, 1876-04-25


been gratefully received by the American
people. At least one-.hird Of tho peoplo
have attained adult ago since silver disap-
peared from circulation. Gold coinage has
been far more familiar in business than Sill
vor during tho last fifteen years. The sub
stitution of silver for tho fractional currency
will prove Of great bonoft, provided that the
policy thus happily begun shall be main
tainod. The silver coinage il a curiosity, in
one sonso, to thousands. As it becomes dis
tributed there will be largo amount OF It
put away in smnll sums, and not paid out
again until the Inst fractional noto has disap-
peared. The highest sum of frnc-
tional currency outstanding at my one
timo WINS forty-six millions of dol
lars, aud this includes al1 Of that
currency which Inns bccn lost and destroyed
sinco tho first Issue in 1862 and 1868. But
the demand for email silver will far exceed
TINT which has ever existed for tho fractional
pnper currency. It will reqnire nearly twico
as much silver. because largo proportion Of
the latter will DO boarded and put inside, until
it has been issued in such large BUNS as to
have il in general use, md in such abundance
that 1t can DO oasily obtained when wanted.
| The bill which has passed Congress author
izcs the issue Of silver coinage in redemption
of tho fractional currency. OF this there
was in circulation on tho LIST Of last Fobrs1-
ary 81, 900, 900, aud Of this sum over $10.-
000, 600 are Of tho earlior issues. Tho issue
Of s3o, ,0o0, 600 Of silver coin will be wholly
inadequate, aud the fact tint its issue il al
Hns
promptly hoardsd.
In wiso anticipation OF the popular do
mand Of tho country for silver, aud for O
large amount Ut it, the Finance Committee
Of tile Senate has reported bill providing
for tho continuance OF the silver coinAgo
permanently, that the growing preference for
the coin mny 10 satisfied. Tho issuo of thirty
millions will, if It bc ascertnincd that no
more is to DO issued. hardly satisfy Those who
will put 1t away to keep In sums ranging
from $2 to 300, and the whole value Of the
silver scheme will 10 lost. There IL, more
over, no rational protext for coining silver
unless it DO to furnish tho public with silver
currency. To coin only TO the extent OF sup
plying tho demand for boarding, is to produce
contraction mud great public inconvcn,
ence. The coinage, to DO OF my conscn.
ienco mud bono!it to tho public, should con-
tiuuo 30 long as there WAS dolnnnd for 1t
and 30 long ~ tho public shall bo willing
to give paper currency In exchange for it.
Tho present comparatively small issue wil
only seryo to familiarizo tho people with tlt
coin, Rnd to tndnco them to such genera
, exchange of paper thorcfor. Silver coinag.
is tho greatest OF all explolers Of imitation
, Tho man who receives md handles silver vii
never more ask or fayor the issue either O
: papor " mouey" or paper promises, uules
these promises be redeemablo OH demand Ii
the coin. TAosilver coin should therefore con
D tiuue to be Issued until the country was 81
, supplied TINT there would ba no further dc
: maud for It, Dnt tho coinage should 50 o1
: 10 long AZ tho demand may exist for it,
r Tho Senate bill provides fur the coinage o
= silver dollara Of tho standard weight, Q
) which nono have been coined since 1868, an
j. these are 10 bo lcgal-tenler to tho amour
OF $40. These silver dollars will havs valu
= OF soma four cents greater than the sma
i. coins, When this weight WAS established fo
Y silver dollars, it bore the then existing PR
t portion to tho gold dollar TINT silver did
9 gold. Subsequently silver advanced, and OF
coins being worth moro es bullion than col
o wero melted aud shipped. For this reaso
10 tho weight OF the small coius was reduce
d and the coinage Of dollars discontinued
n Now tho yalue OF silver in gold has falisn |
!. such an extent that the dollars may be saiel
ID coined at their old standard and .bs wort
~ moro rs coins than ~ bullion The 8ana