The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-12-18
The Trade Dollar.

AfteT noticing President ARTHuR's re-
commentator as 10 trade dollars that
"provision be made for their reception by
the Treasury and the minis as bullion at
small percentage above the current market
price Of silver and Secretary FoLGEEs
recommendation that the Government re-
deem them at par. the New York Journal
OF Commerce adds:
.'As many oi them have suffered con-
sidcrably by abrasion, they Will mol
average. II is thought. over cighty-siN cents
in silver. This would give the holders II
per cent. above the value OF their property
on, of the Treasury and out of the pockets
OF the X-payers."
From which comment IL would he natu-
raj 10 infer that our metropolitan contem-
porarv believes in fat m0ney-that l.. in
the ability of the Government to give value
10 metal, il not TO paper, by its mere fiat.
Otherwise. the above paragraph has no
meaning. The trade dollar is worth more
a. bullion than the standard dollar. Fifty
five trade dollars will make filty-siX stand
ard dollars. How will the Government
lose Nv exchanging the latter for the for
mer unless the Government fiat adds value
10 the metal? Or. TO phrase it differently,
how win the "spccuatOrs make any
thing out of the Government! The
Government can lose not dime. All
il need do 10 bring the trade dollar up 10
par with the standard dollar is 10 make Ii
legal tender. viii such action impOyerish
the Government to the value Of one dime
Certainly not. The Government gives It's
fat-nOthng more. How. then, IN the
name of common. sense. would anything he
taken "out OF the Treasury and out OF the
pockets OF the taxpayers -? Our coniem-
porary Will answer, Because the Govern
ment could buy bullion at n lower price y 4;
but we cannot see why our contemporary
should encourage the Government to en-
gage in speculation which it considers
discreditable FOR the persons whose gov
eminent il is TO engage in.
But even If il should cost the Govern
ment something, the trade dollar ought by
law TO be brought up to par with the stand
ard dollar. BY law it was ordered to be
coined. and il was by law at the same time
made legal tender. 1t is TO all intentS
and purposes coin OF the United states.
The fact that it was coined for individual
persons makes no difference whatever.
Gold is coined for anybody who Will de-
post Il in the mints, and at a merely
nominal coSt-twcnty cents for coming
a hundred dollars worth. viii il be said
that without violation OF good faith those
cold coins could be declared nOn-recciya-
bile for customs. or not legal tender?
Neither can trade dollars, coined by the
Government, and made legal tender by
the Government, be discreditcd. 1t is no
answer to this TO say that trade dollars have
not been q legal tender Cor the last seven
wears: for the masses Of the people know
nothing about legal-tender laws, and absO-
lutclv nothing as 10 which coins are a
legal tender and which are not They
are thus the victims Of the sharpers who
do know these things. 1t follows that the
Government ought either TO pass law
Furnishing all persons who pay out trade
dollars for any purpose whatever, thereby
protecting from loss those in the commu-
nifty who most need such protection, or
else it ought by law to bring trade dollars
up TO par. The latter would be the wiser
course for numerous reasons that will sug-
gest themselves to everybody familiar with
the subject.