Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-09-19

result OF an effort TO restore gold to our circu
democratic congress in 1858 as the best tina
could be attained under existing conditions
and as conditions have grown UNNECESSARILY
thing that We can do now Is to follow the ex
ample set for by democratic statesmen IL
they did. and coin silver and fractiona' silver
as subsidiary metal and coin all that will
doat at par with gold.
It is said that the congress of 1853 did no,
disturb the silver dollar piece and did not pre-
scribe any limit TO its coinage.
about 80 q these es our
had been coined since the opening OF the mint
a IN iasS. while during tas same time we had
yer. The fractional coin, halves quarters and
dimes. had always been the popular coins
convenience. Mr.. Hunter recognized this fact
In his report.
From 1913 to 1877 We coined s2200Ooo0 of sill
yer and only about 100000 of dollar pieces
and they were nearly all, ii not all. coined fol
export.
it was on account of this fart. so stated in
the letter OF the secretary OF state in 1906 that
Mr.. Jefferson stopped the mint from coming
dollars and ordered the coinage of halves
The one mint we then had could only coin
about 3d. 600 year. 1t could not supply the
demand for coins for our circulation. and al
the same time coin dollar pieces to be exported
to Asia to aid persons who were engaged in
that branch of our foreign trade
President Jefferson thought that the min,
should be operated in coming the fractional
pieces that were demanded by our people for
domestic circulation.
capable Of Coming 5000 900 YEAR! ana in issa
new minis were established at Charlotte, n.
c.. Dahlonega. Ca. and New Orleans La.
Our mint capacity being greatly enlarged
President Jackson had them opened again to
the coinage Of dollar pieces. but very small
amount was coined. and that for export.
No one would ever have dreamed of coming
silver dollars for our circulation, either with
or without limit. if silver had remained AT a
premium as ii was in Is 8.
The silver dollar is an inconvenient coin. and
the law Of convenience expelled it from our cir
culaIion.
Mr.. Jefferson. when writing on coinage.
said that convenience was the first principle
to be observed in determining the character Of
coins.
dollar pieces instead OF the halves, quarters
and dimes, and the result is that the silver
dollars TO very large extent. have found their
way into the treasury and the more convenient
silver certificates have been taken out in their
stead.
We tried the 2o-cent. scent and Scent
cause of their Inconvenience. We tried the
80. the $50 and the 81 gold piece They.
reason.
There is no argument to be drawn from the
fact that congress did not limit the coinage OF
the silver dollar in 1888 because in that act
congress was not regulating foreign commerce
but providing for the means of domestic cIrcu-
latiOn.
think have shown that opening the minis
to the unlimited coinage Of silver at Is to un-
der present conditions would inevitable expel
gold and establish silver as the standard of
value and make it the only metallic circula-
ton.
object to the silver standard being adopted
in lieu of the existing standard because it will
defraud all creditors out of one-half of the
value of their debts.
Every debt conti acted since January I. 1879
was contracted on he gold standard.
The debtor honestly owes the value Of % -
l1P.r< fo- <J1JI
the creditor is honestly entitled to receive it.
When 1t was proposed years ago to
demonetize all the coined silver OF the world
joined with other friends Of silver in denounc-
ing the monstrous proposition, because it was
and TO bring all debts IN this country contract
ed on a paper standard. much Of it at les than
80 cents on the dollar, to par with gold.
silver dollar on the silver standard for the gold
dollar the same that We all condemned. ex ept
it is the creditor now who Is to be the victim
instead of the debtor. then:
Whenever 1t has been propo ed to change our
standard OF value our statesmen have recOg-
nized the delicacy Of the subject. and have
acted with the greatest deliberation and cir
In 1884. when they changed the relative val
not change the weight of the silver dollar be-
cause 1t was the standard OF value upon which
all existing contracts were made, and it was
the money of payment.
In 1883 they did not change the weight Of the
gold dollar because at that time |. was the
the money OF payment.
In each case they changed the weight Of the
coin that did not affect contracts.
When congress was about to establish the
first mint OF the United States Mr.. Hamilton
then secretary OF the treasury. submitted the
examination and such suggestions as he thought
proper to make.
Mr.. Jefferson said to him in reply: Il very
much doubt a right now to chang The value
and especially to lessen it, It would lead to so
easy a mode OF paying OF their debts
No person would receive the least benefit
from the change Of standard to silver except
the man who owes 100 cents and wishes to pay
it with 50. He would under the silver standard
half of wba. he premtsed He Would pas have tine the
other half OF his neighbor's property for moth
in This would be gigantic scheme to en-
rich one-half OF community by despoiling the
other half.
Wherever there is debtor there is creditor.
and he is entitled to the same protection as the
debtor, and democracy stands for equal and ex-
act justice to all. or it stands for nothing
emit debtors by 4 bankrupt law. but the adop-
ton of the silver standard now would dis
charge all solvent debtors from one-half the
obligation OF their contracts. even though
class they might be the Weather part of the
object 10 the silver standard again because
It is not the standard of the country with which
We conduct our largest commerce.
Mr.. JEFFERSON says: 10 trade on equal terms
the common measure of value should be
nearly possible on a par with that OF its cor
espondiny nation. whose medium is in a sound
state. The reason for it is. as he says. being
Of universal value, it will keep itself on n gem
eral level, flowing out from where it is too high
INTO parts where it is lower
Gold Is the common measure OF value OF The
people with whom we carry on nine-tenths of
Dur foreign trade and according to the prnci-
as good authority. gold should be
)ur standard as 1t has been since the days OF
Van Buren, Polk, Pierce and Blu
,hanan. except during the war period from
1861 to 1879. when paper was the standard
II we supplant gold with silver. then We have
two standards OF valve for all the articles that
n this country by the silver standard and sold
n Europe by the gold standard. There must
De between these standards constant huctua-
ions. Two-thirdS of all our cotton must be
exported and sold By the gold value. The
price of the whole crop at home and abroad
will be fixed by, the gold standard. but every
pound Of it will be sold By american farmers
1y the silver standard.
When the American farmer sees cotton
Liverpool. he knows that it il much in gold.
put he does not know how much the silver will
e W,ta ean te from . p ms
n silver what cotton will be worth in silver or
What silver will be worth in gold.
Instread of legitimate business exchange
where everyone knows with what value he
parts ard what he receives. our products Will
be sold by a system OF commercial gambling
With a riuctuating standard by which the pro-
iucer must in every instance be defrauded.
II a cotton spinner in Europe should send
'100.0Oe in gold to tine United States to buy
.otton the buyer would first have to convert |
lis gold into silver. He would look at the |
market prices OF silver, and If he should
ind at the time that one dollar in gold was
worth two in silver, he would buy 200 900 silver
olIars. II. before he purchased the cotton. |
silver should fall ~ per ceE,. someone would |
lave to bear that loss. The cotton buyer has |
o answer to his principal for 100000 worth OF |
otton on tks gold valuation He must either
oSe the 10 per cent make the cotton-pro- !
Iucer lose it. He can not carry on his business |
" assuming such risks himself.