The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1878-07-17

materlal money circulation Tor Inc
past twenty six years. -
In consequence OF. this state of
things, and TO remedy the difficulty.
Mr.. Crawford. as Secretary of the
Treasury. in 1920, recommended
that the ratio be changed to one of
gold to 1875 of silver. but no
chaBgewas made down to 1884; the
purpose Of the change then effected
being aVowedIy to bring gold into
straightforward to effect this ratio
was established which erred on the
other hand, and gave to gold legal
value beyond what it was entitled
to in the markets Of the world. As
Hamilton's differentiation of gold
had caused it to be absorbed by
foreign demand, so this oyervalua.
tion in 1884, which was to the ex-
tent Of about one and half per
cent. caused the outflow Of our sill
yer coinage as bullion to be recoin-
ed in other countries. To correct
this mistake, in 1858. upon the re-
commentator of Mr.. Corwin, Con.
gress reduced the weight or silver
coin, of less denomination than one
dollar from 41216 to 364 grains to
the dollar. And the result was
that the "dollar of our daddies"
went practically out of circulation.
the coinage of it being unprovided
for, and this coin. from 1884 TO 1872,
actually commanded a premium,
which at one time (l859) ran up to
5.23, and which. in 1870. when the
DILL for demonetizing silver was in
troGuced into Congress, stood at
2.69. and continued at that rate un-
til the time the act finally passed in
1878. A.a. ~ .
In April. 1870, Mr.. Boutwell,. of
Massachusetts. then Secretary of the
Treasury, sent to Senator Sherman.
Chairman of the Finance Committee
of the Senate, draft of a bill for
the complete revision of all the laws
relating to the mint. The Cat in
the meal concealed in the verbiage
of this bill, was a provision for the
diScOntinuance Of the siLUer dollar as
one of the coins to be issued by the
mint. This bill was reported to the
Senate in December, 1870, and was
passed by that body on the 9th of
January thereafter, and was sent to
the House, where Mr.. Kelley. Chair
man of the Committee on Coinage.
reported it on the 10Th Of February,
but the bill was not acted on, at that
session.
On the 9th OF March, Mr.. Kelley
again introduced the bill, and on the
9th of January, 1872. it was again
reported to the House, and passed
May q. 1872, and went to the Sen
ate, where, on the 18th of January,
1873. it passed. the House amend.
ment which retained the silver dol
lar as a subsidiary coin being struck
out. The bill then went TO a Com
mittee Of the two houses, and that
amendment was receded from, and
the report of the Committee of Con-
ference was accepted and the bill
became law. February IL, 1873.
And thus was accomplished the
characterization of silver-by a mere
trick and device-a piece of parlia
mentary ledgerdemain rarely equal
ed in the Vaccinations Of even Re-
publican district conventions. The
result of this Republican legislation,
which was done in the interest Of the
moneyed classes of that party. the
cormorants who fatten on the dis
tresses of the country, was the con-
traction of the volume of the circu-
lating medium, the diminishing of
wages. the shrinkage of values, the
depreciation OF property for the sole
purpose OF enhancing the wealth,
increasing the incomes of those cap.
- NJ, Vorlr ,.,l No.,
land who bad bonds. mortgages and
credits which were to rise IN value.
because the volume Of money in the
country was to be decreased, and
who were to be enriched more and
more by this covert scheme to make
solvable and payable in gold, and
only IN gold, all the vast debts of
this country. State, National, mu-
nicipal and individual, contracted
under a system Of inflated paper.
imposed upon us by the stress Of
war, and by the necessity of self.
preservation, which knows no law of
restraint, and stops at no policy
which trammels its efforts.
And yet, whilst this country was
gasping for breath. under the grippe
of these vampires and shylocks, this
party. conscious from daily Observa-
ton of the miseries which were over.
our people. were, as a par
ty, unwilling, in 1878, to undo their
nefarious legislation of 1873, but
,odar Tho losh Of tho Goolda the