The times. [volume] (Richmond, Va.) 1890-1903, 1893-01-06
WHY A SILVER BUYS AZ MUCH AS A
GOLD DOLLAR.

fury declares that a sixty-six cent silver
| dollar might be made Iegal-terder Tor
dollar Of debt but would never buy more
/ than rixty-six cents worth OF goods that
n creditor receiving one thousand dollars
| OF such silver for debt would get only
six hundred and sixty dollars because he
could buy only six hundred and sixty dol
| lars worth OF goods.
| "As a second proposition he declares
| that IL a gold dollar were dropped INTO tne
| fire and melted. the metal could be sofa
| for one dollar anywhere. but the same
/ thing happening to "A silver doiiar, the
metal would bring only sixty-six cents.
"The second proposition. applying 70
| dealers In money and nobody else, seems
| 20 he true The first seems TO me pracu-
caiIy false. Does not common observation
/ prove that the very great majority Oh
| merchants would without hesitation eN-
| change one dollars worth or goods LOT
a legal dollar? There would be trouDie
somewhere 1 know. but would 1t be In the
| ordinary business OF the country anu
| how? c,,,
! A brief explanation is necessary to give
an answer to our correspondent that is
| Ineligible A silver dollar Is worth IN
trinsicallv only sixty-six cents; indeed
now. we believe. but little more than
sixty-three cents. 1t is obvious, then'
that something besides its own value
gives It the purchasing power OF dollar
What is It?
| II 10 this. The Government receives II
as dollar. and treats 1t everywhere as
dollar. So long as the Government does
this. everybody else will do the same
because the Government collects immense
revenues every year, approximaung nVe
hundred millions Of dollars. 1t has post
oa,ces and sub.treasuries all over the
land. where, under It's orders, the silver
dollar Is TO be always treated as an en-
| tire dollar. and so long, then. as the Gov
eminent is able to treat this siTty-six cent
dollar impartielly as an entire dollar, II
will be so treated by everyone Else within
the United States: because he who hap
pens 10 be in possession Of one OF these
dollars knows that he can always eX-
change IL for a gold dollar at some post
office or at some Government Treasury
Department. or, pay II as dollar ior
something due to the Government. But
&c events should so shape themselves that
the Government was unable 10 treat this
debased dollar as a true dollar. upon the
first occasion when it manifested its in
ability to do so, all other persons In the
world would follow it's example, and would
do the same thing. Then this debased
dollar would Immediately take its place
as a piece Of metal worth only sixty-six
cents
The Government so far has been able
to keep the silver dollar up TO the plane
of gold dollar because the payments
that ii is constantly making are so enor-
nous that II is able to rid itself of those
that come into its Treasury-and we in
clude in the word dollar. its silver GER
tihcates-as fast as they come in. II the
number of these debased dollars or their
paper epresentatives-silver certificates
becomes so great that the Government
would be unable to shove them out on
the public. in quantities as large as those
coming into it's Treasury, the accumula-
ton Of them in the Treasury would at
once create a distrust in the mind OF the
public. when 1T would exhibit an unwill-
ingness to receive them. and the long de-
ferred discrimination would therefore at
once take place.
The steady operation Of general causes
must produce their appropriate result,
however long that result may be deferred.
The perpetual dropping of water consist
t.t{n D,
down a mountain in the course Of time,
All matters of this sort are relative only.
Our Governmt mt is so prodigious in it's
resources that we are in the habit of
that overtake other agencies and bodies,
but it is not. 1t must pass under the
yoke that fits its special neck.
Our correspondent will get better idea
| OF the situation from an ILLUSTRATION.
The little principally Of Monaco, con-
| tanning some nine square miles, more or
| less, is an Independent power. with e.
standing army OF seventy-two men, and
| an annual revenue of s25O,0OO. II this little
Independent government should go into
yer, that the United States Government
| is engaged in, we should soon see the
practical result from It, For instance,
| II with its revenues, 1t annually coined
and put out amongst Its subjects fifty
| thousand silver dollars worth sixty-six
| cents each, which 1t endeavored to main
tain at par with gold dollars by receiving
| them for what was TO be paid 1t, how
long does our correspondent think IT would
| be before this sixty-six-cent dollar would
drop out of place as money and become
a commodity. or else, before the one hun
| dred-cent gold dollar would retire entirely
and leave the field completely TO the sixty
| slx-cent dollar? Now. what would hap
pen in Monaco in a very short time, must
| happen in this Government after suffi-
ciently long time, and that time appears
| to be dangerously near. The Government
/ has out now 500. 900, 900 of dollars of these
certificates for deprecated silver and it
is putting out every year 5iOOo,00o more of
them. 1t has 345,OoO,OoO of greenbacks
afioat, and 1t has In the Treasury about
paper circulation. 1t is true. the Govern
ment has right to pay its silver
certificates with silver, but If a
holder of one should demand gold,
| and should be refused, II would be i'm
mediately telegraphed to every CONNER