The daily gazette., 1879-12-09

LEGAL TENDER CURRENCY. Gold
and silver was always considered, under
the Constitution Of the United States,
the only legal-tender currency of the
country. During the administrations of |
Jackson, IAN Buren, and even of MIR. |
Polk, and we may say up to that Of Mr.. |
Buchanan, the several Secretaries OF the
Treasury, as well as Clay, Webster and
Benton differed somewhat in their esti-
mates Of the amount of gold and silver
currency there las in the u nited States,
including English sovereiens and Mexi-
can silver dollars. But their estimates
did not differ more than about twenty
five millions OF dollars. Mr.. Clay's esti-
mate in 1910 was $150,000,0OO; some
others held there as in 1850 STE. .OOO,-
200; and In 1850 there was no more, as
the export of specie was quite equal to
the discovery of gold in California, as it
had been also before.
But the laws which governed the mint
ing Of money, placed no limits to its
supply; and the mints were bound to
coin money as rapidly as the bullion was
brought to them. There was no charge
made for coinage except the toll to pay
for the expense which was about 10 to IL
per cent. The government assumed to
coin money for the people that there
should be uniformity. And as 1t
monopolized the business, and prevented
all others doing it, it was bound to do
it as rapidly as the demand required. And
the government more than met this ex-
pectation. Its mints up TO 1861 were
kept able to coin ten times as much bul
lion as was annually carried to them
The only charge was the cost of coinage
Up to 1880 such a thing as the Presi
dent or Secretary of the Treasury or
Senator of the United States telling tn
people that they should limit the amour
of legal tender money they wanted wa
never heard. The people who had tn
bullion up to that time we're the sol
judges of that matter. The governmen
mints took their bullion when presente
at the counter and coined it, reservin
thereout the cost, and the owner of I'll
bullion was left to do as he pleased wit
the dollars it made. He took them an
passed them for what he please,
The government did not limit the mont
that was not full legal tender but
tried to supply the demand by coinir
all the bullion presented.
The States were accorded the right
emit bills of credit, and they supple
all the paper money in quantities equ
to the demand in notes from 81 to ST.
and above.
There would have been no limit nc
to the supply Of silver aud gold but Il
demand, had not the schemers in t
interest Of the English and other forei
bondholders, had silver demonetized
1873. When it was remonetized in IS
these schemers to get control Of
limit and the circulation, had the Cover
ment made to go in the market and b
bullion and coin it, instead of perm
ting the mints to coin 1t as fast as I
bullion was presented as had alws
been done before. John Sherman n,
orders so much silver bought and coin
into dollars and he keeps it in the Tr
sury instead Of paying it out. Thus
government has, in addition to mono
hzlng the coinage of silver money, l
oertaken to circulate it, which was nc
Of Its business previously.
BY the purchase of bullion and co
age of $27,ooo,oOO Of legal tenders
1878 the government made a profit