dollar was coined by
virtue of the act of Congress, approved Feb.
II, 1873, and was made a legal tender by said
act, with all the other silver coins therein
established for the sum of IS. The legal
tender quality of the trade dollar was
abrogated by joint resolution of Congress,
approved July %, 1876. There has been
coined of trade dollars, $35, $50, 800; of which
amount $3.50 900 was coined while the
legal-tender quality adhered to it.
The amount OF trade dollars taken out
of the country by the Chinese returning
TO their own land is estimated to have been
$50, 213, 743. and the amount of these coins
returned to this country, or imported, is esti-
mated by the best authorities on such sub
jects at 80, 200, 600, and the amount of trade
dollars now in the country is probably in the
neighborhood of 81, 900, 600.
1t is useless to discuss the necessity or pro-
prlety of the issue of trade dollars. The fact
exists that 1t was authorized and directed by
Congress, and that it was lawfully issued by
the United States, and bears the stamp and
designation as a lawful coin of the country,
born a legitimate child of the United States
Mini. Every dollar that was coined during
more than three years after the passage of
the law creating the coin, during which
period nearly one-half of the total issue was
coined, was a legal tender for all public and
nriVafp dnhfc and OnnlH ha and wa na1A
out to the people as a legal tender.
The coin having thus been lawfully issued
and having been legitimately born, the pro-
priety of bastardizing it by subsequent legis-
lation may, at least, be questioned. Good
faith most certainly requires that the gov
ernment should treat it with no less tender
ness than it does The other coins issued by
virtue of the same act. 1t is not worthy of
a great government that it should allow its
legal-tender issues to be deprecated and
hawked about the streets at less than the
value the seal of the government shows them
to be, and to thatextent inhictinga loss upon
the people who have taken them at par on
the faith of the government. Probably there
IS no course to remedy the evil to which
there may not be some objection. A very
good way to get rid of such as are in ~circula-
ton in this country would be the passage of
a law by Congress authorizing their fedenp-
ton in standard silver dollars at
par, at the United States mint in
Philadelphia - and that the trade
dollars so redeemed should be recoined into
fifty-cent, twenty-five cent and ten-cent
pieces, in such proportion as the Secretary
of the Treasury might designate. This could
be done without loss to the holder and at a
considerable profit to the government. The
amount of trade dollars now in this country
would not materially affect the currency or
the market, and a further increase of some
of the above fractional coins is really needed
in business. 1t is not likely that if the trade
dollar should be so redeemed in standard sill
yer dollars, the bullion value of the trade
dollar being the greater (being APO grains in
weight, as compared with 412X grains(, that
there would be any great importation of the
trade dollars from other countries, especially
as the expense Of transporting both dollars
to and from the mint would have to be borne
by the dealer. ID
Should Congress not be willing to repeal
the present law for the compulsory coinage
of at least two millions of standard silver
dollars per month, which law ought to be
repealed without delay, it would no doubt
be willing to deduct from such coinage an
amount equal to that of the trade dollars re-
deemed.
Without some such legislation there is no
remedy for the evil and the continuing loss
to the people; and the unfortunate possessors
of the trade dollar, failing of a redeemer and
of justice at the hands of the government,
must be relegated to the motto directed by
Congress to be inscribed upon that coin, SIN
God we trust.'' E