Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1896-07-25
EDITORIAL
AS TO THE Decentralization OF
SILVER.


When the first coinage law was
passed (I7o2) the mercantile ratio be-
tween gold and silver was about S to
1, that is, an ounce of gold was worth
at that time in the market, of TIE
world fifteen times as much as an
ounce of silver. There were "a a
grains of pure gold and 37I4 grains
OF pure silver in dollar.
After few years silver began to in
crease in value and gold coins disap
peared from circulation, being melted
up or exported, and we had silver
standard.
In 1884 the ratio was changed to It
to 1, by reducing the amount of pure
gold in dollar to aga grains.
In short time another change
came on. Silver became the more
valuable metal and we changed from
a silver to gold standard. The two
would not work together. Accord
ingly, in 1858, law was passed pro.
viding that two half-dollars. foul
quarters, ETC., should contain 345.t
grains of pure silver instead of 37I4
and that these coins should be a le
gal tender for only FIVE dollars. The
silver dollar was not mentioned il
the act and SO remained nominal
coin, but it formed FROM that time nc
part of the circulating money of the
country. Silver was used only as
change or token money.
In 1873 an act was passed declaring
the gold dollar to be the "unit Of
value, and as the silver dollar which
had gone out of use was not mention.
ed, it was said to be demonetized
This was the celebrated "crime o.
49,"
But at the same time the trade dol
lar was provided for. 1t consisted OF
37S grains of pure silver, and though
its coinage was free and it contained
o. grains more silver than the stand
ard dollar, it deprecated in value
and by 1873 was worth only about SC
cents. 1t had the stamp of the gov
eminent on it but that did not add an
iota to its value.
Then came the Bland act of 1875
which provided for the purchase and
coinage of two million to four million
ounces per month, and the prediction
was made that silver would soou be
on par with gold, but the prediction
was not fulfilled. These dollars are
good because they are redeemable in
gold.
The act of 1890 required the Gov
ernment to purchase 4, 500. 600 ounces
of silver per month and that certiii-
Gates should be issued therefor, the
act of 1873 having filled the Treasury
to OVERLOOKING with silver dollars.
Again the prophecy was made that
silver would rise in value, but be-
cause of the immense production,
this prophecy failed
In 1898 the purchasing clause was
repealed, President Cleveland claim
ing that the accumulation of silver
was the cause of the panic, but the
panic did not cease.
The data for the above article is
CLEANED from "Andrews's Manual Of
the Constitution a standard work
used in all of the leading schools Of
the country as a text-b book, and with
out bias or prejudice.
Itclearlv proves that double stand
ard is utterly impracticable as the
inferior coin always drives the SUI
perior coin out OF circulation and that
the stamp of the Government imparts
no value to coin. Also, that but
for the fact that all of the silver in
circulation is exchangeable for gold
the silver now in use would only pass
at its bullion value.
1t is also clear that the expression
existing gold standard" PIN the Re-
publican platform is the safe basis.
II is the standard in vogue in France,
Germany, Great Britain, and other
enlightened nations and the standard
that must exist unless there can be
an international agreement upon the
subject, which the Republican party
is pledged to promote. Therefore,
every man who looks to the welfare
of the people. every man who would
not plunge the nation into another
panic must labor to defeat the ticket
nominated at Chicago.