The advocate and Topeka tribune., 1892-11-30
MONETARY COMMISSION.
Report Of the United States Monetary
Commission, Appointed by ACT Of Con-
gress August 10, 1879.
NO. xxi.

A very disingenuous and unworthy at
tempt is made to belittle the Importance
OF silver in the monetary history Of the
country, and to misrepresent what is in
tended by its reconciliation, by iterat-
ing and reiterating the totally irrelevant
fact, that one particular silver coin, the
dollar piece, was never coined at the
mints in large numbers, This fact is Of
no more Importance thar the other fact,
which ls equally true, that the gold coin
OF the value Of one dollar has been
minted in only small numbers, and is
now not permitted to be minted at all.
It is not particular silver coin, the re-
monetization Of which is demanded, but
it is the metal silver, in whatever de-
nominations OF coins the Jaw may Ru-
thorize and depositors OF silver bullion
at the mints may choose to demand.
The reasons why they never did demand
the dollar piece in large quantities is
perfectly we'll known. 1t was the great
abundance of the Spanish silver dollars,
when the mint was first established, and
FOR forty or fifty years afterward, fol-
lowed by the great abundance of the
Mexican silver dollar, both Of which
were made a legal tender in this country,
by tale or count. But while the unnec-
csssary expense was avoided Of procur-
ing the coinage Of q particular piece,
which was already well supplied, it is
still true that for flfty.four years, from
1893, when the mint went into operation,
to 1846, both inclusive, there was more
full tender silver coined than gold, the
figures being for silver SOS, ,839, OLA, and
for gold $52,344,522 And even from
1884 to 1916, both inclusive, although
silver was largely undervalued by the
coinage law of 1884, there was nearly as
much full tender silver as gold coined,
the figures being for silver S32,763,937
and for gold S4O,51S,652 The preponder-
ance of silver down to 1847 was even
more marked in the circulation than in
the coinage. Prior to 1884. all gold coins,
domestic and foreign, had disappeared
from the circulation in consequence OF
the premium on gold, which, at the legal
relation then existing of 15 Of silver to
Of gold, ranged between 3 and Z pei
cent. after 1921, when the Bank Of Eng
land began gold payments. 1t was not
until after the California discoveries
that gold was much used. Prior to thai
time the reserves Of the state banks were
almost wholly in silver, and largely in
American half.dollarR This is vel
known to those whose recollection goes 81
Far back, and it is fsgrant perversior
OF history to deny that silver performeC
more important part than gold in the
monetary history Of this country during
the greater part of the time down t.
1862, although no silver mines had beer
until then discovered. and worked In th'
United States. Gold has predominatet
over silver in the circulation for shor
period only, commencing after 1S46
from the outflow Of the Russian golC
fields, followed by the outflow from Cali
fornia and Australia, and ending with
1862, when paper issues banlshed me
tallic money. During the eighty-foul
years, from the opening of the mint Il
the present time, and during the sevent!
years from the opening Of the mint Il
the suspension Of specie payments, silvel
predominated for ffty.four years in tn