The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-03-02
TWO KINDS OF DOLLARS.

Mr.. Edward Atkinson has attempted to
threw some light upon the money question
in way peculiar to himself There are,
lie SAYS. two kinds of dollars as there are
two kinds Of pound weights. One kind of
dollar is eompo sed Of 25.S grains of gold 900
fine, the other Of 412b grains of silver 900
fine. One pound weight, known as avoir-
dupeis, contains 7000 grains to the pound.
~ifile the other pound weight, known as
tray, contains but 800 grains to the pound.
Mr.. Atkinson continues:
Now, The pound troy bears substantially the
same. relation 10 Tie pound avoirdupois as the
silver dollar in its present value "a bullion bars
n the gold dollar II any merchant. having
made contract 10 supply certain number of
pounds of provisions by weight, were to under.
Ia to satisfy that contract by giving his Gus
toner fifty tray pounds in place OF avoifdupois
lie would be considered a knave and the man
who took the tender would be fool That IS
tie position in which the Government has placed
ihe debior and creditor on contracts which are
made in dollars
In Els eagerness to make out a casa
against silver Mr.. Atkinson has omitted to
state certain facts that materially affect the
s6undness Of his conclusion. There never
has been a time-at least, not in recent
yeaTs-when the avoirdupos pound and the
troy eund have been legally and CONNER
cally equal. There never has been a time
when the debtor or the seller had a legal
right 20 measure the value of the thing in
his possession either by the pound avoirdu-
poiS or the pound troy. One was used as a
measure Of value for one class of commodi-
ties and the other Tor another class. For
example, sugar. -four and groceries are sold
with the complete understanding that there
are 1000 grains to the pound, while
drugs the precious metals and some other
things are sold with an equally complete
understanding that but 500 grains consti-
tate 4 pound. If the seller uses troy weights
ia the sale. of articles which call for avoir-
dup0ls he is guilty of fraud. Now how is
ii with gold and silver? Up to 1873 either
the gold dollar or the silver dollar might be
used in the payment Of debts and In the
purchase of commodities. The debtor had
the choice and paid in the coin most con-
yenient. But the tender of either in the
proper amount Cancelled a debt When sill
yer was demonetized in 1873 the silver dol
lar was worth as bullion three cents more
than the god dollar was worth as bullion.
Consequently the silver dollar was not used
IN the payment Of debts or in general trade.
II was worth more for other purposes. Be-
tween 1873 and 1873 the gold dollar was the
unit Of value. But in 1873 Congress made
the silver dollar also unit of value. All
bonds Of the United States not issued be-
tween 1873 and 1873 are legally payable in
silver dollars, not only by the terms ex-
pressed Oh their face. but by the fact that
when issued the silver dollar was a full
legal tender. The minor fact that the Treas
uTy has decided to pay them in gold does not
affeet the fundamental fact that the law
made them payable in silver But there are
In existence millions upon millions of cor
poration bonds, mortgages, notes of hand.
etc, in which the terms of the evidence of
Indebtedness require Payment in geld coin.
Ii is this class of debtors who would be
wronged By the enactment of free-coin ce
law which would cause the adoption of the
silver standard in the United States. The
argument Of Mr.. Atkinson would tend to
strengthen the free-coinage argument, The
advocates Of silver would say that if the
single gold standard is to be adopted as the
policy of the Government the sooner the
issue is made the better. The present policy
is 10 continue TO keep silver dollars aft a
parity with gold dollars until such time as
silver may recover its former commercial
ratio with gold. Ii this policy does not
prove successful the question will then arise
whether 10 adopt theisingle gold standard or
the silver standard.