The Caucasian. (Clinton, N.C.) 188?-1913, 1896-05-07
SENATOR BUFFERS NEW BILL
TO MAKE TINE TRADE DOLLAR AND F0R.
EieM COINS LEGAL TENDER-eAcx
TO FIRST PRINCIPLES

The Power Of Congress To do Good -IfIt
Refuse. To EAereiss That Power The
states May Act For Themselves
senator Butler, last week, introduc-
ed bill OF more general immediate
interest than any that has been pre-
senued for long time. The bill and
Senator Buffers comments are fully |
explanatory, and are as follows:
FOREIGN AND DOMESTIC CoIxs A LEGAL
TENDER
Mr.. Butler. | introduce \ bill, and |
ask that il be read in full for informa- !
ton. |
"Bs Il enacted, stc., That the Mexican
silver dollar, containing not less than
371I, grains of pure silver; the Japan
csc yen, containing not less than S1l
grains of pure silver, and the trade
| dollar shall be- each equal In value TO
the standard dollar of the United
States. and shall each he full legal
tender ID any amount for all debts and
demands, public or private.
Mr.. Butler. MIR. President, word
| in explanation of the bill before asking
its reference.
| Under the Constitution Of the nited
states We have frequently passed laws
making foreign coins legal tender.
The act of February ., 1898, over one
hundred years ago, made the Spanish
milled dollar and certain other foreign
coins legal tender. Since that time
We have passed numerous other acts
to make foreign coins legal tender
in this country, including the Mexican
dollar. For over half century the
bulk of the silver coin in circulation
among our people was foreign coins
which had been made full legal ten
der by acts of Congress. Our people
were more prosperous then than they
are now. Now we neither coin silver
nor do we make foreign coins legal
tender. Our people are in distress on
account of the scarcity of those dol
lars.
This bill, it will be observed, pro-
vides for making three coins legal
tender. The first is the Mexican dol
lar. The Mexican dollar contains
377.l7 grains of pure silver, or 4l9.OS
fgrains of standard silver, and is there
fore heavier than our standard silver
dollar.
The japanese yen, the next coin
proposed to be made Il legal tender,
contains 374.i0 grains Of pure silver,
or 4l6 grains of standard silver. ii also
being heavier than our standard silver
dollar of 4l2l, grains.
The next coin that it is proposed to
make legal tender is the trade dollar
of the United States. The trade dol
, lar, as we all know, contains 420 grains
of standard silver of the same tineness
l 600 parts iine) rs our standard silver
: dollar.
, All of these coins are heavier by
= from to ~ grains than our standard
8 silver dollar, and therefore there can
e be no objection on the part of those
r who hold to the Unsatisfactory fall
| lacy of the goldites to coming these
dollars, which contain more pure sill
= yer than our standard full legal tender
e silver dollar.
OF the trade dollars there are now
n outstanding, according to Report of
. the Director of the Mint which hold
+ in my hand, 27,33O,131. There were
coined in all 81, 965, 1924 of them. Ofthis
: amount 7,6S9,O3G were redeemed under
= act of March 3, 1887. There have been
deposited and purchased as bullion at
: the minis 944, 757, making the tOta
= number redeemed and purchased a
+ bullion S,633,793. Therefore leaving
8 outstanding over p 100000 of them, a.
v | have stated above.
i l wish to call attention in this con.
q nection to an extract from a speech
e made on this floor by the Senator from
Colorado (Mr. Teller) day before yes
terday, in which he said, in replying
to what the Senator from Ohio (Mr
n Sherman) said the same day abou
8 "50-cent dollars"
~ "The fact is you have a two-dollal
~ dollar now, and that is what is thu
" trouble with this country. The dOlla
| of fn fy1yIP
= what it used to measure; it command
- twice the products. There are severa
- countries in the world that have fire.
- coinage, notably Mexico and Japan
8 and neither of them has 5O-cent dol
~ lar. 1t is a notorious fact, which n
70 one will deny who is at all acquainte'
&c with the conditions (anG if any on
.. - doubts my statement he can take tn
- consular reports from Mexico and ia
- pan and find that | make cOrrec
;. statement), that the purchasing powe
:. of the Mexican dollar and the Japanes
yen, which is equivalent to a dOlla
"; " practically, is as great now as it wa
a. thirty years ago."
I'd 1t will be seen that this bill provide
for making legal tender the Mexica
O. dollar and the Japanese yen, whic
IN have the same purchasing power nO'
or that they had thirty years ago, an
he both of which are heavier than OH
lis standard silver dollar. Continuing
jv the Senator from Colorado said:
d. "That is true of the Mexican doila
70 which circulates all over Asia, in tn
IS. Straits Settlements, in China, and
so some extent, though not much, in II
IN dia; it will buy as much as it eve
bought. The India rupee, eGuivaleT
at at it's face value to about shillings {
he English money, will buy just as niue
We as it would ever buy. There has bee
on no depreciation, or, in other word
at there has been no rise of prices whe
lea measured by the three kinds of none
no that | have mentioned in the cOuntrie
,e. in which they circulate. The Japanes
n. money, which is the standard there,
about the same as the Mexican dOlla
IT, and it buys just as much as it used t
nix buy. When the Japanese pays h
he wOrkmen he pays them just what h
ON used to pay them in silver. When I'll
no Mexican pays his workmen he pay
he them just what.he used to pay them
at silver. If he wants to buy materi,
/, for his manufacture, he pays the san
,is price if it is home raised and hon
nd produced. The same may be said
IN India"
do Mr.. President, this bill provides f
~ making a legal tender of three coil
IN which are to-day 100-cent dollar
ID They are 1OO-cent dollars, and mol
, than that, as measured in the prOduc
an of the country, and as measured in Il
DIS muscle, bone, sinew, and blood Of HI
IT. manity. These dollars can only /
TO- called "H-aert dollars when measure
mt by the dishonest yardstick Of ShylOt
he and the goldites. They are only 5
he cent dollars when measured by tt
a blighting, congesting, and paralyzin
It's. 2OO-cent gold dollar. They are on
ne 5O-cent dollars when measured by tt
he cruel measure Wnlcn makes cotton