Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1895-11-07
DECEASED CURRENCY.
WHAT a PROMINENT SILVERlTE'S
PROPOSITION MEANS.

Would Recrcnse the Weight of tho Gold
or increase That of the silver Dollar
Prescriptions Of Different Ratios to lie
Continued During Life Of Patient.
Governor Stone of Missouri is an ar
dent advocate Of cheap dollars and de-
nounccs all who favor our present tinau-
cial system as being guilty Of 'unro-
lcntinE hostility to silver. " In n speech
at Scdala, Mo, he declared in favor Of
tho Immediate opening of tho United
States minta to tho free coinage Of sill
yer at lG to and said: IF after II fair
trial it ~ demonstrated that we cannot
on that ratio maintain both metals i'll
circulation at n parity, then congress can
Mt any timo in the future dOWhat it has
dono in tho pust---chanYo the ratio by
decreasing the amount Of gold in tho
gold dollar, or it can increase tho
amount Of silver in tho silver dollar. or
IT can do both
This is fair sample Of silvcrito logic
and shows clearly the lack Of any we'll
defined principle in tho 80 cent dollar
agitation II il only fair to Governor
Stone to say that his plan of establish
ing II permanent ratio Of IL to be
tween gold aud silver hy making tho
gold dollar smaller il not original with
him. Tho idea is taken from that ropus-
itory of miSInlurmatiun on tho money
quest iun--"C Coin = Financial School 4"
That the governor of an important state
should indorsc such dishonest PROPOSE
tion is merely evidence of the incapaci-
ty for roaSorlnG which tho FREQ coinage
CraHo produces in its victims.
II Governor Stone really understood
the money question, ON which he pro
sumcs to instruct the pc"plc oi Missouri,
he would know that reducing tho size
of the gold dollar would do nothing to-
ward fixing the commercial value Of sill
YER ut 10 to of gold. 1t is the % 2 70
grains of rurc gold which is tho unit Of
value. Tho Same number of grains of
pure silver arc worth about one. thirty
second ms much. If tho unit Of value
were made 20, II ur 10 grains, the re-
lation between tho value of gold and
silver would not ho altered III the least.
What WOULD happen would he that every
contract made payable in dollars would
Inc cut down in proportion to the rcduc-
ton III the weight Of tho unit, thus rob
bling by law all creditors Of a part of
their property. Tho real value Of gold
or silver IN VIOLATION to other Cummudj
tics would not change, hut tho term
"dollar" would mean less value than it
does now. In other words. decrease III
tho weight Of the gold unit would mean
n dohaScmcnt of the currency similar to
increasing tho quantity Of cheap " tai
used rs alloy i'll coins.
II cannot he too often pointed C,t that
III their last analysis all cheap money
schemes, and especially the free coinaA'
Of silver, involve positive dishonesty
on the Fart of the government. Goods
having been sold, capital loaned or CON
tracts for payment of wages made or II
standard Of Value established Ivy com
gross IT is cOolly proposed that the valuo
of goods, capital or wages shall be cut
down hy decreasing tho measure Of val
ucs. Such action might ho popular with
some creditors and employees, who
would hN able to escape from u part Of
their obligations But every principle of
common honesty and justice would
stamp legislation for that purpose rs
fraudulent and opposed to the best inter.
csts i'll the long run If debtors rs well
as creditors Civilized societies have
long passed tho stage when II was
thought Just and eNpedient to ropuiiae
lawful obligations
Governor stones alternative PROPOSE
tiou 10 increase the amount of silver i'll
the "dnllar is not open to the charge
Of dishonesty il he means that the COINS
should contain as much silver rs would
bo worth gold dollar. But il this plan
is honest it is also absurd and would h1