Capital journal. (Salem, Or.) 1893-1895, 1895-05-09
THE PITY CENT DOLLAR.

Loaf their senses and are not yet ready
70 70 10 for fifty-eeDt dollar BY IN
limited coinage Of silver dolIaFs worth
6fty centA-SaIsm Statesman.
There ls much talk by shallow pates
and NOT little wilful dsmagogery 10
the use Of the term ct the bead Of
this article. II u as unfair and ~ IN
just term a. can well be coined. 1t
would be far less unfair and less unjust
70 say that because the gold dollar will
buy twice ~ much labor, wheat Of
cotton - twenty years ago. that there
fore Il Il = 200 cent dollar.
The bullion value argument Is The
only real objection 70 free coinage o.
silver and that would be removed tb'
moment we establish free coinage oI
silver as legal tender money at fixes
legal ratio. 1t Is the only way IL cAI
be removed. Any attempt at any
other ratio Is inconsistent, un-Amen
can and impractIcable. Even the Ore
eonIan admits the faIlacy Of the bullion
value objection 10 free coinage dollars.
IL says:
The silver fanatics will not have
mint ratio based on the market ratio.
That wouldn't mean "cheap money
But Il is due TO truth TO say that
there are difficulties on the other side
Of this question. II is eHceedingl.
doubtful whether, II the United States
should adopt q mint ratio 70 cores
pond TO the market ratio, and should
make the silver dollar twice as big a.
Il Is, silver would be freely coined and
no into circulation on an equality with
gold. The. relations between the two
metals throughout the world are
greatly strained. Their actual ratios.
their Kelatiye values. are exceedingly
uncertain. Should we put twice ~
much silver into our silver dollar as II
contains DOW, II Is very doubtful
whether we should hit the actual mar
ket ratio, for that ratio has recently
undergone mort violent fluctuations,
and IL yet by no means settled. IL Is
most improbable that any attempt by
single nstion 70 hx q ratio would be
successful. We never could hit y ratio
st which the two metals would "trot
together. .D--oregonian, May s.
The market ratio or bullion value
ratio 10 sn ADsurdIty and impossIbillty.
II tins country would attempt TO put
bullion value into its dollars 10 make
them legal tender by intrinsic value,
our coinage metal would DO entirely at
the mercy OF the silver mine owner and
bulllon merchant The moment they
could, BY diminishing their output or
corneFlng the product, drive the price
of silver above the olniAge value, the
coined silver would DO melted up And
40 out Of circulation. That was the
trouble with silver prior 10 1873. II
was coined 10 70 and WAS premium
over EnEopsan coinage ~ l6i 10 ] aud
vas constantly leaving tho country
shipped - bullion.
The American gosernment cannot
solys the silver problem BY attempting
lo pat hundred cents worth Of bul'
llon into the American silver dollar
FoT over twenty years our goysrnmsul
hs4 treated silver - = nsfe commodity
Al that has bssn used or coinsd has
less fioaisd by nasking Il oniy limited
issai tender money and oniy ~ u was
gsassmstls ln gold u has not beso
ss,ismpllon m0nsy only - lhs severn
msBl nnslly TsdssHsd u by Inter
changing n silb sold.
Eysfy student u nnanos Knows that
shs yalus " gold Il not only snhanoea
bei aksd W IA unlEsgssl nss ~ nlonsy,
DspnFs li " lhsl monopoly foI mon
sisgy paip~ss and h9w nueh wosld
~ valss shaskY yag nofs lhaa silysi
has bseanss ~ llss $50 asslals silver 10
fsf megs ussiul ~ ihs sIis snd lhs
psaeilesl ailaim VI liis, issslois silver
- ~ Flsblial plses ~ nlsnsy ou sgssi
issms NliD sda sad 90 oss osp ssy
fhsl lbs sDfsg aollsg souia nel ~ 20
pssmiss ~ a aia pflef ~ lsis.