Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-11-17


of value had led to dis
of silver currency in the
United States, for money which is
worth more than the face value of
it is always withdrawn from eircula-
ton, melted and sold for its value
as bullion. In popular language,
there was a scarcity of
silver change. With view, there
fore, to facilitate small transactions,
a coinage of half-dollars, quarters,
dimes and half-dimes was ordered
less than the standard
amount of silver. The dollar in
this currency contained less silver
than the standard dollar by "A grains
and fraction, and it was not I'M
reasonable, therefore, that its use as
a tender in payment of debts should
be limited to sums within five dol
lars.
But we had a use for silver coin
age for which this underweight-
ed currency was not available. Our
commerce with Asia was increasing
in importance in consequence of the
establishment of sea ports on the
Pacific and nothing would be receiv-
ed in India, China or Japan except
the old Spanish dollar or its equiva-
lent, which contained even more
silver than the standard American
dollar by 81 grains. An equivalent
American coin was struck and it was
called the trade dollar. 1t was
not intended for circulation at home,
and indeed could not circulate here;
it was coined exclusively for eXpor-
tation to Asia.
The bill was a bungling contriv-
ance at best. 1t provided coinage
for home use of less value than the
standard dollar and another for eX-
portation abovethestandard weight,
but, so far as at present provided, it
did not abolish the standard dollar
as a legal tender; it simply left that
where it found it; but this purpose
was indirectly effected by forbidding
the coinage of any such coins at
United States minis. The standard
silver dollar, then, could not now be
coined, only the underweighted frac-
tional currencyand the overweight
ed trade dollars; the standard dollar
was still a legal tender for all
amounts, but there were very few of
them in the country, practically not
enough for any appreciate effect in
financial affairs. Lest, however,
those few should intrude upon the
money market at any time, the very
ghost of the standard dollar was laid
the next year.
In 1874 a revision of the laws of
the United States was ordered. The
authority given to the commission
for doing this only extended to
abridging the language in which the
laws were written, to emitting laws
which had been repealed, etc. But
they were authorized to enact no
new law whatever; nevertheless sec
ton 1855 of the Revised Code stood
as follows:
The silver coin of the United States shall
/ be a legal tender at their nominal value for
/ any amount not exceeding five dollars in
/ any one payment.
So there goes the the standard dol
lar into the same limbo of demOne-
tization originally provided only for
the underweighted halves, quarters,
etc, created by the Act of 1873. OBJ
serve the underhand method in
which this matter has been handled
throughout. The measure of 1873
was first introduced in 1872 by Mr..
Hooper. SOmediscussion arose and
Mr.. Potter seems to have detected
the cloven hoof in it; he objected
to the bill that
1t provided for the making of changes in
| the legal tender coin of the country, and fOI
| substituting as legal tender coin of only one
metal instead as heretofore of two.
Discussion was not the thing want
ed, especially discussion of this sort,
and motion to adjourn put it to
rest for that time and it was never
renewed. The bill was pushed
through without reading, under sus-
pension of the rules on May q, and
then went to the Senate; there il
was reported by title, May q; refer
red by title to the Finance Com
mittee, May 30, and passed at next
session in the same way without
further discussion. Thus was the
standard dollar UirtudIy demOnetiZ-
ed; twas formally deprived of its le-
altender property, as has beenseen,
by Committe of Revision assum-
ing to Iegislate where it had author
ity only to revise, and the interpO.
IatiOn received the sanction of Con.
| gress unwittingly, that body being
falsely informed that there was nC
new law in the so-called Revised
| Statutes. Virtually the silver dol
lar was not demOnetized by Con
gress and the President at all, but
by half a dozen gentlemen who I'M
dertOok to legislate where they only
had authority to revise.
How disastrous this surreptitiOus
legislation became to the people o
the United States when the relations
of gold to silver were reversed is 6
subject which must be treated in 6
future paper; meantime, our people
have now some conception of the
mode in which silver was dGmOpe
tized.
WHERE Is THE PRESIDENT?
Those politicians who are relying
unon tho hone that the President