The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-09-08

every silver dollar that was presented
with a gold dollar, they would be re-
ceived without hesitation. But we
could never convince the world that we
could do that. Indeed it would be i'm
possible for us to do it, We could not get
the gold. AS to the second method,
that is as impracticable as the first. We
could of course say that the silver dol
lar should be legal tender for its face
value, but we could not prevent people
who received it in exchange for their mer
chandise putting, up the price OF the lat
ter enough to offset the difference be-
tween the face value of the dollar and It's
intrinsic value. There is only one prac-
ticable way in which coin can be made
to circul ate at more than its real value
and that is by universal agreement. to
ignore it's deficiency. If all. the CONNER
cial nations of the earth should agree to
consider 60 cents worth of silver coined
into dollar the equivalent in making
their exchanges of one hundred cents
worth, of silver, then the light weight
dollar might circulate for more than
it's real value. But this agreement must
be.universal. The only purpose of money
is to facilitate exchanges Anything will
answer that everybody will accept. AT
the present time there is only one thing
that everyone will accept, and that is
the gold dollar of certain weight and
fneness. Now the problem before us if
we start on unlimited coinage is to
create another medium of exchange con-
tanning 60 cents worth of silver which
every one will accept What are the
world to accept our dollar containing
an intrinsic, value of only 60 cents for
one hundred cents? Obviously they are
exceedingly small. But if they refuse
to accept it at that value it will surely
follow that our own people will soon re-
fuse to accept it at that value also. If
the, merchant who deals with foreign
nations finds that they make discount
on the dollar which he tenders them,
of course he will put up the price of his
goods enough to cover this discount
Thus the purchasing power of the dol
lar, which is the true test of it's value,
will be diminished at home, The retail
merchant who buys of him, finding
that his dollar is not accepted for its
face value, will Immediately put up his
prices to cover the discount. In process
of time everything will rise in price to
cover the discount on the dollar. But
the process will be gradual, and the last
to be reached will be t,e price of labor.
The 1aborer is the last always to catch
the alarm, and he is the least able to
protect himself. Long after the mer-
chant has raised his prices to protect
himself against the deprecated dollar,
the laborer will be receiving it at it's face
value, and will therefore be cheated by
just the difference between it's face
value and its real value. The man that
is the worst cheated by a deprecated and
unstable currency is always the laboring
man, and the worst sufferers from an
attempt upon the part of this country
to circulate in unlimited quantity a
light weight silver dollar will be the
wage earners.
1t is easy to illustrate the results that
would follow an attempt upon our part
to create 80 cent silver dollar by imagin-
ing two communities, one engaged in
agriculture and the other in manufacture
ing. The first community, without
consulting with the second, agrees that
a piece Of silver containing 60 cents
worth of bullion shall have the exchang-
ing power Of a dollar. A, who raises
wheat, takes the silver piece from B in
exchange for bushel Of wheat, and ex-
changes it with G, who raises cattle, for
dollars worth of beef The medium OF
exchange appears to be all right. By and
by a member of the community
wants some manufactured article,
and goes over into the other com
munity and offers his dollar
in exchange for it. But the manufac-
turer, who has had no part in the agree
ment to accept the go cent coin for hun
dred cents, and who knows it's real value,
refuses to allow but sixty cents for it.
What is the result? The member of the
agricultural community on his return
says to himself, If the manufacturing
community won't accept this dollar at
it's face value for articles which I must
have, then must put up the price of
my products to cover the discount that
he makes. Gradually other members
Of the community find out the situation,
and their prices go up too. The scheme
of circulating 60 cents for dollar has
failed, but before it has completely col
1apsed a good many people have been
cheated. Now we must trade with foreign
nations. Our tea, coffee, and largely our
sugar, and a great many other things
must come from them. Therefore our
go cent silver dollar is certain to be dis
credited. 1t will not be universally ac-
cepted at it's face value, and not being
universally accepted at that value,
eventually it will be universally refused
at home as well as abroad, except at a
discount.
PERSONAL AND PECULIAR.