Mexico weekly ledger., 1895-07-25
POLLARD'S.

the act of 1884. The inducement, how
ever, for the retirement of gold under
the one was greater than for the re-
tirement of silver under the other.
Five cents on the dollar drove gold
out, and it only required 3 cents on
the dollar to force silver into retire
ment. Each went at different times
and under different acts, but both
went under the operation of the same
unerring and universal economic law.
Gold went unbidden, land it's departure
was regretted by the American people.
The historical truth is that silver went
by invitation, and nc tears were shed
until, in process of time, it came to
represent a cheap and deprecated
dollar.
So rapidly did silver disappear from
our circulation under the act of 1884
that the people felt the necessity fol-
small change. Under the act of 1872
the half dollar contained one-half, the
quarter one-fourth, the dime one
tenth and the scent piece One-tWen-
tieth OF the number of grains in the
silver dollar, and consequently they,
and especially the half dollars, shared
the fate Of the dollar. The spectators
found a profit il taking all kinds of
silver coins out of the channels of
trade and selling them as bullion.
This went on until individuals and
banks, requiring small change, We're
forced to issue shinplasters and use
them instead of small silver coins. At
length the necessity for small coin be-
came SO great that Congress, in 1852,
took the matter in hand.
Again vas the great economic truth
for which l am c~ontending recognized
and applied. 1t was admitted on all
sides that in order to maintain the
small coins in circulation the number
of grains contained in each must be
reduced so as to make it more Falu-
able as money than as bullion. Il was
further recognized that if they retain
ed the full legal tender quality like
their predecessors and were coined
without limitation they might dis
place gold. The~ct of 1858 provided
for the coinage of the bali dollar, the
quarter, the dime and half dime, at
the rate of 3SI standard grains to the
dollar instead of 4121E; so that two
half dollars, four quarters, 10 dimes or
20 scent pieces should contain 2S12
grains less of standard silver than the
silver dollar. The Treasurer of the
Mint was required to purchase the
bullion with public funds, out OF
which this small money was to be
coined, and the right to coin it on
private account was denied.
The coins were made a legal tender
only for sums not exceeding So, and
their amount was to be regulated by
the Secretary of the Treasury, who
was authorized to exchange theEl for
gold coins at par. This act is in force
to-day, and all our small money,
amounting to about $50, 600, GOO, has
been coined under it. The necessities
OF the people for small change hold
these coins On Il parity with gold, and
their amount is regulated by the de-
mands of commerce for money below
the denomination of one dollar.
When the act was passed Mr.. Dun
ham, who had the bill in charge, ad-
yocated its passage on the ground
that the country was then on the gold
standard, and the purpose was for it
to remain so and to1egulate the value
of silver by that standard. Speaking
for the committee which reported the
bill, he declared that ait desired to
have the standard currency to consist
of gold, and that the silver should be
entirely s~ubseryient to it," Notwith-
standing these open declarations on
behalf of the committee having the
bill in charge, it passed without prac-
teal opposition.
Now, fellow-citizens, let us see fora
moment what the practical effect was