The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-15
WAS "a. 1000. 900 OF SILVER ALL WE HAD
JOINED PRIOR 10 1887

JOINED PRIOR TO 1879
Our article Of Sunday on silver has received
an attention that is very gratifying. A Trend
however, has asked US if we were NOT mis-
taken in respect 10 the amount OK SILVER IN
this country when the (so-called) demonetiz-
ine act of 1873 was passed. Seeing that very
largo amount of silver had oeen coined into
half dollars and quarters between 1893 aud
1879 We made no mistake whatever in respect
to that matter as we shall now show.
Between 1923 and 1873 the United states
coined O. Osl 23s Of silver dollars. so that II IS
not possible there could have been in the
conntry in 1878 more silver dollars than this
ann. We know there we're less than Sl,zvO,-
600 Indeed silver dollar pieces had so en-
tirelv disappeared as currency that the Gus
tom House ct New York made rule by
which il refused to receive them in payment
Of duties from 1853 10 1878. and subsidiary
coins were received for fractions OF dollars
only.
Between 1898 and 1873 the Government coined
also 000. 600 of subsidiary coins which. on
that statement Of it, would seem 10 have been
here in circulation as silver money IN 1919.
But only n small part Of il was here, and that
part was legal tender for only five dollars 30
that no transactions were based on It. IL was
used for change only.
Prior 10 1854 silver was undervalued by our
coinage laws. Men owning silver found IL
more profitable TO sell it in Europe when they
could get more money for 1t than TO coin H.
which accounts for so few silver dollars oelhS
coined. But the Government during all That
time went on coming subsidiary COINS ia
large quantities for change. Their being
coined at ratio which undervalued
silver. as soon as they were issued,
were bought up as a commodity ana
shipped to Europe for sale. Thus
by 1854 the country was wholly denuded oil
change and rho 'shinplsster" was invented
and brought into use as a substitute for the
silver change that had gone out of the coun-
try. The evil became 80 crying that IN 1894
Congress. under the lead of Hon. X. III. L.
Hunter, debased the subsidiary silver CON-
age. II provided for putting 81 per cent.
less silver in il and made it legal tender for
only IS. and thus secured subsidiary coin
age that would stay at home and furnish the
people with change. Between 1854 and
1873 the Government coined S43.OOO.OOO
of this subsidiary coin; consequently. when
the demonetizing act of 1878 was passed there
had been coined only S,131,OO Of silver dol
lars. of which only about million and quar-
ter of dollars were in the country. and S4S,-
600 900 of subsidiary coinage, all of which we
NAV assume was in the country, and that was
all the silver that was in the country. But
this s43 900, 900 of subsidiary coin being legal
tender for only IS. it of course had no place
in business transactions. So that it Is very
clear that the oceans of tears that have been
shed over the loss of the dollar of our dad
dies" have been sentirely wasted. In 1873
there was no silver in the country but subsid-
iary coins. and as they were legal tender for
sums of IS only. they had no place whatever
in the business transactions of the people.
Some persons may infer from The TINES
opposition TO the unlimited coinage of the
41216 grain legal tender silver dollar that it is
not in sympathy with the popular demand for
an expanding currency that will keep up with
the needs of the people. These would do us
a very great injustice, as they could easily
determine for themselves by reading our
articles on State Banks of issue. The TINES
thoroughly understands and appreciates
the necessity for currency that IS moro
elastic than the one we have. What it OPP
poses is the attempt TO force creditors by
law 10 receive seventy cents in payment
OF their debts when they have contracted to
receive one dollar. This is both dishonest
and suicidal If the Government will
put silver enough into dollar or combine
with other nations to fix ratio between gold
and silver so as to make the silver dollar
worth one hundred cents The TIMES has no
objection to the unlimited coinage Of these
silver dollars. But it opposes the attempt
TO rob under specious pretenses concerning
coinage as it will oppose the attempt to rob
under any pretense whatever.