The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-21
"COIN'S FINANCIAL sCHOOL"-EIGHTH
ARTICLE-uISTORI REVIEW CON
IL JED

The act dropping provision for coming
silver dollars was passed IN February.
1873 Nothing was heard Of st until 1876
by which time silver had begun 20 fall
in value Improved methods Of transpor-
tauon and communication lad lesscned
The need for metallic mercy. and the
civilized world was beginning to learn
that silver 100 longer met its needs for
rorey metal The demand for 10 had.
therefore. begun 10 lessen. But methods
for mining silver and extracting it from
the ore had commenced 90 make immense
progress. and the silver mines. but es-
Iecially the American silver mines, had
commenced 10 make a greatly increased
output In 1850 the entire output of the
American silver mines was only $4,000.
IN 1870 It had grown to Sl12l0coO. and i'm
1870 20 tl6o1p0o0 But i'm 1876 il had grown
90 NSSoo0o. and il has been steadily
growing ever since. in the face or an
eyer-felling market until I'm 1893 IT was
,7l16ooo although the silver in a dollar
had come 20 Zoe worth less than fifty
cents I'm 1876 the value OF silver an
silver dollar fell as low as 70 cents. The
American silvei-mine owners We're there
hat they had "a regular bonanza. II they
could only nnd a market for their silver
hut that. ass the civilized world had al
most unanimously determined TO drop
silver as a money metal. they would have
10 look entirely Co the scml-civilized
parts of the world Tor a market. except
for the part Of their product that tho
civilized parts of The world were willing
90 take for the arts and for ornaments.
II was then they raised the cry that an
injury had been done to the American
people boy the act of 1873. which dropped
the provision for coming the silver doll
lar. II that provision had not been drop
ped they would have been able TO so on
selling the output OF their mines TO che
American people at She rate of a gold
dollar for every Sn IA grains % silver
when 81 Is grains Of silver fell a. low. in
1876, ass % cents and has since fallen as
low as i1 cents. but the dropping OF that
provision compelled them 10 sell their
silver in the market for whatever I'll
would brinr. and this fact caused them
10 appeal 90 ignorant men with an the
falschoods which they have since pui
forward Of which so large am assortment
SIS to be found i'm COINS Financial
school"
The mine owner furnished the dema-
gogue with text. and that individual
preached on Il lad nauseam." lie had a
large body Of attentive listeners which
was composed. first. Of the foolish people
who think IL possible 10 do the impos-
siblo-such PEOPLE as believe perpetual
motion can be invented-and second. Of
those who are bankrupt, ana who think
mat a cheap dollar will enable them to
pay Off their debts and save them some
th.ng over.
The clatter which the mine owners and
the dcmagogucs made went on until Con-
gress passed the Bland bill in 1878 This
required the Secretary OF the Treasury
70 purchase each month two million OF
dollars worth OF silver bullion in the
market al market rates. 10 be paid for
out OF money IN the Treasury. which he
was 10 coin. as fast as practicable. into
FUN legal tender dollars containing
s7li-4 grains OF pure silver and Az II
grains OF standard silver. Congress knew
very well that the people were not going
20 lug these deprecated and heavy COINS
around In their pockets. so this same act
proyided that they might be deposited In
the Treasury. and . certificate OF