Smyrna times., 1885-03-18

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The TRADE DOLLAR.-What has
become Of the bill that in the forepart
of the Winter was pending in Con
gress, and which passed the House oi
Representatives, and was reported fav-
orably to the Senate, proposing that
the Government shall deal honorably
and honestly with the people in the
matter of the trade dollar? 1t pro-
yided for their receipt by the Treasury
at par value, and for their recoinage
though in the light of common sense
it is difficult to perceive any good
reason for their recoinage, for they are
Just as good as any other silver dollars
are if the Government would treat
them in the same way. But, as we
understand it, the bill insures their par
value to the people who hold them,
and that is the important thing We
may not be very well up in the great
money questions of the times but it
strikes US as a fact that the manner in
which this coin has been deprecated
by the Government which issued it is
one OF the most disgraceful episodes in
our financial history and the amount
of misrepresentation and misinforma-
ton that has been circulated to Justify
that treatment is amazing. The asser-
ton has been made again and again
that the trade dollar was authorized,
coined and issued in some peculiar
way, different III toto from that which
characterized the issue Of other coins,
that it has never been recognized as
one Of the coins of the United States.
and that it is not legal tender. Even
ex President Arthur, in one of his
messages. gave currency to such state
ments, and they may be said to have
originated in the Treasury Depart
ment.
These assertions, however, are with
out foundation, constitutional or legal :;
the law authorizing the coinage of the
trade dollar is in exactly the same Ian
guage as the law which always has
and still authorizes the coinage of gold.
The statement that the trade dollar
was originally intended for use abroad"
has a foundation as follows, viz: our
other silver coins circulate at home
only, because they are not good
enough to be accepted abroad the
trade dollar was made better, Of greater
intrinsic value, in order that it might
be taken everywhere-the keen Chi
nese would not criticize it as short in
tineness, as they would our home silver.
1t was sent abroad, and not circulated
here, because when first issued it was
held at a premium and was therefore
too valuable for everyday use. The
idea that it would ever be refused or
repudiated at home never entered any,
bOly's mind at that time. It was ex-
pressly recognized as one Of the coins
OF the United States, in terms by the
statutes being included in the same
section and sentence, and spoken of in
exactly the same way as all of the
other silver coins.
The trade dollar ,0as a legal tender
throughout the United States in the
payment of debts, not in unlimited
amounts, to be sure, but to the same
extent that any silver coins were, until
Congress, by express act, demonetized
1t and took away the legal tender
quality 1t is probable that in a test
case the Supreme Court would decide
that Congress had no po,cer to thus
change the value Of money in the
hands Of the people, and therefore
they are legal tender still. Thus it
will be seen that the trade dollar stands
on precisely the same footing as any
other American silver coin. with this
exception 1t was Of greater intrinsic
value when issued than It's face and
name indicates it was worth
more than dollar, and its repudia-
ton 10y the Government that Issued it
and whose name and sign are officially
stamped upon it, is financial dis
honor and an inexcusable fraud upon
every person who has sold a trade dol
lar tor less than one hundred cents
Ihe obligation to provide for this coin
Is precisely the same as that to provide
Tor any other Government issue. The
plea that it has passed into the hands
Of spectators is the same plea that
was made by those who wished to re-
pudlate the Government bonds. or to
pay for them in deprecated paper after
The war Trade dollars are in the
hands OF Spectators only because the
Government itself forced them there
they were circulated everywhere, were
paid and received freely, and were in
The hands Of the whole people when
The order was issued to reject them at
-he post offices and revenue Offices and
other places where the United States
receives mon.y That caused their
depreciation, and people who could
not afford to wait several years for ius-
ice to be done were forced to part with
hem at discount. The Government
tself is alone responsible for the whole
'vil, and owes justice to the people,
which justice can only be rendered by
declaring the trade dollar worth dol
az e,S,lH