The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1893-08-10
BLAND COINAGE
HISTORY OF ITS PASSAGE
Through Congress in 1878 and ofthc Cir.
oumstances Leading to its
Enactment

The panic o; 1873 resulted IN very
general discussion OF the money question.
One of the consequences Of this was the
organization OF the Greenback party
which maintained that the mere fat. or
declaration of the Government, was suf.
fcient TO make money of that which
otherwise had no value. The act OF
March ls, 1859, was passed for the pur-
pose OF strengthening the public credit
u pledged the Government TO the pay.
ment In coin, or its equivalent. of all obli
cations, notes and bonds except those
where the law authorizing the issue
stipulated that payment might be made
In lawful money, which simply meant
legal tender notes. This law was sub,e.
quently the occasion OF much adverse
criticism, especially after the stoppage OF
the coinage of the silver dollar and the
removal OF It's legal tender quality. The
enect, OF course, was to make the Gov
eminent bonds Davahle in gold coin.
Early in 1875 the act for the resump
ton Of specie payments, on January /,
1879, became a law. This result was
successfully accomplished Secretary
Sherman, in his report IN December, S77,
said that in the work of rcfundug he had
Informed his associates that as the Gov.
ernment exacted in payment for bonds
thelr tull face In coin, IL was not antici.
pated that any futuvo legislation of Con.
gress or any action OF any department Of
the Government would sanction or toler.
ate the redemption Of the principal OF
these bonds, or the payment OF the inter.
est thereon, in coin of less value than the
coin authorized by the law at the time of
their issue, beng gold coin. At the
same time President.Hayes. in his mess.
age, said he did not believe that the
Interests OF tue Government or the people
would be promoted by disparaging silver,
but held II should be used only at its
commercial value. Congress however,
adopted on the 2Sth of January, 1878, a
concurrent resolution. which did not re.
quire the Presidents signature, declaring
their belief that all bonds OF the United
States were payable In silver dollars Of
4leN grains, and that to restore such
dollars as a full legal teuder tx that
purpose would not be a vic dion of public
faith or the riObts ~ the creditor
On the I'd OF March, 1877, the monetary
commission appointed under Joint resolu.
ton of August Is. 1875, made an ex.
hausttve report. The members made dl.
verse recommendations One suggestion
was that the United States should re.
monetize silver without regard
10 the future policy Of Europe,
and that n law should be
passed hNing 10Y To ! as the standard of
relative value between silver and gold In
this country. Others favored remonetiza.
tion on the basis of l6 to !. A third
opinion was that IL was not cxpedient 10
coin silver dollars to be a legal tender
currency. and that the introduction OF
silver asa currency should be postponed
until the effort TO secure the co-opera.
tion of other nations had been faithfully
MADE. Other members OF the Commits.
sion held that double standard was an
Illusion and an impossibility, and declared
that ihe proper place for silver In the
monetary syst ,m TO be that OF subsidiary
'slued by iaw, and a legal tender oniv
@'jNfF' dulD 1.'Ns The, ,ha..tn.y S,.y
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