The herald., 1893-09-08
LETTER BAG.
AN Honeat Dallar.

al niH manifold stores OF wealth, le not
able to give rs an honest silver dollar"
II the language quoted above has any
Significant meaning II 10 that the silver
dollars as now coined are dishonest.
Either the Times editor Is ignorant OF
the true meaning OF money, and has
fallen into the not uncommon error OF
the intrinsic value money" idea, or
else is Juggling with words--a pretended
bimetallist, yet would destroy the silver
dollar by increasing It's size, so as to
drive it out of use.
The evil influence OF the Times Is
against silver in either or any case. All
our authorities on finance agree that
dollars are creatures OF law; that law
makes and unmakes money that money
is the act or creation OF sovereignty. It
follows then, that the value OF the dollar
is limited wholly to its lawful value or
its representative value; that neither
gold or silver dollars have intrinsic
value, though the metal contained in
the dollar has more OF l.ss intrinsic
value.
No man who is fair and not ignorant
OF these fundamental principles will
allude to our silver dollars as dishonest
money" In proof OF this see Rea'u and
Appleton's encyclopedias, John Stuart
Mill, Ricardo, Adam Smith. Professor
Walker, and the decisions of the Iowa
supreme court, and OF the United States
supreme courts.
The concensus of opinion of all the
ablest writers of modern times-except
q few gold brokers or their agents-is
that money has no intrinsic value.
When "the crime of 1873" struck down
the silver dollar it was worth more than
the gold dollar, in intrinsic or bullion
value. The coin valve or lawful value
Of the silver dollar is worth the
same all over this country as the
gold dollar. The exchange value
OF the silver dollar is at premium OF
3 per cent above the gold dollar in New
York. All the enemies of the silver
dollar, mainly the creditor classes, with
all the adverse legislation in this coun-
try and Europe, has not shaken the con-
tidence OF the people in our silver dol
lar. Nothing short of demonstration
can strike it down or depreciate the
silver dollar one single cent. Except
when measured by an appreciated gold
standard, silver has not fallen in value.
An ounce OF silver will buy as much of
the multiform products of human in
dustry today as ever before.
Goshen, the great English monometal-
ist and ex-chancellor, says: 'sGold has
appreciated in value fully 45 per cent in
the past 20 years, owing to adverse leg
islation against silver. 1t is not correct
to say prices have fallen, but rather that
gold has risen in value." Thus by acts
Of legislation As per cent has been added
to the debt burdens Of our people. If
our current debts are 500, ,000, ,000, 900 and
are increased by 40 per cent by adding
to the purchasing power of the dollar,
then our loss lie $9,000,0 900, 900! Over
$138 per capita.
But we are told "the silver dollar will
not circulate;" that ''the people do not
want it," 1t is false, as most of our
current business is done with silver
dollars. II more evidence in refutation
OF that false statement be needed, read
what Secretary Of the United States
Treasury Carlisle wrote to Dan Voor-
hees on cost of recoinage if the ratio be
increased: "From the fact that the
silver dollars are distributed through.
out the country, 1t would be necessary,
as they are redeemed at the several
sub-treasuries, to transport them to the
mints, and the expense of transporta-
tion for $500, 900, the amount out
side the stock on hand" etc.
Thus we see that half our entire vol
ume of coined silver dollars are circulate
ing among the people. (See Congress
sional Globe, August 26. p. 602)
Nor is there silver dollar idle today,
locked up in the vaults of the treasury,
against which there is not an outstand-
Ing silver certificate in circulation.
OF the $3.50, 1886 Of treasury notes
| iao..aA sx,k ha ~oho II ~,lx h,.1l
since the law of 1890, all are in circula-
tion except about $7l4,6S6: (See Con-
gressional Record, August 20, p. 609.)
Thus one-eightieth of our silver is
boarded, whereas one-sixth OF our gold
has been boarded since 1879! On the
silver hoard we pay no interest; on the
gold, $65, 900 900 interest!
From the debtor side, or the stand
point of the producer, it is the gold
dollar that is dishonest If, indeed, any
dollar is dishonest. 1t ia through such
legislation-if, indeed, any other can
parallel this crime against the debtor
and producer-that $4,000 creditors
come into possession OF half the accum-
ulated wealth of the country.
The Times, pleading for the rich
favored class, all hesdless of the inter-
ests of the other and larger classes,
would fix the present low prices on the
country by act of congress-. In palmer
terms, would compel us to pay tribute
to the gold scepter; would compel us to
adopt the English gold standard in or
der to, or rather the effect of which
would be, to permit England to buy our
surplus products at half their true value.
"An honest dollar is one that
does not fuctuate above or below the
general level Of products. Such is the
silver dollar. An honest editor will not
attempt to mislead the people by crying
dishonest silver dollar" or "atop
thief' when the gold dollar is the in
fated dollar. Let him remember the
words of the great commoner, A. Lin
coin: "You may fool all the people
part of the time and part of the people
all the time, but you can't fool all the
people all the time" The consistent
course of the HERALD in its manly fight
for the people on the silver question
will be remembered.
The friendship p OF the Times for the
people in this battle for silver is on q
par with the friendship Of the lion for
the lamb. CIV. MosTELLRR.
Ventura, Cal.
More About the Saloon Business.
EDITORS HERALD: The great detect
i've Auble, who has made such a stir
about the saloon dives for the past few
days, certainly has by this date gained
Il &.