The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-28
COUNTERFEIT DOLLARS OF GENUINE
SILVER.

Some Of our readers do not understand
how counterfeit silver dollars can be
made OF genuine silver. This Is partly
because they have the old idea that the
fundamental reason for a counterfeit coin
is thai tC b, profitable It must De made
Of debased metal. worth less than the
metal Of which the genuine coin is made
The old counterfeit silver dollars were
made o. lead. covered over with a thin
coating OF real silver. This coin, rot
having the "melodious ring" and being
altogether lighter than the genuine
coin. was soon detected and nailed TO
tho counter. But now. silver being ;ro-
duced so cheaply that the miners prosper
who get the price OF SO cents for an
ounce OF pure silver, and will sell at
that price, while the Government puts
out the same silver with a stamp on it
at 100 cents an ounce. So there is a great
profit TO the man who can buy silver at
Sc cents. and by stamping it with a simple
device, put 1t out at 129 cents an ounce,
the price OF silver at which the GOV
eminent puts out the present sill 'er dol
lar. This stamping OF silver with the
Government device for dollar is cum
terfeiting. and IS a felony; but the
temptation to commit this crime IS even
greater now than formerly becaIva de-
lection is more difficult. The counter
feiter gives you a bona fde sl"nr Dollar
in every respect except the Government.
own stamp upon it, and makes between
3; 1-3 per cent. and 80 per cent. upon the
operation.
There was never before the TEN )tation
to make counterfeit doll IRIS Of either
gold or silver out Of the gen II lie Ineitls,
and sucl. an anomaly could not now OK
list except for the laws for the purchase
and coinage OF silver which have h"fr
passed in thia country stree 1873.
II the Government would put enough
sil fer ir:; a silver dollar 20 he worth
ID cents the mine-owner w''dld obt' n
the market price for his product like any
room for a profit to the coulterfe,ter.
Besides all this, the silver dollar would
have an intrinsic value WI. y would tn"
to quiet the fears OF those WHO see ihc
currency of the country approaching the
level OF the 6J cent dollar.
II has never before been pretended that
the Government stamp upon silver or gold
dollars did more than certify the Um-
Der of grains and fineness of the respec-
tive coins, and that they were real dol
lars. available for all debts.
Before 1873 a United States silver dollar
was worth more than gold dollar. and
so our silver dollars were not current,
because 1t was profitable to take them
away and sell them for their bullion
value. And yet, though we were on
gold basis, there was no complaint. Now
that the gold dollar is worth very much
more than the silver dollar. there should
be no surprise in the light Of reason
and experience, that the gold dollar goes
away and leaves the silver.
The only hope OF keeping the two
dollars on a par is 70 make them and
keep them as nearly as possible Of equal
intrinsic bullion value-a difficult under
taking-or for tho Government to prompt
ly redeem the coin notes in silver or
gold, at the option Of the note holder
This latter device is at best only tenn
porary expedient, and must sooner or
later break down under the natural laws
OF finance. The logical result will be the
repeal of the present laws for the pur-
chase Of silver. or falling this, have all
gold go out Of circulation and our finan-
ciaI transactions placed OH a silver
basis, while the rest Of the civilized world
will be on a gold basis.