St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1896-08-21
THE VALUE OF THE DOLLAR.
A Strong Sound Money Argnment.

shape, or melt it and run it into any
form and yau can still get hundred
cents for it just as easily as before.
But the metal in 16 to 1 silver dol
lar is worth only SO cents. Hammer
or melt it into any other shape, and
you will be able to get SO cents for
it and no more. Why? Because the
coin contains only 412R grains of
standard silver, and 1922 grains of
standard silver are worth, at current
market rates, only about So cents.
yes" says the free silver man,
'but that is all because of the Crime
of 1873 If the government should
remonetize silver and coin it on equal
terms with gold, then 41212 grains
of it would be worth 100 cents"
Is that so, friend populist? Then if
the government should monetize
iron, and coin it on the same terms,
would 41212 grains of iron be worth
one hundred cents? If so, the govern
ment ought to be able to pay off the
whole public debt tomorrow; and
every man who owns an old stove
or some WORKOUT hoes aud shovels
may set up as millionaire. If not,
why not2 If free coinage would
double the value of one metal, why
not of another?
Because" replies the follower of
Mr.. Bryan, iron is not a precious
metal, and silver is. Silver has from
time immemorial been recognized as
money metal. The rule applies
only to the precious metals, silver
and gold. No Others are useu as
money"
There you run counter to the facts
Of history. Many other metals, and
other materials than metal, have
been and still are used as money and
as currency. Sparta used iron, SYRIA
cuse and Britain used tin, Russia
platinum, Burmah lead, Carthage
leather, China silk, Abyssina salt,
Tartary tea, Campeachy logwood,
Mexico soap, the African coast cow
RE shells; and many nations of high
civilization have thus used cattle, as
the words "pecuniary," "tee,"
rupee" and "shekel" testify. Why
demand the reconciliation of silver
any more than of iron, or sheep, or
oxen? And if monetization has such
an effect upon one thing why not
upon others?
WELL" he persists, "the actual
value of the metal in the coin doesn't
matter, anyway. There isn't cents
worth of copper in cent, and there
isn't a cents worth of paper in
hundred dollar bill. Yet they pass
as full legal tender. So would the
silver dollar, even if it did contain
only about So cents worth of
metal"
On the contrary, it does matter, if
the coin be standard money, and not
redeemable in anything else. The
copper cent is mere token money"
1t is not full legal tender, and does
not enjoy free coinage. You cannot
make man accept 100 copper cents
as payment of one dollar. You cam
not take 4S grains of copper-the
amount in a cent-to the mint and
get a cent for it. The paper in a bill
is worth nothing. The bill derives
its value solely from the fact that
the government is willing and able
and, indeed, bound to redeem it on
demand in gold. You cannot take
bit OF white paper seven inches long
and three wide to the treasury and
get a dollar for it. or have it
stamped zone dollar" by the govern
ment. When the government wants
to make copper coins it buys copper
at the market price. When it wants
to make paper money it buys paper
at the market price. So, when it
wants to make silver coins it buys
silver at the market price. And you
have no more business to demand
that your bit of silver, of 41215
grains, worth So cents. be stamped
"one dollar" than that your slip of
white paper be thus stamped.
Now do you intend that your 16
to l silver dollar shall be redeemable,
in gold, as paper money is, or ire
deemable, standard money? If the
former, you are asking that the gov
eminent shall pay 100 cents in gold
for every So cents worth of silver
offered to it. Such an undertaking
would drive the richest nation in the
world to bankruptcy. If you don't
believe it, try the experiment your
self, by paying 100 cents for every
% cents worth of produce of any
kind your neighbors may offer you.
But ii the latter, if the silver dollar is
to be irredeemable, standard money,
then you are demanding that there
shall be two kinds of money in circu-
lation-gold, of which a dollar is
worth 100 cents, and silver, of which
a dollar is worth about SO cents
today, and may be worth more or
less tomorrow. That is the way it
is in Russia, where the gold ruble is
worth about II cents and the silver
ruble 80 cents. That is the way it
is in IaDatl. where the gold ven is