The midland journal. (Rising Sun, Md.) 1885-1947, 1892-09-23
President Harrison and the Honest
Dollar"

President Harrison in dis long
letter of acceptance devotes a para
graph to the "honest dollar which
we will try to understand and assist
our readers to understand if possible.
The President says:
"The resolution of the convention
republican platform) in favor of
bi.metallism declares, / think, the
true and necessary conditions of q
movement that has, upon these lines,
my cordial adherence and support
/ am thoroughly convinced that the
free coinage of silver at such ratio
to gold as will maintain the equality
in their commercial uses of the two
coined dollars would conduce to the
prosperity of all the great producing
and commercial nations of the world"
This language seems all plain
enough with an Honest purpose be-
hind it, but there is one fact lacking
to make it complete. The President
is "thoroughly convinced that the
free coinage of silver "would conduce
to the prosperity" of the business of
not only this country but the whole
world and yet he allowed the news.
papers in the interest of the gold ring
TO publish day after day that he
would veto bill authorizing the
coinage of exactly such dollar, a
silver dollar whose cratic to gold
would maintain the equality in their
commercial uses" Such dollar
was coined by the United States
minis for so years and abandoned
in 1878 by stealth Up to that time
it had maintained its value with
gold in commercial uses, and was
three cents more valuable as bullion.
There is no reason to suppose such a
dollar would not do so still under
free coinage In fact it is doing so
every day. Then why did the Presi
dent allow his friends to give out
that he would veto the bill ordering
such a dollar freely coined? The
President continues;
"The one essential condition is
that these dollars shall have and re.
tain equal acceptability and value in
all commercial transactions"
They have always had, and those
now in circulation retain it.
The letter continues:
They are not only a medium of
exchange, but a measure of values;
and, when two unequal measures are
called ia law by the same, commerce
is unsettled and confused, and the
unwary and ignorant are cheated.
Dollars of unequal commercial value
will not circulate together. The
better dollar is withdrawn and be-
comes merchandise.
Now what does Mr.. Harrison mean
by this curious language? First he
improperly calls dollar a"measure,"
which strictly speaking it is not, but
unit Of account. and record of
value. There is no possibility of
two unequal units of account, or two
unequal dollars. The law which
DEGREES the issue of money clearly
defines the dollar and declares it
shall be a legal tender, and it matters
not what materials are used the
United States dollar always pays
hundred cents of debt. The halves
and quarter dollars which are II
grains lighter pay as much debt as
the full legal tender dollar up to the
limit assigned by law and the silver
dollar pays as much debt as the same
number of gold dollars. All of
Uncle Sans dollars have the same
debt paying value. The "better
dollar" is not withdrawn to become
merchandise but if the metal is worth
more to coin into money in foreign
country it is taken for that purpose.
But it matters not what the Ualue of
the metal is in coins of different
metals while they retain their money
quality they are never of unequal
value and must be destroyed as
money before becoming "merchan-
disc"
Pursuing the subject the letter
continues:
"The true interest of all our people,
and especially of the farmers and
working people, who cannot closely
observe the money market, is that
every dollar, paper or coin, issued
or authorized by the government
shall, at all times and in all its uses,
be the exact equivalent, not only in
debt payment, but ia purchasing
power of any other dollar"