The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-30
HOW THE PEOPLE HAVE BEEN
hIsIED


Editor Of Tho Times: In one Of your re-
cent editorials. in speaking Of the Consti-
tuition Of the United States. you say:
And SO far as money IS concerned IL
Is the perfection Of common sense. 1t
intends there shall be no money but gold
and silver. OF which Congress il 10 regu-
late the value" etc. Congress has regu-
lated the value of the two metals at
the ratio of Is to !. Without now con
sidering the action Of Congress making
the Treasury notes legal tenders. the
Constitution. by inhibiting the States
from making anything but gold and silver
coin tender in payment Of debts. seems
10 have recognized these as the only
money metals. This being the case,
will you kindly give the reasons. in as
short space as you can. why silver was
demonetized? Also to what extent. under
the law as il now exists. is silver a legal
tender In payment of debt? ".
Richmond. Va, December q, 1891.
Our correspondent is gentleman Of
very high order Of intelligence. The
fact that he is totally uniformed in re-
spcct to this matter shows how general
is the condition to which demagogues
nave msled the people.
As to our correspondents first ques-
ton, We answer him simply that silver
has not been demonetized at all In 1873
this Government passed an act providing
that no more silver dollars should be
coined. I'm all the history Of the Gov
eminent mp to that time only $1,000 900
of silver dollars had been coined, but up
10 that time the bullion value of 16 ounces
Of silver was more than that of one of
gold. so that as soon as the silver dollars
were coined they left the country as bull
lion. That being so, when the revision
Of the coinage laws took place in 1873, il
was thought wise to drop the provision
for coming silver. The country was on
a gold basis. as far as metallic money
Was concerned; no silver dollars we're
used by the people, and no good was
seen in keeping a provision in the law
for coming a silver dollar which imme-
dately left the country to be melted up
as soon as it left our mint. We think
we would be safe in saying that our cor
respondent never saw a United States
silver dollar which had been coined before
1873, and that ne never saw man who
had seen one, unless in a collection of
coins as curlosites
Now. what is called the demonetiza-
ton Of silver. so far as this country is
concerned. was simply the dropping of
provision for coming silver dollars that
were not coined, because no one wanted
them. England stopped coming silver
in 1916 because silver had ceased to be
used as money there. except as token
money for change. Germany stopped
coming silver, except for token money
about 1871, and the other nations of Eu-
rope have all ceased coming silver ex-
cept for token money. since. But none
of the European countries have demone-
tized silver. They have all left all the
silver that was formerly in existence as
money SAN i'm existence as the same
money. with all its old power OF legal
tender for debt. except that Germany
mclteu up about Sl5O,O0000O Of her silver
and sold it as bullion for gold. Since
1873. then. the United States have addeI
about $50 00o,D go Of silver money 10 the
worlds supply Of it. while Germany
took from it about Oo,o00. and with
these changes, which added $3.50 09J 900
TO the silver money of the world, all
the silver that ever was money is still
acting as money in tho world just as it
always dill.
As to our correspondents second ques-
ton, the silver dollar is full legal tender
for debt to any amount all over the
United States