Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1893-10-28
TIL: SILVER QUESTION:.
FOR SURVEYOR:
WILLIAM J. SllUcKLEY.


In view of the vagucncss Of much
of the talk about our finances, il is
well occasionally To- see Just what the
coins are that are under discussion.
We now have in lISc four silver aud
five gold coins The silver coins are
the dime, the quarter, the half dollar,
and the dollar; the gold coins are the
dollar, the quarter eagle. the halfeaglc,
the eagle and the double eagle
The values of these coins are Of two
kinds: the value given 10y law and
the intrinsic value Onc of the crucial
facts in the present monetary contro.
vcrsy Is that the legal value and the
intrinsic value i, the same in tho case
of all the gold coins. They are worth
no more when coined than when beat
en- out of recognizable sllaIc: and they
are Of nearly staple value all over the
earth in America or in Europe.
But in the case Of the silver coins
there is a wide Discrepancy between
the legal and the intrinsic valucs. \
piece of silver which tie law compls
Il laborcr To take for dollar ia pay
mcnt for work could be bought; il mol
coined. Tor sixty-iivc cents II taken
10 London or Paris il could be- sold
only for sixtv:ivc cents, whether with
ar without the governments stamp. In
other words It's intrinsic value is only
sixty FIVE cents.
80 of the other silver coins. The
legal value of the dime l.. ten ccnts :;
the intrinsic value only six and eight
hun'lredilis cents The quarter is worth
by law twenty five cents. intrilnsicaly
about fifteen cents The half dollars
intrinsic;lly l. worth thirty cents
Legally, Ten silver dollars are equal
in value To one eagle intrinsically an
eagle is worth more than fifteen silver
dollars.
y natural question here is, why is
there such a variation in The relative
value of coins of the Same system. in.
tended To circulate together, and to
he received in business ind'llcrcmtly +?
A. 10 the subsidiary coins, the dimes,
quarters and halvcs, the answer is that
the quantity Of silver contained IN
them was fixed hy law many wear,
ago, when the intrinsic value of silver
was advancing; and il The quantity Of
silver IN these coins haI then been
made enough Ia equal their legal
value. in II few wears. their intrinsic
value would have gone beyond their
legal value; aud they would have been
worth more us bullion than rs coin.
Consequently, there would have been
Il profit Ia melting the coins and they
would have disappeared from circula
iion. Moreover. "a. small coins are moi
made legal tender. and arr really only
tokens, there is no harm done in
having them light weight.
But with the silver dollar the cnrlsc-
In"nrcS are more serious 4 man who
las contract 10 make on which he
will he paid year hence, wonders
whether he will be paid in hundred
cent gold dollars OF IN sixry-fvc cent
silver dollars. As Ing ~ the 'nitc,l
States government l. willing to bolster
up the siXty-.ive cent, ii government
credit. tie business i.,am does not care
which dollar he viii get Ent when
he becomes dou'l:ti how long the
government will be abb 10 keep ~
The parity between the two doIlar>. h.
derlincs 10 make contracts, AN busi
ncs- j. said to- b. "d'prrsse,l."
The nc,hod by which lhc.c two
dollar. 90" woril. only sixty five cents
arh the other worth one hundred
ccnIs, are kept "ioai is hy virtue oi
added value given hy ihc governments
promise {" t,sr an il, /, snirtrs in keen
ih" hnidcr> of siNiy-livc cent dnllars
eccmrc against los lmlcss The govern
mcnt continue 20 de- ihis. i, Will lc