New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-09
The profit 10 exporting

lose their silver circulation The profit 10 exporting
Tue act Of 1884 has boon described as coutrivng in.
equivalence In the monetary amt and then cited as
precedent OF financial integrity. fhs preecdent Is
Understood. That Congress soa2ht jnst equivalence
aud not m unjust disparity in tbs search for the cst
METAL IL proved by the that they the Othee
metal IN that search. The weight OF line metal IN
then afterwari IFS tabular history shows,
the weigh OF the line metal in the other reduced
just equivalence. arl reduced ne ictsusly nasns
to fall on the other side From LIS the Congress passed
over the unvaUed hut controlling ratio oI ii5 ,
tue ratio OF l:l60O2 But there was no eau-o IA re
actual value metal 10 ess r' valae thai
tne years after. Germany. seeking
The circIiion OF France a.t-r 873 cosfrIi.ed tnr
IN 1876 to close her open miuts 70 syer ami pa "a end
to her bimelalsm 1t The prevalent ratio Of l55 yh
had by the Two OI Congress, dfapct NJ Ell
states nrst Of one metal and then Of the other. Gold
lheh was not Ike silver bIi -ht and nd by tho
treasury INTO dolllrs which foreign circumstances had
mad" OF inferior Nane to tic Same quantity oi madl ~
an earlier date Neither metal IN iact varied from
steady value or II IN thai equivalence Ia she c0ancr.
cia world ana Ia tho law oil France upheld al me raO Of
Is3z-Pnro gold 1922 = 37I.25 pure silver; IA 10
lie. the only change % DO noted under the law Of
1887 IL the putting trhc more gold into fOrm OF
the monetary amt in order to conform alloy to ec
mai system. IL is oi no Importance.
LID Tne weight. OF the nne metal IN either form Of
the monetary anti nd the ratlp OF Their Weights
the under tue act or 1913 Equivalence
fi Bnt pbe siiyer meta wric5 clui OF
be kept ut home WHINE tho FIR nch mints coiEny
both metals at ratio more Attractive than ours e. hs
ftct hes outside the scheme Of the foregoing
taLle, it Is Important and should be nut,l.
purpose and three years iater tho egaltrhder qhIy
wh eli had bceu of Necessity conferred upon foreign s
COINS Withdrawn aud IN ted And now % shDud
observed That from 1888 to 1873. from 1892,
coinage and full egii-tender we're gwen To both metals
whoever brought them eking 10 obtain either form Il
the monetary unit. The law OF 1888 winch established
subsi iiary coinage Tor small chang did not "itAdrlw
the right from any owner Of silver TO have his metal cut
into dollars OF an unlimited iegal-tender. Indeed.
5.53S,ois such dollars were col"ed IN those twenty
years Bat why more! and why dId so mauy or hcsa
abroad even before the day OF paper camel The
French mint ana its ratio agaiu explain.
Aud why did not III pairs tho silver hall-dolar.
1851, operate more ehectually than nom 1892 10
1884 the silver whole dollar, coined rauo OF lJ:l
coming at 10 81. more efec,ut still might to hays
been 1881 Offering more than per cent profit The
irst bre In the custom OF free coinage hal occurred
The eject UPON gold Tbs coinage Of silver a. ia sS:I
confined to small purchases or silver bullion made
fractional coins were thereafter received But tie coin
ing free OF the iuIl-tender silver dollar
ls73.-Pure gold 2322 THAT the gold coins OF the
United states shall be one-dolar piece. winch at the
standard weight Of twenty-five and eighteenth, grains
shall be the unit Of value" see. ~ But such
IN that Office Free coinage ot tHurtehisr s'Tt
changed emitting the things mentioned above as ex'
cluded being quite irrelevant TO The silver question:
The right Withdrawn was right long unused, and 1t
right long unused because wasa Eht uHproht-
abe any owner OF silver In the United states Tue
unlimited legaltender quality of any silver dollar sti
existing, unmelted, unexporIed IN the cabinets OF
collectors or the strong boxes OF Ioaers whether ne
the proportion of alloy, hot IN The quantity OF pre-
metal 37l25 grains. as the table shows was not with
These facts may probably be compared with the
passage OF the act OF 1873 wnen by ending of bi-
metallic minting In France, In Europe, In the world
July. 1876 and the fall OF silver, the free
coinage of flll-tender silver dollars Of 37lZ1
grains legal equivalence with the 3 % grains pure
gold then made without protest, and now reminding
without change the sole coin embodiment OF our none.
