The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1896-10-08
The Situation.

tho amount OF silver mlntoo was o04,'
BOO, 900 ounces, sufficient to coin 81, ,079,.
763, 200. During all this time and In.
cluding sixty years previous to 1851,
making total Of eighty.two years the
total coinage Of silver dollars was S..
OBJ, ,13S. That is in twenty-five years
the production Of silver was 134 times
greater than the entire amount coined
into silver dollars during the years from |
1892 to 1873.
Do you ask why this small coinage Of
silver dollars2 The answer is very
simple. During all these twenty two |
years the silver had greater value es
bullion than when coined into dollars.
That is, while the ratio by the law en-.
acted in 1888 was 16 to THAT Of 1852
being 15 to u, the relative value OF sill.
YER and gold bullion was less than 15A
to one, or 153 ounces Of silver we're
worth more than one ounce of gold, on
an average, for this entire time. In
other words, the average Of pemium on
silver during the twenty-five years from
1851 to 1873 was about per cent, as by
the law enacted in 1858. The sub. .sidary
coin. namely, so, rs, 10 and 5 cent pieces,
contained less proportionate weight
than the dollar coins, that law reducing
the weight of silver in the half dollar
from 206i grains to 1872 grains and in
like proportion the smaller coins. These
could still be coined with profit by the
government.
But we notice that during the twenty.
two years previous to 1873, although
gold was invested with all the attributes
of money that was in the power of the
government to give it, having free and
unlimited coinage, and being an unlim.
tied legal tender for all debts to the gov.
eminent aud to individuals, yet the
possession Of all these privileges failed
during all those years to liftit to the ratio
fixed by the government of l6 to with
silver. And in this fact we have an in.
controveltible refutation of all asser.
tions that the stamp of the government
insures equal value to all of its coins
ithout reference to what they contain.
With the paper issues of the govern.
ment, whether bonds or treasury notes,
it is quite different, simply because
these are promises to pay. While the
coin is payment. The bonds and the
notes derive all their value from the
seal that the government places upon
them, and the legislative and executive
authorization for their issue. But the
gold and silver coins are the money OF
fual redemption, the only government.
al and commercial standards of value
must be determined by the cost Of the
material of which they are made, pro-
vided there is no limit to the coinage,
the stamp upon any coin being only the
authoritative attestation of its weight
and fneness. Ifyou question this state
ment, take gold eagle that by legiti.
mate abrasion has been reduced in
weight 5 or 10 per cent, and present it
at any of the mints or sub.treasuries Of
the United States the stamp upon its
face may be perfectly leaible, but yet
the agent of the government that issued
the coin will only honor it for the value
of the metal it contains, the stamp 60
ing for nothing.
The statute reads: (which coin shall
be legal tender in all payments, at
their nominal value, when not below
the standard weight and limit of toler
ance provided in this act for the single
price, and when reduced in weight be
low such weight and tolerance, shall be
a legal tender OF valuation in proportion
to their actual weight"
The tolerance as fixed by the law is
one half of one per cent for twenty
years circulation as shown by the date
on the coin, and in this proportion fol
shorter periods. On the contrary, take
ii you please, treasury note or bond ol
the United States, that has been mutil
ated to the last degree, 80 that it may
require the best efforts of an expert te
determine what it had been and if by
the decision of that expert it represent!
what was S. or $4,000, redemption tc
that amount is promptly made. Why
this difference Because, with the coin
the government had performed its en-
tire duty when it minted it. but with itl
promises to pay its duty is not perform
ed until iull pay ment has been made
Its honor is involved in the complete
fulfllment of its promises.
During the period from 1851 to 1877;
we find the premium on silver bullior
(about per cent? was sufficient to prsc
ticslly drive our silver dollars out o
existence, so that previous to 1873 j
YVES indeed rare sight to see Unitet
States silver dollar, while one dolla
gold pieces were frequently met with
The cheaper coin, gold, had driven tn
dearer coin, the silver dollar, from th'