Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1893-08-24

valuable than silver coin, and in |
the entire period of threeequarters
Of century but 100000 of silver
dollars were coined.
The standard was thus fixed be-
tween gold and silver at 16 to 1,
that is making sixteen ounces OF
silver when coined equal to one
ounce of gold when coined. By
the act Of February -, 1873, our
coinage of both gold and silver
was revised, but the only silver dol~
lar authorized by that law was
what was known as the 'trade
dollar" which contained 42O grains
of silver. It was not intended tor
home circulation, but was made
specially for the convenience of
commerce with China and Japan.
The regular silver dollar was
omitted i'll that act, simply because
there seemed to be no demand for
silver dollar in this country. As
we have said, only $S,O00,000 had
been coined in three-quarters of a
century and few Of those were in
circulation.
Soon after the act of 1878, at
which time the silver dollar at Is
to l was worth a fraction more
than gold dollar, silver began to
decline in the mai kets of the world
because ct its immensely increased
production. Agitation soon began
among the silver producers for the
remonetization Of silver, in the be-
lief that this would arrest the des
cline of its value in the markets OF
the world; and after several years
Of earnest, and totimes violent agi-
tation, what was known as the
Bland Bill was passed AS originally
reported and adopted in the House
of Representatives, this required
the free coinage of all silver pre-
sented at The mint for the purpose
into silver dollars of 4121 grains,
to be legal tender at their nominal
value for all debts, public and prip
vate. The free coinage act was;
however, an ended in the Senate.
on motion of Mr.. Allison, to direct
the Secretary of the Treasury "tc
purchase. from time to time, silver
bullion at the market price thereof
not less than $2,O00,000 per month
nor more than S4,O00,O00 pei
month, and cause the same to be
coined into such dollars" In this
form it passed both branches Of
Congress, and was vetoed by Presis
dent Hayes, February 2Sth, 1878
At that time the silver dollar Of
4122 grains was worth from to 1C
per cent less than its face value il
gold. and it was on that ground
chiefly that President Hayes vetoed
it. The bill was passed over the veto
by 46 to 10 in the Senate, and BY
1876 to 73 in the House
Under this law the Government
rapidly accumulated silver dollars
worth from 20 to 80 per cent. less
than their face, the production O
silver still increasing and its value
steadily declining 1t was foune
impossible to make these dollar
circulate among the people a
hoLe, while they were valuelesi
for all commercial purposes abroad
This led to what is known as The
Sherman act of 1890, by which th'
Government was compelled to pur
chase 100000 ounces of silvel
per month, and 10 issue Treasur,
3 notes to the amount paid therefor
This was simply desperate at
tempt by the silver producers t.
force Congress to furnish marke
for a commodity the world woul
not accept, and as the silver State
were potent in the Senate and il
l the Electoral College, and as bot
5 parties were seeking their poIitica
2 favor, they were enabled to triumpl
1 over craftsmanship. patriotism an
e common honesty, and to debas
i our currency until silver dolla
t was finally reduced to but So cent
!, of intrinsic value as compared wit
e gold.
It is now proposed by some of th
s more considerate supporters of tn
i silver policy to increase the rati
r between silver and gold by maxim!
silver dollar ON the basis of 20
d 1 or 25 to 1, that is, recognizing
e given weight of silver as wort
q one-twentieth, or onestwenty-fift
d Of an equal weight of gold. AS gol
t has become the standard of none
b throughout the whole civilize
It world with which We have impor
o ant commercial relations, it bt
o comes a necessity for the countr
e to accept gold as its standard
value or to isolate itself from a
II commercial intercourse with fol
g eign coujitries.-Phila. Times
e Some of the Kansas rainmake
u have worst kind of luck. 1t VIZ
.1 during lull in their efforts that
series of extensive and refreshin