The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-02-23
The silver Dollar.

Asa regular reader OF The Dispatch /
have been puzzled at times. Mr.. Editor, at
the position taken by that fair-minded Jour-
nal on the silver-dollar question. A recent
No. OF the New York Commercial and FL
ndnci0l Chronicle has an article so CON-
pletely at one with my own views on the
subject that cannot let the opportunity
mass without asking for fuller explanation
OF your position on this pressing question,
which, as we believe who differ with you,
Is one which il not settled by legislation
will settle itself in manner disastrous to
every business interest in the country.
The Dispatch has maintained throughout
that the silver dollar was worth a dollar IN
gold. by virtue OF the Government stamp,
which makes ii redeemable in gold, at the
pleasure OF the holder. So far, so good.
But this very argument admits that the sill
yer dollar is not a real dollar, but depends
on the Government stamp for its value,
like a paper dollar or any other promise 10
nav. SO long as confidence is unimpaired
in the Governments ability TO redeem the
silver OF paper dollar in gold, Just so long
will the silver dollar and the paper dollar
remain at par. Whenever silver dollars
get so numerous that capital begins to fear
the Government may no. be able to redeem
them, the currency OF the country Is going
to suffer sudden contraction by the whole
amount OF gold in the country.
The Dispatch will admit that two stand
ards OF unequal value cannot be maintained
at one time, and that when two standards
appear the higher invariably gives way TO
the lower. Ii is delusion TO suppose we
have double standard now, for the value
of the silver dollar, as said before, depends
on its being redeemable in gold, and gold
is the one standard OF value. Let the
Chronicle speak:
"Tbe contraction must come whenever
gold goes to a premium compared with sill.
yer, and that will happen just as soon as
these silver dollars become sufficiently nu'
merous to weaken In any degree faith in
the Governments power to redeem its pro
misses freely in gold. Capital, rs all know
is desperately timid and sensitive,
and takes alarm at the least suspicion O
danger. SO in this case the drop to sill
yer basis will be as sudden as an electri'
fash when the required conditions arr
reached. And what violent contraction
that would produce to have the entire fiv'
hundred and eighty millions OF gold takel
ont of our circulation in night as ii were
No man can fix the date OF the event, bu
with the present forces continued il Is in
cyitable as death ITSELF"
One Of the chief decisions OF the homes
advocates Of the silver dollar is due TO tha
most deluding Of errors-a balf-truth. Tn
!. silver dollar Is real money, and differs
y therefore, from paper dollar, which /
4 only promise 10 pay real money. But
silver dollar is not dollars worth Of roa
money, and TO the extent Of The difference
between its real value and its nominal yalu
IL Is promise TO pay as much as any pape
dollar Is q promise; aud that difference n
the present time Is so great that the issu,
Of 100000 a month OF silver dollars viii
have, IL not stopped, exactly the sam,
effect on the Government credit and th,
currency that like issue OF paper dollars
would have.
Now, Mr.. Editor, ii Is OF no avail to say
that the chief enemies of the silver dollar
are the New York capitalists, who can AZ.
ford TO bleed, so we need take no notice OF
them. Admit they can afford TO bleed
and when panies come they are In fact the
first to suffer. But the real sufferers are
those who can't afford to be bled, who have
little or nothing ahead, who depend for
their living on the price they can get for their
corn and cotton. And, however much we
may deplore the fact, these same people are
dependent on the prosperity OF the cap
talist, not only for their prosperity, but fo7
the actual necessities OF lie.
When the drop comes, and we fall to q
silver standard. the farmer must take sil-
yer dollars for what he seils-not silver
dollars rcdeemnble In gold, as now, but say
85-cent silver dollars. Much OF what he
buys, on the other hand, comes from
abroad, and has to be- paid for In gold. II
Is not 10 long since 1873, however, that u