Smyrna times., 1885-12-23

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SOME men take pride in hard head
edness and in this number we are sOr-
ry to say the editor of the DeIGUGredn
seems determined to stand, at least on
the Silver question. We showed him
the ultimate result of the unlimited
coinage of debased and fraudulent
silver dollar, and backed up what we
had to say by the cOgent reasoning of
President Cleveland, all of which he
characterizes as fiippant." The ques-
tiOn at issue is not one of 6imetalism
or anti-bimetalism, but one of an honest
cOin-wOrth what its face SAYS it is.
When the editor declares, as he
does that this is the greatest sill
yer producing country in the world
over sixty per rent. of the silver in the
wOrld-he is unwittingly producing an
argument against himself. It is Just
this great increase of silver stamped in
TO a coin called 100 cents when m reali-
ty it is only 80 cents in value, that we
are afraid Of Admitting the statement
that for eighty years in our history the
silver dollar was worth as much in the
financial marts as the gold dollar, he
should have stated also that during
that time we had no wonderful prOdu-
cling silver mines in this country, or at
least they had not been discovered and
opened. When a metal exists in very
limited quantities t. can with more
prOpriety be given fictitious value, but
when the mines of a country suddenly
go from a small per cent. up to 60 per
cent. of the silver of the world, it is a
very different thing. The coinage of
U. 5. dollars was then very small, the
most dollars then in circulation being
from Spanish or Mexican mints. Now
under the present law of cOmpulsion-
airy coinage we are turning out 2,000,-
900, of silver dollars every month.
These coins have a legal tender value
of 100 cents when they have an actual
value according to President Cleveland
and Secretary Manning of only about
so cents. Now, what is the result ?
The people in the financial circles see
that sooner or later this fictitious value,
despite the stamp of the government
must give way to a real or actual value,
and notwithstanding they amount at
the present date to 215,759, ,481, all the
efforts of the government have not
been able to force but about 100000
of them into actual circulation. What
is a further result? The boarding OF
gold has already begun, and the more
it Is boarded the more silver will have
to be used until by the relative laws OF
value its own abundance will depreciate
it to its true value at which time the
holders will lose 20 cents on every dol
lar in their possession. This will bt
mainly the poorer classes of the people
for the rich, who know that gold is the
standard of value the world over will
have provided against this contingency
Metals have their currants Of value "A.
distinct as the currents Of the ocean
and the fGt of an emperor or a congress
cannot eifectually dam them up Now
why should the editor Of the Defa
iOGreGn want to do an impossible thing
and more especially why should h,
urge a measure that must inevitably
bring a great loss upon people VII,
are or will be unable to extricate them
selves. If he insists on having silve
as our circulating medium and we havr
such an abundant supply from ou
mines. why not give us dollar that i
adollar, that will be worth its marke
value anywhere?