The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-10
The Coinage Act OF 1873.

Mr.. JAMES H. PLArT OF Denver having
asserted, In newspaper communication,
that the Hon. JOHN SIBERIAN procured the
decentralization OF silver in 1873 by surrep-
titiously putting clause for tho purpose
into tho Coinage act OF that year and
smuggling It through Congress, Mr.. SHEER
MAN declares that Mr.. PbATT lies. and ought
to DO hanged. Mr.. PIATT thcreupon, with
out rcafllrming his original charge, retorts
that although he was q member OF the
House OF Representatives In February. 1873.
when tho act was passed. he was not aware
that It dcmonctizetl silver. and did not find
it out until July, or five months afterward.
Mr.. SRERMAS's reputation for truth and
verncity arc not such US TO make his afIlr-
nations on my subject conclusive, and his
shifty, tricky behavior on other occasions
favors tho idea that he might have been
guilty OF tho fraud Of which Mr. PLArr
accuses him. Sull. in this particular In
stance. We think Ito Is entitled to verdict
OF acquittal. Although 1t may be true that,
a. Mr.. PLArr says, the members OF the Con-
Rress which passed tho act for the regula-
ton Of the minis Of the United Stntes. called
tho Coinage act OF 1879. were not aware that
Il domonetized silver. that fact does not
prove that Mr.. SHERMAN Intentionally
hoodwinked them. and there is no other
evidence that he did so.
The truth 10. that tho net In question. III
though finally passed In February. 1873, was
prepared in 1870, introduced in the Senate
In january. 1871. thoroughly debated. and
finally passed there. 1t then went to the
House OF Representatives,, where debate
upon 1t delayed 1t until the 4th OF March
arrived. and q new House OF Representa-
tives came into existence. Consequently.
the work had to be commenced over again.
moro debate ensued, and after two years
delay, the act was again passed by the
Senate with amendments. which tho House
refused to accept. a committee OF conference
was appointed, and in their. report both
Houses concurred.
During all this time nobody said word
In behalf OF the silver dollar, and the act
dropped 1t from the list Of coins, because it
had been, ever since 1884, dsused and obso-
lete. The Coinage act OF 1884 practically
demonetized silver by undertaking. it. and
made the gold dollar the sole standard OF
value OF the country. Senator STEWART Of
Nevada. the noted champion Of free coin
eye, who took an active part In the debates
1873. never once referred to the sil-
yer dollar. Notwithstanding the large
interest Of his constituents in ell
yer mining. They were selling their
silver In the market for S1.32 per ounce.
whereas its coinage value at our minis was
but 81 30 per ounce. and they did not care
whether our laws permitted its coinage or
not. Mr.. PLATT also declares. as We have
seen. that he did not inquire into the mat
ter before July. 1873. which shows how little
interest he took in it. 1t was not until sill
ver dropped to $1.25 per ounce. as 1t did in
1876. that the advocates OF q cheap dollar
discovered Of how great a power to cheat
creditors tho demonstration Of the metal
had deprived them. and began to denounce
the "crime" OF 1873.
The demonstration OF silver by the net OF
1878 was. indeed. III accident, but it was a
most fortunate accident for the country.
Had 1t not occurred We should have suf-
fered. as India has been suffering since
1875. from the steady decline in the pur-
chasing power OF the dollar. which not only
would have defrauded creditors OF their
dues according to the only standard OF
value which this country has recognized
since 1884. but which would have driven
workers for wages into an unending series
OF struggles to keep their wages up to their
true level. The fight for free silver Is.
practically. q fight to reduce wages.
TO scale down savings bank deposits. and to
take from every investment in the obli-
cations OF corporations andindividuals one-
third or moro OF its value. The persons on
whose behalf 1t Is made are the silver mine
owners. the owners OF mortgaged land at
the West and Southwest and other specu-
htors who have bought property on credit
aud wish to pay their debts in dollars of
less value than their contracts call for.
They make y great noise and present an
apparent show of numbers. but an over
whelming majority OF the people is against
them and will not allow them to succeed.
ssA Ram ota Possibility