The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-04

post silver hull on ut the mint to hr coined into
upon the payment Of the cost Of coinage This
provision WIS nude at u time wh"n ~ n dol
lar worth ia the market f1.U2 10 loo in gold.
and was IT. signed for tn use " trade in China.
where = liver WIS the only standard. BY the
luint resolution of July %. 1876, passed when
the trad" dollar "a market valu" hni ltrn
grcntly below one dollar in gold. II was provided
TINT 1t should not be thereafter n legal tender.
and the Secretary Of the Treasury was author
I"u 70 ilnt IN" c9lhaEr ,,rrcul to su an
amount as he mny deem sufficient to meet the
export demand for the snmc.' Under these
laws the amount OF trade dollars ISSUED. mnin'y
for cNportai ON. was $50. 10 400. In tol"r
last II l"rnne apparent that there WIS no fur.
Their demand for trade dollars. but deposits OF
silver bullion were made. and such dollars
wrre drmnndcd Of the mint for circulation in
the United Stairs that the owner might secure
the Il Ference between tho value of such bullion
ia the market and United States notes. At the
time the minis were FULLY Ocrup ed by the issue
Of fractional and other coins on account Of the
Gov rnm"nt. Therefore. under the authority
Of the law referred TO. tho Secretary directed
I've made until necessary ngnin to meet an ex-
porl demand IL case another silver d2 3n, Is
trade dollar be discontinued.
The question Of the issue " n silver dollar for
circulation ~ money has been much discussed
and carriully examined by n commission or;
ganzcd by Congress, which has recommended
the coinage Of the old silver dollar. W Eth such
Legislative provision rs will maintain lis cur
rent value Mt par with gold. IT. issue ~ respect
iullv recommended A gold coin 81 the de-
nom nation of one dollar is too small for con-
vcni"nt circulation, while such n coin in silver
would be convenient for multitude of daily
transactions and is in n form to satisfy the
natural Instinct Of boarding,
OF the metals silver is Of most general use
Tor coinnRe. II IL n part of every system OF
coinage even in countries where gold IL the
sole LEGAL standard. 1t best measures the com:
mon wants Of life. hut. from its weight and
bulk. is not a convenient medium in the larger
exchanges Of commerce. Its production IL
reasonably steady in amount The relative
market value OF silver and gold IL far more
stab, than that VI any other two commoditirs-
still. II does vary. IL Is not in the power OF hui
man law 10 prevent the variation. This inher-
cnt difficulty has compelled all nations 10 adopt
one or the Other IA the sole standard Of value,
or To authorize an alternative standard of
| either or to coin both metals at an arbitrary
STANDARD. and To maintain one NJ par with the
| other by limiting It's amount aud legal tender
quality. and receiving or redeoming II at par
II has been the careful study Of stntosmon for
many years To serur" n hi metallic currency not
subject to the changes Of market value. and 80
adjusted that both kinds can be kept in rirruld-
| ton together. not alternating with each other.
| The growing tendency has been 20 adopt. Tor
| coins, IN" prin'ipI" OF redecmahility applied
| to different forms Of paper money. By limit
ing tokens. silver. and paper money To the
| amount needed for business. aud promptly
| ceiving or rcdeeming all that may mt any time
| los in excess, all these forms oi money can be
| kept in circulation in lnrge amounts nj par
| with gold. In this way. tokens Of inferior in
trlnsic value nre readily circulated. hut do not
h.preciate helow the bnp'r MONEY into which
| now in circulation. though tho silver of which
1t IL composed is II less market value than the
phIfI llpnf'D. passes Itutl4A tiltllE hli fl~NfS
which it was designed. And a. the silver dol
lar, II RESTORED Ia our coiuag". would greatly
add To the convenience Of the propc. But this
coin should be subject To- the same rule. rs Ia
issue and conv"rtibility. as other forms II
money. II tue market Nnlu" OF tn" SILVER in IL
w'rr less than that of gold coin Of the same de.
nomination. and It were issued in unlimited
quantities. and made "a legal tender for all
debts. Il would demonctl2o gold and drprcclutc
Tho Importance ~ gold as tho standard ~
] - flll lac ftIl ia. Iatl
h'en practically IN" sole ann standard 81 the
luitcd stat -. and nee $50 has been the sole
SIAN ard of GrrHt Britain. Germany has re-
| Gently adopted the Same standard. France nnd
other Latin nations hav" suspended the coin
az, cot s4lNrr. And. 1t > supposed. Will gradually
rrh"r "a opt IN" SOLE" snniurl OF gold or uro-
VIDE lur the eonN.rtihiliiy Of silver coin. ON the
demand Of IN" holder. INTO gold coin.
