National Republican. (Washington City (D.C.)) 1872-1888, 1886-01-23
THE STANDARD DOLLAR.
A Plea for Silver From the GoIde
State.

"A Plea for Silver From the Golden
State.
The standard silver dollar was first author
lied by act Of April 2, 1909, and then con-
tanned 37ll grains Of fine silver and Az
grains Of alloy of pure copper, a total of 416
grains. No change has been made from
iI92 to 1856, except that, by act Of Jan. 1s,
1887, the amount OF alloy was reduced from
442 grains to All grains, thus reducing total
weight OF coin to 412l grains, which is the
present rate, made up OF 37lf grains Of fine
siver Same as In 1909 and All grains of
alloy. All obligations, payable In coin,
made since April 2, 1902, have been based
upon standard silver dollar Of 371t grains
OF fine silver. The standard dollar Of the
United states, under the laws Of the same,
Is silver dollar, and the weight OF the gold
dollar was fixed at 25.S grains, because that
number of grains Of standard gold was then
equivalent in value to the standard silver
dollar. Political economists recognize that
there has been during the last decade,
owing to reduced supply and other causes,
an appreciable rise In the purchasing power
OF gold, without, however, any material
diminution in the purchasing power of
silver, OF other articles than gold. II a
change should be made IN the weight of
United States coins, the logic Of the case
points to reduction Of the weight of the
gold dollar, because the change In the gold
value OF silver. coins is due to an ap-
probation In the value OF gold rather
than because OF any actual depreciation
In the purchasing power Of silver, of other
articles than gold. To increase the number
OF grains In the silver dollar, as some pro-
pose, is not just procedure, FOR that would
be to abandon the long-established ratio
between gold and silver, and thus move the
national position one point nearer to a gold
wnnIH fArpn fI,n 4.
another dollar than the one with reference
to which their obligations made since April
=, 1872, have beenimade, and, finally would
accept gold as the measures OF the value
OF the standard dollar something entirely
unwarranted by the constitution or laws Of
the United States, there being no more
authority under those laws for measuring
the silver dollar on gold basis than for
measuring the gold dollar on silver basis,
the balance of authority 1.-THE legal
standard dollar being silver dollar being
In favor Of the latter course. To consti-
tute, by law, gold as the sole measure of
values will be to intensity and continue,
rather than to diminish and arrest, the de-
preston In prices and trade resulting from
the effect Of the increased value Of gold
upon the price Of other articles than gold.
The privilege of paying a debt in either
gold or silver is valuable as check upon
speculative attempts to unduly increase
the value Of either metal, and 1t Is specially
valuable at this time when an attempt Is
being made to undervalue all other articles
but gold.
The double standard gives us two ways of
paying debts instead Of one, and thus rem
ders 1t difficult for an abnormal valuation
to be placed ON either one of the kinds of
money available for the payment of debts.
II the world shall have but one metal in its
business and currency, and that one in
ohnr t- Al
commercial world will be less guarded than
at present against abnormal fluctuations in
prices profitable to spectators and in
furious TO general trader No one desires to
disturb the right Of the creditor to collect
IN gold the full amount OF all debts specif-
ically thus payable under the contract be-
tween the parties, but 1t is held that all leg
islation having as its direct effect an in
crease In the value of gold. so that 1t will
require more pounds of grain and more
hours OF labor to get gold dollar than
was the case at the time any particular debt
was contracted, Is In the nature of an ex
post facto procedure, which not only works
an unjustihable hardship to the debtor, but
In the end will injure creditors by increas-
ing the percentage Of debtors unable to
meet their debts at maturity, The United
States should not allow the possibility Of
an international coinage agreement to In
duce 1t to give up the tangible double
standard fact of the coinage OF the standard
dollar; to so do will be to cut the single
strand by which the United States attests its
loyalty to bimetallism, and that, too, before
Its position on that subject is secured In any
other way. Such procedure can have but
one result, the fastening of the time when an
abandonment Of the double standard would
become necessity. As It has been shown
herein that there has been no dimnution In
the number OF grains Of fine silver in the
standard dollar from 1893 to the present
time, 1t is manifest that the language of
eastern monometallists, in styling II the
"light-weight dollar" the ddepreciated
dollar" the "coined lie,n and other similar
abusive terms, is not based on facts, but on
partisanship; for the silver dollar is an
honest coin, and has no need to blush for
itself in any presence. No amount of gold
and silver money can initiate the currency of
a country. 1t is only when printing presses
commence issuing promises TO pay that the
road to imitation Is entered. The 100 cents
represented by United States legal note
for one dollar consists of about 40 cents
gold and about 60 cents credit. G., conf
dence that Uncle Sam will redeem the note
when presented. Is IL not better for u cti-
zen to have silver dollar in his pocket
War will not contract It's value TO 40 cents.
IL VIII be equally good in war or peace.
The legal tender note is promise TO pay u
dollar. The silver dollar Is the dollar itself,
each grain In which is the result of arduous
labor Let us have all of the gold and
silver that can be had and as small a per-
fully, DouBLE STANpARD.
OAKLAND, CAL, Jan, 49, 1886