The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-10
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WHAT IT'S ALL ABOUT.

The great body OF people are unac-
Quainted with the facts connected with
the discussion of silver. The Presidents
admirable message has fixed public at
tention upon the matter so pointedly that
the present seems an opportune moment
FOR stating all the facts.
When our Government was formed We
adapted both gold and silver as our
money metals, and coinage OF both into
dollars was Free But the proper rela-
tons between the metals was not adopted,
and between the foundation of the Gov
ernment and 1873 only little over eight
million OF silver dollars were ever coined.
So we con easily see that the dollar of
our daddies' was a myth. Because no
one would coin silver into dollars In 1873
Congress passed an act forbidding the
coinage OF 1t into dollars At that time
the silver in a dollar was worth s1.04.
But just at that time, under the demone-
tization of silver by Germany and the
increased output OF the silver mines OF
the Pacific States, which began TO bring
forward their immense yield, silver fell
the next year until the silver In a dollar
was worth only 9S cents. and II has
steadily declined since until the silver
In a dollar is worth now about 81 cents.
Then these Western miners of silver
raised the howl OF decentralization, in
, order that they might make a market
/ for the products OF their mines, and
the wicked men of the country who want
ed to pay debts with cheap money, and
the foolish men of the country who think
Government can 'impart" a value to sill
yer that II does not possess. Joined them
and forced Congress TO pass the laws that
have brought the country face 10 face
with the disasters that now hang over
us.
The first of these laws was what is
known as the Biand-Ailison act, passed
In 1878. This provided that the Secretary
OF the Treasury should purchase every
month at the market price enough sill
yer bullion TO coin 900 Of silver each
dollar to contain 4l2 IL grains, nine
tenths fine (Which is l6 to y. and these
dollars should be legal tender in payment
Of ali debts. He was to pay for this sill
Yer out OF the general money of the
Government in the Treasury and, when
the dollars were coined. the Government
would use them TO pay its debts just as It
would have used the money paid for the
bullion. II that had remained In the
Treasury. That act remained in uninter-
rupted force until July ii, 1890. When II
was passed the silver In a dollar was
worth So cents. The Government coined
and put out on the world between 1878 and
1850 under its provisions $37s, l6s. 79s. But
the dollars went on depreciating all the
tine. and were also very inconyenient 70
carry so that the advocates OF their
coinage found II necessary 10 supplement
the affection of the people for the "dollar
OF their daddies" with something that
would make them tolerate the dollar
aforesaid.
The act OF 1878 had provided that the
ho'der OF more than ten Of these dol
'afs might deposit them in the Treas,,,,
ahe receive the Governments certificate
OF deposit for them. which was N 90 os
money In place OF the dollars. ana .s
isst a. the Government paid them o,,
people who hsd more than ten della.