New-York tribune., 1919-08-17
The 5O-Cent Dollar

Twenty-three years ago, IN 1880
6,5OO,OO American voters, under the
leadership of William j. Bryan, cast
ballots in favor of 50cent dollar. They
thought the then dollar was too dear
bought too much. SO they proposed to
open the mnts to the free coinage OF
silver, returning a stamped and legal
tender dollar to every bringer-in OF
4121a grains of silver, then worth IN
the market SO cents. This was to be
done without waiting for the aid or
consent of any nation on earth
Now, comparing present prices with
those of a quarter of a century ago,
we have 50-cent dollar. 1t has gradu-
ally arrived-only in the later stages of
the movement coming rapidly. The mines
have poured out steady stream of the
yellow metal, the total output in twenty
wears being 45OOOO,OO0 ounces, which is
more than all the gold produced in the
four preceding centuries; but the effect
only slowly manifested itself, partly be-
cause of social inertia and partly be-
cause it became the practice of many ma
tions to impound gold, thus removing it
from the market, to have a great store
on hand in an emergency.
The war came and it's consequences
have been not only to lead to the issue
of more circulating paper money, with
smaller margin percentage of gold re-
serve but to attract to public treasures
gold that was in circulation and gold
in the possession of private persons in
articles of personal adornment.
With the mines open and the other
new factors, the various forms of credit
currency vastly increased. In 1914 the
gold in money use was SS,000,0 ,000,0 ,00Qa ett
is now about $4,000, 100000, with the
reserve percentage much lower than for
mery.
This stupendous initiation is recognized
as one of the causes Of the price increase,
but, responsive to the law Of. supply and
demand, an ounce Of gold, or it's repre-
sentative, will buy less if gold increases
in amount and there is no corresponding
Increase in the production of vendible
goods, or a decrease such as the last
only commodity which is cheap.
SO the 50-cent dollar is with u.s. How
do you like it? There is a universal
chorus of execration. The dissatisfac-
ton is as intense as that predicted by
the most perfervid sound money orator
Of 1896
The change has worked great social
injustice. Some classes are unjustly i'm
poverished and others unjustly enriched
The savings of the thrifty have been cut
In two Every person whose income
tends to become conventionalized has
been robbed The gain has gone to
spectators and profiteers, to those who
happened to be identified with the pro-
ductlon of commodities quickly respon-
slve to the new price influences. An
unmltlgated curse is the 50-cent dollar.
we behold vlndication of the opponents
of silverism.
Yet the consequences bad as they are.
are not so evil as they would have been
II Bryan's advice had been taken. Some
of the shock has been avoided by the
graduaness of the change--by some ad-
Justment to the new condition. BRYAN
wanted us to go over Niagara. We
have taken the drop through the rapids
and, although considerably battered.
some sort of passage has been accom-
pished.
Bryan loudly shouted that he was
friend Of the people and that those op-
posed to him were the peoples enemies.
He charged conspiracy and induced in
all the excesses of the shallow dema
gogue He was wrong, as time has
shown. The public's interest is in
stable dollar-in one with the fewest
possible changes in average prices.
either up or down.
The comment which events have made
on the Bryan proposal is worth listening
to now, for economic quacks are again
offering their wares. Fake remedies ave
being thrust on the credulous, who gath
er round with open mouths. The sound
political economist is told, as always, that
he is dull or reactionary Present con-
ditions are not agreeable, but they will
become worse if the public does not
show common sense and intelligence We
successfully passed a crisis in 1896 and
saved ourselves from immediate wreck,
though unable to stay the influences that
made for cheaper money. 1t behooves
US to be mindful once more Of the gen
eral interest and to disregard the char
latans of politics and of a spurious lib
eralism.
If we are to come through without
serious harm it behooves the public TO
treat the patent medicine men as they |