New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-18
TIE SILVER QUESTION N THE PAST.
HOW IT WAS TREATED BY HAMILTON AND JET
FERSoN-THE BLAND BILL AND
TO the Editor Of Tho Tribune.
THE FUTURE.

sir: Discussions OF the silver question: arc "pi'''
complicated by the talk about side issues upon WIN"
agreement seems impossible. Senator stewart per
sists in assertions about the candesne demoneii%1
ton Of silver 10 1873. other prominent statesmen
constantly rcerate the statement that the parity Of
gold and silver never unsettled In THIS country
until the act OF 1873 passed. while jas statement
and others like II have been denied by Sherinaii'
Eayard tho late Secretaries Manning, Window ana
many Others Mr.. Bland in reply TO question
whether his bill free coinage measure, said that
II would restore matters they existed prior to the
act OF 1873 There Is also much talk about class
interests. wageearncrs seventy cent dollars the dump
OF silver and hundreds OF questions are asked OF which
the relevancy is usually disputed by the INTERCEPTED
party The rule Is almost invarlahc that whenever n
frce-colnage man meets an aDt free coinage man, the
talk is on lines which cannot mcet-what one asserts
the other denies or when they come to an agreement
upon the facts underlying the question, they VIII us
agree about the differences to be drawn from them
The facts be found I'm public documents and lave
often been presented. but 1t has seemed TO me that
compact re-statcnent might be useful now. 50 that
. wageearners7 and others who would like to
form reasonable views upon the irrcpreSsible
silver question: may start fairy with an
accurate account OF gold and silver in this country
thus far in our history The following statement can
be easily verified II inaccurate In the facts stated, let
the errors be exposed
The act which established the Mint in 1902 author
lied the coinage OF silver dollars at the ratio OF fifteen
ounces Of silver TO one OF gold. Hamilton, author OF
fhe Mint act. and jefferson believed that gold and
silver would circulate side by sde under the relations
fixed by that act, but It was soon found that the ratio
undcrvalued gold that 1t was melted or exported
Jefferson therefore, In 1905, without authority OF law
suspended the coinage Of silver dollars, Of which only
i439. 537 had thus far been coined. This action by
Jefferson although Unauthorized by law, GENERALLY
approved. During the next thirty years no silver
dollars were coined; IN 1886, 200 coined none
in 1887 and 1899. and 300 in 1850. In 1884 the
ratio was changed TO 1898. or nearly 10 to l.
After the change OF standard the bullion value Of
silver was greater than It's United states Mint value,
and II gradually disappeared from circulation.
In 1853, Congress debased the silver coins, except
the dollar to on extent sufficient 10 retain them in
circulation. The dollar piece not coined or used
AS money 10 any considerable extent. It's bullion value
being greater than It's nominal value. only 40,
40 were coined I'm 1853; 33l4O IN 1854; $4,000 In
1855 increasing In 1859 to 100000. and falling 10
1850 in 1902, AZ the outbreak OF the civil War The
action OF Congress In 1884 and In 1853 placed the
United states gold standard, whether 50 Intended
or not for the rno Of 10 10 established here while
France was coming silver at Is 1o to l. practically
closed minis TO free coinage OF silver except the
home product, and really accomplished all that has
been charged b. the act OF 1873 only 8O4o,o37
silver dollars had been coined, up 10 1873, since the
organization OF tho mint in 1902. they had not been
In circulation for twenty five years, and had become
obsolete as money. although. until 1873. the double
standard had been in legal existence. The Coinage
Act OF 1873 as was said by tie Comptroller Of the
Currency In his report for 1876 simply registered
In the form Of statute. what had been the
unwritten law OF the land for forty years.
The actual circulating medium Of the country
In 1873, irredeemnble paper currency,
and 1t was not then apparent TINT there was 10 be
serious decline On the value Of silver. During all
frcoc ~ ciiv
be had by any owner Of the bullion. but no one
wanted NJ coined at loss. There Is not n particle
Of evidence 20 show that the legislation Of l-73 as
has been charged. IN the Interest OF creditors.
