New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-05-13

A correspondent of one of the morning
papers addresses the following note to it's
editor, which we regret that he allowed to
appear without an editorial reply:
SIR-Can any one tell why silver coin,
which had been Q legal tender since the
formation Of the government for any
amount, was, in 1873, deprived Of that
quality Il there any good reason why it
should not be restored at once7 Why does
Congress hesitatei 1t is answered that it
would enhance the value of Senator Jones'
silver mines, and should not, therefore, be
done; and that is the craftsmanship Of this
centennial year! Bah!
1t would be Interesting to know exactly
who proposed and engineered through Con-
gress the bill which demonetized silver in
this country. 1t had been the money OF the
country from the beginning Of its settle
ment. The silver dollar was made the unit
of value by act of Congress in 1892. Tho
three gold coins provided and legalized by
the government were the eagle half eagle
and the quarter eagle. Whenever the word
"dollar" was employed it meant silver
coin containing 4l6 grains Of standard sill
yer. Silver was the legal money of the
nation for over eighty years till 1873, when,
by an act of Congress- which was not IN
derstood by the people at the time-an
act whose meaning and intent was masked
in its phraseology-silver was relocated
to merchandise and gold was made the
sole standard OF value and the only
money of the nation. A revolution in our
whole financial system was accomplished
by stealth. People presently discovered
that whereas silver had been money it was
20 no longer. Gold appreciated in value.
Prices declined. Silver bullion became q
indefinitely ahead. and business of all kinds
was paralyzed. 1t would be curious to
know exactly who we're the instigat0rs and
engineers of this strategic movement, which
had all the effect of financial coup d etat.
The fact that it was change in the inter-
ests of rich capitalists and great moneyed
institutions and against the interests OF the
people is terribly suggestive. Doubtless. If
the matter were investigated it would be
their congressional attorneys, backed by
the great moneyed institutions, emuggled
the measure through Congress-. The same
thing was done in Prussia. A law which
added ten per cent at one stroke of the pen
to the wealth of the Rothschilds, the
Earrings, the BelmOnte, the Browns, and the
other great capitalists, while it actually
sponged a much larger amount out of the
business and industry Of the people, had q
laws demonetzing silver in this country
and on the continent of Europe have proved
disastrous IN every respect. They have led
to the most protracted business depression
Of the last half century. They have occa-
stoned thousands of failures. They have
deranged the industries and business and
valuations of the whole civilized world.
And the sooner the mistake of 1873 is recti-
fed and we go back to the old and time
honored money of the nation, the only dol
lars known to the laws of the country, the
Quicker shall We be like to escape out of our
business embarrassments, and the better for
the industry of the whole country and all
its people.-Nev York Graphic.