The Republican. [volume] (Oakland, Md.) 1877-current, 1885-07-18
From the Cumberland Civilian.l
A Plea for Constitutional Money.

A Flea LOT COQSUlUuJlOudl mUu6y.
CUMBERLAND, Md, June %. 1885.
The silver question is now about
the most lively and interesting ma
tiOnal problem undisposed of; all
others, or nearly so, having been
practically settled with the acqui-
escence of the people. This impor-
tant topic has been occupying the
minds of the Executive and Congress
for several years past. The aspect
with which it usually presents itself,
or rather with which the President
and Congress have been treating 1t,
is to have the law of 1879, requiring
not less than 100000 to be coined
monthly at our mints, repealed. The
popular branch of Congress has stead
lily opposed such repeal with good
maiorities, thus showing how the
masses of the people feel when their
traditionary money is in danger OF
being taken away from them.
This opposition mas It's origin and
volume with the financial institutions
of the country, and no doubt the real
reasons lie in the inconvenience and
tediousness in handling cumbersome
and small denOminated money, but
these do not veX the masses, for
whom this form of money was, and
is intended, in their small transac-
| tiOnS.
The arguments against the circula-
ton and further coinage of the stand
ard dollar of 4l2 grains under the act
referred to are as various as speciOuS
and unSOund, The main one is that
it is not honest, and does not contain
the value of a dollar. The standard
dollar of 1879 is of precisely the same
weight and fineness as the one under
the law of 1866. The Veritable dollar
of our "daddies" under the law of
1892 contained 416 grains of standard
silver, or 371f of pure silver. The
alloy has always been about 10 per
cent. of copper. Two things combine
to make a silver dollar worth 100
cents first the intrinsic value of the
metal itself, and second, the power
and currency which the law gives il.
The trade dollar of 1873 contains 400
grains of exactly the same metal, yet
it is worth only about so cents, and
simply because Congress has not
given it legal tender power. Surely
If Congress can make par dollar out
of 412 grains, it can do the like with
420; and why does it delay or hesi-
tate to do such plain act of justice.
To show that the stamp of law has
much to do with giving standard
value to metallic money, [ need but
remind the many who may not know
the fact, that by the act of 1858 the
fractions of legal silver dollar only
weigh 1884 grains, % less than the unit
dollar. Did ever any body hear of
complaints of the fact that two halves
or four quarters, did not have the
value of dollar in them? Congress
has shown its power over monetary
matters by making legal compulsory
money out of the baser metals, to-
wit: copper and nickle. 800 tons of
copper were coined into pennies and
half pennies by Tour fathers" under
the administration of our first Secre-
tary of the Treasury. Alexander
Hamilton. 1t has gone still further
in late years in exercising its almost
omnipOtent powers, and made legal
tender money of something entirely
without intrinsic value. Veal know
the greenbacK is invested with moth
ing but promise to pay given sum
of dollars no basis or reserve of inz
trinsic value sacredly put away for
its redemption. Nothing but faith
and it must be taken, though the debt
for which it is offered be a loan in
gold.
Another objection to the further
production and coinage Of silver is
that the U. S. Treasury vaults are
now overlooking with it. This is
only true in technical sense, as Sl41,-
100000 of it are among the people in
the form Of silver certificates, issued
by the Secretary of the Treasury I'M
der law. The coin lying in the Ma
tional vaults as a security or mort
gage for their redemption, or conyer-
sion. Surely it would not be right or
honest to have the reserve and its
representative in circulation at the
same time. The same remarks are
applicable to the large amount of gold
now in our vaults; S136, 900 of
which in the shape of gold certifi-
Gates are now held by our people as
currency. Thus it is shown there are
now the enormous sum of S277 ,000,-
600 of silver and gold certificates out
as circulating medium, but not as
money when in reality thpv arn Gil.