tary unit OF value had become ior the hrst noneht
since 1854 1873. highly profitable transaction Tor ire
silver miners Goss than 100000 Of the United s"tesi
bit not for the people unOre than oooOooooj {. Tue
The charge that Congress was furtvcy seducei into
passing the act OF 1873 is thus manifest error gut 10
It's rca On TO the passage OF tue act of ISIS l. nol
superb mention That the coinage act OF 1873 wa:
read in the senate more tan once III TIC House al ieas'
once, printed BY order Of Congress thirteen tunes,
considered in the committees OF hotl Hodses ddlns
i've different ssions. the debates upon 1t occLpy
I44 column. OF the Congresslonsl Globe The act OK
IN tue United when tue nfelcity Of the tlealho
OF 1884 induced the subsidiary coinage Of 1888
ls74.-Pure gold % %. The revision OF tue siatges
of the United States adog ted the 2Oth Of June, ls7i
thor approaching Interests II silver uItorr fell tat tie
reySrrs 3,0Sb read; in1 silver cOihs OF
The Tinted states shall be egal teudtI at their nominal
value FOR any exceeding five doilars IN any
one payment" II silver dollars Of tnt coinage 81
1899 OF 1884 In company win one another any
five dollar LEGAL tender which was obviously intended %
relate to fractional coin, alone. operated nes't"h un-
expressed upon the Unlimited legal tenG"I dlduty,
heretofore conferred. OF silver coins not fractional
which had almost ceased To exist then the rev.scr OF The
statutes NAY be held To nave made change ia The law
without warrant, and sl>D wlthO4 npuIt1Irc.
1873 Pure gold % ~ Toe colhse act o. rs leit
standing the monetary unit OF value embodied aud
established by the OF 57j % - Troy OF mas
gOid g. ; stahlatd'l IL Il tulIsI I" dso oe 10 'hs
ALNth Congress winch passed that Ic'. alteration n
rGuyae uce even it. identity. witn olr OF tie buet no
'oru, that unit arl,het moro than forts years
.ed ay i've I ya9r '' before SoS ug' tue ex
trrIue fan fl tie metal which bad also been IL.
value alone. More than that congress o:nI"t
the second provso of The act OF lss the actual az the
a. al the
Ip ' ,,,,n va. .,t,I ~ d COT N,a.s.
Congress gave T. r-i.-tculer luaIty 10 tAs s!lsrf
ti for 81 oir monetary mi snow. 10 We hrci ~
uniform conc,mitiut from the nr,t bl,shnrB' ta6
emit % the present hour BIT COn~rca, also explicitly
recognized Ia nf,tioii,y to tlo sold certificates ~
which lcy bad never be-to vet the l..lt t,acr quality
Moreover, Congress di NOT dmIa,l TIE wei-t ~ no
pr clio - metal In the silver dollar. Ttcy REL lret # ID
he coined ~ the OF tgOr gram, OF pro
SILVER 81 25l - hrI been ut IN evcrL coin q tnt
u1re ana metal from 1892 10 '73. It was o'c
monetary with free coinage iof
all corners and full lesh. tender.
THE MONETARY UNIT INvARtABLF.
Thls analysts OF our coinage laws and explanation Of
their history YIELD nsnt for gui lance now. Ori'nei
70 establish Justice" tho Constitution itself Is bat
rcsscd this first century Of cOntucy IN the Con reSs
to conti.uous ami Just equivalence in the successive
,on cmbo ments ~ n" monetary unit FOR Standdrt
aud measure OF vaue. The precedent st"rls ahc M
,tand ,or 10 come. the admiration tac prize.
he rule OF law and OF duty for many generation, o. sf
governing freemrn II j. .or a. ID pt,7 81! ,"'A iet
this nisl ALTON Of financial integrity Bat ol lslce
A. ~ norrtt, eternal vigilance Is the pmcc.
Our u 5UoOOGU silver dollars ate b. law flt legal
nior. Sharing that function VICE tla none. r} INIT
itself tho honor III, country NOT less than Us M
'ercsts Is involved tie pre>eiNation ~ uelr
equivalence with thai uut wherever our dt-
l.us dwell and our laws Equiv .
In foreign trade for the reasons above iau cA'cl -
for The present quite impracrnolc. IN lvdrns" 10 30
NEST trt lie IL practicable But that equivalence IA
now lmurricd by the continuing coiu8sc aud Increasing
number OF the silver do a' ihi' Is nn'h NOR ,n"a
deliberate Judgment OF thc secretary oi the treasury lg
a.t,ted 10 MIN from the ceuro> o. trlGc 10 al pt- %
he country. aS nuch rom the South hc Sutth, -
much from the the East. Not alone oar t".o
statesmen and instructed rc nnmi>ts ana hu' eIH ~
lee Tie stopping the silver COINAGE Row. hd WcfcNtr
our fellow citizens Consvtti" Ia t1mW'l'' C..r'
aud towns the business clSrts engaged ID 'h' U'r ny
,.tprur-c- AMI manufacture, az those centres, am uo
,tlll lar-cr masses Ot ROiluGucu employed ~ '"'",
IA 90 the stouutng ot the SILVER coiHa-c nov" i NO
60 h ara llN avs first TO perceive such pctl0 10
Industry and trade and the oon-"t1e the! 'ns'
r fst, cneut IA such matter even the acts az Con-
,ycs fnnshus commerce and currency are hndlty "p-
.,i For II Is their interests urSt. an q tetNac mo
~ ma a,r,u.rIrl which trulu~