Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1894-02-02
EDITORIAL NOTES.
And Other Matters of Interest
to the Readers of the
Courier.
The COINAGE ACT
OF 1873.

There is conflict of opinion as
to just what the coinage act Of 1873
did to the silver money in the coun-
try as there is as to whether con-
gress knew just what it was doing
when it passed the act. So far as
our investigation has gene we believe
the following to be the facts in the
case.
/. The bill was prepared in the
treasury department IN April, 1870,
and when transmitted to congress
special attention was called to the
fact that the existing silver dollar,
"wh'ch had formed no apprecia BILE
portion Of our circulating medium
tor nearly half century," having
been driven out of circulation by the
Tact that it was worth more in bull
lion than in coin, should be discon-
tinued.
2. Jan. 10, 1871, the bill passed
the senate by vote of sc to "a,
dropping the silver dollar as pro-
'vided in the bill.
3. 1t was reported to the house
IN February by Mr.. w. D. Kelly.
The silver dollar, equal to two half
dollars, was put into the bill by the
house; but the senate subsequently,
substituted the trade dollar.
4. The bill was long under con-
slderation, having been printed thir-
teen times AMI kept before congress
from April 1870 to February 1873.
The house passed it in May 81,
1874, by vote of no to IS. Hav-
Ing been amended it went to the
senate and was there passed in Jam
uary. 1t Was then submitted to
committee of conference for further
review and finally became a law
Feb. IL, 1873. Now if congress
didn't know what it was about when
1t passed the bill 1t must have been
stupid beyond our comprehension.
This bill recognized the fact that the
silver dollar OF previous coinage acts
was practically demonetlzed and as
serted that fact. The action now
taken seems to- have been recon-
mended by the secretary of the
treasury and the officers of the
mint in 1851; and the bill of 1853
was supposed to have embodied
those recommendations.
The act Of 1873 made the gold
dollar the standard of value and
gave to its coin contracts the gold
character. This seems to be a fact
whether right or wrong. The silver
dollar dropped by the act of 1873
was 412H grains. The trade dollar,
which toek its place, was of 42o
grains of standard silver. This dol
Tar was not coined for use in this
country but to facilitate the exporta-
ton of our silver to China. at was
supposed that the stamp of the gev-
eminent, as to its fneness and weight,
would make it an acceptable coin TO
the Chinese, and that it would be
used in the purchase of commodities
from them. Such proved to be the
fact"
We have said that the purpose to
demonetize the silver dollar dates
back to 1851 and found expression
IN the act of 1853. Writers on poll
tical economy, such as 2rofs. Bowen
and Perry, have taken that view.
Prof Bowen says: "According to
the law of 1853 nothing but gold
coin is legal tender for any debt
exceeding five dollars. The double
standard was surrendered and gold
was established as the only measure
Of value.''
Prof Perry says England in
1916, and the United States in 1853,
practically demonetized silver by de-
grading the coins in weight"