Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1890-06-05
THE TWO MONEY METALS.

cluutAlS VI MOACa duCSl4OAS dIS
aware of two immense facts that con
troll the whole field of discussion, except
so far as selfish spectators or cranky
theorists are concerned. The first fact
is that the issue of legal tender paper is
false move, and one that can not be
justified or forgiven except upon mill
tary necessity. This was behind the
greenback. 1t was a weapon. The
danger is not in the first issue, which is
always small dose, but in the strain to
overthrow the limit. Nothing has serv-
ed so effectually to check the constant
pressure for more legal tender notes,
meaning imitation, pure and simple, as
the urgency that the greenbacks shall be
retired. The contending forces have
balanced each other. The fact that
there has been no change for so many
years in the quantity of the legal tender
notes of the United States, and so little
effort to increase or diminish them, is
remarkable, and regarded as almost
equivalent to the discovery of new
principle in finance. The second domi-
mating proposition is that the solid
money must be found in the two precious
metals, gold and silver. This is chiefly
owing to their intrinsic value, but some
thing is due the usages of mankind for
thousands of years. 1t will not do to
say the one money is gold-for it is not
true or fair to say it. Silver is entitled
to its rank as money metal. There is
need of silver as money, not merely to
supplement gold, but to be a part of the
money, to broaden the base and prevent
meddling with the standard-to prevent,
for instance, some vast syndicate of
bankers from cornering gold to such an
extent as to disturb values. 1t is of the
utmost importance that specie payments
should mean gold and silver; that coin
should mean in the contracts coin of
both metals in the pockets. The one
point of difficulty has been and will con-
tinue to be, the ratio between the two
metals. In another form of words, that
is. the relative value of the two. The
valuation of silver before the bonanza
discoveries and the German demonetiz-
alton was under the ratio nearly three
per cent higher than gold. That is, the
silver in a standard dollar was worth in
gold one hundred and three cents. Then
it seemed that in our coinage we rated
silver too low. That appeared to be con-
firmed by the valuation in the Latin
Union of silver three per cent higher
than in our ratio as established by the
quantity of gold and silver in the re-
spective dollars found in and made of
the two metals. 1t was during the sus-
pension of specie payments that the
coinage of the Chinese or 'trade" dollar
was substituted for the standard dollar,
and that the coinage was resumed. We
have not, therefore, suffered to the
amount of cent from the demOnetiZa-
ton of silver, of which so much has
been said. 1t is true, as the silver men
say, that the standard silver dollar con-
tains exactly the same quantity of fine
silver as the first dollar issued from an
American mint one hundred years ago,
and is the only coin of the country,
either silver or gold, unchanged for a
century. This gives the dollar a great
deal of responsibility, but it is not con-
elusive that the old coin should stand as
it is for other centuries. On the other
hand, the markets of the world show
there should be a change. In order to
maintain both metals the time has come
to retouch the ratio. This has happened
often. Now is the time for another
change. 1t should meet the markets.
The markets and the maXims are not in
conflict Both metals are merchandise,
as they are both also money. We need
them both. AS public opinion and po-
litical potentiality are in this country, if
the contest comes between single stand
ards-if we are to have forced upon us
an irrepressible conflict between the two
metals, and we are to be all silver or all
gold silver will win; but it should not,
for gold alone would be better than sill
yer alone. The fact of its comparative
scarcity is an objection overcome in part
by the growing custom of using but lit
tie actual money in transactions, great
and small. The circulation of checks is
much larger than formerly, and the
rapidity of communication by land and
water-in gross transportation and the
transmission of intelligence increases
the facilities that are afforded by given
quantity of gold. We would prefer gold
alone to silver alone, but the two should
go together. The requirement is that
the ratio should be retouched. The time
for it has fully come. All who are in
favor of honest money and fair con-
struction of contracts should go for it.
The readjustment of the ratio-that we
may restore the market standing and
equalize the metals inco in valuation
means that there should be recoinage.
With the mechanical facilities of these
days that could be accomplished with
great rapidity, and we want the new gold
pieces to be half eagles and new silver
pieces half dollars.
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| ing the summer months. In almost every
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Diarrh9a Remedy, is unequalled for those
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with wafer and SWeetened if is nleaSdnt