Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-07-11
TRADE DOLLAR OBJECT LESSON.


money, or which is the same thing.
give It value independently q
the actual value Of the materia
OF which it is composed, then al
the philosophers and statesmen
and political economists who have
written or legislated upon the sub.
ject have been mistaken, and ali
the labor and taxation to which the
people have been subjected in the
past have been unnecessary and un.
iustiAable. (Applause.) The prom
Use of the Government, or Of
an individual, to pay money is quite
different thing from mere declare
ton by law, or otherwise, that Ger.
tain thing is money. The promise
may be good on account of the solv-
ency and integrity Of the party that
makes it, and it may have purchas-
ing power equal to the amount OF
money specified, but ut last it can be
satisfied only by the payment Of actual
money. It is the promise OF the Gov
eminent, its pledge to maintain the
parity of the two metals, and its de-
termination and ability to do SO, that
now keep the purchasing power Of the
silver dollar equal to the purchasing
power Of the gold dollar; but the
moment free coinage is established
for the benefit Of private in
dividuals and corporations, this
promise would cease, because the
Government would be under no obi.
cation whatever, moral or legal, to
tax the people at large in order to
keep these private coins as good as
gold. lApplause.) The silver dollar
coined under such 4 policy-that is.
coined for private persons and not on
account Of the Government-would be
OF no greater value than the bullion
contained in it, unless the fiat Of the
Government, the stamp Of the mint,
should impart additional value to ii.
That it would not do SO was thorough
" demonstrated in the case Of trade
dollars coined under the act Of Febru-
airy 10, 1873. Applause.
They were coined free Of charge and
delivered without expense to the own
ers Of the bullion from which they
we're made, and they contained 42O
grains of standard silver, or thirty-six
grains more than the quantity con-
Eained in two half dollars, or four
quarters, or ten dimes. The trade
dollar was legal tender in the pay
ment Of all debts, public and private,
not exceeding IS in amount, just as
The half-dollars, quarters and dimes
we're under the statute then in force.
Now, if the fiat of the Government, il
The stamp Of the mint, is sufficient to
impart value to a coin here was an OPP
portunity to demonstrate the fact.
But what was the result! The trade
dollar, as I have said, was
,QIned for private individuals and
delivered t6 them for their own
use, Just what is now proposed
10 be done with the silver dollar but
The small subsidiary coins we're made
BY the Government on its own &C.
count and paid odt,by it for its own
benefit, with Q pledge in the law TO
redeem them on presentation in law
lul money, and the result was that the
value Of the great big trade dollar.
With precisely the same legal tender
1uality as the small coins, and with
he stamp Of the United States Mint
lpon it, declaring it to be q dollar,
vent down to less than eighty cents,
corresponding exactly with the actual
,aIue at that time of the metal con-
aimed in it, while the little coins,
With the promise of the Government
behind them, have maintained their
,alue and their full purchasing power
t all time. Applause. Secretary
Jarlisle, at Louisville, KY.