In the United stat = several exp sriments
hay" h"rn made with tAe view ~ retaining both
gold AMI silver IN rirul ton. The S.rond
ConEr undrrtook T., establish the ratio Of III
ton of SILVER 10 ono Of gold. with free 90 mage
valued ~ nnn ounce ~ goll wis worth ,nor in
the markets of the world than fifteen ounces 1T
SILVER. aud gold. Therefore. Was exported To
'rtth,s. in 1877 the ratio WIS fixed nj SIN
t"'i 10 ono. hut sixteen ounces of silver wcr"
worth IN the market more thnn one ounce OF
sol so q u silver WIS dcmonrii2 d.
Those 81 III n tics IN the adjustment ~ gold
nnd silver rninnI" were fully considered 10y
Congress prlnr e. Nh" pnsHnsc Of the net AZ.
WIS h'h'v 81 " y rnnn' M. policy WaS adopted
tn -.' 'ur' tn" stimuli uafu- o. .ulutton Of both
> lN"r ana Glt IONS iu tho luItttu SElfr-. 81
Nrr fri uuhul CONS were PROVIDED TOR al a ratio
~ ll.-s ~ -ilYrr On" In gold and wcr" only
issued IN eNrhnnse for coid con. The right II
private parties a. deposit silver bullion for such
'oinugr Was repeal Il. AMI these CONS were ls-
sued from bullion purchased NN N" Treasurer
Of the VI lni and only upon the account and for
fh. profit Of the United States. Thu, 'oin wns "A
Legal tender only IA payment II dcbts for all
sums not "N"''iIn five dollars. Though The
silver IA this coin WIS worth ~ the market g. l3
cents IN the dollar les inan gold coin. yet IL
convent nee for rs" rs change. lis Issue by TIA"
prii,'t ..'nl convert NIFTY into gold com main
utinrd il ia rir'uiutfon NJ pr with gold com.
l. tn slight error ia the ratio 81 l1l2 prevented
! Ave yours. nni IN" slight error uf 1897 brought
gnll into rir'u alton and hnui-hrd silver until
1903. how mn h more certainly VIII an error
now ui nm" per cent. cause gold a. 10. exported
and silver - hnromr IN" sole standard ot valurP
In II worth Will" Ia travel aguln the round Of
errors. when "Nprricn ~ has Il 'mDnsiratcd that
both II "tas can only b" maintlin' ii in 'lrcu-
lmlon together by adhering 10 the policy of
1903
The silver dollar was not mentioned in the
not of 1873. lat from 1892 until 1874 il WIS
worth more in the market than the gold dollar
provided for IN tho art q le3I II wns not
curren mt coin contemplated n bong in rlrruln-
lion at the passage Of the NJ Of Feb. ~ 1873.
The WIoi" amount "f ~ IA dollars issued prnr
L. 1853 : ~ .jj3OuO. Subsequent To 1853.
and uuul IL was dropped from GUY ronngr IN
1913 tao tutt amount ISSUED WIS s5492. SIS. or
an aegrcg,te oi sspi5.S3s. and tins Was almost
oN 'us ivciy for expectation.
By the coinage T. approved ron ~, 1873.
fra I .nnnl SILVER coins were authoriNi ~liuliur
iu general clnra ter t. the coins OF 1913. lut
with n sht in 'r'a-, ol Yer n tirin,t" mako
them conform rNn ty to tn" French roinais".
and the OH dollar WIS r'plh 'rd ~ INC Trade
d.i.I II 42O grains ol stan lard silver.
Nh. 70 t'pnpluiui mas boon mad" that this WAS
done with IN" d,'s, IN OF drpriNing the p'"pi" of
the priyii ~" oi PAVING their drbS II "hriprr
mon, tuun gold bur It r. manifest mat this IS
-ul~ lu nj luli u the nurN" vain" silver.
Tho p s"r i"li r. WAS nn unNnown rom "a the
p.olI-. and WIS nul m clr 'ulat.Dn even. an tue
a