The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-07-01
The Trade-Dollar Nuisance.

There is something in the fiat OF the
Government, after all. Trade dollars are
worth more as silver than are the silver
dollars which are a legal tender for all
debts. public and private; but all the same
the latter pass at their full face-value,
whilst the former are refused, and even de-
nounced, by everybody. This fact proves
beyond question that 1t is the fiat OF the
Government that makes the dollar OF 412t
grains more acceptable than the dollar OF
420 grains.
Again: Greenbacks have no intrinsic
value. They are absolutely worthless IN
themselves. They are nothing but paper,
and spoiled paper at that. Yet greenbacks
are gladly accepted by everybody at their
full face-value. The fact that they possess
no intrinsic value whatever causes nobody
to refuse to receive them. They are accept
able as currency because they are redeema-
BILE. So as to bank notes secured by the
deposit Of Government bonds.
1t is a plain case, therefore, that the rail-
ing at the trade dollar as nuisance upon
the ground that it Is net worth dollar as
metal is illogical and uncalled for. IL the
intrinsic value OF the article had anything
10 do with the question OF its currency,
greenbacks and bank notes would have TO
be ranked, not simply below the trade dol
lar, but-nowhere. In other words, IL
the trade dollars were made legal tender
for all debts, public and private, nobody
could buy trade dollars for 993 per cent. OF
their face value, as nobody can now buy
standard silver dollars.
Nobody fought the fiat lunatics more
persistently or more zealously than we did
when in 1873 they tried to get possession
OF the Government; but this consideration
cannot blind us TO the fact that there is
some virtue in a fiat. But OF course no
such virtue as the Greenbackers claim for
It. 1t Is only because the Government col
lects annually so many hundreds OF millions
OF dollars for taxes, and receives green
backs for these taxes, that they are main
tanned at par. Nay, even this would not
keep them always at par II they were not
redeemable in coin.
What follows? Why, simply this-that
il the United States minis would redeem
these trade dollars with standard dollars
they would at once rise to par. Nothing
but red tape stands in the way OF this SIM
pie method Of getting rid OF nuisance
for we concede that the trade dollar is a
nuisance, not because 1t is not ,oorth dol
lar, but because it Is not receivable for
taxes, nor redeemable at any place nor by
ANYBODY. The United States minis could
make money, as well as accommodate the
public, by exchanging standard dol
lars for trade dollars. A hundred
OF them would make 1911 standard
dollars. Why, then, should not the minis
exchange standard dollars for trade dol
lars? Because, we repeat, red tape pre-
vents. Congress has passed no law requir
inq them to do it. More: II the mint'
would announce their readiness to redeem
the trade dollars, this announcement would
OF itself abate the trade-dollar nuisance.
Cannot Mr.. ABTHUR, who understand
questions Of this sort, find some way o
remedying tins wrongs Is 1t not within
his power to order the minis to do the pub
lie the great service OF putting an end
once TO the trade-dollar nuisance!