Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1895-11-08
DECEASED CURRENCY,
WHAT A PROMINENT siLveRlTe's
PROPOSITION MEANS.

Would Decrease ihc Weight OF the Gold
or Increase Tint of the Silver DoIIhr.
Prescriptions of Different Ratios to BE
Continued During Lilo of Patient.
Governor Stone Of Missouri is IN ar-
dent advocate of cheap dollars and de-
hounces All who f;ivorOur present finam.
cial system as being guilty of "uure-
! Renting hostility to silver" In II speech
ut Sednlin, Mo, he declared in favor of
the immediate opening of the United
States mints 10 the FREQ coinage of sill
yer ut IL to and said: "If after fair
trial it is demonstrated thrt we cunnut
Un that ratio maintain both metals in
circulation 1T Il parity, then congress can
mt amy time i'll the future d. what it has
dono i'll tho Iast-clamge the ratio by
decreasing the amount of gold in the
gold dollar, or it can increase the
amount Of silver in tho silver dollar, or
it can do both"
This is IL fair sample of silvcrito logic
and shows clearly the lack of any well
defined principle in tho 30 cent dollar
hSitation. 1t is only fair. to Governor
Stone To say that his plan of establish.
ing permanent ratio of is tn hc-
tween gold and silver by making the
gold dollar smaller is not original with
him. Tho idea is taken from that rcpos-
itory of misinfornutim on tho money
Coins Financial School "
That the governor Of TN important stutd
should inlorsc such dishonest propoSi-
ton Is merely evidence of the inctpaci-
~ for reasoning which the free coinage
craZo produces in its victims.
If Governor Stone really understood
the money question, on which he pre-
suInes to instruct the people of Missouri,
he would know that reducing the size
of the gold dollar would do nothing to-
ward fixing the commercial value of sill
vor at u to | of gold. 1t is the % 2-IO
grains of pure gold which is the unit of
value. The Same number of grains of
pure silver are worth about one thirty
second rs much. If the unit of value
were made 20, 10 or 10 grains, the re-
lation between the value of gold and
silver would not he altered in the least.
What would happen would no that every
contract nude payable in dollars would
bn cut down in proportion to the rcduc-
tion i'll the weight of the unit, thus rob-
bling by law all creditors of II part of
their property. The real value of gold
or silver III relation to other commoli-
ties would not change, hut tho term
dollar" would mean less value than it
does now. In other words. II decrease i'll
tho weight of the gold unit would mean
dchascmcnt of the currency similar to
increasing tho quantity of cheap metal
uscd as alloy in coins
1t cannot he too often pointed ont that
iii their last analysis all cheap money
schemes. and especially the free coinage
of silver. invulvc positive dishonesty
on the part of the government Goods
having been sold, capital loaned or con
tracts for payment of wages made nr IL
standard Of vuluo established by con
gross it is coolly proposed that the value
OF goods. capital or wages shall bo cut
down by decreasing the measure uf val
ucs Such action might DO popular with
some creditors and employees, who
would 10 able to escape from part of
their obligations. But every principle of
common honesty and justice would
stamp legislation for that purpose ms
fraudulent and opposed to the hest inter
ests IN the long run Of debtors as well
as creditors. Civilized societies have
long passed tho stage when it was
Thought just and cxpedicnt to repudiute
lawful obligations
Governor stones alternative PROPOSE
ton to increase the amount of silver in
the 'dollar" is not omen to the charge
of dishonesty if no means that the coins
should contain as much silver us would
no worth gold dollar. But if this plan
Is honest it is also absurd and would be