Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1894-03-02
EDITORIAL NOTES.
And Other Matters of Interest
to the Readers of the
Courier.
THE SILVER LAW.

TI4E SILVER LAW.
The coinage act of 1873 is known
as the silver law. Its main features
Are these:
I. 1t provided for the minting of
silver dollars of 4121a grains of
standard silver the same as the act
of 1887.
>. Not less than S2,ooo,o 900 nor
more than S4,ooo,ooo per month
were to be coined.
8. The government was to buy
zhe silver.
!. These dollars were made a
legal tender at their nominal value
ior all debts and dues public and pri-
vate, except when otherwise express
@y stipulated in the contract.
s. A holder of these dollars was
allowed to deposit them with the
treasurer or assistant treasurer of the
United States in sums of not less
than ten dollars, and receive there
TOR certificate, to be raid on de
inand in the coin so Deposited.
Tnis certificate was made receivable
tor customs, taxes, and all public
dues, and, when so received could be
teissued.
s. As to the circulation OF these
dollars it was lett at the discretion of
the secretary of the treasury. They
were the property of the government.
Now as to the working of the law.
1t was found to be a most difficult
matter to put these dollars into cir
culation and keep them there. The
trouble was NOT with the government
but with the people. The govern
nent paid them out as opportunity
offered, but they were sent back
again as soon as possible. The peo-
pie, who are always clamoring for
more money, and, especially, for
silver money, don't seem to take
very kindly to it when it is to be
had.
By adding the silver dollar to our
Coinage system and making it unlim-
lied legal tender the double standard
WAS re-established. Bi-metalism
again became the order Of the day
In our financial system but with the
gold dollar as the unitof value. The
silver dollar projected again into eur
monetary system was more than six
per cent. less in stamped value than
in bullion value. 1t was thus, at the
outset, a deprecated coin. 1t was
not equal to the gold DIN in value
as the law said, or to silver in the
bullion; and yet it was by law de-
rlafed to lie. The law gave it fc-
titious value. 1t deliberately made
the dollar, for there were none in the
Country to speak of, like it, and
made it we'll knowing that its stamp
ed and bullion value did not cores
pond. This law authorized the gov
eminent to buy silver for coinage.
!. This was new step for the govern
i1lent to take. Hitherto, whosoever
had silver bullion brought it to the
,11ints and had it coined for himself.
The government did business for the
people. If the people wanted more
money at any time to do business
with all they had to do was to bring
their bullion to the mint and get it.
by this law government assumed to
regulate the supply. A certain
amount should be coined every
month whether commerce demanded
asor not; whether the people would
take it or not. Then the supply and
demand of money was made to de-
pend Upon the arbitrary will of the
law makers and not upon the general
Cause and law of trade. These were
radical changes and the country has
selt the effect of them to its own dis
advantage.
The government is not able to
ird6A ho... much x,aonn,. L. ..a>dnd a.