The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1895-07-02
hands OF those who did not produce
What Is an Honest Dollar?

Aiouey. IL tilut Is so, tnen there must b0
some INDUSTRIOUS Juggling with words,
for the very pith and marrow of our
contention i'll demanding tho restora-
ton OF the privilege of full coinage to
silver is for good money, honest money,
n money more honest than gold, a
money that shall be honest nos merely
today, but in perpetuity. The acute
among the gold men very we'll know
that gold money under existing condi-
lions is not an honest money, but an
unjust and essentially dishonest money.
What, then, is an honest dollar? Is it
not dollar which demands ut all times
the same degree of sacrifice to obtain it?
Is dollar honest" only when it is
increasing in purchasing power, when
it is enlarging its grasp over the prod
nets of labor? Is it an "honest" dollar
only when it is eXacting moro from the
debtor than no contracted to pay and
giving more to tho creditor than he
agreed to receive?
Is dollar dishonest when, ON the
date of repayment, it commands precise
ly the same degree of sacrifice that it
commanded when it was borrowed?
In order that dollar may be entitled
to the designation honest" is it neces-
s;iry that at the date of repayment it
should have greater control over hui
man effort than it had when it was Dor
rowcd?
Ono would naturally suppose that an
honest dollar would be u dollar that
would correctly register the sacrifices of
men, so that at the close Of the term of
a loan the creditor, in addition to lawful
interest, would receive as principal not
merely the same number of dollars, but
dollars commanding on the average the
same degree of human effort as those he
had lent.
Are we to understand that after the
making OF contract requiring the pay
mcnt of money n dollar becomes more
and more 'honest" in the proportion in
which its purchasing power increases, to
the advantage Of the creditor and the
disadvantage Of the debtor?
Was tho Gold Dollar IN Honest Dollar In
1873?
The gold dollar having today a pur-
chasing power so per cent greater than
the same gold dollar had in 1873. was
tho gold dollar Of 20 years ago n dishon-
est dollar, and is it today SO per cent
moro honest than it was then, it being mt
both periods of precisely the Same weight
and fineness? And if it continues to in
crease in purchasing power will it CON
tlnue to increase in honesty?
We have heard no gold standard cham
pion attribute dishonesty to any gold
coin of any country ut any date Gold,
they say, is always gold, which in one
sense We grant, and therefore one would
suppose that contract to pay gold would
be the same contract at one time as at
another. Yet ut two different periods of
time it means two totally different
things.
The Demand That Ono Dollar Muss Be
Kept as Good az Another.
The gold advocates say that one dollar
must be as good rs another. But they
do not define what goodness means
What Is goodness i'll the case of dollar?
Is not a just dollar n good dollar? Is
not dollar of unchanging value u good
dollar?
If the dollar they take for their mod
ell is swindlinS dollar, why should
they ask that an "honest" dollar should
be as good Or as bad as that?
II dollar should get to be more val
liable than the dollar of the contract-if
goodness means dearness-then we want
dollar that shall not bc so good We
want dollar that shall demand no
moro sacrifice to get it than the dollar
of the contract-than the dollar that was
agreed to be paid.
Premium on Gold.
When gold alone, or money based
on gold, is the circulating medium of q
country, contract calling for the pay
ment of 81 900 on the spot would on its
face seem to be the same as n contract
calling for the payment of 81 900 at a
future time. because, the sum being in
each case the same and payable III the
same form of money, there would seem
to be no premium involved II, how
ever, men are obliged to give more of
their products for it in the one case
than i'll the other, are they not to all
lntents and purposes paying a premium
on gold? Is it any less premium be-
cause the true character of the transac-
ton is not detected? Values being al
ways stated in terms Of money, never
III terms OF commodities, it is not easy
for the uninitiated to detect variations
III the value of the circulating medium
itself.
Anything that is measured by itself
alone can never present M appearance
OF change No matter, therefore, how
great departure may be made by gold
from its value Mt any former period,
such departure is never denominated n
change i'll tho value Of gold, but ALWAYS
a change in the prices Of commodities.