The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1883-07-11

Jer ana rendered III possible t0r MIN to
practice imposition, it should do some
thing to arrest him and place him in per-
petual confinement. The act authorizing
the coinage of the trade dollar was passed
February IL, 1873. 1t was intended for
circulation in China, which had no gold
or silver coin, where the Mexican dol
lar had been largely introduced. The
purpose of the act was to make a foreign
market for the products of American sill
yer mines. Four hundred and twenty
grains of silver, nine-tenths fine, were put
into this dollar, which made it trihe
more valuable than its Mexican Compel
itor. 1t had no fixed value as compared
with gold and was not recognized as a
coin when American coins were spoken
of. Bullion was deposited at the mint
and the coin taken away and sent to
China. For the convenience of foreign
dealers, the government merely certified
to its ineness and weight without assum-
ing any obligation to recognize or main
tain its value. When the law was passed,
gold was at premium and specie was
not circulating. Very naturally the trade
dollar was thus confined to the object
for which it was created. As the green
back rose in value and silver began to cir
culate, the trade dollar began to be di-
verified from the original purpose and to
appear in circulation here and there at
home. The sight of hard money was at
that time refreshing, and the credentials
of the strangers were not at first critically
scanned. There was a small margin be-
tween the value of the trade dollar and
the greenback, on which, spectators oper-
ated to their advantage. Previous to
1875 the coin had been legal-tender to the
extent of other silver coins, but in that
year, by reason of the effort to put it in
circulation at home, congress passed an
act depriving it of its legal tender quality
and limiting the coinage to the demand
for export. Subsequently it was ascer-
tanned that large order for the coin, os-
tensibly for export, was, in fact, for cir
culation in the Mississippi valley, and in
1878 coinage was ordered to be entirely
discontinued. Nearly thirty-six million
dollars had been coined, of which some
thing more than twenty-seven million had
been exported. The difference between
these figures represented the number of
these vagabond dollars in the home cir
culation. They were distinguished from
the standard silver dollar simply by the
words "trade dollar" stamped upon the
face. In point of fact they contain seven
and one-half grains more silver than the
dollar which the government legitimatizes.
The former was made to create foreign
market, the latter a domestic market for
silver. 1t is an anomaly that the intrin.
sically more valuable coin is treated as an
outcast, while its more fortunate but less
worthy relative, is secure by law in the
rights of harbor and shelter. The trade
dollars which have been foisted upon the
public, have been the source of enrich.
ment to spectators and of corresponding
loss to the working class, to whom dol
lar in appearance is dollar in fact and
who do not stop-even if aware of the
distinction-to scrutinize carefully to dis
cover if their money bears the distinguish
ing mark of tramp. 1t is an outrage
upon the country to have in circulation
two pieces of money so nearly the exact
counterparts of each other as to require
close inspection of every coin handled to
guard against loss by taking discredited
money. But in what way to get rid of
the obnoxious pieces is not 80 clear. The
government got nothing beyond the ex-
pense for coming. If it makes them a
legal tender it assumes to pay dollar for
eighty-fve cents worth of silver and putsa
large sum into the Golfers of brokers who
have bought in these coins with the view
of persuading congress to make them
legal tender. Made legal coin, those
abroad would find their way home. If
the government calls them in and redeems
them, it will pay over five million dollars
more than they are worth, and a large
part of this sum will go into the pockets
of spectators. 1t will be an expensive
job for the people in whatever way they
are gotten rid of, but perhaps no more ex-
pensive proportionally than this whole
silver business is to those upon whom
really comes the burden of creating a
home market for the goods of the bonanza
kings. The government sent the outcasts
forth under the sanction of its own stamp.
Without that they could not have had
days credit as coin. 1t is responsible
for their existence and circulation, and it
alone can and must remedy the evil done
under the sanction of its hand and SEAL
The Color Line Again.