The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1896-07-15

From The PHILADELPHIA Press.
The first United States coinage act was
passed in 1902. Before that time we got
along as well as we could with Spanish
dollars, English shillngs, and other coins
from all over Europe, and home paper
money. Congress, on the recommends
ton Of Alexander Hamilton, adopted the
dollar as the unit, the silver dollar To- con
tain 3S1. grains of pure silver, cores
ponding to the Spanish miled dollar, aud
the gold dollar as much gold as the Span
ish dollar would exchange for the mar
kcts OF the world This was found 10
vary, the proportion OF gold to silver be
ing greater in some commercial centres
than in others. One to fifteen was finally
decided TO be fair average, and was
adopted Thus was the double standard
introduced into this country and conlinu-
ed in theory until 1873, though practically
abolished by Congress twenty years
sooner.
This, however, did not give us the bi
metalism sought. The value placed on sill
yer was too high. Gold proved to be If
teen and one-half times as much as silver.
Our gold coins went abroad, where they
could buy fifteen and one-half times their
weight in silver against fifteen times their
weight in this country. SO though our
mint coined gold, our currency was al
most entirely silver and paper. Con
gress, in 1884, undertook to correct This
by adjusting the legal ratio more closely
to the commercial ratio of these two met
ais. But again Il made 5 mistake. IL
liked the ratio 81 slxteSa = s1rss . cue
Of gold that IS, thai saxiSsin 91fssss ~
silver should DC iAke1 and ssxzssssE a. 1lSs
mint As The eQoiS&leni q euss Essscz g
gold. Bnt silver MAS weGaa FEslrs GsSz
This, so now cur sai4 e-aIs 7szzz4ss-
with us, while our s5rsg ssGES, 4<s2E re
ally rated Al less tAx1 ~ 1azxea alpse
abroad, went whsss s1eS Egssd = *
changing bring tAs ArgSss rsiaFz- II
1850 We we're, "a sr.ss Of cur doaeie
standard law, practically On suAa SIAN
dard, and there sxs act enough of trae-
tional silver 10 The ceuatry for The IT.
quiremenis of Tetsl trade
Our mint izW sxs changed again q
| 1858 by reducing shs silver ID oar hsii
and quarter dollars aad dimes, 50 that
there would be 30 iadHeemeaE 10 export
them. such scias we're masie legal ten
der in sums of s.. The right of any man
10 bring silver 10 the mint and have 70
converted into half dufiars, quArters or
dimes, Was taken away by This aef, waiGn
empowered the Secretary u the Treasury
TO buy what silver Was aeeded foe subsid-
larry coius, paying The market rate for sd
yer bullion. Nothing was said about the
silver dollar, which had ceased to be eaia-
ed to any appreciable extent. Very few
silver dollars were coined after this date,
and when in 1878 the silver dollar WAS
dropped from our coins il was simply a
recognition of the fact that the silver dol.
lar had long since become an obsolete,
uncirculated coin.
Our country thus adopted practically
the gold standard in 1853 The double
standard law had not given us two stan
dards at the same time, but first the silver
and then the gold standard. In fixing the
money standard governments conducted
on rational principles do not attempt to
make the value of any metal, but only to
ascertain its value in the market and de.
clare II In its coinage. The market ratio
of silver to gold now is about thirty to
one. Should the leading countries of the
world unite in returning to the use of sill.
yer as II standard and open their minis to
its free euinag s,sss ragged deman n
would raise the Prise lnsiiver and might
restore and keep II at its former ratio of
sixteen or fifteen and one-half TO one
| This Is the hope and belief of those who
advocate international bimetallism. That
the United States alone can restore the
price of silver no intelligent person be.
lieves.
Those who want Independent free coin
age OF silver by the United States alone,
and who understand what they are talking
about want to make fifty-three cents do
the duty of dollar. Bankrupts would be
benefited by this change, in so far as 1t
would enable them to compromise their
debts. Those who have anything to sell,
whether 1t is labor, skill or the produce OF
the earth, have nothing to gain and much
TO lose by cheapening the money in which
they are paid. Those who have money in
savings banks or building associations,
and those who receive pensions from the
Government, will lose to the full amount
of the depreciation il the standard Of
money is cheapened. The whole country
would be Frustrated by the confusion ant
loss which violent change in the stan
dard of value would necessarily entail
This will be avoided by the country sup
porting the Republican party and voting
to retain the existing gold standard, which
has served us since 1868.