The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-05
WHAT is A DoLLARf
"A PeitAsylvanian Attempts to En-
tighten the Public.


1t Is admitted by both sides in the
present financial controversy that the
standard has been double, gold and
silver having been used from the first
Qt92). Such changes were made in the
weight of coins at different times as to
maintain the equivalency of the gold
and silver dollar; and these changes
were made so as to make both gold and
silver conform to the commercial ratio
Value) as near as possible. For all
changes were made toward the market
value, never from it. 1t being admitted
that the standard was double, both
metals composing the standard must
given unit of value; otherwise there can
be no double standard. They must be
eXcnangeable as equivalents
The act Of April 2, 1892, established
the flrst monetary system of the United
states. The bases of the system were:
me gold dollar, containing PATS grains
or pure gold, and the silver
dollar, containing 371.25 grains pure
silver The ratio of gold to
silver In coinage was l to Is. Both
soid and silver were legal tender. The
standard was double.-Bulletin No. 2,
OIL the Department Of Labor, Washing
ton, D. c.
Under the above act gold left the
country. In 1884 the gold dollar was
reduced to 23.002 grains pure gold The
silver dollar, being left as it was was
therefore relatively the most valuable;
so from that date till 1874 silver dollars
were exported, because they were at a
premium Of from l to per cent. BY
these and other changes congress has
attempted to maintain the equivalency
of the gold and silver dollar. And the
cha ngeS made We're in consideration of
the change in the market price of the
metals. So it follows that a dollar is
coin of either gold or silver equal
In intrinsic value. And if from any
cause silver becomes cheapened so that
1t is no longer standard of value at
16 to of gold, in that case the silver
dollar must be increased in weight so
as to be equivalent in metallic value
to gold or 1t is not a standard accord
ing to United States history and law
Now, as already shown, the gold
COLLAR in 1884 was reduced in weight
to conform with silver AS silver is
very much cheapened, the silver dollar
should be increased in weight to con-
form with the gold dollar, which has
been the same in value since 1887. Hav-
ing standard of two members, the
most changeable must be made to con-
form to the less changeable
The 16 to l ratio was not an arbitrary
decree; 1t was close adjustment to the
relative market values at that time
For when the gold dollar was made
the sole unit of value, on February r.
1873, the commercial ratio of gold and
silver was 1 to 1892.
Congress prior to 1878 had never
forced fatism into the gold or silver
dollar, but all it's monetary enactments
had been directed toward preserving
equivalent metallic value in both to
the end that each might be a standard
and measure Of value, as the yard and
the bushel
The Is to 1 legal ratio was fixed in
1887, when the production of silver in
the United States was only $3.50 600 in
the ten years from 1884 to 1874 It is.
therefore, arbitrary, unreasonable and
unjust to force the ratio of 16 to
now, when the production of silver in
the United States has doubled itself
fifty times. The production Of silver in
the United States in 1892 was $50, 101 900;
in 1887 it was less than $50, OOO
With the stimulus of free coinage at
ratio of Is to 1 the output of silver
in the United States would exceed
$lO0U00,000 per annum. To fix the ratio
the same with such probable output
as when it was less than $50 900 is man
1feStly unjust and contrary to United
States law Of the past (Which recognize
and conform to the commercial ratio),
and is destructive of the double stand
ard. Because it is a fact that the gold
dollar Is 1922 grains pure gold. and to
have a double standard the silver dol
lar must be the equal of that in metal
lie value, as it always was prior to the
Bland-Allson law; and the United
States silver dollar was in honor and
demand in all the earth for that which
was contained in itself.
standard must consist of a specific
quantity; as the yard is made of So
inches and the bushel is four pecks,
SO the silver dollar must have in itself
such quantity of silver as will con-
stitute it the metallic equal Of its less
changeable gold mate. Otherwise it is
not standard, and therefore not a
dollar. If 1T was right for the United
States to maintain the full metallic
value of the silver dollar from 1892 to
1857, when the production of silver was
insignificant, it must be unpatriotic
and unreasonable to allow it to de-
preciate now, when silver is so times
more abundant.
Mr.. Bland has said recently that
with free silver coinage the price of
silver would rise to Is to l. for no one
said he) would be foolish enough to
part with his silver but at it's mint
value; and Mr.. ST. John said, at johann
ma Heights, Pa, Aug. 1: IF the United
States minis are opened to free coinage
the value of silver will be on parity
with gold at the ratio of 16 to 1 be-
fore single dollar is coined
Very well. If that advance will take
place, the free-minted silver dollar will
then be the equal Of the gold dollar;
and II the products as a result of free
coinage Of silver, for the silver dollar
will rise in value to the gold dollar
Therefore, prices will remain the same;
for the measure Of value at 16 to 1
will be the same in both kinds of dol
lars. Thus the farmer is being deceived
in the expectation of higher prices for
now we see from Mr.. Bland it is the
silver dollar that is to rise in value
and not the farmers wheat. The labor
er would be cheated out Of an expected
rise in wages. And If the prediction
comes true, the silver dollar will buy
as much and pay for as much as the
gold dollar Consequently it will be as
hard to earn as the gold dollar. There
will, therefore, be no advantage to the
debtor class from free silver, when it's
value is as 16 to 1 of gold. A rise in the
price of farm products and labor as a
result of free silver can only occur in
consequence of and in proportion to
the depreciation Of the silver dollar.
But now if the value of the silver
dollar is to rise to equal the gold dol
lar before single dollar is coined" in
that case the silver producer is the only
one benefited. The same standard by
which wheat is-sold now will be the
standard then; for silver is to rise to
equal gold at Is to 1.
But the falsity of this prophecy, like
the false prophets of Israel, who prop