Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1893-12-29
EDITORIAL NOTES.
And Other Matters of Interest
to the Readers of the
Courier.

Courier.
The Law of11D2 in Oper.-
tion.
The silver and gold coins OF this
law were not to be entirely of the
pure metal. How pure they should
be was to be settled by law. The
aaw was to say how much silver and
how much copper the silver dollar
should have; and how much gold,
silver and copper the gold dollar
should contain. The "fneness" of
coins depends upon the quantity of
pure metal in them determined by
wight. Their value is fixed by the
pure metal in them without regard
10 the alloy.
BY this law, also, anyone having
gold or silver bullion might take it
to the mint and have it coined into
money and receive the coins thus
inflated. The government did not
coin on its own account, but for the
people. 1t did the business for the
people receiving therefor what may
be termed toll.
This law continued for forty one
years, from 1893 to 1884. During
this time the gold coins minted we're
valued at S15,78o, 100, and the sill
Yer coins s39,5S9,9o9,4o. 1t will be
seen that this was silver period in
our monetary history. Silver was
the money standard, and silver coins
greatly predominated over the gold
coins. Of the whole value of silver
coins as shown above,S36,oS4 ,o73,oo
were in half dollars, and less than a
inillien and half were in dollar
pieces. The coinage of dollar pieces
cssscd after 1905 and was not re-
~sunaed again until after 1884. The
-1o-called "dollar of the fathers" Jared
hard. The people did not want it,
would not have it, and 50 it was
given up. The 'gold bugs" did no,
kill it, whatever they may have done
since then to throw discredit upon
silver. That there was limited
coinage of silver dollars was no fault
Of the law, it was no fault of gold
coinage either. The people jusI
simply did not want such heavy
money to lug about, They preferred
the smaller coins.
Now, there is this further to be
noticed about this law in its work.
ing. If the ratio of value between
gold and silver, which formed the
basis Of this monetary system, wa
correct when the law was enacted i
soon became false. The marke
value of fifteen pounds Of silver wa
hot equal to one pound of gold
Gold was under valued. 1t wa
worth more in bullion than as none,
In spite Of the government STAMP
upon the coins. No fiat of govern
ment could regulate the com.
tnercial value of these metals then
Us 1t cannot new, the fiat none,
advocates to the contrary notwith
standing. Also, the silver coin
were over valued as compared witt
silver bullion. The result was tn
displacement Of the more VALUABLE
metal by the less valuable in tn
monetary system of the country
Gold went into the markets of tn
world where its value was create
than in the coins minted in tn
Cnited States 'he least valuabl
money always dlsplaces the NOR
valuable whether it be metallic O
paper. This history teaches severa
valuable lessons such as the follow.
Ing: The fee coinage of silver doe
not create demand for silver money
or increase the commercial value O
silver. The attempt to make
double money standard is a failure
The metal, inferior in value, that i
made the standard will displace tn
tassai Of superior value in the none
'tary system.