Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1900-10-13
Hiding Behind the Gold Dollar.

Hiding Behlnu the UOlu D"lIdF'
The Imperialists are trying to hide behind
the gold dollar, but the devotees of the Re
public and the lovers of freedom are not de-
ceived. If The Congress should declare tin
the standard and make fifty grains a dollar,
it would go and every alleged sound money
man knows it. 1t is the government stamp,
by Congressional authority, that gives value,
not the thing itself. 1t is the government
stamp on the fifty cents worth of silver that
makes the silver dollar equal to every other
dollar The silver dollar has no gold dollar
behind it. Each is legal tender without
limit made so by Congressional action, and
at a ratio of 16 to 1.
1t is not the dollar that so much concerns
them-it is purpose to make strong gov
eminent an imperial government. The
"plain people" are feared. Should they win
in November the trusts would be in danger,
and the power to accumulate ill-gotten wealth
destroyed Westminster (Md) Ad0ocate.
The .idr0caie's conclusions may be
nearly correct, but its definition of value,
rather of what makes value, is as i'm
perialistic as anything Mark Hanna ever
uttered i'll his drama of "McKinley-
Every Inch King
If Congress should declare tin the
standard and make fifty grains a dollar,
it could at the same time fix the value
of wheat at five tin dollars Il bushel, no
matter whether crops are short or long.
If sit is the government stamp, by
congressional authority. that gives
value" there need be no contention
about metals. Congress could settle the
matter by endowing rags and paper with
value merely by affixing "the govern
ment stamp
Should there be any contention con-
corning who should handle the stamp,
Congress, which can do one thing as
well as another, can place one i'll every
mans hands for use when he needs
money.
But "thc government stamp is not
omnipOtent i'll the creation, making or
giving of value. 1t can no more make
80 cents of silver" worth a dollar than
it can specifically by Ia" compel the
.ldr0cdh to take 80 cents year for a one
dollar paper.
The limitation of coinage by govern
ment to government uses alone "mdkes
the silver dollar equal to every other
dollar" paper included, and it is this
restriction which practically places "a
gold dollar behind every silver dol
lar''-which makes it, therefore, "as
much of dollar as gold dollar
Hence, each is legal tender without
limit, made so by congressional action"
literally congressional HmtdfiOn,"
and at ratio of rs to for government
use only.
The government stamp on metal Is
conclusive only of the fact that i'll coin
age the law, originally based on the
piled with. 1t authenticates the fact
that there is so much silver or gold com
bined with so much alloy. 1t is to the
coin about what the seal is to the in
strument, attesting, not conferring value.
Unlike paper currency, which com
prises ''promises to pay the coin is the
pay itself-the ultimate of commercial
effort.
1t is not, therefore, the individuals
signature, nor even his known willing
hess, but it is his ability to pay that
"gives value to his obligation.
And the government cannot honestly
go farther than the individual in con-
tracing obligations without at the same
time tnki"g care Of its abi'ity to meet
them.
Between the .ldrOcdtc'S view of the
almighty dollar value of fifty cents and
the imperialism of which the gold dollar
is the vanguard there is little room for
choice.
But one thing is certain-it is the ldro-
catr'S notion, more than all else, that at
this moment makes governmental i'm
perialism possible, not to say probable.
With the imperialism of the less than
50-cent dollar out of the way, Bryan
would sweep the last vestige of Hanna
absolutism from "the land of the free"