The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1893-08-10


passed a onI introduced by MIR.
Bland for the free coinage Of silver dol
iars Of 4l2i< grains full legal tender tor
all debts, public and private. The Sen
ate amended Il so as to limit the coin
age to not more than $4,000 900 nor less
than $4,000, 600 per month, all seignor-
age or profit TO accrue to the Treasury.
section was added at the suggestion of
Senator Allison authorizing the Presi-
dent to invite other nations TO take part
In a conference with view TO the adop-
tiou of common ratio of gold and silver.
During the extended debate on the meas
ure Senator Morrill,, of Vermont, pro-
nouuced IL Il fearful assault on the public
credit. IL resuscitated the obsolete dol
lar which Congress entombed in 1894
worth less than the greenback In gold
and yet 10 be a tul legal tender. He
thought that the causes of the deprecia-
tion OF silver were permanent. The fu-
ture price might move one way or other,
hut IL must finally settle at a much lower
point. Nothing less than national will
and power could mitigate its tall. Sem
ator Wallace, OF this state, offered an
amendment providing that 100000. 900
should be coined in silver dollars within
three years, and then coinage should
cease IL bullion should be more than per
cent. below par The amendment was
defeated. as were others offered by Mr.
Blaine and others TO approximate the
proposed silver dollars value 10 that OF
the gold dollar An amendment of Sen
ntor Chafree providing for the issue of
certificates OF not less than $40 IN eX.
change for silver com deposited and re.
deemaOle in the same WAS adopted
All the Senate amendments were con-
CURED In by the House. Presi-
deLt hayes vetoed the bill He SAID
the silver dollar authorized by il was
worth TO 10 per cent. less than IL pur-
h.., l. md l...yl Il
tender tor debts contracted when the law
did not recognize such coin as lawful
money. The effect would be TO put an
end to the receipt of revenue In gold,
aud thus compel the payment Of silver
tor both the principal and interest Of the
breach Of public faith. II the country
was TO be benefited by silver coinage II
could only be done by the issue Of silver
dollars of tull value, winch would de
fraud no man. 4 currency worth less than
IL puUportcd TO be worth would in the end
delraud lot only creditors, hut all en-
gagged in business. and especially those
dependent on their daily labor, The bill
was.,howcver, Easscd over the veto
According to Mint Director Lcech, The
stock OF money on hand January !, SIS
lust before the new silver Legislation
commenced, was;
Gold Observation-Disclosures. S22OO0O OO'
Legal tender Treasury notes a4Obsl OF
National bank notes. ............. 3"l, ,6'@, 30
Total. ACKNOWLEDGEMENTS. $50 $3.50"
Thus II is seen our currency was en-
tlrely gold currency-a currency base,
on gold No silver coins except chang
money!, nor silver notes, were in cirCula
ton our stocK of gold was increasing
rapidly and enormously, The gold coinag
of our mints aggregated in the six hsca
years commencing IN 1879 and ending /
1878, S254 ,3o2 l3i Ample facility wa
provided for the issue OF additional cuI
rency by the provisions Of the nationa
banking law, the only Limitation TO IA
amount OF bank notes which the bank
could issue being the bonded debt of III
United States necessary to secure circl
lstion, at that time 81 ,S32.o3,3l'
Such was the monetary situation AZ HON
when we entered upon the era of silys
legislation. Abroad the situation ":
not propitious for silver Conmencin
with the decentralization Of silver In &c
many in lS7B, and the melting down ar
sale by that empire of l,Osl,72i,St
MARKS fs25745a.Oo0l in silver coinL. &