Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-12-14
The Trade Dollar.

The trade dollar is a nuisance. IL ought
10 be legislated out OF existence; ana the
proper way TO do this Is 10 exchange stand
ard silver dollars for trade dollars and con-
vert the trade dollars into standard dollars.
Every trade dollar has - more grains OF
silver in IL than is contained In standard
dollar. so the Government would lose no.
thing by The exchange, whilst the hold.
ers of the trade dollars would get
q dollar that passes for Its face value instead
Of a dollar worth only its bullion value, or
some other sum less than full dollar.
Since this good work can be done without
costing the Government cent, II seems
strange that anybody should object TO the
Transaction. But so it is. For years Con-
giess has been asked TO pass law to accom-
plish the object Of retiring the trade dollars
without loss to the holders but in vain.
That body appears to be afraid that some
speculator will profit by the new law.
although II he did so nobody would lose
thereby. The folio Wing is the act OF Feb
ruary 10, 1873, under which the trade dol
lar was issued:
1.-THE silver coins OF the United states
shall be a trade dollar. a half-dollar, or iifty-
cent piece; quarter-dollar, or twenty
Iye-cent piece; dime, or ten-eent piece
and said coins shall be a legal-tender at
their nominal value for any amount not eX'
ceedlng five dollars in any one payment"
II viii he seen that the trade dollar came
into existence as a lega-tender. It's legal
tender quality was taken away from 1t by
the oct Of July %, 1876, as follows:
.sThat the trade dollar shall not hereafter
be n icgaliendcr; and the Secretary OF The
Treasury Is hereby authorized TO limit
from time TO time, the coinsge thereon 10
such an amount a. be NAV deem sufficient
10 meet tie export demand for the same
II thus appears that after coining trade
dollars for over three years as legal tender
dollars, Congress suddenly and uniustiua-
bly, impaired the obligation Of an implied
contract with the public, and robbed the
trade dollar of its legal-tender quality.
In his speech OF last saturday in the
House OF Representatives on tins subject,
Mr., LaYHAM. OF Texas, well said;
"Whenever currency becomes debaSed
ar dishonored by the act Of its author the
seyercr and primary consequent injuries
are apt TO be borne by the poor aud igno.
rant. Their 'sbort aud simple annals are
not complicated by bank accounts or scien-
tifc financial calculations. When they see
ashining silver CON-, with stars around lis
border epcircling the Goddess OF Liberty
enstamped. and In God We Trust on the
|. one side. with United States OF Amcrica,
~ piuribGS uRum,' the great American
eaele, 400 grains 300 fine and trade dol.
lar on the other, the great body OF then
y will be content with the inspection which
reveals such proofs Of morey, and the de.
sire for possession will dispense with fur
Their inquiry into laws extant or laws re-
peaIed, imports or exports, Chinese or
sycees. Laughter.] But they can and do
feel aeutely sense Of betrayal Of their con-
fdeDce when they realize that their Gov
eminent has permitted TO De left upon their
hands an uDcurrent and degraded coin."