New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-04
TIE SILVER INQUIRY.


,rv,,, ,,,r Rvcr.rAK CORRESPONDENT OF THE TRBUNFl
W,siIxeroN. Aug. 2--AmoS: every one who has
r;t,o, or snok,u IN favor Of restoring the SILVER
dollar. containing 371A grains Of puro silver 20
the Mace i'm the coinage If the United states Wl'h
II pominally and legally occupied for about nGh'y
yea1s has denounced that part Of the Aet OF 1870
bv which il was d,monct.zod a. " haud' " snug
oiled into an Act revising the mint and e"."'hc
laws and forced through Congress IN the interest "A
some foreign gold Iirs.' THIS assertion ha' '''n
so constantly repeated without is coIrc fnc>' oe'E
challenged ey en- ny those WHO weIs most ihlN,i'"'
in securr the passage Of che law, that ma 'h'
olttle INDIGNATION has been aroused i"'ohS honest
,o,,l in and out OF Congress that .' lnPor'"H'
cb,,cc in rur monetary system should nave ocen
eNer.eG lv mca;s II - 3iSrrpoi2b.e ieEi>'al'Ne
trick" As exact information on every "I'A'" %
tbis exceedingly important: subject Is ,'t A'" e"A''
TX soraA; by ey,.y honest AMI Ul T,l "'' &c. per
SON who desires wise and csltia. legislation, II any
4 ATTEMPTED shall venture 90 review ~ his lel'er
very briefly the history OF the Act OF lN'@.
In b,s Annual RtYor; Tor 1s5" rage $" Secretary
RoosveN. reie1riu- to the NuAtS and ASSAY CtA''N
ii the United States, made the following remarks
,lo ,,n- and rcinias OF the precou, Uc.als Is nov
So lrC national interest mat % deserves r.r'e a.,
inStOn Charged sn-,sl!y with l-r u'-. . ,. , IS,
SS5Hde IN toe appointment u proper .i. - ge i
trlstci with tb,> bF.th ~ the N-.lr hl>lhS>
eiTrsi!o 81 the Secretary o. the treasury Ine v.-
- vtry il diminished IT, amount hF the ia' mas
in Eurlsnd and srncc he MINI eAi s :. 1 u, T., .e
yeri the export Tic precious ie .a.s .h -e ION -
Se;hcr abolished.
Win view Of carrying into effect the reforms
here suggested and Others Nj. Boutwell, requisite"
MI John Jay Knox, subsequently appointed. 70 DC
Controller of the Currency, TO prepare REVISION Oh
The mint and coinage vs., 10 be submitted 10 Con-
prsss for its approval. Mr.. kaoxs method was nIsi
10 arrange in as concise form IS possible All laws
then i force on these subjects, and having caused
The eor,njlst;oa to 90 printed paper with wide
margin sent copies 70 thc different mints aud assay
orfces 20 The First ntrclleF, the Treasurer, tho
Solicitor The First Auditor, and many other gentle
men VIA, were known TO be vel Informed IN regard
t. the management Of mnts, coming, &c, and 10 IL
wife their criticisms Ir this way hc secured Nueges-
tions from muye than thirty gentlemen 81 experience
in the manipulation of metals, the manufacture OF
coins and the execution Of the 1Aen existing mint
laws.
In the oh revision thus submitted. one section
of the bin 10. proposed 10 demonetHe the SILVER
which had then been out of circulation for nearly
FORTY years because It undcrYalued at Ito hlh'
and 10 substitute for Il subsidiary token containing
3S8 grains of standard silver instead q il212' se'
eral gentlemen in tbeiI criticisms upon the revision
referred to Tins fact Mr.. James Pollock then Drec-
tor of the Mint at Philadelphia, wIote to M Bout
well
Section IL The reduction OF tie weight Of the whole
do AZ approved. and VS. Recommended u I"' 'i"'
report Of 1851 tpase lO
Mr.. Robert Pat. erson of philadelphia sent 70 Mr..
Knox some notesou the bin suggesting amendments.
He called attention 10 one of thcs II the following
word
sTne silver dollar hall dime and three cont piece are
dispensed with by this amendment. Goid ne''lAts le
l.4.ir q u
yer il subsidiary, embracing CONS from the uAt 10 IL.
doiiar; coins less than the dime are o. coppeTnrke.
not more dollar for such silver OF bi'een cents .or
tbe nickels.
Mr.. Franklin Pcale. formerly nclcs and refneT
And chief conner Of the Mint az Philadelphia recon-
meDded the dis,.ntiuuanoe of The Three and one
dollar gold pieces and supplying the place OF the
latter with proper silver com 10 be- ased as change
Dr.H. r. L.ndermQun the present Director OF the
Mint. spoke as follows of the silver dollar
Section II reduces the weight Of the liver dollar
The proposed reduauoD in the weigh: o. ms com II
would B-hoLe, Ia my opinion TO GisccH',uS l,S >7 I
measure Of value Hayins higher Taae bullion taan
a coin OF Circulation ana being Of 10 pTaosi'a! use
whatever its issue 81 nd be discontinued
Mr. James Ross SuJwden, formerly Director Of the
Mint, said
see that II is p-cpysed 20 demouetize the silver dol
lar This / think uu9d,i~abc. silver coins to'W me
dollar arc nov not money IN q Ii9"er sens ~, T sr
u that Il Is quite true mat rs SILVER nolA ue
la III moi be used as circulating medium, but only
for cabirets and perhaps 90 supply scihe o'teJld OF
local demand ye tlins there is nc necessiy Tor so
considerable piece as he dollar 20 1t 81, "a f'on
meta which is only worth ninty-iou cents 'htn We
speak OF doliars 10 be thai We speak collars
moi yUneti1ed ana reduced below t1Cl miriisc aue
and thus AVOID the Introduction "i cOnirad olN ana
loose ideas Of the standards OF 'aIHe
The arguments here used in favor OF continuing
the silver dollar II its old weight might now be
used with equal force against :he passage Of any
act authorizing lis coinage Mr. George +. Dan
ming. formerly superintendent Of the United States
ASSAY Once in New-Yo-k, proposed that the Ia" in
regard 10 the silver coinage should be IN he follow
ing language:
SECTION H. and DC Il nTier 'Ndcied, That ne
silver Of the United states sht % c9aI, q I'd b
dollar, quarterooar, dime or e.. OF yo!i"i az
lalf-dime or twentieth Of d''ia ana the s'indaIo
Mtisnt =, tao & md Ires~ coins shan be a !pga
tender m all payment, not exceeding hYe dollars
The officers Of the San Francisco Branch Mint made
the following suggestions;
SECTION II. Would not the proposed change in III,
weight OF the silver dollar disturb The relative value d
sll our cOiuaEe. alct our commercial co'Nthutt> arg
possibly impair tue validity OF vLi",'s lun,j ,nios
z long period Might not the dollar DC retained A.
measure but the coinage q the piece Tor ccua
ton De disconunhcdi
After receiving these suggestions Ar. Knox pre-
pared his bill TO send to Congress and on the 2>tl
If April 1870 the report accompanying the bill was
ordered by the Senate to be printed, With 800 extra
copies for the use Of the Treasury Department. The
bin thss submitted made 10 mention Of The old sll-
yer dollar. and contained al-o the section which in
Ia 1875 became a law, iorb.iding the further coin
age OF dollars. II was as follows
ssc Is. md be II purifier enacted, That no coins,
either gOld silver, or minor coinage 'ba hereafter DC
nations standards and weights herein set forth
The report called especial attention 70 the discon-
tnuaucs of the silver dollar as q standard. The