The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1893-08-03
THE COuNTRYS COINAGE
HISTORY OF THE LEGISLATION
On the Subject. Tho Acts of 1853 and
1873 aud the Reasons Inducing Them.


silver coins by the act Of February 2i,
1853. BY the law of lTg2 they had
contained the proportional parts OF
dollar. 4i2,f grains gross weight after
1887. By the act OF 1888 they were re-
duced in weight to parts of 1884 grains to
the dollar and coined only on Govern.
ment account. The provision for the tree
coinage OF the silver dollar was not
changed. The effect OF this act was to
restore the subsidiary silver coins TO
circulation. From 1894 to 1853 IL may
be remarked that but about 1,l00, 900
silver dollars were coined, aud from 1888
TO 1871 about 5000, 900, making 4 total
since 1903 OF less than 100000.
During the same period. however, about
e125, 600 900 of silver subsidiary coins
WIRE issued.
The civil war led to the suspension OF
specie payments and the disappearance
Of gold and silver coin from circulation.
The place of the former was taken by
the United States treasury notes known
as grecnbacks. aud the national bank
notes, and of the latte by the postal and
small note currency, or notes OF less value
than one dollar. In his report In 1859
the director OF the mint urged the restor
alton Of silver coinage for change in lieu
of the postal and small note currency as
the nrst step toward and au important aid
to general resumption of specie pay.
ments A year later he expressed the be.
lief that the product OF silver In Nevada
and Colorado would be sufficient TO meet
the demand. lie proposed very much
more debascd kind of coin than that
formerly in use Ia order TO assure Its not
being boarded for its greater value than
the small paper currency and so that 1t
would drive out the latter. The draft
af m
was introduced by Mr.. sherman
In the Senate April 2S, 1870.
IL passed that body January 10, 1871.
and the House discussed 1t exactly one
year later and recommitted IL. On Feb
ruary o, 1872, II was again introduced.
Its 10th section provided for dollar
coin of 3S4 grains OF silver 0.lO fine,
making IL a subsidiary coin In harmony
with the silver coins of less denomina-
tons to secure its concurrent circulation
with them. II was stated In the debate
that the Office of the silver or subsidiary
coins was to supply the public want for
small caangc. They were 10 be made
tokens OF value, not the valuc itself and
were designed only for exchange and
circulation at home up to, but
never in excess of the requirements
of trade. The House passed the bill May
"a, 1872, by a vote of 10 10 ID. IL was
not till January IL, 1873 that IL passed
the Senate with 20 amendments. a Con.
ference Committee came TO an agreement
and the bill became law.
A month or two before the nnai passage
Of the act of s73, the Secretary or the
Treasury urged such alterations in IL as
would prohibit the coinage Of silver for
circulation in this country. He held that
no attempt should be made TO introduce
the use of silver as currency, but that the
coinage should be limited TO CONNER
cial purposes aud designed ex
| clusively for commercial uses with
other nations. Silver at this time had
| begun to depreciate and its use az cur
| rency had been discontinued by Germany
| and sorn other countries. In accordance
with tMSecretary's Idea authprity was
,peorPSs SoIi,I n he of s5s
bill provided that any owner of syer
bullion might deposit the same at an,
mint to b , formed into bars or into dol
lars of the weight Of i20 grains TROY
and no deposit OF silver for other coinage
should be received, the charges simply L
be the actual cost. II was made a lega
tender up to So, but this provision Wa
repealed July 26, 1876. Still as manl
of these coins were made aitel
this date as before. From 1873 TO 1875
they cost somewhat more than 81 each 4
manufacture, and no one could use
them to advantage here so that ii wal
/
East that the expenses OF their coinag,
could be met. In 1875 and 1877 the,
cost less than dollar TO manufacture
and as the public continued TO rcceiv,
them a. their face value, holders OF bul
lion found IL profitable to have IL minte,
into them. OF the total amount coined
S35, ,965 ,92d, one-fitth was redeemed a
Its face value In exchange for STANDARD
silver dollars or subsidiary coins unde
tue act of March 3. 1887. Nearly all III,
remainder has been permanently ex
ported, so that as far as our country I
concerned the trade dollar has become
thing of the past.
The silver dollar for some years priol
to 1873 had been worth about Sl.O3 Il
gold Since the passage of the gold coil
bill of 1884 the fl ne silver in a silver dol
lar had been worth somewhat more thai
the 23.22 grains of fine gold in Il golt
dollar and as a consequence the silve
dollar had not circulated in this country
II was sent abroad or used as a con
vcnient portion of silver in the lab
atory OF the chemist or boarded as an oh
ject OF curiosity. The average amour
annually issued from 1898 to 1859 wa
only little over 100000. OF the tota
B.03l ,230 issued between l192 and 1877;
nearly one-halt were made subsequent Z
1858 and were manufacture,
almost exclusively Tor export
In 1904 when IL became
apparent that these coins were not uset
10 form part OF the currency, but wer'
exported TO the West Indies, the admins
tration saw 1T without the sanction of th
law to discontinue their use. In 1873 tn
officers OF the government rccommende'
simply that authority TO manufacture b.
withdrawn, and IL was so enacted in tn
bill of that year. which also directed tn,
discontinuance Of the coinage of the silve
half-dime and three cent pieces The pro
vision in the act disseminating the coin
age of the silver dollar has since beel
bitterly assaIled as conspiracy 10 dc
monetizc silver and /. is said the bill wa
clandestinely enacted, As the abov,
history shows, however IL wa
under discussion for four years
The great decline in silver
which subsequently took place coulC
hardly have been anticipated and tho
history of the coinage of the silver dolla
certainly seemed TO warrant the belle
that 1t has not a necessary part OF III,
coinage.