Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-08-28
AN HoNEsT DOLLAR.

Our Republican frienzs, to dodge the
tariff issue, are bowling silver every
time the Democrats say tariff. That
the silver question is not an issue is
plain, from the fact that both parties
are equally divided on the question, and
in both parties there are almost as many
different solutions of the problem put
/ forward as there are names suggested
for the average first born. The Repub-
licans have tried to make a campaign
slogan Of the cry IAN honest dollar, "
but they are all at war among them
selves when they come to an actual
discussion of what an honest dollar is.
Presiden1 HARRISON talks in a nice
easy way about an honest dollar, but
straddes the silver question by propos-
ing free and unlimited coinage of the
product Of American mines into dollars
of the present standard weight and fine
ness.
President HARRISON ignores the fact
that the whole question hinges upon the
disparity in intrinsic value between a
silver dollar ard gold dollar, that the
amount OF silver in so-called dollar
is not worth dollar and has not been
for the past sixteen years; that instead
of sixteen ounces Of silver bringing
the equivalent in value to one ounce of
gold it has always since 1873 required
more than sixteen ounces Of silver, and
in 1889 as much as twenty-five ounces
of silver to purchase one of gold. 1t Is
estimated that the government has
made, since the passage of the Bland
bill, making all the coinage of silver
by the United States for the account
of the United States, a net profit, or
seigniorage of about SCI, 100000, from
February 2s, 1878 to July IA, 1890.
Since all that be longs to the, govern
---4 49, VAC poOplo, ~ - Vu0
reasonable opinion Of the Richmond
Times. that it is better for the govern
ment to pocket this S67,OOO,OOO than to
give it to the American silver mine
owners as Mr.. HARRISON proposes.
The Times says:
If the coinage of silver into dollars OF
full value is honestly sought by these mine
and bullion owners without any purpose TO
obtain from the government special grant,
why should they object 10 such an increase
of metal in the dollar as would put their
silver dollar at a par with the gold dollars
The ratio which has, from time to time,
been fixed between gold and silver has been
based upon the intrinsic value OF the re-
spective metals; and now that there has
been a change in the relative values there
is no inconsistency with the established
precedent of ages to reform this ratio at
different figures. 1t would not be uurea-
Souable to take an average OF values since
1873 at least as a basis for an effort 10 es-
tablish ratio upon which the free and
unlimited coinage Of silver might be per-
mitted, not merelyto American bullion, but
10 the bullion of the whole world. Instead
of sixteen for one let the ratio be say nine
teen for one. In this way those who have
silver and desire to receive silver dollars
for bullion can do so, and the government
and the citizens would stand less chance of
loss than now, when free coinage Of silver
on the present ratio would make present
to the owners of silver bullion Of millions
of dollars without value received.
1t seems to be forgotten that the produc-
ton of silver, whether coined into dollars
or used in the arts or sold abroad, adds that
much to the wealth of our country, and 1t
is now immaterial to the bullion owner
whether he sells his bullion to the United
States for spot cash or sends it abroad and
receives in exchange gold. The United
States only pay the market value. So If
our silver is not converted into dollars at
our own minis or used in the arts at home,
it is sold abroad, and so much foreign gold
or its equivalent comes back to this coun-
try in exchange for 1t.
The chief merit that our deprecated sill
yer dollars now have is that there is no
| danger of their going out OF the country.
/ Nobody else will have them at anything
! like the same value at which we give and
/ take them. Even at the proposed increased
ratio of nineteen for one, or some other
! figure considerably higher than sixteen for
one, there would be little danger of our net
having enough silver 10 come TO the mints,
and still less danger of the silver dollars
being exported for their intrinsic value.
/ The government cannot, in justice TO It's
citizens who are not owners Of silver bull
lion, pay more to the owners of that bullion,
either in gold or in the exercise Of its gov
ornamental power Of coming than the bull
lion is fairly worth.