The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1886-01-27
CONGRESS AND THE Sill
YER QUESTION.

There lived about two hundred
years ago a famous Scotchinan by
the name OF Law, who had very pc
culiar ideas on finance. He had the
idea that decree of government was
quite sufficient to create money, with
out any regard to It's intrinsic value.
Not being able to get his ideas adopt
ed by his honest and matter of fact
couutrymen, he went over to France,
where he found moro imaginative
people, and q government in great
want of money. There he soon rose
to great eminence as a fnancler.
Under his direction everything went
on swimmingly for time; but after
awhile the bubble" known as the
South Sea bubble" burst, and France
suffered the greatest financial crash
perhaps that any country was ever
compelled to undergo. Since that
time Laws name has been synoDi-
nous with the greatest Of financial
swindles. We, at the present time,
have another Scotchman occupying
an important position, and who has
been taking q prominent part in re-
cent silver discussions in the United
! States Senate. Senator Beck is q
man of very distinguished ability and
for whom / have been accustomed to
entertain very great respect. But |
fear that he has been studying the
financial theories of his distinguished
compatriot Of two centuries ago, and
that he has imbibed some of his here
sizes. He, like Law, seems to think
that a decree of government is quite
sufficient to create money. He thinks
it is sufficient for tue government to
coin eighty cents worth Of silver and
call it dollar, to make It q dollar.
But if this theory be true and honest
why need the government stop at
eighty cents worth? Why not take
fifty cents worth, Or twenty-five cents
worth, or even coin money out OF iron
aud copper mixed, like the Chinese?
If it is right for the government to
cheat the people out Of twenty cents
on the dollar, why is it not right fer
it to cheat them out of fifty cents, or
| seyenty-fve cents? Where would
| Mr.. Beck and the silvcrites fix the
limit beyond which it was not right
and honest for the government to go?
And if the government may, with
propriety, do this sort Of thing, why
may not individuals? If the govern
ment curtails it's dollars to the extent
of twenty per cent, why may not the
merchant cut Off his yardstick one
| fifth or cut down his busEel, or light.
en- the weights Of his scales? Or if
it he proper for the government to
make eighty-cent dollars, why may
|! not individuals do the same? Why
not change the law as Senator Teller,
of Colorado, advocates, and make the
coinage free? Ifis is honest for the
government to make eighty cent dol
! lars and profit to the extent OF twenty
per cent, surely it cannot be dishon
est for individuals to do the same
Government cannot reasonably ex
| pect it's citizens to be moro honest
than the example it sets them. If il
sets the example of making fraudu
lent dollars it cannot expect them tc
think it criminal or improper for then
to do the same.
But We frequently near it said, the
| Bland silver dollar is the same as
chat we have always had; that it con
tains 4124 grains, just the same as
the dollar handed down to us by oul
"daddies," and it is made to appear
sort of reverential duty to then, to
retain it the same. This statement
| is in one sense true, but in an
other it is entirely untrue. 1t is
quite true that their silver dollar
contained only 4l21 grains; but
! it is also true that they made
their dollar of full value, worth
all of one hundred cents, while the
Bland dollar is actually worth less
than eighty cents. There was nc
taint of fraud about their dollar
while the Bland dollar is most bare
faced fraud. Their dollar was all il
represented itself to be, and was &C.
ceptable for It's face value the world
over. The Bland dollar is ar object
Of suspicion at home andis absolutely
rejected abroad. If we wish to show
reverence for our s'daddies'' let US
make an honest dollar as they did.
| But an idea seems to prevail with
many, who ought to know better, that
the continued coinage Of silver will
make money more plertifulan easier
to get hold of; and that its suspen-
sion would make money closer and
times still harder for us here at the
South. But they fail to explain to
US what good the S'l65,00O,OO0 in
silver lying idle in the treasury
vaults is doing them, or what good it
will DO them if this accumulation
continues to increase up to S2O0,OOO,-
900 or even $300,000,000. The
country is being taxed, that is good
money is being withdrawn from cir
culstion to the extent Of $24,000,00O
annually to invest in eighty cent sill
yer dollars which cannot be got IN
circulation, so that in fact the con-
tinued silver coinageis curtaiIing the
actual circulating medium to the ex-
tent of the annual increase Of silver
in the vaults Of the treasury, instead
of increasing it. Can anyone sup
pose that all this money would have
| to lie idle in the treasury if it were
gold, or paper currency equal in value
with gold?
Itseems then manifest that instead
Of the continued coinage Of silver in
creasing the actual circulating me-
! dinm of tho corntrp and thus making