The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-21
HONEST MONEY.
I Conlmuei from First Pnac.l


ora oithis law well knew what tho ellcct
Of huch 0 legal ratio would DO In case 1t
did not conform TO the commercial
ratio. but tho great object In view va,
Tho restoration Of gold to tho circula.
ton, anu all other considerations wore
Hubordimtod to that. Doubtless many
OF thctu Atill believed that the so.cnllcd
double standard could DO maintained,
and that the coins Of the TWO metals
could be kept In circulation together at
tho new ratios but they wero mistaken.
Silver wen, out aud gold came in. The
gold basis was established In 1884, by
tho practical operation OF tho ratio, Just
NJ completolo and oiIectuRlly IA II It
had been expressly declared in the
statute. Hero, then, were two expert.
ments In the ir0e coinage OF tho two
metals in this country, covering n
period Of einhty.one years. nj legal
ratios very nearly corresponding to the
real relative values In tho commercial
world, aud they boE, falled-in ono ease
because silver WAS overyalnod, aud In
tho other case because gold was over.
valued. A very small percentage OF
difference between tho legal ratio and
tho commorcial ratio has always been
found sufficient in modern times to
drive the un der.valued metal entirely
out and substitute tho other, or paper
based upon the othor, in its place, and
no Ccngross or Parliament can repeal
or alter tho natural law OF trade by
which this movement OF the metals Is
governed.
In 1853 Congress, in order to maintain
the circulate OH OF subsidiary coins
halt.dollars, quarters, and dimes-re-
dnced the weight Of the metal contained
In them and made them legal tender
only on the payment Of sums not eX-
coeding iyo dollars In amount. Under
this act the value OF the bullion on
tanned in two hali.dollars, four quarters
or ten dimes was not equal 10 the value
Of tie bullion contained in either a gold
or silver dollar, aud consequently these
small limited legai.tender coins went
into circulation and remained IN use
until expelled By the cheaper paper
currency Issued during the war; not be-
ing full legal tender, they could not
drive out the gold coins.
This was the condition Of our none.
tary system at the time the act OF 1878
was passed. Our legal position was b..
metallic, but Il actual measure OF
value was gold, and our actual circnlat-
ine medium was paper, with IL purchas.
ing power measured from tho gold
standard. We had no silver. and it had
no influence whatever on our prices, or
on our ability to pay debts. The act OF
1873, therefore. did not and could not
take away from the people OF the United
States any advantage then possessed.
but it did prevent the coinage OF full
legal-tender silver dollars thereafter, and
the act Of 1874 destroyed the debt-pay.
ing power Of the old standard dollar
coined before 1873. except in sums not
e~xcseding five dollars. II there had
been any such dollars in circulation or
in existence here this latter act would
have abridged the ability OF debtors to
discharge their obligations. but as there
were none /. had no practical effect at
that time.
ETFog Ts TO HOLSTER siLvEE
Thus We remained until 1878. We
had tried to keep the legal tender coins
OF the two metals in circulation at the
same time under a system Of free coin
age, but had utterly failed. In 1878 a
new policy was adopted, and it deter
mined to restore the standard silver
dollar to the coinage aud to circulation
with full legal tender qualities, not by
opening the minis 10 its free and un-
limited coinage on individual account,
as Is now proposed, but BY providing
for the purchase and coinage Of not
more than four million dollars worth.
nor less than two million dollars worth
OF silver bullion each month by the
government it.elf. Under this act, and
the so-called Sherman act, aud the act
providing ior the recoinage OF the trade
dcllars, there have been coined ut tho
minis OF the United States and put into
circulation during seventeen years S397..
652, SI3 in full legal tender standard sill.
yer. as against SS,030,0O coined during
the whole previous existence OF tho
governmental period OF eigh.y.nine
years. In other words, there have been
coined and put into circulation among
the people. in coin itself or in certificates
issued upon it. nearly fifty times as
many full legal tender silver dollars as
were produced a. the mints OF the
United State, from 1902 to 1878. aud yet
some gentlemen are writing books and
making speeches TO convince their fell.
low citizens that silver Is demonetized
in this country. There was never in
our whole history one-third as much
legal tender silver in use in the
United States ut one time ns there
is snow, and it 10 used without depriving
us OF all our gold. which was never done
before. Silver ia not d~emonetized in
this country, but its coinage has been 80
limited and regulated by law and tho
financial affairs OF the government have
been so conducted that up to the pres.
eHt time its purchasing power has been
preserved and its circulation 10 a large
amount has been maintained concur.
rently with other forms OF money, not
withstandin2 it has been coined at a ra-
ito which doe. not conform to the real
value OF the metal contained in it. ! Re.
peat that liver is not hcnonetized, and
the question presented TO US by the az
itation now going on is not whether il
shall be ~demonetized in tho future, but
whether the mluls Of the United States
shall be thrown open to all the silver
in the worldthat any individual or cor.
poration maydesiro to have coined, FREQ
OF charge. into legal tender dollars
that is, legal tender in the United States
only-a, the ratio OF lG to l.. In order
TO discuss this subjec. intelligently va
must understand distinctly what i, pro-
posed by u opponents, and Fortunate
ly there Is no difficulty upon this point.
WHAT FREE COINAGE NEANs