New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-07


or nis house or his goods TO Rufus on eli.
.heir value III gold, Rufus NAV make n.vmont
III standard silver dollars in yalue onI,, ,,.o.
.hirds that OF the property obtained Tho c;rcv-
ia'oh cohcurrently of standard monev th,s nm
equal In commercial value must sooner mr. la,er
o"uSe ouSiesS disturbance and ultimate financial
cohVulsioh unless the cheaper money be restricted
In Voiume 100 Insignificant to become disturbinc
FACTOR IN View of these facts in this state of the
law, ana under these monetary conditions with
nance toward none and charity for ALL let il
again he asked, ought the minis of the limited
States be opened TO the unrestricted free coinage NJ
both gold and silver into standard dollars. at their
present coinage ratio or difference in value of
one to sixteen, when the commercial ratio or DIFF
ference IN the market value of the two metals
is one TO twenty-four9
HISTORY OF AMERICAN COINAGE
what was deemed financial wisdom by the
carrier statesmen of the Republic ought not TO be
necessarily considered as unwisdom but rather
the hght OF experience by the statesmen of the
present generation in dealing with similar
'ary conditions. A stated, Congress established
our system of bimetalc coinage in 1902; so regu-
lated the relative weights of the two standard
dollars as to equaze their commercial values or
purchasing power by conforming the coinage ratio
OF the two metals TO their then commercial ratio
Of one to fifteen accorded to all such coins, in
Guiding subsidiary fractional silver equal free
dom OF coinage, and made them a full legal tender
IN payment of all debts. Subsequently foreign
coin was made such legal tender at prescribed rates
OF valuation in our own money Afterwar1 one
ounce of gold having become worth sixteen ounces
of silver. and the commercial ratio between the
two metals one to sixteen in order to restore their
o1I, Al
purchasing power of the two dollars, Congress in
1894 conformed their coinage ratio TO their then
commercial ratio of one to sixteen by reducing
the gold dollar to its present weight This coin
age ratio has not since been changed, except as
to fractional silver
The extraordinary supply furnished by the
California mines from $40 to 1853 far de-
pressed the commercial market value of gold
TO make one ounce worth only Is 1-2 ounces of
silver The amount of metal in the silver dollar
consequently advanced to per cent premium
above the value of the metal in the gold dollar
As result the gold dollar of less value expelled
the silver coin of greater value from circulation
as money. Hardly could a single silver coin issue
from the mint until it shipped abroad.
mehed in the jewellers pot, so that il was prac-
ticay impossible TO maintain in circulation sufi-
Gent fractional silver to meet the demand for
small, change in business. To remedy this Con-
press in that year Qs53) reduced the weight of
fractional silver more than per cent limited its
legal-tender or dcbt-paying power to sums of five
dollars and prohibited its coinage on private ac-
count, which is the status of fractional silver at
the present time. Congress in the same wear with
drew from foreign coin its leQa-tcnder or debt
paying power, which has not since been restored.
Between 1872 and 1913 only s,O45,00o standard
silver dollars were coined. OF which little more
than 1000, 600 coined previous 10 lsj3. and
little more than 10000 between 1893 and
1873 During the same period Of eighty years
Sl64 o0O. 900 in fractional silver coined. Of
which that part, which was much the greater,
coined previous 10 1853 long since went out Of
existence because of its per cent greater
value than the subsequent coinage. From these
historic facts it is disclosed that while previous
TO 1873 the standard silver dollar was not legally
dGmonetized, it was practically demonetized. for
that during the preceding twenty years less than
a. OOC. 900 of them had been coined nearly all of
which Immediately passed ont of existence, not
90. 900 Of them being in circulation when they
were legally demonetized in that year
THE DEMAND OF FREE coinage.
From the preceding historic sketch the nature
of what free coinage demands can be the better
in force previous TO 1873 every person delivering
gold or silver bullion at the mint was entitled IN
have il converted and the same returned TO HIM
in standard dollars at trifng or no cost. This
was the equal free coinage of the two metals
Since 1873 this privilege has been denied 10 silver.
From 1873 TO 1873 the coinage Of the silver dollar
was suspended. In 1873 its restricted conae" was
revived by the Bland-Auison act. which reluIr Il
tie Secretary Of the Treasury 10 purchase monthly
at its market value silver bullion and com there
from not exceeding 81 100000 nor less than 80
600. 900 each month. This continued until lSol'
BY the statute passed in 1890, known as the Hher-
man Compromise, the Secretary OF the treasury l.
required 10 purchase each month. at its market
value if offered, 4,500, 600 ounces Of silver bnll-
ion issue in payment therefor Iegal-tcnder Treas
ury certificates redcemablc in coin, and retain me
bullion in the Treasury as security and pledge Tor
their redemption This is the present state OF the
law
Free coinage demands The restoration OF silver
20 ts ancient privilege: or in the pretentious
but disingenuous rhetoric Of its advocates " the
restoration of silver TO ts constitutional place "a
n money metal on a parity with gold. In other
words. il is demanded that every one delivering
GO conts In value in silver at the mint shall have
!, converted into standard dollar. and returned
% him without charge, clothed with equal and
tho same debt-paying power which the statute
consers on the 90 cent dollar, and this is called
on a parity with gold
sILyERs CONSTITUTIONAL PLACE.
The assumption that silver has constitutions
Mace as money metal. and that the silver dollar
;s the money standard of the Constitution
suspendng or restricting the coinage of which u
q breach of that instrument, merits notice only
because il has received the sanction OF and beeh
repeated by eminent gentlemen OF Senatorial rank
and National reputation. If the assumption Dr.
correct. further discussion of the subject II super
fuous for what the Constitution has es'aniisi"'
no statute can change. Is it correct? Inc ION