The Orangeburg democrat. [volume] (Orangeburg, S.C.) 1879-1881, 1879-08-01
OnANGEBURG, S. c., AUGUST 1, 1870.
Silver Money.

All the questions discussed during
the extra session of Congress seem to
have found their proper political lev
el, and will not be disturbed save by
pedagogues until the opening of the
next campaign by the great political
parties, except tho Silver question
which Is of SO great Importance as to
excite much interest among the
speakers and writer's Of the present
day. Because of the prominence Civ
On this question VIC propose to give a
statement Of the facts of chief inter-
est involved in it.
At the beginning Of the govern
mcnt our Legislators very wisely
adopted metallic standard Of values,
and silver and gold we're used for
this purpose, with n dollar as the
Unit Of. value. whether gold or silver.
A correct. silver dollar contained
az l-2 grains of that metal and n
correct gold dollar contained p grains
ct gold-the proportion between the
Two was about fifteen 70 one. 1t was
afterwards ascertaiped that by the
French Government, with which we
occupied more intimate relations than
any other of Europe, the value
OF silver to gold was, fifteen and G
halt alfr!o to Q one This proved that the uii-
coined value Of the two metals in the
United States was not the same, that
q gold dollar was worth more than q
silver dollar and that it was ncccssa-
ry 10 make them equal. In 1854 gold
was reduced to 25.S grams which was
about sixteen TO one, and silver
dollar was consequently worth more
than a gold dollar. This proved the
french proportion more nearly cor
rect and it. was adopted.
Ever since 1892 these metals made,
the legal money OF the United States
and the free coinage of both was pro-
vi,lcd for by law. Mints we're loca-
ted where citizens possessing either
gold or silver in mass could have it
coined free. SO stood our silver
and gold dollar until after the war.
In 1876 silver was dcmonetizcd and
the gold dollar remained the unit of
value Its free coinage was prohibit
cd and il was pronounced by law no
longer Il legal,tendcr. In the mean
time very important trade sprung
up between the United States and
China, and our merchants on the Pa
cilic coast were forced 10 buy Spanish
and Mexican dollars at 8 per cent. to
meet the demand of the trade. To
remedy this evil, by an act of Con-
gress, the Secretary of the Treasury
was ordered TO purchase silver in
mass and coin dollar cont aiming 42O
grains Of standard silver to be known
rs the "trade dollar" and one year
afterwards these trade dollars were
made legal tender in sums of $500.
by the law thirty-six million Of these
dollars were coined. Two years later
1heir character as legal tender was
destroyed, and by law their coinage
left u the, Judgment Of the Secretary
OF tlc Treasury who forthwith caused
it to cease.
After the silver mines of Nevada
and Colorado had hccn discovered
and put i'll operation, the old silver
dollar was again remonetized and
made legal tender. The Secretary
Of the Treasury was ordered to pur-
chase bullion and to coin a large
number Of dollars bearing the stand.
ard weight of 4l2 1-2 grains. At the
late extra session of Congress it was
ascertaincd that mass of silver
weighing only 412 1-2 grains brought
in tho mai kct only IS cents, therefore
10 issne such a dollar was 10 issue q
fraudulent dollar. To correct this
evil q. bill was introduced to cqualize
the money value Of gold and silver
and TO do so as soon as the European
nations which had dcmonctizcd silver
might remonetize it.. n4@Hut 80 W.
The metallic money question, there