Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1891-01-29
THE STANDARD DOLLAR.
History of the American Unit of Value
From the Missouri Republic.

The arguments urged against the
free coinage of silver that the amount
of coin in the silver dollars is not worth
q dollar looses all its force when the
history OF the matter il considered. In
order to determine what thing is
worth il is necessary to have unit of
value with which to compare and
measure. The Constitution of the
United States saws nothing about unit
of value. 1t provides that Congress
shall have power "to coin money, reg
ulate the value thereof aud of foreign
coin and fix the standard of weights
and measures"
1t is easy to see the reason why no
power was granted to Congress to fix
a standard of value or unit by which
the value Of money coined was to be
regulated. The reason is this: the unit
of value was already fixed and estab-
lished. In 1855. under the articles of
confedera ;ior, Congress provided that
the money unit of the United States
should be dollar, and in l 7S6 it further
provided that the silver dollar should
be the unit of value ofthe United States
and should be coin composed Of 37l "a
grains of silver. The gold coins pro-
vided for in this act were the eagle and
the half eagle. But the eagle was not
plt, toi was tue bdIl ga le SoO. ne law
declared that the eagle should be equal
to $40 and that the half eagle should be
equal to S5. The name "dollar" an
pied exclusively to silver per sc. No
other thing could be properly called
dollar.
The silver dollar was the standard
and unit of value known and recogniz-
ed. Ne person familiar with the his
tory of those times and knowing with
what reluctance the people aud the
States yielded their powers to Congress
can believe it was ever intended for
that body to have power to change the
unit of value of their money and per-
haps by a single change in the law in
creasing the unit of value add TO any
debt or obligation. either public or pri-
vate. Congress has not only increased
the uuit of value, but it has actually
changed it from the old standard silver
dollar to a gold dollar. There was no
such thing as a gold dollar when the
Constitution was adopted, nor for 90
years afterward. The power to coin
money and regulate its value doesn't
mean that Congress was to have power
to change the unit of value. The power
to regulate the value of money Implies
that a standard by which to regulate 1t
was already provided. And this stand
ard of value was the silver dollar. Adj
ditional force ia added to this view by
consideration of the fact that a part of
this same clause confers power upon
Congress to fix the standard of weights
and measures. If it had been iptepd-
ed they should have power TO fix or
change the standard of money 1t would
not have been left to implication. But
even if Congress had this power was it
right or just to exercise it when they
did? TIE silver dollar was the stands
ard and unit of value from 17Se before
the Constitution was adopted, until
1873.
BY the act of February IL, 1878, the
silver dollar was stricken down and
the gold dollar provided for and made
the unit of value, and now, when the
people ask that the silver dollar he res
stored to the place 1t occupied prior tn
that date, they are told that 1t void be
dangerous, that silver is not on q par
with gold. This Is q strong reason why
the silver dollar should be remouetized
and re-esta blished as the unit of value.
All debts that were contracted prior to
1878 were contracted with reference To
the unit OF value existing at the time,
and If the gold dollar Is worth more than
the silver dollar the amount OF all debts
are increased to the extent of the diff
ference. This matter is SO plain 1t Is
strange the advocates of gold would
have the audacity to urge 1t as an al
gument against the froe coinage of sill
yer.
The advocates of silver are very
mild In only asking for free coinage.
They are not only entitled to this, but
they are entitled to have the silver doll
lar, the old standard dollar, re-estab-
lished as the unit of value for the mon
ey of the United States. IF this drives
gold out of the country. let 1t go. But
as the silver dollar was always the unit
of valve, If the government wants to
make gold dollar that Will circulate
along with the silver dollar the gold
dollar ought to be made to conform to
the silver dollar. The silver dollar
was the unit of value when the Con-
stitution was adopted, and 1t became q
part of the CONSTITUTE on.
The term dollar by itself meant q
silver dollar, for the law declared the
dollar should be composed of silver. 1t
also declared that the eagle was eQudE
to SO. not that it aUas $40. There
never was any other unit of value but
the silver dollar until 1878. AT this
time the silver dollar was abolished
and the gold vas made the unit of val
ue The silver dollar not ouly ceased
10 be tte unit of value, but it ceased to
be coined at all. All the enormous
,itbt of the war was contracted while
The old silver dollar was the unit of
value, and by right, rs well as by law.
all government bonds and debts, as
we'll as all private debts, should be
measured and estimated and paid ac-
cording to the silver standard.
The objection urged against silver
that it is not worth as much as gold is
the strongest kind of an argument in
favor of silver. There are substa pces
worth more than gold. Would it be
right to establish one of these az the
unit OF value aud To abolish the gold
dollar because it is worth less? IL
would no doubt be n gond thing for
creditors ahd bad for debtors. II is on
the same principle that it was q grea {
wrong To ci'ange the unit of value from
silver to gold, as was done in 1873
The man who helped to do this oug h6
to be ashamed to stand up in the SEN
ate of the United States and tell the
people that the gold dollar is worth
more than the silver dollar. They
"removei the ancient landmarks AMI
established an unjust measure.h The
people are not only entitled To have the
free coinage of silver, but they are en-
tilted t. the silver oliar restored - the
unit Of value of tie money IF the Unit
ed States. This il right and the peo-
pie detihn,l it and will haveit. Ifthe
gold dollar is worth more than the
silver, the gold dollar ought to he re-
duced. because the silver dallar il the
stauuard aud unit OF vaiue.
J. NJ CaUTCHFIELD,