The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1894-07-04

: dollars each to be of the value of one
, dollar or unit.
"Sec. "a. And be it further enacted.
That for all Sums whatsoever, the
double eagle shall be legal tender for
twenty dollars and the gold dollar shall
be legal tender for one dollar"
This is the first time the gold dollar
appeared on the scene which it was
sneakingly attempted in the Act Of Itch
of February, 1873, to impose on the ma
{ ton as our money unit which will be
shown later.
, As silver bullion by weight was worth
more than the silver coins, reaching as
high as per cent. in 1855, the OWNERS
of silver bullion failed to take it to the
mints and have it struck and coined
and as our mints struck and coined sill
yer coins at ratio of 1898 of silver to |
. of gold, while all other nations except
, Mexico struck apd coined theirs at q
ratio of from Is and Is 1-2 Of silver to
, of gold, when our coins left our borders
they rarely returned. To supply our
: own people with fractional currency
and keep it in our borders Congress ell
. acted the following law on the 2!st
; of February, 1853.
"Be it enacted by the Senate and House
of Representatives of the United States
of America in Congress assembled.
That from and after the first day Of
June, eighteen hundred an ! fifty-three,
the weight of the half dollar or piece OF
: fifty cents shall be- one hundred and
ninety-two grains, and the quarter dol:
; lar, dime and half dime shall be, re-
spectively, one-half, one-fifth and one
; tenth of the weight Of said half dollar.
"Sec. =. Aud be it further enacted.
That the silver coins issued in conform
ity with the above section shall be legal
tenders in payment of debts for ali
sums not exceeding five dollars.
"Sec. 3. And be it further enacted.
That in order to procure bullion for the
requisite coinage of the subdivisions of
the dollar authorized by the Act, the
treasurer of the mint shall, with the
approval of the director, purchase such
bullion with the bullion fund Of the
mint"
This is the first time in the history
of the country that the government
went into the market and purchased
silver bullion, and had it struck and
coined. This she was forced to do. 1t
will be seen that she coined only the
fractional~parts Of the dollar. TO save
herselffrom loss and to keep the coins
in oar borders she reduced the half dol
lar from two hundred and six and
a quarter grains of standard silver
to one hundred and ninety-two grains.
and the quarter dollar, dime and half
dime, in the like proportion. Because
of this reduction in the weight of these
coins they were made legal tender for
only five dollars.
That the going Into the market on
the part Of the government and buying
silver bullion and having it struck aud
coined into currency, did not in any
way impair the rights OF. the owners of
either gold or silver bullion to take
eheir bullion to the mint and have it
struck aud coined is clearly proven by
tn 1lth section of the act of March Sd,
1858.
It reads as follows: .-------
And be it further enacted, That the
owner or owners of any gold or silver
bullion, in dust or otherwise, or of any
foreign coin, shall he entitled to de-
posit the same in the said office and the
treasurer thereof shall give;a receipt
stating the weight and description
thereof in the manner and under the
regulations that are or may be provided
in like cases of deposit a. the mint Of
the United States with the treasurer
thereof. And such bullion shall with
out delay be melted, parted, refined
aud assayed and the net value thereof,
and of all foreign coins deposited in said
office, shall be ascertained and the
treasurer shall thereupon forthwith
issue bis certificate of the net value
thereof payable in coins Of the same
metal as that deposited either al the
office of the Assistant Treasurer of the
United States in New York, or at the
.uint of the United States, at the option
of the depositor, TO be expressed in the
certificate, which certificate shall be
. receivable at any time within sixty
days from the date thereofin payment
of all debts due the United States at
the port of New York for the full sum
therein certified"
this time gold and silver had the same
rights of coinage and the same debt
paying powers-that the parity between
these two metals was finally readjusted
and fixed by the Act Of January IS,
1887, and that he standard silver dol
lar 4l2 1-2 grains, nine-tentbs fine, was
adopted as our money unit on the 2nd
of April, 1892, when our monetary sys-
! tenn was established, it being of the
same value as the old Spanish milled
dollar that had been recognized through
out all the colonies of North America
for centuries, as the money unit, the
dollar of account, and was made legal
tender in 1850, even by old England.
Then came the war between the
States with its deaths and desolations.
Specie payments were suspended for
eighteen years. But beyond the mid
die of the time of suspension the Act Of
the 18th day Of February 1873, to revise
assay offices and coinage of the United
States, was passed by Congress.
This Act has oeen styled and is known
. as the crime of the ages. 1t can serve
no good purpose to enquire at this late
day whois responsible forit. Suffice it
to say every member of the Congress of
the United States of 1878. is responsible
Tor it by his act. either Of commission
or omission. The Intelligence, virtue
and manhood Of the South had no part
in it. They were not there. They were
. denied representation. If their repre-
sentatives had been there that law
could not, and would not have been
enacted. The crime would not have
been committed. 80
The Act is a very .volumiuous one,
embracing sixt, seven sections. Let
Us analyze it and seewhat the elements
that constitute the crime of its passage
are, and what it has accomplished. The
first element is, the Act was rushed
through both houses of Congress, with
out even being read when it should
F have been exhaustively discussed sec
ton after section, touching as it does
on matters Of the gravest character to
f the nation. The Act dropped from the
list of coins to be struck and coined the
standard silver dollar, the money unit
of the nation. It does not even men-
tion that coin. Tt substituted for the
I s;lIar S.1lor tho n,opoy- nOit