The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-02-14
THIS SILVER QUESTION.
BY Howard M. Holden, a Banker, Read
in the Senate by Senator
Stewart, Of Nevada.
From Congressional Record

First, how is it that silver has thu.
changed in its relation 10 gold? Second,
Ia gold be made to answer for the
sole standard throughout the world
And third, if gold Will not suffice, what
is the remedy?
The answer to the first is familiar to
many, though perhaps not to all From
the dawn of history until rece Mt times
gold and silver, but especially SILVER
were the money metals OF Che "orIu:
In the earliest years OF III goVe[hLnen
the subject of coinage received Cne P[o
found consideration of Its founders. II
his report to Congress l 1871, on the
establishment of a mint, Alexander
Hamilton, then secretary VI "I0
ITO annul the use of either of the
metals as money is to abridge the guam
tity of the cir%culatOry medium, and Is
liable to all the objections which arise
from q comparison of the benefits OF a
full. with the evils Of a scanty, clrcula
ton"
And Thomas Jefferson, in a letter to
Hamilton, concerning this report, SAID:
Il concur with you in thinking that
the mint must S and upon both met
ais"
The double standard was adopted,
with the silver dollar as the monetary
unit
AT the beginning of this century
every nation of the earth was either
1nOn q silver basis exclusively or upon
q combined gold and silver basis, In
1916 England adopted the gold standard.
The cause which history assigns for
this is that her ratio for most of the
preceding century having been higher
than that of other countries, and there
fore, the market value of silver having
been above her coinage value, she came
to possess chiefly a gold currency.
At a much later date Portugal also
adopted the gold STANDARD. Until 1871
every other nation In the world was
either ur0n a silver basis alone or upon
a gold and silver basis together. Ia
1871. after the Franco Prussiaa war,
Germany, having to recognizes tue
monetary system Ct the new empire.
adopted the gold standard. Germany's
deep purpose undoubtedly vas TO eX-
haust France Of her gol1 supply by the
payment Of the required 81. 600 900, coo
of war indemnify, and then by dis
crediting silver, OF which France had
large reserves, to further weaken and
impoverIsh her, and render imp lsslble
any renewal Of the war. In the eXeCu-
ton Of this programme Germany was
aided and encouraged by the attitude
and legislation of this country.
IN 1878 the United States passed q
new law, revising its mint and coinage
laws, and left out all provision for the
coinage of the silver dollar. Prior to
that time the ratio in tn S country was
16 to I, while the ratio in France and
other European countries was 154 to 1
The silver bullion of the world, there
fore, naturally gravitated f~r coinage
to those countries where less of 1t. was
required in their coinage in proportion
to gold. In consequence of this but lit
tie silver had been coined in this c0un-
try except the subsidiary coinage, and
but little silver was then produced
here. The subject of silver coinage
was, therefore, not n which attracted
much attention in this country at that
time. Numerous leading members Of
that Congress afterward declared that
they were totally unaware that the
measure excluded Or int8rfered with
the coinage Of silver, which, with gold,
had been the coinage Of the country
since the adoption of the Constitution.
Concerning this piece of legislation,
the report Of the United States None
20 y OO4AAL44ACS4O1S O4 SOA4AACA o4ANC1
joint resolution Of Congress of Aueust
Is, 1876. vol. I, p SO, says:
1.-The act when passed was not read
except by title, and it is notorious that
this ~Cranscendent change in the money
system Of the country, affecting the
most vital interests, was carried
through without the knowledge or OBJ
%servaGion Of the country. It was
neither demanded by the resolutions Of
public meetings or politi ;al conven
tions nor asked for in the petitions
from the people. AS paper money was
the actual money of the country at the
time, a coinage act was not likely tC
attract general attention. In it's rela
ton to a single or double standard II
was discussed but little in the House
and not at all in the Senate.
THE press of the country was Tn.
tirely unobservant or silent, when il
was pending and when it was passed.
and for more than three years after
ward. If it had been generally known
that any such vital question as the de,
mOnetlzatlon Of silver was lurking in
the bill, it would have aroused the
most widespread discussion through
out the country r = & The mos
striking evidence, perhaps, of the pub
lie inattention to the effect of the coin
age act of 1873, is the fact that Preei
dent Grant, who signed it, and who
was critically observant of the legisla
ton of Congress, had no knowledge o.
what it really accomplished in relation
to the demonetization of silver, and
was still unlnfOrm ed about it as late as
the following October"
1t has been freely charged that the
demonstration Of silver, thus accom-
pllshed, was secretly plotted and car
rled through Congress with the knowl
edge of but very few members; anC
that English interests instigated tn,
movement and sent a large fund her,
for use in its aid. However that may
have been, it seems apparent tina
there were deep and secret DESIGNS be