The herald., 1895-07-11
What Is Dollar !?

What Is Dollar!
Editor Herald I'm the pending heated
conflict of opinion on the money ques
tion 1t constantly becomes necessary to
recur to first principles and 10 primary
definitions. One would suppose that
there could not be- much difference of
opinion on so fundamental matter as
the definition of what constitutes dollar.
And yet the whole .range sof discussion
now raging throughout the country con.
stantly reveals, even amongst the learn ed.
as well as the unlearned, O misapprehen.
sion as to what dollar really Is.
What general rule should be followed in
defining a dollarP assume that all will
agree that the same rule should apply in
this case that is adopted in the dsfinition
OF the monetary units OF every country.
Thus. whenever the question arises. ell
ther in theoretical discussions or in the
Interpretation Of contracts in the practi.
cal affairs ofio omm cree; What is pound
sterling the universal answer would be:
Whatever it is defined to be in English
statute books. And this exact definition
would be conclusive, not only In En-
gland, but everywhere outside OF En-
gland. In fact, this def milton is nowhere
disputed. Whatever contests may arise
as to the meaning OF contracts made in
sterling money, IN any part OF the world,
there is not any difference OF opinion as
to this point, namely. that the pound is
and must be as defined in precise terms
by English statutes.
So Of French francs, the same conclus.
i've rule is observed when the question
arises: What is franc?
1t is either so many grammes Of silver
or so many grammes OF gold. as specific.
ally defined by French statutes SO OF
the i'm perial mark OF Germany, and so
of the monetary unit OF every other civil.
IN cl, n fho
question, therefore: What is a dollar2
there can be no chance for equivocation;
it must be whatever the public statutes of
this country define it to be. And il cannot
be construed to be anything else anywhere
inside Of outside the boundaries of the
United States. Contracts made in any
part OF the world. payable in dollars. are
strictly construable as subject TO the def
milton OF dollars by United States statute
books. as are sterling contacts wherever
made subject to the definition in English
statute books of the pound sterling.
Nearly all Americans know that the
legal definition OF dollar is that it is
either so many (4l2}z) grains of standard
(uine-tenths fne) silver. or SO many (25s)
grain. of standard gold. And they also
know. or ought to know, that the NUN
Der of grains constituting each OF these
dual or alternative units, respectively,
have. or ought to have. according to
the true theory of money and accordin G
to the true intent of the fathers who
founded our monetary system. the same
value as like quantities of the general
mass of each metal have before being
stamped or certified by the government.
Inasmucb as the great ocean maintains
a more nearly Interchangeable level than a
small lake or pond $50 the universal mass
or ocean of either silver or gold maintains
a more steady level of value, than would
the msre American product of either
metal (even If it were possible to segre-
gate them or either OF them), or than
would any artificial coined reservoir.
(such as is our present artificial! reservoir
of standard silver dollars.)
And, inasmuch as the two great uni
versal masses of gold and silver, when
connected by an adequate conduit, (to-
wit the free coinage OF both metals.
maintain together, by substitution or by
automatic replacement. much steadier
level than does either mass alone when
entirely disconnected from the other, we
must concede that our forefathers laid
wisely and firmly the foundations of our
monetary system by basing our unit or
standard of value on both the universal
masses of gold and silver, connecting the
two together by free coinage. thus effect
ually preventing any serious divergence
between the dual units. or any great rise
in the value of money.
If the American people had adhered
faithfully to the system founded by the
fathers they would have escaped the sad
experience resulting from the rise of
money which they have suffered during
these last twenty-five years.
In the light OF the true, legal definition
OF our dollar, what sense is there in all
tho talk we hear about "a 80 cent dollar
and "silver fiatism?" By the strict defini-
tion of our public statutes the standard
silver dollar is just as truly legal dollar
and a fundamental unit of value as is the
'fiatism" which now attaches to it
through the iugglery of ignorant EN- mpirics
or OF goldbug shylocks, silver men repu-
diate it altogether! With the free coinage
of both metals as established by the
statesmen of 1892, and as contemplated
by genuine or scientific bimetallism, gold
as merchandise regulates the value of gold
as coin, and silver as merchandise regu .
lates the value of silver as coin: therefore,
under that system, which is what silver
men are contending for. tie silver dollar
would only have the value Of the bullion
that is in it, and the gold dollar would
only have the value of the bullion that is
in it, and there would be no tiat in either:
each would rest, as it ought to do, on its
own merits. 1t is a sheer libel to charge
the silver men with being fatists." 1t
is the gold advocates who are fatists, for
they, and not the silver men, want the
silver dollar artlfcially maintained at
nearly double its bullion value in order to
make it equal to the appreciated gold
dollar.
The silver men want each dollar to have
its own honest value, as so much bullion.
and neither to have. as silver dollars now
have, false. bastard. fat value. If. un-
der this system, gold dollars would be
worth temporarily 200 cents. it would not
be the fault of the silver men. If the
gold in the gold dollar has come to be
worth 200 cents as measured by the silver
in the silver dollar, the gold men, and
they alone, ARE responsible for the hideous
anomaly. And, true to their selfish in.
stincts, they now seek to make the dia-
bolical system perpetual.
II. d. BARROWS.
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