The Arena, Volume 18, No. 93, August, 1897 — John Shaqi
The Arena, Volume 18, No. 93, August, 1897Various
Philosophy
The Arena, Volume 18, No. 93, August, 1897
Various
American literature -- Periodicals
Mr. Lepper says further: "Let us assume that 25.8 grains hitherto have
been taken to be one dollar." But it is not true that 25.8 grains of
gold have hitherto in our American system been taken to be one dollar.
It is true that, according to our fundamental statute, and to all
subsequent statutes down to the year 1873, 25.8 grains of gold were
taken to be of _the value_ of a dollar; but they were not a dollar. Our
gold eagles were of _the value_ of ten dollars; our half eagles were of
_the value_ of five dollars; our double eagles were of _the value_ of
twenty dollars; our quarter eagles were of _the value_ of two and
one-half dollars; our one-dollar gold piece, of 1849, was _not_ one
dollar, but was of _the value_ of a dollar! The dollar was first, last,
and all the time, defined to be a coin composed of 371 1/4 grains of
pure _silver_. This is the very alphabet of the matter. I have myself
set forth these facts so many times that I am ashamed to repeat them;
for it implies that there are still people in the United States so
lacking in intelligence and information as to require the reiteration of
the bottom facts and principles in our American coinage system.
Twenty-five and eight-tenths grains of gold never did compose a dollar
in the United States until after the year 1873. Why, therefore, should
Mr. Lepper say, "Let us assume that 25.8 grains of gold have been taken
to be one dollar"? Then he goes on to say, "Let us assume that it is
desired to supplement it [that is the gold dollar] with silver." Why
should he speak of supplementing the use of gold with silver, any more
than supplementing the use of silver with gold? There is not as good
reason for the proposition to supplement gold with silver as there is to
supplement silver with gold. Herein lies the trouble with those
gentlemen who are trying to fix up a plan by which not to do it. They
begin with a series of false hypotheses. They work along from these
false assumptions until they reach some monstrous conclusion, and then
show how sound the conclusion is because it is logical!
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