The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-12-08
Ynl,mond nispatth.
SATURDAY. .....DEcEMBER s. 1888.
silver Coins.

Treasury Department 10 barter legattender
silver dollars for trade dollars, which latter
shrll then be rccoined. As there is more
silver In the trade dollar than in the stand
ard dollar. the Government would lose no
thing by the transaction. But it is OBJ
jected that the Government can buy silver
bullion a; a much lower price, and that the
proposed barter Is after all equivalent 10
paving dollar for IS cents worth OF such
bullion. This is true; but the welfare OF
the people ought 10 be the first consideration
with Congress. These trade dollars, rs the
Secretary OF the Treasury says. were issued
by the Government, bear the superscrip-
ton Of the Government. and were nj one
time a leyal tender. II they were legal
tender now they would be at par with
standard dollars-nay, more, with gold
dollars. II Is supposed that there would
be hut few millions Of them presented
for redeMplion. The whole number coin
ed was about s35O0O.000. Most OF them
have gone 20 Asia. never 10 return. But u
IN, entire thirty-fye millions were present.
ed for redemption, it would be none the
les the duty Of the Government to redeem
them, unless IL shall provide some other
way OF making them acceptable TO the peo-
pie.
II is said that brokers and other specula'
tors would make money rs consequence
OF acting upon Mr.. FoLGEH's recommends
ton. suppose they should. They arc
part OF the people. But ii is not because 1t
will nut money into their purses that the
measure is recommended. Ii is because
the trade dollar Is nuisance-an obStruc-
ton 10 commerce in a small way-and one
that can never be removed or abatcd eX-
cept 10y law. But the argument proves too
much. Millions upon millions OF dollars OF
United States bonds were bought by specu-
lators at par in greenbacks at time
when greenbacks were not worth
in gold fifty per cent. Of their face
value. and vet the Government has never
ceased TO pay per cent. interest IN gold
upon the face value of all those bonds still
outstanding, besides paying off millions OF
dollars worth OF the same bonds in gold
ut their face value. The two or three mil
lions OF dollars. or less, that the Govern
mont would pay to the spectators in trade
dollars il il should redeem these with
standard dollars would he but as drop in
the bucket contrasted with the hundreds
OF millions of dollars which the Govern
ment has paid out to the holders OF United
States bonds purchased at prices far below
their face value.
Dir. FoLGER proposes that the silver OBJ
taiaed by bartering standard dollars for
trade dollars be reckoned as a part OF the
bullion which the law requires to be pur-
chased and coined every month. This
would remove any objection that could he
made 10 The measure rs = scheme for the
imitation OF the currency. This PROPOSE
ton also is a good one. Ii oughtto silence
the men who are eternally clamOring
against imitation, and who live in constant
dread either of panic or OF the roadiust-
ment OF values to accommodate themselves
to the debased standard which they vainly
imagine is to result from coming two or
three millions Of legal-tender silver dollars
every month.
Ii NAV be objected TO Mr., FoLGER's
scheme that il is a clumsy and unnecessary
one, to say nothing Of its Imaginary cost,
Stree Congress can at once cause the trade
dollar TO pass at its face value by making
il legal tender. We do not know why
Mr.. FoLGER did not recommend this SIM
Die plan of accomplishing the object he has
in view. We suppose, however, 1t was
because he does not think 1t good policy
for the Government to allow to remain in
circulation two kinds of legal tender silver
dollars. AZ, however, il Is likely that If
Congress should either adopt Mr.. Fol-
GERS scheme or make trade-dollars a legal
tender, the effect would he the same-tbat
l.. not 10 draw those coins into the trea-
sury for redemption, but to cause them to
circulate everywhere Just as standard dol
lars do. il would appear 10 be the better
plan TO make them a egal-ieuder at once.
Something ought TO be done TO relieve the
community from the nuisance.
Mr.. FoLGER's recommendation as to the
There ought TO be no alloy whatever III
any OF these coins. These coins, except
the ten and lve-cent pieces, are too large
ANYHOW, and could be reduced in bulk by
making them Of pure silver. The five
cent pieces, on the other hand, are too
small. All new iive-cent pieces should be
made Of nickel, and the silver ones now
out should he called in. The three-cent
coin, whether of silver or cheaper metal, is
nuisance that ought to be abated. 80 are
the two-cent coins. So are twenty-cent
pieces. Mr.. FoLGGR has practical notions
on the subject of coinage, and ought to be
allowed to give the country the advantage
Of them.
TT Mp RAINFALL SAVE HIS PARTY