Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1895-06-22
A Review.

That is to say. according to his
figures, our lawmakers in 1884, after
deci ling for some reason that the gold
dollar was worth fraction over 6 per
cent. too much, reduced it in quantity
not in value, to 23.2 grains,
In 1887, after deciding that the gold
dollar was not worth dollar, they
added, for some reason, 2 one-hundredths
of a grain in quantity to its weight.
Whether these combinations of value
also confirmed the demand for gold is
not stated.
Nor do we learn that the power
which created value IN 1892 also de-
stroyed value in 1887. And, if it did,
it is not stated why.
The JOURNAL cannot help thinking
that behind the Acts of 1892, 1884 and
1887 there were reasons based upon
the relative supply of gold and silver,
especially upon the supply Of gold. Those
Acts were the products, not the manu-
.tacturers of conditions.
Between 1873 and 1878 lies the
transition period, wherein gold took
the place of law-made money. But
that gold became of more value on
that account in commercial estimation
than it enjoyed before, the JOURNAL
cannot concede. 1t merely resumed
its old-time, proper place as the
standard circulating medium of the
people-that is all.
The JOURNAL believes there is but
one standard of value, and can be but
one-that with or without legal con-
frmation by the United States alone.
There can no more be two standards
of money in legitimate commerce than
there can be two standards of matri-
mony in respectable society.
AS to what "the value of gold dol
lar may become" it can never be
worth any more in a rich mans hand
than poor mans. And if it is in the
treasury of the United States to secure
the value of silver dollar to the lat
ter's owner, the more it is worth the
more the silver dollar is worth.
That so-called gold standard legisla-
ton is the cause of our troubles is pure
speculation, and the prophecy that
silver, restored to its status prior to
1878. will make things hum is
phosphorescent fancy.
1t is far more likely that an an
nouncement, authorized by the coun
try, with all the force of Its national
majesty and all the virtue of immov-
able commercial integrity-that every
man who earns dollar shall be paid
gold dollar or its silver equivalent,
would start the wheels going in the
only possible perpetual boom.
The JOURNAL is not on the witness
stand to answer for Senator Sher-
mans action at any time. 1t re-
CARDS him as the most unsafe financial
authority, Charles Foster not except
ed, the country has ever known.
Whatever he did in the way of de-
monetizing silver in 1878, 1t is very GER
tain he came to a point nearer de-
monetizing gold in 1890 than was ever
reached by the most daring financial
adventurer in the country's history
But "B. MS" question can be an
swered satisfactorily to himself, if he
will look beyond the horizon of his
own country and recognize the I'M
alterable fact that there is some fiat
outside the Chinese wall as well as in
side. Whether right or wrong the
commercial nations regard gold as the
only money of final payment, and as
we are buyers as well as sellers, we
cannot pay them in money whose value
depends upon the whimsicalities and
demagoguery of popular legislation.
With them the statement that gold
production exceeded silver at any time
90 millions of dollars" or 100 mil
lions, cuts no figure as an embarass-
ment. On the contrary, it would be
regarded as so much added to the
foundation of business that ought to
be permanently solid and perpetually
safe.
So far as the status of the current
silver dollar is concerned, therefore,
the JOURNAL does not believe it can
be improved. 1t is the only legalized
counterfeit in existence in this coun-
try. In better terms probably, it is
about 90 per cent. cash and 80 per cent.
promise to pay, the latter feature be-
ing the better. Withdraw by free
coinage the gold that now sustains it,
and there will be only so cents left,
and that to the depressing mercies of
the coolest of all unfeeling charities
production.
Perhaps.
In his wise and witty address to the
graduating class of the law department