The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1893-07-22
A "HUNDRED CENT? SILVER
DOLLAR.

The Atlanta Chamber OF Commence
which, like all other societies of bust
ness men in the country, wants the law
of 1890 repealed, wants also silver
dollar coined that ''shall contain
enough silver to bring 100 cents of gold
in any market OF the world" The de
sire is natural, but the thing desired is
impracticable. When the United States
Mint was established early IN Washing
tons administration the ratio of coinage
was put at I to IS. That is, one
ounce of gold was to count the same
in the coinage as fifteen ounces of silver.
The legal ratio at that time agreed, in
deed, very closely with the market
ratio. The silver dollar of that age
contained about "enough silver to
bring 100 cents Of gold in any market"
Soon afterward, however, silver began
to cheaper relatively to gold, and in
1894 the ratio was changed to about
to I6, proportion which has remained
ever since. While under the old ratio
there was too little silver in the dollar,
under the new ratio there was, for
many years, too much, and as persons
pay debts IN the cheapest coin avail,
able, they paid them IN silver in the
earlier period, gold disappearing alto
gether, and in gold in the later period,
silver vanishing.
There was too much silver in the
dollar from 1884 to about 1873, and
there has been too little in all the years
since then. In the latter part of 1873
the I6 TO 1 ratio was right II to
would have been the thing in 1875, IS
to in 1878, 10 10 IN 1884, 40 to I
in 1886, 81 to 1 in 1887 and ~ TO
in 1883. Then silver rallied little,
and smaller quantity of it would ex
change for a given sum in gold
Later on silver started down again, and
two weeks ago the market ratio was
about 80 to at one time, while the
average of the past few days has been
around 20 to I. Under the plan of
putting 100 cents worth of the metal
in the silver dollar all of those coins in
circulation would have had to be called
in and recoined in the years named,
At the present market ratio the coin
would have to be nearly twice as large
as 1t is now to be equal in intrinsic
value to gold. No nation could or
would endure the inconvenience and
expense which this continuous alteration
of coins would entail
This whole attempt to retain two
monetary standards IS blunder, and
the longer the attempt is Kept up the
more costly and bumiliating the
blunder becomes. The money metals,
like all other articles, vary IN value, but
they do not vary at the same time, to
the same extent or in the same direc-
ton. A ratio established to-day may
be altogether false next month or next
week. In fact, ratio fixed now would
stand fair chance of being broken
before the first coins under 1t could be
issued from the Mint. 1t is as absurd
to think of maintaining a fixed relation
between the value of gold and silver as
it is between wheat and iron, coal and
cotton or lead and pork. Governments
are as powerless to do this as they are
to reverse the course of the heavenly
bodies or to make time stand still.
The one hundred cents silver dollar is
an impossibility. The production of
any more silver dollars at any ratio, the
purchase of any more silver bullion and
the issue of any more silver paper
should be stopped Immediately.
Silver's natural place in the circulating
medium is purely subordinate aud
subsidiary one, and the sooner this fact
is recognized in legislation the better
for the country.