The Maryville times. (Maryville, Tenn.) 1884-1944, 1893-07-26

nun iabio uct"ccn goiu ana SILVER, and 10 Sc
cure nxity OF value between the metals
Silver Demonstration Was Deliberate.
ITO show beyond all cavil that the act of
1873, demonetizing the silver dollar as a tender
for debt was sdvisedly and CONSIDERABLY
passed. we need only examine the contempt
raneous legislation on the same kindred cues
tons. The provisions OF the act Of 1873 itself
are too plain to have been misunderstood; and
to have made them different would have been
marked departure from the policy Of the gov
eminent as fixed by that coinage act OF Feb.
ruary 81, 1858, which decreased the quantity OF
metal In the subsidiary silver coins and
limited their legal tender character to pay
ments Of IS and less Hence, the act OF 1873
dropping the further men ton Of the silver dol
lar from the coinage Of the United States, ex-
pressly confines the use OF all silver coins Of
the United States to payments not exceeding IS
in amount, The act Of June %, 1874 was strict
'ly In consonance with that OF 1879 II had been
our previous policy since the foundation OF the
government to make foreign COINS of both gold
and silver, receivable for public Dues and also
betw cen individuals. The values fixed by law
for many OF these coins, especially those OF
silver, were already beyond their intrinsic
worth, and silver gave signs OF continued de-
crease. Hence the act Of 1874 declared, first,
that all foreign coins should cease to be a
legal tendor; second, that the gold coins of the
uhitei S'ates' "hen not reduced below the
we'sm' oi ,oicrance' snouio DC legal tender
.or az uep.s, tnlru, .hat the SILVER CONS OF
'ne onitoa States 'inciuolhe' OF course, the
silver dollar shall be o legal tender at their
nominal value for any amount not excee ding
60" and fourth, that the minor COINS 1.-THE
nickels and copper cents) shall be legal
tender for only % C ents,
Debased Currency
.I, ,uos oh,,,o,,, ., ~. ,..a, a,.,a
c;ers n, tho corn,rv ,hat tba 90, ~ ,a-9 ra,,,a
ev.ntm,IIv bring about not donra a,onao.d
no rro,andsd hr ,ts ,r,an1s h., 800
ara y, donrac,a;od s;,vsr Uonca orr,,ho $50
nine those dollars were rece,yed Win rroa, az
trust put congress having enterad n,or' ,his
STANCE schema ~ oYnarsinn datarr,aad =, ,u,o
the nowsr n, ths oopernrnar, 20 go ~ W Us"
cu,. a., No, AZ 1,,,s,i,lina -. nv o W
ciatsd no n,,s - Ma, vnr,s puoo no p SSSo
sa,,~n;, -. =, -. sa..ss, anu mo
49, ao,,ana go 80 49,, .,,..n .ne aoo "a
1870 49, 80 o..,ou . .,, VOL -.
go, ~. 49, .nseisos :. ioanS
~. 80 $1,000, w. W. anu ae'eo
.S " "a S,.1 .nousn. W NC injurious W
49,. a. - - oae -. W 70 W
~ -, , 80 T'n .., "isnu, VIC
an. y "a ,Snir oh~,, "a. .,,. nanns, ~"
=, ~. sno eo,o,
! to bear
ut was decreed that no national bank should
belong TO clearing house that refused silver
certificates in payment OF balances. When
bank charters mad TO be renewed the renewal
was conditioned on the receipt and circulation
OFFS currency already bad and getting worse
day by day. The government now entered the
Held as common carrier and transported,
without charge, this unacceptable currency to
any part of the country that would deposit gold
for 1t In the subtreasuries. Thus the govern
ment sowed the wind, ana now, by the Just law
OF retribution, reaps the whirlwind The pub
lie demands that gold back, and the government
rust pay 1t or embark at once on the treacher-
Gus sea OF deprecated currency
when pains and penalties failed TO coerce
the banks the persuasion OF self-interest was
resorted to and they were offered the bride
that silver certificates received by them might
De counted In their bank reserves. Finally
when the banks remained ooourate against
threats and seduction 1t was thought the gen
ersl pubic might surrender 10 the temptation
OF small notes. ana 10 that end In 1885, IT was
enacted that the secretary OF the treasury
should Thereafter issue silver certhcates II
denominations oil VI, q and 70, and the larger
certlhcates Already issued under the act OF 1871
mlghtoe exchanged ior the smaller oenomina
uohs
The Wiser Course.
az, crea,er srrars,or ., tho ourrercr ,,.,.
really reouired hv the ,ec,tirnate demands =,
hnsiness !, miyh, have hean occurred - sao,o.
to me- nv indncire an ircrease ., the ,;onaI
hanb notes a cvrrsnc, socrrad hv Jrn;,aG
Stotes hor1s nayahl. In ,oid nd o,uore ,,or,t
a rrayri,m Instead n, mis- tho copt ro ~ no,ic,
was most n.rs;sten,,v nrrsuad resu,,ing An 20
decrcase ~ snecia. ravirg honL no,os ,ror
sase ooo ooo q, 1909 -, ais M, n,n - taos will.
this hettar currercv waa hairg ivan ort h,
nnfriendlv lnr,slation tho channels Of hrsinoss
were heir, snrrad Nv, an tssno 90 I,o ooo 900 q
silvsr dollars 9sS M, an % S;,vor 40 "a.
and finally pnder tho not NJ Iseo NV tha issr,
of 1854, 100000 moro of treasury notes in the
purchase OF silver bullion at an enormous loss
10 the people and TO the government.
"ot the oooooD or o'ooo,o0o gold with which
we began IN 1915 none can be found in circula
ton what mas not gone 70 foreign countries
ENJOYING the blessings OF single standard
has been boarded not TO reappear until the
holders have some guarantee II loaned II viii
be returned in money equally good The golt
ceruheates not ALREADY forced upoi
the government ior redemption are NJ
longer seen Inc United States notes
Tor the redemption OF which the sloo,
o'oooJ gold reserve Is supposed to be held b,
the government, constitute the best security o
the national banks and hence the grecnback is
RAPIDLY disappearing The national bank note
are necessarily htld, II possible, by the banks
ISSUING 'ncIi, III rear .na' III the extremity
distress 'ncir resumption may soon DC asked II
goiu' Nothihg Is 1elt pu' SILVER eeruncates an'
treasury notes me banks are unable 10 main
tain their lawful reserves, hencs trey can give
no reiiel 70 suuering community, Inc gov
erhment treasury IS uepieted OF It's surplus
Government expenditures exceed government
receipts; hNtraVagsht appropriations mad
upon sllVer OASIS must now DC paiu IN me
oium OF value Inc heeoiess promise 10 pa!