The advocate., 1890-06-25

authorize the r0funding Of the public debt
was passed. The act contains the following
provision;
"That the secretary of the treasury is
hereby authorized TO issue, etc, bonds Of the
United States, etc, redeemable In coin Of
the present standard yalue,"
That rs, gold or silver of the standard val
ue OF the United States ON July IA, 1870.
All our bonds for government loans now
outstanding, except our 3 and 3& per cent
bonds, were issued under this act and the
bonds themselves state upon their face that
they are redeemRble in coin OF the standard
value OF the United States on July IA, 1870.
Now, sir, in the face OF that law and the
provision contained In the bond itself who
would insist that these bonds, both prinoi-
pal and interest, are not payable In silver as
we'll as gOld-silyer dollars OF 4l2& grains,
nine-tenths fine, for what was the standard
on July IA, 1902
On the 18th Of February 1873, the Ameri-
can congress, TO crown this infamous legis-
latiOn, passed the act which demonetized
silver, and 80 Cunningly was that bill drawn
that many members In either branch of con-
gress did not know that IL contained pro-
vision 10 suspend the coinage OF the stand
ard silver dollar, and even the president of
the United States, II is said, several months
after he had signed the bill, declared that
he did not know that IL suspended the coin
age Of silver. The law contains sixty-seven
sections, and is entitled, "An act revising
and amending the laws relating TO the mints,
assay Offices, and coinage of the United
States.U here give those parts of the law
which accomplished the wicked work.
"Sec. 10. That the silver coins Of the
United States shall be trade dollar, a half
dollar or fifty cent piece, quarter dollar or
twenty-five cent piece, dime or ten cent
piece; the weight OF the trade dollar shall
be 420 grains; the weight OF the half dollar
shall be II grams (grammes) and One-half
of gram (gramme); the quarter dollar and
dime shall be respectively One-half and one
fifth the weight OF said half dollar; and said
coins shall be legal tender at their nOmi-
nal value for any amount not exceeding B5
in any one payment.
"SeC. II. That no coins, either gold, sill
YER, or minor coinage, shall hereafter be
issued from the mint, other than those of
the denominations, standard and weights
herein set forth.
Mr.. Speaker, il should be remembered
that the silver dollar of 81 4 grains of pure
silver had been the dollar OF the consttu-
ton, the dollar of our fathers since 1892,
over eighty years, aud during all that time
10 WNH ONE WAAAu OA NlANoe AlA WillA0 Nllu W9ABAb
OF fine gold contained in the gold dollar was
changed at different times the weight of
the pure silver contained i'm the unit dollar
remained unchanged. On the very day the
silver dollar was stricken down IL was worth
more than gold.
Whatever might have been the motives OF
those who secured the passage Of that unjust
law which robbed the people of part Of
their constitutional money, the injurious ef-
feCts 10 has had upon the people are plain.
The honorable secretary OF the treasury
argues in his report that AZ we had no silver
dollars in circulation in this country in 1873
the act of the United States suspending their
further coinage had no effect in depreciat-
ing the value of silver. It is true there was
but little coin, either gold or silver, in cir
culation in 1S73 when silver was demOne-
tized. But If that act had not been passed
and we had continued Che free and unlimit-
ed coinage of silver, thereby creating de-
mand for all our silver as fast as IL came
from the mines, il is certain that this would
have had a very great effect in keeping up
the value Of silver and preventing Il depre-
citation.
Up 60 this time the acts Of European ma
tions which demOneti2ed silver had not de-
preciated the value of our silver dollar;
neither had the increase in the annual pro-
duct of this metal But al soon as we legis.
lated out of use part of our money, we in
creased the demand for that which was left,
and in this way have increased the value of
gold. and that was the object and effect of
the act which demonetized silver. If we
had continued TO coin standard silver dol
lars, they would have taken the place OF a
part of our gold, the use and demand for
gold would have been less, and It's value UNI
modities would not have fallen TO their pres
ent low prices The direct effect of that act
increased the value of gold, and TO that ex-
tent enriched the bOndhOlders and other
creditors and increased the burdens of the
taxpayers.
Now, Mr.; Speaker l submit that such leg;