Aor the adoption Of the gold standard by the Gefnnn
Empire It was seen that Congress had buidel better
than II knew for II the couags act Of 1873 had not
be.n passed fhe interest bearing obligations Of the
United states would have deprecated proportonally
with ilr,dcclne In the value Of silver md attempts to
sell public securities bearing lower rates Of interest ut
par In gold and legally payable In deprecated silver
dollars would probably have failed If tue net 0f 1913
had any effect upon silver II was In II, EV0r, iur
Immediately upon It's passage the United states became
large purchaser o silver FOR subsidiary coinage to take
the place II fractional currency. and also for trade
dollars From January |. 1873 10 March /. 1875. the
amount colned OF subsidiary silver WIS si7s3l.0l2;
and Of trade dollars Sill $50 o. nearly s-f.0oO,0O0
during the five years than the total silver coin
age for thirty years previous. The net debated for
three years before IT. passage. It reported mum
Der Of times by committees. recommended by the
secretary Of the Treasury In three annual reports. and
during all that time effort, made to give publicity
TO the proposed action and TO obtain the assistance O
specialists on coinage. In the mnts well outside
the minis the face Of these fact, 10 seems strange
that the assertion IS often made that the act Of
1873 wa pissed In sureptiilys manner.
silver legislation from 1870 to the Present time be-
long, 10 another phase Of the question. - be dcslg
tIta t,uts an ...fa al
by force parity IN value II silver and gold In the
United states. The profits to tho Government Oh
the silver coined during the thirteen years ending No
vembcr l. 1901. IN pursuance Of nets passed In 1875
and 1850. amounted 10 S7i.0j..390.25. The Bland
bin would cut of this source OF pron and give II to tho
owners Of bullion offered at the minis Bv this bill
any holder Of bullion TO the value Of 800 more,
ol standard lneness. shall he entitled to have the
struck into any authoikd cOio OF the tinted states,
owners OF tho bullion may deposit the ~ Such
mints and receive therefor coin notes equal IN amount
u the co.nnec value II the bullion deposited aud tho
bullion shall therupOn become tie property OF the
Government. The coin notes Issued shall be legal
tender in like manner. and Invested with the same
monetary tho standard god ana silver coins OF
tho United states"
Before 1873 no owner OF silver bullion wanted 10
coined ut loss since then the annual production OF
silver has more than doublcd and liz bullion value ms
greatly DEPRECATED The minis. wording day and
dollars n month. and, now every holder Of silver
woad like to dispose Of II at It, coinage value. 1t has
10 the work Which may DC demanded Of them. The !
Bland bill thoughfuly provides for this difficulty by
the simple device Of egatender coin notes invested
with the monetary uses the STANDARD gold and
silver coins OF the United states" There would be-
practically limit 10 the production Of these coin
notes, cxcep the amount Of The words silver product
DOT needed for local currency Those who believe that
II largely Increased circulating medium means pros |
peIy Could then indulge In antlcp1il0ns OF wealth
" beyond the dreams Of ayarlcc.' Tie amount ol
money IN circulation In the United states Is moro
thnn ~ 100000 900. larger than In any European |
nation, except France. where cheques and otter sub |
sucs for money not used 10 the cAtHnt tn'v aio
used I'm tho United states. Between France and THIS
country thcir + little ground Tor comparison.
I'm view OF the facts contained n the fpregOng state
mcnt cdrt FOR the free coinage Of silver ~ rntio
II 10 81 I. open TO reasonable objections. what
ever might bc thought OF It's coinage * ratio CORE
.ponding 10 Is present bullion value. or nj one reached
by common agreement with tie great Nations of
Europe
II Is for Me advocates Of free silver coinage at
ratio Of IL h to prove the h1nc.ty O such action.
then II, wisdom and praccnblii'y. having In mind tho
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