Delaware gazette and state journal., 1896-08-06
Fairness in the Money Argument.

4I6 1ftlhWdIbdbs WuiCh hub tbphat-
ated the sound money platform adopted
BY the Delaware Democrats at their
recent State convention and now sup
ports the free silver coinage platform
promulgated at Chicago, prints the
following editorial in its issue Of Satur-
day:
The gold advocate newspapers do not |
dare 10 argue the silver question from
4 standpoint of fairness. They talk
about fifty.cent dollar, but never
even mention the fact that ourssilver
dollar was worth more than our gola
dollar, when an act of Congress passed
10 1879 said that it should not be
coined as money. They by law destroyed
silver as a monetary commodity and
said that 1t should be commercial
commodity in the future. They know
ut this time that IL the act demone-
tizing silver was repealed our silver
dollar would pass in any civilized
country in the world, aud that our
presentsilver dollar passes for as much
as our gold dollar. In fact, they know
that Notwithstanding every thing that
could be done has been done to destroy
silver, that the United States silver
dollar will pass current in every coun-
try on the globe. All that the silver
advocates urge is the placing OF silver
back to the place which 1t occupied
prior to the law of 1878, and il the
silver dollar does not or the silver in
the American dollar does not pass at a
parity with our gold dollar then the
law can be changed. Misrepresentatio
is the stock in trade OF many of the
gold advocates. Strip them Of this,
and they are as dumb as oysters and
have nothing to say.
We will endeavor to accommodate our
contemporary, and discuss the question
from standpoint of perfect fairness,
taking the editorial quoted above as IA
text.
In the first place, the Delawarean is
decidedly wrong in declaring that the
golu standard papers ''neyer even men
tion the fact that our silver dollar was
worth more than our gold dollar when
an act of Congress, passed in 1873, said
that it should not be coined as money. +"
On the contrary, it is the gold standard
papers that have constantly cited and
reiterated this very fact, in order to
prove their contention that the free
coinage Of silver now would utterly fai
to restore the conditions that existed
when silver was omitted from coinage
by the act Of 1873.
At that time, the silver dollar was
intrinsically worth 81. 03, and on ac
count of this value 1T had entirol,
dropped out of circulation. No mar
cared to take silver to the mint, to b'
coined into dollars, when he could ge
more for it in the market. This wa
simply common sense and busines
prudence. In fact, on account of tn
value of silver as compared with gold
prior to 1873, the entire coinage o
silver dollars at the United State
mints from 1892 TO 1873 was onl,
SS,03l, 23S. So it will be seen that tn
famous silver "dollar of our daddies'
was rather scarce commodity.
But as silver production increased
and the metal value of the bullio
began to drop, the clamor for th
restoration of silver to the list of col
money became greater and greater.
resulted in the passage Of the Blan
bill, and under the operations of tn
bill, up to June 30th, 1895, there wei
coined at the United States min
fR silver dollars to the amount of 1853
255. 143, of which amount S35, 965, 8:
were trade dollars. These figures a
VI, from the report of the Director of Il
Mint, and are therefore official.
will be seen from this statement th
silver was given a fair show at Il
" mints, and yet its bullion value steadi
declined. Instead of a silver doll
being intrinsiCally worth 81. Oh, as W
the case in 1879, when its superi
value bad practically driven it out
circuIation, its bullion value to-day
but So cents. Is there not, in ii
simple fact, complete argume
against any further attempt in
direction Of the free coinage of silvf
The Delawarean says that ''if the {
demonetizing silver was repealed, G
silver dollar would pass in any civiliz
country in the world" This is a 81
prising statement. The act demot
tizing silver''-lt simply dropped
Z from the coin list, and said nothi
about demonetiaation-- practica
repealed by the Bland bill viii
authorized tho coinage of standa
silver dollars at the mints of the Uni
States. So much for this argume
AS to our silver dollar passing sin 1
civilized country in the world"
M will do that now-at its bullion val
no more and no less And no (
silver coinage enactment could make
silver dollar worth cent more in
foreign market than its bullion val
We defy any free siverite to dsp
this assertion.
In conclusion, the DelaWarean ma
the following astounding asserti
''Ali that the silver advocates urgI
the placing of silver back to the pI
which it occupied prior to the law
1873, and if the silver dollar does L
or the silver in the American do
does not, pass at parity with
gold dollar, then the law can
changed" But as far as the intrir
value of the silver dollar is concern
it is impossible for any Legislation
restore it to what it was prior to Is
In that year the ratio Of value of si
to gold was Is. 81 to l, and the sil
L III.