The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-01-15
The Silver Dollar which was at
Premium I'm Gold i'm 1878
not DemOnetizcd
Secretly.


Secretly.
WAsHINoToS, Jan. 2.-The assertion
that the Coinage Act of 1873 was Sc
cretly passed by Congress and that no
one knew what its effect would be at
the time il became a law would not be
worthy of further notice except for that
the advocates of the Bland Silver Bill
continue TO repeat it, They have sue
ceeded IN gaining some sympathy for
their cause by their constant reitera-
ton OF this oft-exploded story. Mr..
Thurlow Weed in his letter To the Tri-
bune is the only prominent advocate
OF the remonetization of the silver dol
lar who has had the manliness TO ac-
knowledge that he was mistaken, and
to admit what all of them must by this
time know to be true, "that there was
nothing secret or mysterious about the
coinage legislation of lS73;" that the
subject was discussed as much MS many
other equally important measures were;
that the judgment of men we'll inform
ed in coinage matters was generally in
vited, and that il members of Congress
did not know.what the effect of the bill
was il was their own fault.
Mr.. Halstead, of the Cincinnati Com
merciS, published letter in the New
York Nation of the 9th OF December,
1877. in which he says: IL have adver-
tised in vain for a member OF Congress
who can say that he voted for the de-
monetization Of silver, knowing when
he cast his vote what il meant. / have
appealed to the press for an editorial
article published in the year 1873 or
1874 for or against tho change from the
double TO the single standard; and the
the conclusion is that no such article
appeared in any American newspaper. ="
Now it is not of so much importance
what members Congress may say or de-
cline TO say at the present time, when
the large decline in the value OF silver
has taken place, as what they said
when the Coinage Act OF 1878 was un-
der discussion. IL is shown by the re-
cords of Congress that at least five
members of the House Of Represents
tives knew that the Coinage Act Of 1873
proposed 10 discontinue the coinage Of
the silver dollars. Their names and
their very words at the time OF its pas
sage are given herewith.
The Hon. VIM. ID. Kelley, of Phila-
delphia, declared:
II Is impossible To retain the double stan
dard The values Of gold and silver constant
Is iuctuate. You can not determine thi. year
what will be the relative values Of gold and
silver next year. They were IS 10 ! a short
time ago They are 10 10 l now. Hence all
experience has shown that you must have one
standard coin which shall be legal-tender for
all others, and then you may promote your
domestic convenience by having subsidiary
coinage OF silver which shall circulate in all
parts Of your country as legal-tender for n
limited amount and be redeemable az It's face
value by your Government
But, Sir. ! again call the attention Of the
House 10 the fact that the gentlemen who op-
pose this bill insist upon maintaining a silver
dollar worth 81 cents more than the gold
dollar, aud worth cents more than two half
dollars aud that so long as these provisions
arc in force you cannot keep silver coin In this
country.
The Hon. Clarkson n. Potter, OF New
York, said:
This bill provides for the many changes In
the legal-tendcr coin Of the country and for
the substitution Of a legal-tender Of only one
metal instead as heretofore of two. / think
myself this would be a wise provision aud
that legal-tender coins. except subsidiary
coin, should be Of gold alone. But why
should we le.islate on this now, when we are
not using either Of these metals as a clrcuat-
Ing medium The I'LL provides also for a
change Ia respect Of the weight and value of
the silver dollar. which think 4 "A subject
" hen we come 30 require legislation about IL
az all. which will demand al our hands very
serious consideration, and which. n we are not
using such coins for circulation now, seems
az this time 10 DC an unnecessary subject
about which 10 legislate
The Hon. Thomas McNealy, Of Hi
nois, said
As a mcmbsr Of the Committee on Coinage,
Weights and Measures. having carefully ex-
amined every section aud line Of this bill aud
generally understanding the subject before
10, ] am satisfied that the bill ought 10 pass
The Hon. Samuel Hooper, Of Massa-
chusetts, explained that:
Section l6 re-enacts the provisions Of exist
ing laws, and defines the silver coins aud
their weights respectively, except in relation
10 the silver dollar. which Is reduced Ia
weight from 4l2js TO 3s4 grains, thus making
it subsidiary cOiu Ia harmony with the sill
,cr coins Of less denomination to secure it,
concurrent circulation with them. The silver
dollar Fl 4l2l grains, by reason of its bullion
or intrinsic value being greater than It's nom
inal value, long since ceased 10 be coin Of
circulation and is melted by manufacturers Of
silver ware. IL does not circulate now la
commercial transactions with any country.
and the convenience Of the manufacturers 10
this respect can better be met By supplying
small stamped bars Of the same standard
avoiding the useless expense 81 coming the
dollar for that purpose.
FN~N