Los Angeles daily herald., 1886-08-20
Republicans and silver lcgis-
latl0n.

correspondent oil Tine frescot'
Courier ventiIates the Republican
record on the question OF Congress
sional legislation in regard to silver.
He shows that the attempt OF the Re
publican press of the territory to hold
the Democrats responsible for the
great decline in silver and the conse-
quent disasters to our mining indus
tries is the weakest claptrap and
demigogy. The statement is not sup
ported by any recital Of facts, but is
maintained only by asseverations
based upon baseless untruths, woven
in the loom OF fiction from the warp
untruth, by these most INSCRIPTIONS
penci-drivers to gain political adj
vantage.
The Congress OF 1873, Republican
in both branches, demonetized silver.
From 1892 to that time 4l2a grains Of
silver constituted the standard dollar
and had been coined freely at all our
minis and WAS full legal tender for
oil debts, public and private. This
Congress Of 1873 passed an act pro-
hibiting the coinage Of silver and
making it legal tender for only $50.
Following up this unwise legislation
in 1875 there was interpolated into
the Revised Statutes clause making
gold, 25.s grains, the only standard
Of value. Silver went down, standard
dollars were al discount Of from
eight to ten per cent. In 1878 the
Democratic House of Congress passed
free coinage bill by a vote of 1853
ayes to 81 hayes, which placed silver
upon the same footing as gold in our
mints and restored ii to its full legal
tender value. The Senate, controlled
by Republicans, incorporated in the
act provision limiting the coinage
Of silver to not less than $4,000, 900
nor more than "a, 900, 900 per month.
Mr.. Sherman, then Secretary OF the
Treasury, declared that the business
Of the country could not absorb more
than sbO OOO 600 of silver without
driving gold from circulation and
bringing serious disaster TO the pub-
liz cred;t How false was this
propheev was shown by the fact that
in 1874 we had in circulation 5000.
ono 600 gold; now we have 5000. 600,
ooo os GOLD and s215 600 600 of silver
s1sh OOo 600 more of the white metal
than this financial ouack declared we
co,ld carry while in the meantime
tho gold circulation has increased
tbree-fold
January 1870 was the time fixed
for resumntion Of specitic payments
We had then coined 400 Ooo. 600 of
silver dollars when Mr. sherman
the secretarv of tho Treasury. entered
into nm arranyement with the New
yort CLEARING Uouse Association for
,ha ,,r,osa ~ nat;,, a com b;nat;op
with the treasury department and the
national hanks NJ Nav York eompos.
inc Aha olaar;,, horsa assoc;ation nv
which silver sbonld he repudiated
and demonetized so far as il was in
tho nower nj tbese hiyb contracting
nowers IN do so and especially to re.
nnd;ate /, in tho navment of the pub-
lie debt Jr,der this armament the
hanks agreed 10 receive silver enly
on srac;al d.,os;t IN hs Maid ont in
L;,d or 10 s,hs;d;arv co;, In arms
pndar sIo-the ,overrment IN nav
To o.,;aa.;ons !, .o,d Thrs !, will
no s.an tha, ai,,or os r;r,,.lIv "a
.ua;.,oa ~, ,i,a ,o,,a., 80 a.
-, - ~ 49, sa'.,;,.
;naot = panrhi;oan sanrotar, % ,ho
,r,
Al, Gu, -. -. .'.,;.,.-..,,'.
80, ~ 80 ~
. "oN ~ "'9 80 I- - Wv,
'i uop"' 'n'9"' " we iiS'en'
"0' 'e '"e
lou'"o" =" '"e NV" ms -, - a
vac auo " p"'' '' 10 VI" ',
.o"Ase u s,i'o'. Voc ~, ,'J 49,
NV -, ,'o io"'' "o''s W Va p' .'
v 'l "'u uoD"'o' ioi WV
~ o. -, ~, 80 " %, ' M y"