The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1895-03-23

have been coined at the ration of : to !
and would he about the size of the present
half dollar, and like the present dollar
would have been worth 50cents
The unlimited coinage of silver at the
ratio of Is to would have the effect of
flooding the country with silver dollars
intrinsically worth 30 cents, and as it
would only be ii question of time when
silver would supplant gold, the holders
of gold would at once take it out of circul-
alton, and silver would he put on "A bullion
value basis, and instead of bi-metaliSm, we
would have monometalism with silver as
the basis. Because silver dollar can now
be exchanged for gold one or greenback
which represents gold the silver dollar
worth 30 cents, passes at its face value,
but just as soon us it would be impossible
to exchange it for "a gold dollar, worth 100
cents as bullion, then the value of the
silver dollar would be determined by its
value as bullion The very fact that a
silver dollar is accepted to day at its face
value, because it can be exchanged for 100
cents worth of gold, is the strongest evid-
ence that money must be intrinsicilly
worth what its face calls for, or be readily
exchangeable for money which has this
value.
AS the price of silver is subject to change
IL iS INN hla for Nation c;,, 10
ed to determine on ratio that will remain
fixed. A silver dollar coined to day at the
ratio of 81 to would be worth as bullion
100 cents, but a month hence, on account
of the change in the price of silver, it might
be worth 81 cents, or lob cents, according
as silver rose or fell in the markets of the
world. The early fathers experienced the
same difficulty in dealing with the silver
dollar. The first silver dollar coined was
at the ratio OF Is to 1 the bullion value of
the silver in this dollar was 81 cents
Foreign silver flowed into the United States
was coined into 81 cent dollars, and ex-
changed for gold dollars containing 100
cents worth OF bullion and the gold taken
to other countries. 10 prevent the out
flow of gold the ratio was changed to Is to
| {; this made the silver dollar worth as
bullion, lob cents. The effect of this
change was to bring the 100 cent gold
dollars back, exchange them for silver
and the silver flowed out of the country
under the new ratio, just as the gold did
under the previous one. Therefore it will
be seen that with no ratio in force accent
able to the world and with the constant
change in the value Of silver bullion, it
would he impossible for any nation by it.
self to coin a silver dollar that would at all
times be intrinscally worth, or acceptable,
at it's face value.
In order to meet these conditions, and
keep silver at all times at an exact parity
notes, redeemable in silver according to
its value as bullion in the markets of the
world BY this means silver note would
he exchangeable for one hundred cents
worth of silver bullion, just as a greenback
is now redeenlable in 100 cents worth
of gold bullion, which is gold dollar.
Under this arrangement, no matter what
the price of silver might be, the holder
of silver note would feel assured that
when it became necessary to exchange it
for silver he would receive 100 cents worth
of bullion, worth 81 90, in any market of
the world. This arrangement would put