The state chronicle. [volume] (Raleigh, N.C.) 1883-1893, 1891-06-09

progressive damnation."
a well-knOwn mechanic of Port
land is about taking out patent on
an invention for converting the
sawdust and other waste from mills
into a wood-pulp Of peculiar
strength and quality that he says
can be utilized for nearly every
purpose in which wood is used.
THE HISTORY OF SILVER DE
MONETlZATlON.
The fact is familiar to the read
ing public that the only avowed OBJ
lection to placing silver on an
with gold, by allowing
every owner of silver bullion to go
to the mint and have it coined, is
the fact that the silver in the silver
dollar is not SO valuable in the
markets Of the world, as the gold in
the gold dollar. Now, if this were
a valid and an honest reason, it
furnished the best reason why
gold should have been demonetized
instead Of silver, by the act of Feb
ruary, 1913.
That hct, concoctcd by the treas
Pfficials, including the comp
of currency and the superin-
mt of the mint, was introduced
the Senate by John Sherman,
|hio, and by Hooper, one of the
ii men of Boston," in the
of Representatives.
{fk. SHERMAN. who had been an
pwed and aggressive "Greenback-
and in favor of paying off the
Iational debt in Greenbacks, Wis
ted Europe in 1867, where he
taught the Gold fever, from which
Ne has never recovered. He came
back, not inerely dissatisfied with
the irredemaHle Greenback curren.
cy with which to l-~the bond-hol
1 l,,t with silver af0, xtai-~,.h
ing would satisfy him VI 60!
was true that silver%s then NOR,
valuable in this e%1ntry, according
to the standard>of Is to / than gold
but gold was the standard in Grea
Britain, where our bonds were held
SO Mr.. SHERMAN, on his return t.
gold the single standard. This pol
icy was eminently adapted to til
tastes of the whole creditor class c
the country, private debts due t
whom were contracted and payabl
in deprecated greenbacks.
January 9th, 1868, Mr.. Sherman
introduced a bill in the Senate, i
relation to the coinage of gold an
silver. 1t was referred to the +
nance Committee, from which, Jun
7th, he made a report. In that r.
port he says:
''By the act cf June 2Sth, 1888
our gold coin was reduced from 2
grains of standard geld to 25.
grains, or "A per centum, in ordt
to make it correspond with the ma
ket value of silver. In consequent
of the discovery of gold in Califo
MIA, that metal was cheapened, an
silver became relatively more val
able, and was boarded or eXporte,
To avoid that the weight of OF
silver coin was reduced by the a
of january 21st, 1853, from &c
grains (in the half dollar) of stan
ard silver, to 1872 grains, or 6.7 p'
centum.'
April 20, 1876, Mr.. Sherman,
the Senate, in reply to Mr.. How
of Wisconsid, said:
II have often been asked, n
only in this chamber but outsid
how comes it that the silver doll;
was dropped from the coins of Il
country. The answer is that
1873, when the statutes were
revised, the silver doll
nAYided in the then existing la
more than a dollar
money marke
|cre Swas no Il
(e dollars, becau
the melting-p6
,re than the 60
Vas the reason WI
E,r was not provld'
thought it necessary
coinage of silver do
n as he says, nobo'
3 coin them.
unNSth, Mr.. SHERMAN SAID
be Senste, that ''for forty yea1
Ace 1884, the silver dollar, thou'
" money of account, was
demonetizcd, because 1t W
re valuable than the gold d'
ar. lT WAS FOR THIS KE