The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1893-08-18

UNDER WHAT CIRCUMSTANCES THE SILvRR
DOLLAR WAS DENoSErIzEp.-The market
ratio between the money metals changed
but little duriny that ,i-.. S.i--- ---.:-s
Tor more as bullion than rs coin. and con-
sequeuily but little Of il was coined except
in fractional parts OF dollar as '.chauge."
Although coinage Of both the metals was
free, only S,0I5,S3S Of the silver dollar
pieces were coined from the establishment
Of the miHt along to 1879, while the coinage
OF gold WAS sometimes in that period Eve
tines that much IN single year This was
the situation Of affairs when the silver dol
lar was demonstized in 1873:
The silver Denomination Act Of 1873, il
is frequently said, vas passed "surrepti-
tiously, and the movement which led 10
1t has bc,n called conspiracy" and
"crime." Let us see If there be any basis
for these charges. John Jay Knox. an off.
ciat Of the treasury department and later n
comptroller OF the currency, was requested
by the secretary IF the treasury to prepare,
in outline, a revision Of the statutes govern
ing the mints and assay offices Of ths coun-
try, and in 1870 the measure was placed in
the hands Of the secretary, George S. Bout
well, who sent it to The Senate, with the
recommendation that it be passed. In the
enumeration Of the coins to be issued from
the mints the standard silver dollar was
omitted. But MIR. Knox in letter accom-
panying the bill made particular mention
Of this fact. The coin was omitted because
there was no demand for it. Although they
could be coined on the came terms as gold
pieces, only little over 100000 of the
silver dollars hal been coined in the eighty
one years ending with 1873. There was no
demand for their coiuage because in each
dollar, at the ruling price for silver iu 1870,
when the so-colled decentralization bill went
to Congress, there would be about $l.O3,
as measured in gold.
The bill omittiug the silver dollar from
the list Of coins was before two Congresses !;
II was exhaustivelY discussed between 1870
and Its passage in 1873 in both branches of
Congress and through the press, and every
member OF Congress, who attended 10 his
duties, knew that the silver dollar was drop
ped from the list Of coins aud every reader
OF the newspapers knew it who had auy
interest In the question. There was nothing
"surreptitious" about it. Most of the men
in Congress at that time who are now free
silver men voted on the bill which became
a law on February IL, 1873. Nobody dis.
covered it was conspiracy" until two or
three years later the silver in the dollar
went far below the 10O-cent mark relatively
to gold, and the silver miners saw that there
would be large profit in silv q. ON n4prissts
account. -
In the latter part of 1873 silver started
downward, and has, with an occasional
rally for year or thereabouts, been goin,
down ever since. When the silver demon
etization bill was passed on February II,
| 1878, the quantity of silver in the dollar
was worth in the market about $1.O2. Il
was worth 96 cents on an average in 1876
80 cents in 1880, 80 cents in 1885, 80 cent:
shortly before the passage of the Sherman
law 10 1890, and its average in the past
week has been about SO cents. The market
ratio between the metals, which was about lC
| to l, the same as the legal ratio around the
middle of 1873, has been about % to 20 to /
in the past week---St. Louis Globe Democrat
| - Q
RASCAL SEVERELY THRAsHED.-Abbe.
vile, S. c., Aug 9.-News has just been
received from Abbeville's suburb, Due West
of rather bad affair which occurred there
Mrs. Thomas Perry, respectable white
| lady, was walking out down toward the
watermelon patch, when suddenly big
black negro approached her and attempted
to assault her. Mrs. Perry ran to the house
and spreai the news, which went like wild
| fire. In very few minutes a posse of sew
| enty-hve or more was organized and the
| search began.
After diligent search Of four or five
hours they found the negro between the
Richmond AMI Danville Railroad and the
| Port Royal and Western Carolina Railroad.
The posse consisted mostly Of old men,
who thaught it was best to give him fifty
lashes each, as long as the fiend had not
| accomplished his hellish work. He was
also given twenty -four hours to leave Able.
vile County and the State of South Carolina
Atlanta Constitution