New-York tribune., 1886-02-01
THE SILVER QUESTION.
INQUIRIES ANSWERED IN DETAIL.

,oceiyes many, excepting ihat u is unusually clear
aud p-ecise in the form of questions asked and
courteous and candid i'll tone. 1t offers good OPP
nortuuity to answer somewhat in detail questions
rhch in some parts of the country are put by many
persons.
10 me Edttor Of The TrtbHhe.
Tn YOUR editorial in Semi Weekly of January II, under
tho head. Things that Should be knoTn, you give
srsi,cory, and as look to fHE TRIBUNE for complete
miiH"rrrtment hope which You viii pIciso answer
sr,,i. Weekly, to which am q suhscIi'er:
tram the iS i Of coins anthorlzed Did this omission,
did The act In express terms demoneiize silver
, II did demOnetze sll'er dd not a,ef te hature
Of tho contract with the Nations creditors to me
ADVANTAGE Of the creditors ,,. oo. ,,,o >,o,,ou.
liabilities payable in gold or silver as the Government
wo John sherman mistaken in sGS when hc said
think the bUudhodcr violates his promise When lie
refuses 70 take the same KIND OF M monSy ne aS g4 i3f i e
l. to be tested by Jay Cookies advertisement am
he was not mistaken, the law OF 1873 did
denIoneze silveI making the bonds payable only in
gold an injustice TO the people for the benefit
'"T snt the standard silver dollar full legal tender
n so would not the suspension of the silver coinage
and Of the Of silver certificates tend to contract tho
sTrI snI /" the distivantgc OF the debtor class
II the standard silver dollar Is fun legal tender to
any amount low could 1t inJure the credit 81 l9e tov
rrnmeu of TnE TRIBUNE or or any lndNldIti II they
aIl had dollars TO meet thelr liabilities
O. Are gold and srer commodities, as iron brass
or copper ana not money or legal tender except as he
law lath0ns them in certain forms and gives to them the
character OF money and legal tender
TO- II this and the people, through their public
Sr,nchcs were to dcmonetze gold al silver and issue
nscad paper money to take ;her place OF Silnci'nt
HIcycui initiation contraction, an instrument OF
fychsnge among the people OF this country with tue
cbarac,er OF full legal tender for all pubic and private
demands wou Id IL well gold aud silver
H. II this money should be callei hat money! with
1,atN nDf
United states the National Government framed under
H. with all our institutions. bo called nat institutions
IT, II tho sovereign win of the people be sufficient
ba,s for all our other Institutions Is 1t not sufficient
basis FOR the devisng and regulating currency hN
ing and defining money institutions . ,,o,o.,,
nrincpes that this currency might answer an insru
men OF exchange among the people OF ths country lor
domestic trade hui would ruin foreign commerce. may
it not he replied lndy yiduals engaged In foreign
trade deal only in commodities such as the mlneas
gold silver IRON brass etc. as farm products Iroducts
of the forest aud manufactured pr0dutts OF every
de.cption iguddting the balance OF trade III goa ana
IL As foreign trade is conducted by the individuals
engaged in part through what are called niis o len eN
change not these bills ne conveniently oasea hpon
the commodities gold aud silver denoted by weight as
grains and pounds instead OF being den'teu rs
Is. TO furnish the basis for bills OF exchange and
l0udsting balances OF trade for the convenience or
indiyd 1alS engaged in foreign trade, could not the
Government. through its mlntS. give sncn I"rm an!
weight gold and silver as the owners Wl-lt WISH a'
their expense. stamping the Government certlcate on
each piece : to weight and purity .-, ,,.
silver question that the whole money question Is In
volved and embraced in my questions come
These questions may seem silly to Others. hut am so
dull that an Understandable answer 70 az OF ulel Is
necessary to that may understand an INC ooDoH'
VI % ali the tno for more than twenty five years
Ihnve been subscriber tot LTMHUNE or course ad-
mre and have faith IN its ability and prncpes luo o
consider u iniaee Uu' ~ any tbe oro6,bities NAV
be tat rnE TRIRuNE is right ana am Tf"nI, avn VIM
Iwant 10 get right. :. W. l.
/ The act of 1878 did in precise terms demonetize
silver Section 3,5l1. Revised Statutes, reads :
The gold coin of the United states shall be one
dollar piece which. at the standard weight of
25 $40 grains shall be the unit of ralue.' Other
gold coins are the. mentioned. and Section 33l3
reads The silver coins of the United States shall
be a trade dollar, half dollar or 5Ocent piece, a
quarter dollar 2j-ccnt piece, dime or lO-cent
piece" and thcreupon defines the weight of each,
the silver dollar being thus declared no longer a
coin of the United States" After specifying the
weight of minor coins, the act proceeds, Section
3516. @No coins either of gold, silver or minor
coinage. shall hereafter be issued from the mint
other than those of the denominations standards
and weights set forth in this title" Finally, the
same act provided that the gOi coin of the Un.ed
STATES should be legal tender In all payments at
their nominal value and " The silver coins of the
United States shall be legal tender at theil
nominal value for any amount not exceeding % IL
any payment
. This act altered the contract with creditors il
at all TO the disadvantage of the creditors. The
price of silver February IL, 1873 when the act was
signed WIS 80 7-Sd per ounce that Is the silver IN
the old or present dollar was worth lOl.92' lie
act provided that the cheaper metal gold, 100 cent'
instead of 1O1.52, should be the only standard OF
value But in fact it did not alter the contract In
1891 :he United States changed its coinage SO that
more silver was pnt into dollar than was at that
time or at any other time until after the act OF
1873 worth 100 cents in gold. Consequently the
silver coins were entirely driven out Of the country
bv this mistake in legislation and when the act oi
1873 was passed such coins had not been used IN
trade nor were they by any one regarded as an ele
mant IN contracts for fully forty years. Even
,oiddIe.aged men must well remember when ever
the minor silver coins were shipped away from tn
cDnntry many barrelsful at time to be meitct
dawn because tbey,iver in them was worth more ~
bullion abroad than as coin at home IhiS wa
checked bv the act of 1888 which les5encd th'
amount of silver IN the minor coins about per cen
in or Ter To keen them at home. But even after thai
these CONS were sent IN large amounts to the Wes'
Indies and TO other countries where they circulated
at hiqher value than here. Ii IS TO be remembered
that the mint was open alike for the coinage OF goi'
or silver, at the same charge OF one haii ol PEI
cent during all this period, 80 that those wh'
wished to send away silver could have u marked
with the Government stamp TO insure us wcieD
and hhenesS at that triiling charge But Tue VITA
fact. which it is wilful deception with many al
yocates of silver payments to ignore, IS that IN
silver dollar was at no time from 1884 until !
ceased to be a coin Of the United states IN 1913
either IN practical use in this country or considere
as a measure of value. 1t was in fact as much on
of use and out of consideration in all contracts as
il had never been coined.
3. Clearly they were not, for reasons aireau.
stated.
4. The only question III 1865 was whether certain
bonds should be paid in paper or in com ii MI
Sherman made any such remarks at that tlne' !
WAS with rerard to the claim that those bonds Ough