Year: 1878

to prove 1t. They say, and truly, that there is
not five cents worth OF material in the nickel


and again that because it's purchasing power is
five cents, that it is the stamp Of the govern
ment that imparts value to 1t. by the use OF
this kind Of argument they exhibit marvel
GUS degree of ignorance or are dishonest, and
bring one or the other, or what is more proba-
BILE, both; their statements are not entitled 10
command the least respect from any voter.
The truth is, all of the minor coins of the
United States, including the nickel, IS redeem IA
BILE in gold and silver when presented to the
treasury in sums Of twenty dollars, that is
what makes the nickel worth five cents. In
the U. S. Revised Statutes, at page 702, section
1929, the following language is used: 1T
shall be lawful for the Treasurer and the sev-
eral assistant treasures and repositories of
the United States, to redeem, in lawful money.
under such rules as may be prescribed by the
Secretary OF the Treasury, all copper, bronze
and copper nickel coins authorized by law.
when presented in sums of not less than twenty
NOAi"hS' AhSSO hiihOi COiuS III duuiNlOu W
this are made legal tender to the amount OF
twenty-five cents. On page 7l2, sec. 3587 Of
the Revised Statutes of the T. s. this provision
is made The minor coins Of the United
States shall be legal tender at their nominal
value for an amount not exceeding twenty five
cents in any one payment" 1t will be seen
from these provisions that by law these minor
coins are put upon the same footing as u. S.
demand notes with the exception that the COINS
must be presented in sums of not less than
800. They also have much to say about the
trade and Mexican dollars-neither Of which
are legal tender. The Mexican dollar being a
foreign coin is prohibited from circulating as
money in this country, by section 1884 Of r.


Statute OF the U. S. mo foreign gold or silver
coins shall be a legal tender IN payment of
debts" The Mexican silver dollar Is not
money in this country, and nc person is obliged
totake it IN payment OF debts, and yet it is
worth as much as bullion, So to 80 cents. Bull
lion Is tncOiaed silver and gold, i. G. silver and
gold without a government stamp on itlat all.
II the stamp of the Mexican government was
obliterated from each piece OF its money here.
still 1t would be worth SO TO 90 cents in our
greenbacks, or our silver and gold. Suppose a
paper Mexican dollar was to stray over here.
so far as its money power is concerned 1T would
stand on the same footing that the Mexican
silver dollar does, being devoid of the legal
tender quality. Wipe off the stamp of the
Mexican government, and what would it he
worth? Everybody knows that it would not
be worth a mill. The trade dollar never was
coined by the U. s. to circulate in this country


The government did not issue it as money It
never owned the trade dollars nor the bullion
out of which they are composed 1t simply
allowed private citizens to use its mints to
coin the bullion they owned as individuals,
into these pieces to be used in the China trade.
AS above stated they are not legal tender, but
are worth in gold coin as bullion, 90 cents. No
person is obliged to take them in payment for
debts, consequently no ono can be defrauded
by them. Suppose the government bad au-
thorized individuals to use its stamp on paper
to be used IN trade with China and by some
magical process that stamps could be erased,
what would the paper be worth as bullion +?


Not mill. Again, suppose the government
should place its stamp on 25 and $40 grams
of gold, the amount necessary for standard
gold dollar and say this Is Eve cents, would
that piece be reduced in value to five cents by
that act or would it still retain the value of
one dollar? There can be no pretense that
the stamp would exert the least influence on
the value Of it. The only Office Of the stamp
on coin is to certify that the government has
examined it and that it contains the requisite


number Of grains for dollar, and that the


bullion Of which it is composed is of the requi-
site ineness. The labor that is required to
exhume il from the bowels OF the earth is what


gives it it's value. 1t is as necessary that there


should be a standard for the measurement of
the value Of all property as that there should


be length to measure distance. By your yard


stick you measure your cloth; by your foot


measure, you measure the length Of your cord


wood, or the size of your barn or house, its


heghth, etc. and when you say thing is q


yard or foot long, 1t is at once perfectly in


telhgible to you Now, by the durability and


adaptability of gold aud silver, coupled with


the amount OF labor required to produce it


and it being less liable to fuctuate when the


conditions Of trade are normal, than any other
material, the experience of the commercial


world, and the laws of commerce have fixed


upon II as the standard of all values. and all
the law of any country does is to say to it's
people, so many grains Of silver is a dollar and
so many grains Of gold is dollar, aid the
dollar is the unit OF value, and in the ex-
changes of trade you will be Obliged to receive
these dollars in payment for your commodities
and for debts. 1t must be obvious from these
observations that the stamp OF the govern
ment, neither adds TO, nor substracts from the
value OF coin. Its value exists, Independently
of statutory enactment and in reo,,Iatad bv