The daily gazette., 1878-01-02
WHAT THE PEOPLE SAY
For the Gazette.

THE FATHERS ON THE SILVER DOL
LAR.-lt appears from the evidence Just
discovered In the books OF the mint that the
fathers cared 20 little for thJ silver dollar
that during almost the entire peroid from
1901 TO 1873 the manufacture OF the coin was
suspended by authority. The reasons were
first, that nobody wanted TO lug about sill
yer dollars: second. that they could not be
kept in circulation II they were issued, and
third .Ithat gold was the real standard value
then, as IL Is now, and as IL Will always be
unless we discontinue our Intercourse with
foreign nations.
There Is a strange mixture in the above
paragraph, coming as 1t does from promi-
| nent city paper, that demands some atten-
| tion. 1t has been unearthed from the
records Of the mint that James Madison
directed the non-coinage Of silver dollars;
that in response to Thos. Jefferson, the
Director OF the Mint, In 1907, reported that
"no eagles or dollars have been struck
during the past two years" Upon this
himsy ststemenJ the attempt is made 10
convey the impression that these men
were opposed TO the silver dollar.
| The war OF the revolution left the count y
flooded with Continental paper 1t was sue
ceeded byAmerican paper andSpanish coin.
II was the work OF the men OF that peroid.
10 devise the decimal system and to perfect
| an American coinage, under the most diff
| cult circum stances,
Under date OF January 1, 1897, find re-
port from Director Samuel Moore to the
President, In which he refers to the inter-
mission OF the dollsr as follows!
| "The coinage of half dollars In preference
generally to that of the dollar was adopted
In the year 1896 on suggestion,it 10 is UNDER
stood, from source entitled to the highest
respect that this form of silver coin would
impose beneficial restraint on its exit
fro ii the country, The effect IL is believed
has Justified this preference and offers still
an adequate motive for adhering to IL.
SO then the coinage OF eagles and dollars
was suspended TO prevent the bullion from
being exported. Again we quote:
"Referring to the annual report of Direc-
tor Patterson, dated January IL 1877, / find
that the coinage of dollars was intermitted
non 1905 to the close of the year 1885, and
Patterson says the unit OF our monetary
system was rarely TO be met with in clrcu =
lation.'"
This is true. From the commencement
OF the American era up to 1886, though
dollars. halves. quarters and dimes had
been minted, but very little of 1t could be
found In circulation; 1t was boarded away
or exported. The circulating medium dur
ing all that time consisted OF the redeemdbtt
bank shinplasters, and Spanish silver dol
lars, quarters, levies and fps. All ordinary
financial transactions were regulated by
the Spanish coin. In New Orleans and the
South IL was plaayune and bits. Philadel.
phia, levies ana fps; New York, shiilings
The Ameri can coinage had not been fairly
introduced, and had no status. So far from
the fathers being opposed TO silver dollars II
was their custom to pay for their land In
Spanish silver dollars, while the ground
rents In New York and Philadelphia were
made payable In Spanish silver dollars
not gold. Even during the early bank
panics up TO 1886, the American dimes were
not recognized, corporation shtnplasters
were issued to correspond with the Spanish
coin In 6k, l2K cents. from 1925 onward
there was an inv eterate fight OF the Banks
against silver as now.
1t was claimed that 1t would be the ruiL
OF the banking system TO deprive them ol
their circulate n In small notes. 1t was moi
sntil the destruction OF the United States
bank and the legislation by States one
after the other restricting bank issues, that
American silver made any show. Itwas
not until after the great mint drop fight in
Congress hsaded by Hon. Thos. IL Benton
that gold dollars were TO be found at all in
circulation and 1t is only within the past
thirty-fiv We years that commerce gradually
accommodated itself to the American sys-
tenn of dimes and dollars.
II is therefore eminently unjust TO char
acterize the struggles of the early Presidents
TO establish an American system of coin
age as an opposition to the very object they
had In view. The Fathers of the country
In desiring and perfecting n system of COM
petition had to contend against system
well established and hard to defy. and their
success Is a matter for every American To
be proud of.