The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1898-02-05
THE HONEST DOLLAR.

LII fc"oHS eh0 P"pci'
that the Republicans continue to
harp on the honest dollar.
What is an honest dollar? Ii
certainly is not the dollar they wish
to give us, An honest dollar is the
dollar prescribed by law. All owe
obedience to the laws of their coun.
try and are bound not only totrade
on the basis Of the legal standard,
but they are conclusively presumed
to contract with reference thereto.
All obligations to pay money are
therefore fully met when paid in
lawful money.
The constitution of the United
States makes 1t the duty of congress
to coin money and regulate the value
thereof. This means that congress
may coin and continue to coin gold
and silver and fix the ratios between
the two metals. In 1892 congress
passed an act ordaining the dollar as
the unit of value and prescribing that
24.75 grains of pure gold should be
a dollar, aud that 37l4 grains of
pure silver should be a dollar; and
provided that the mint should be
open to the free coinage of gold and
silver, and that the said coins should
be equally legal tender for all debts
public and private. This right of
free coinage had come down to our
fathers from the Common Law of
England, and was imbedded in the
constitution and the early acts of
congress, and was the law of the
land until 1873. In 1884 the gold
in the gold dollar was fixed at 25.s
standard, 'or 1872 pure gold, thus
changing the ratio from Is to l to
l6 to l.
In 1873, by ways that are dark,
silver dollars were dropped from the
right of free coinage. In 1878 con-
gress declared that the bonds of the
United States are payable in silver
dollars containing 4l29 grains of
standard silver (l6 to !, and that to
restore to its coinage such silver
coirs as a legal tender in payment
of said bonds is not in violation of
the public faith, nor in derogation of
the rights of the public creditor.
Under these laws our people have
traded and paid debts, and by them
they are all bound. The debtor,
has the moral right, as
well as the legal right, to settle debts
in standard silver dollars, unless, as
prevented by the Bland act, he has
contracted to pay in gold.
No code of ethics, no moral law,
no sound moralist, nor any tribunal
or teacher has ever taught that set
Element of debts in accordance with
the law of contracts is dishonest or
is reputation. 1t follows, there
fore, that with as our standard silver
dollar, coined on a ratio of l6 to /
with gold, is as honest as gold dol
lar. The second answer to the
question is that considered independ-
emily Of the laws and contracts ex.
isting at the time of the creation Of
debts, the ideal honest dollar is the
dollar which conforms TO that stand
ard of value which is the least
changing, the most stable IN value.
The relative merits of gold and sill
yer must stand upon this test.
In making the test to avoid con-
fusion of ideas, it is necessary to
nave a clear idea of the term
value" s'Value" in economics does
rot mean a quantity or property
n the thing itself, but in a relation,
IN estimate by comparison with
,ther things. The value of money
S its use in exchange; its worth is
what it will get of other things. A
changing standard, if 1t appreciates
money, robs the debtor; If it aepre-
,iates, wrongs the creditor. All
economies agree that the value of
money depends upon its quality in
to other things. John
Locke says the value of money,
other things being the same, varies
nVersely as to its quantity. Hence,
t is a law Of political economy that
he volume of money should be in
creased in proportion to the increase