The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-12-19
Mr.. nEARNE'S PLAN
or Silver Co,nns. MIR. Campbell Replies
10 Ills itsJoinder efficient Date,
IN tho Editor M thu ntellirrncnr

10 us tktJuthutf OF lktCtnt tbntts
TO tho Editor OF the IntelliEenccr.
Sift;-f have rcad MIR. W. IL. Hcarnc's
second article In support Of his new Sill
YER dollar project. us published In your
Issue OF the 18th instant, and with all re-
spnct TO him l beg 10 say that l fail to
perceive wherein he has set at rest tho
objections urged against his plan.
What Is Mr., llcornc's plan? II Is nc
cesSary 10 bear II distinctly In mind in
order to understandhOw impractlcable X
Is. Briefly stated, II Is simply this, that
any person who shall Geudsit With the
government 100 gMlns OF pure silver
lsay 4 gold dollars worth), shall receive
In exchange therefor II or two liablll-
ties on the part of tho government
either a 81 grain silver dollar Zone of our
present dollars), and, In addition, an
equity OF redemption as respects the
withheld 1853 grains OF silver deposited.
Or, II tho depoSItor prefers, he shall re-
ccivc a paper certificate "a dollar GER
tlhcate} witnessing That he has the right
10 call upon the government for the
whole 40 grains Of silver left In It's
hands.
The objection urged against the Issue
OF ouch dollars as these was stated TO be
AiltN NhN9 WA w Nho W. ANhA ~ u
tends they shall be-, n better dollar than
the present silver dollar. and therefore
u preferred dollar, md therefore
they would not circulate side By
side with an inferior oliver dollar.
Why? Because they represent nearly
twice MS much actual silver as the pres
u silver dollar. They would therefore
be commercially much more valuable
than the present dollar. and In Obedience
10 a well known law Of finance the III
fcriOr dollar would drive out the better
dollar, the latter being retained In the
hands OF holders as against the inferior
dollar,
Bear In mind that the existing silver
dollar is stlll to exist, and nlsO bear In
mind, that all told, (plpcr and silver
there are about four hundred mllllOne OF
said silver dollars IN circulation. This
immense mass Of Inferior dollars would
confront Mr.. Hcarne'S superior dollars
lrOm the outset. and would dcbar all ut
tompts on the part OF the latter TO en-
ter into miscellaneous circulation. How.
In the nature OF Things, could $50 grains
Of silver and 81 grains circulate side by
side2 Certainly not under any normal
condition OF affairs.
But Mr.. licarnc has n plan to make
them thus circulate and he suggests II
In his second article. II Is this. He
would Curtail the equity OF rcdcnp-
don. tie would redeem only now and.
thcn-Oncc In SO many ycars-aud all
demands Mt Other times wonld he re-
fused. Thus tho constant temptation
TO CONVEX dollars into bullion would he
kept under healthy control, Let us see
just what such Il provision or rcscr-
walton would be worth in practical CT
feet.
There would certainly be something
unique about dollars thus pr0visiOnCd.
They would represent q withheld part
Of themselves what | called IN my for
mer article Il scparahle conComiCnnt ot
themselves. The government would he
a trustee for the holder, and the trust
would have Il term Of years to run. dur
ING witch time there would he n GER
tain incnhG;c and growing equity Of
redemption more Or less valuable ny
tic dar OF redemption drew neat. And
when finally the time was up and the
right Of redemption maturcl. what
then? What would We see?
=. rush on the treasury most certain
ly for the withheld bullion. for, OF
course. 80 grains OF silver would be ut
all times. irrespective OF the market,
q valuable and desirable than 81
grains. Thus would cnSue u contraction
II these new dollars Ito whatever OK
tent they were in circulation, with
Whatever consequences 10 business in
tcreSts that might cnsuc.
The case would not be unlike that OF
che circulating notes Of the govern
mCnt tIat bore interest during the war.
As IS well remembered. they became
each day more valuable rs interest
day approached ard on this account
were retained IN bank vaults RsaElinst
the nOn-intcrcst bearing notes that are
IN in circulation. SO. also. would the
hanks and oil other repositories OF
funds. IN like and for the same
reason. retain MIR. Ica~nc's 40 grains
and pay out only the 31l grain dollars.
In o:hcr words, the proposed dollar
would not circulate except under tho
most cNi-"nt circumstances. and there
fore would utterly fan OF its object.
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