The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-01
THIS SETTLES IT


There has been much discussion from
time to time as to whether in the event
of opening the mints of the United
States to free and unrestricted coinage
of silver we would have a so cent dollar
or leo cent dollar. The matter seems
to be finally settled by no less an au-
thority than Mr.. Henry Clews. who is
supposed to know everything pertain
ing to financial matters that is worth
knowing. In his most recent financial
circular Mr.. Clews says:
At the present time the Mexican silver
dollar brings in this country only about
81 cents in exchange for our silver dol
lar, although il contains a larger
quantity of silver than ours does. 1t is
simply taken here at its commercial
value whereas the United States silver
dollar goes in Mexico in its purchasing
power for two of their. dollars. 1t IS
quite evident, therefore, if the United
States government should pass a free
and Independent 16 to l silver coinage
law, the Mexican government would, II
they are smart, Immediately pass law
to adopt the United States dollars as
the money of their country in substitu-
ton of their present standard, and
make it mandatory for all Mexican sill
yer dollars to be forwarded to the
United States mints to be converted in
to United States dollars. The Mexican
dollar, now only worth "a cents, after
being melted down by the United States
mint and coined into a United States
dollar, would be worth double its pres
ent value, have twice the purchasing
power and would carry as well a. credit
of two cents, that being the bullion
value of the Mexican dollar above the
United States dollar.
If this be possible for the Mexican
government, the European nations will
be apt scholars, and follow the exam
pie of Mexico in the conversion of their
silver money. of which they hold ST.
500, 100000 in amount. They will
want back in exchange. however,
our gold, of which we have $500 OC0, 900
altogether in this country, which will on
ly provide for 80 Is per cent of their
silver holdings, and to get that amount
they Will have to be quick to act SO as
to capture it before it goes into other
channels. The competition for our
$500, 600 900 of gold would beat every
thing on record. The race would be
with the swift.
This declaration from Wall street, the
center of all financial knowledge ap-
pears to not only settle the question in
favor of the 100 cent dollar. but it also
settles another question which is just
now being widely discussed and that is
whether or not value is put into metal !
by coinage. Mr.. Clews is convinced |
that it is for doesn't he say: THE |
Mexican dollar now only worth 54 cents |
after being melted down and coined in
to a United States dollar would be
worth double its present value. have
twice the purchasing power. 1T follows
then that if the "a cent Mexican silver
dollar can be made a 100 cent dollar by
Uncle Sam. the United States 100 cent
silver dollar can at least be kept at
that figure. In that case the silver dol
lar will be the equal of every other
dollar just as it is said to be now.
Notwithstanding the present equality,
however, those who are 1oudest in pro-
claiming it are also Ioudest in the de-
mand that all demands on the govern |
ment shall be paid in gold. If every
dollar is as good as every other dollar
why this discrimination. Why not re-
deem greenbacks in whichever kind Of
dollar is most convenient.