The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-11-02

Prescriptions of Different Ratios to Be
Continued During Life of Patient.
Governor Stone of Missouri is an ar
dent advocate of cheap dollars and de-
nounces all who favor our present finan-
cial system as being guilty of "unre-
Ienting hostility to silver" In a speech
at Sedalia, Mo-, be declared in favor of
the immediate opening of the United
States mints to the free coinage of sill
yer at 16 to l and said: eff after q fair
trial it is demonstrated that we cannot
Oh that ratio maintain both metals in
circulation at a parity, then congress can
at any time in the future do what it has
done in the past-change the ratio by
decreasing the amount of gold i'll the
gold dollar, or it can increase the
amount of silver i'll the silver dollar, or
it can do both"
This is fair sample of silverite logic
and shows clearly the lack Of any well
defined principle in the 80 cent dollar
agitation. 1t is only fair to Governor
Stone to say that his plan of establish
ing a permanent ratio Of 16 to l be-
tween gold and silver by making the
gold dollar smaller is not original with
him. The idea is taken from that repos-
itory of instrumentation on the money
guestion-''Coin's Financial School"
That the governor of an important state
should indorse such a dishonest PROPOSE
ton is merely evidence Of the ~incapaci-
ty for reasoning which the free coinage
craze produces in its victims.
If Governor Stone really understood
the money question, On which he pre-
sumes to instruct the people of Missouri,
he would know that reducing the size
Of the gold dollar would do nothing to-
ward fixing the commercial value Of sill
yer at 16 to l of gold. 1t is the 90 2-10
grains of pure gold which is the unit of
value. The same number Of grains of
pure silver are worth about One-thirty-
second as much. If the unit of value
were made 20, 10 or 10 grains, the re-
lation between the value of gold and
silver would not be altered in the least.
What would happen would be that every
contract made payable in dollars would
be cut down III proportion to the reduc-
ton in the weight Of the unit, thus rob
bling by law all creditors Of a part Of
their property. The real value Of gold
or silver IN relation to ether cOmmodi-
ties would not change, but the term
dollar" would mean less value than it
does now. In other words, a decrease in
the weight of the gold unit would mean
a debasement Of the currency similar to
increasing the quantity Of cheap metal
used as alloy in coins.
1t cannot be too often pointed ont that
III their last analysis all cheap money
schemes, and especially the free coinage
Of silver, involve positive dishonesty
on the part Of the government. Goods
having been sold, capital loaned or con-
tracts for payment of wages made or a
standard of value established by con-
gress it is coolly proposed that the value
Of goods, capital or wages shall be cut
down by decreasing the measure of val
ues. Such action might be popular with
some creditors and employees, who
would be able to escape from q part OF
their obligations. But every principle Of
common honesty and justice would
stamp Legislation for that purpose as
fraudulent and opposed to the hest inter
ests in the long run of debtors as well
as creditors. Civilized societies have
long passed the stage when it WAS
thought just and e~xpedient to repudiate
lawful obligations.
Governor Stones alternative PROPOSE
ton to increase the amount of silver in
the dollar is not open to the charge
Of dishonesty if he means that the coins
should contain as much silver as would
be worth a gold dollar. But if this plan
is honest it is also absurd and would be
entirely unsuited to the needs u 4 great
commercial nation like the United
States. Our present silver dollar is too
bulky and announcement for general use.
a coin twice rs large, as a dollar worth
its face as bullion would necessarily be.
would not be used ut all. Besides the
continually changing value of silver,
owing to increased or decreased produc-
ton or consumption, would require its
constant recoining at great expense in
order to adjust the coin value to the
commercial value. There is no need of
such Il coin, and as neither silverites nor
sound money advocates want it its dis
advantage need not be seriously discuss
ed. The American people want neither
II 3-5 grains gold dollars or 742b
grains silver dollars, and agitators for
either are merely disturbing business to
no purpose. Neither do they wish to
risk the great dangers of experimenting
with different ratios unless it is sbso-
lutely certain that they will be benefit
ed by the change.