West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1895-10-03
SILVER THREADS AMONG THE
GOLD"
Money and Other Things.
By AARON w. rRIDERIcK.
Written specially FOR TuE ARGUS.
ARTICLE V.

Hear Mr.. Horr now: "t do not
believe that silver has ever been
demonstrated anywhere in tho world.
| believe that the law OF 1873,
which MIR. Haryey's book denounces
as IL "crime," was honestly con-
ceived, openly advocated, aud pass.
ed by the American Congress after
full deliberation and because the
people who at that time held seats
IN the American Congress believed
that snch a law ought to bo en-
acted"
Hear Senator Thurman, Febur.
airy 10, 1878: al can not say what
took place in the House, but know
when the bill was pending in the
Senate we thought it was simply q
bill to reform tho mint. regulate
coinage. and fix up one thing or
another, and there is not single
man in the Senate, think, unless
n member Of the Committee from
which the bill came, who had the
slightest idea that it was ever
squint toward demonstration"
els it true that there is now by
law no American dollar ?" asked
Senator Coukling, March 80, 1876.
The act (of February ID, 1879
contained no change in the old
unit dollar. IL simply omitted to
mention it rs one Of the coins to be
made at the mint, and practically
accomplished its decentralization, +"
so states the Library of Universal
knowledge published in 1881.
Does that answer Senator Conk-
ling's question Did that act leave
our money unitless and, vague !?
Isn't that strong objection of
sound money men to paper volumes
of currency that the value Of paper
issues is vogue, indefinite, change
able, and preniclous-no stability
in the unit OF purchasing power /?
Tho act of 1878 left no silver unit
dollar. That act degraded the
silver dollar by which the value Of
the gold dollar was formerly deter
mined. Practically the silver dol
lar on the surreptitious basis Of the
gold standard is about co cents.
The other 40 cents is "fat money"
the creation of law. Sound money
people ought to be wary OF fiat
money. Silver is now only token
money, not primary money. But,
after all, IS not the silver dollar yet
the true unit Of value? Your sill.
YER demouetized, dishonored by
law, is entrinSically, they say, worth
GO cents on the dollar. Your wheat
is worth GO cents on the 100 cents
also, that is, three-fifths Of the price
when silver dollar was a legal
dollar-unlt. If you will compare
the prices OF your farm products
you will observe that they tally
very closely with the price OF the
silver dollar as commodity metal.
You will find that your wheat and
corn and oats, as we'll as silver,
have been demonetized; that silve"
is in fact the real doIar-unit OF
money values Of produce and prop.
erty these hard times.
"The main reason given in Con.
gress at the time OF the passage OF
the coinage act for ceasing TO coin
the silver dollar" ] quote from the
Library of Universal knowledge,
"was that it's value was per cent.
above the value of gold dollar"
The act of 1873 robbed silver Of
monetary value By shutting of the
demand for it as coin. Shut off
one-haH the demand for any ar
ticle and the price must depreciate.
Increase the demand for any article
and the price rises. Thus the
monetary demand for silver has
been outIawed and the monetary
demand for gold has been increas-
ed. Accordingly gold has appreci-
ated from a money commodity TO a
simple market commodity. Yet
some people assert that silver is
cheap by reason Of over production;
however, Mr.. dorr docs not so CON
tend. Strange, isn't il, that silver
was too dear-always at q premium
before 1S73--to be used FOR money.
and now TOO cheap TO be rcmonet
lied
But says Mr.. Horr, "I do not
believe that silver has ever been
dcmOnetizcd anywhere in the
world" That is the gauzy decep-
ton practiced upon the people.
The people, nevertheless, are not
blind in broad daylight.
"The legislation in Congress to
complete the dcmouetization OF
silver was closed in these words
'The silver coins Of the United
States THE dollar having been pur-
posely dropped shall DO a legal
tender at their nominal value for
any amount not exceeding FIVE
dollars.
NOT EXCEEDING FIVE DOLLARS :
Go TO pay a debt Of 800 and only
s. can be paid IN silver small com
and the balance in gold, bank notes
not being legal tender between
common people. Go to pay 81 900.
You can pay So ia silver and 1895