New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-15

er than their face value. they were purchaser ior
export The order of suspension is contained IN the
following letter. under date OF May l. lo'o
to the Director Of the Mint at fhAdu@'p"'a oy
James Madison. Secretary OF state:
"pcpartment OF state. May !, 1906.
Sir: In consequence OF representation i'"in inc
Director of the Bank Of the United states that
considerable nurchases have been made Of dollars
coined at the Mint for the purpose OF exporting
them. and as ii is probable further purchases and
! cxportations Will be made the President directs
that all the silver be coined at the Mint snail be
of small denominations so that the value OF the
! largest pieces Shall no; exceed hali GoLar.
! am. etc. JAMES MAplSoN.
| "Eobert Pat,eraon ESQ Director OF the Mint"
Thus it will be seen that Thomas jefferson, by
an Executive order. stopped the coinage of the
standard silver dollar in this country for period
of over thirty years have never heard him
denounced for such action. He did it simply for
the purpose Of preventing silver from being sent
out of the country.
CHANGES IN THE GOLD DOLLAR.
June %, 1884. Congress passed a law changing
the amount of pure gold in the gold dollar rom
24.1j grains t. 25.2 grains.
In the mntage law of 1891 il was provided mat
all the coins Of the United states both gold and
silver should contain 900 parts Of pure metal and
100 parts of alloy in each 1000 parts That law
also provided that the gold dollar should con-
s.st Of 800 grains ot pure gold or 2jS grains OF
standard SCld and that the silver dollar should
consist Of 42.5 grains of standard silver. which
left the silver dollar containing 37125 grains OF
pure silver at first. Thus 1t will be seen that
the pure silver in each standard silver dollar has
never been changed: but the amount # pure gold
in the gold doa: is 1.5S grains less than as
fixed by the first law in 1892. The value of a
coin depends upon the amount OF pure metal
which II contains. Consequently the gold dollar
contained less real value under the laws OF 1874
and 1887 than the gold dollar under the law OF
1892
When the gold dollar reduced by the
amount Of 1.J3 grains of pure gold, the silver
dollar was by comparison. increased in vaue.
ard was worth more in the United states than
the gold dollar up to 1874 Owing 20 the nuctua-
lions in silver. the people adopted the gold doidr
az the unit Of measure Of value, and the values OF
the United States, until The suspension OF specie
payments We're always named in gold dollars.
Silver dollars We're always quoted at premium
They at premium in 1873 OF between
and 3 cents on the dollar. The premium mad
even been greater than that during the increased
production Of gold during the period from 1898
TO 1854.
The man does not live who can successfully
dispute single statement thus far made They
are all taken from the public records.
CONGRESS ASKED TO STOP THE SILVER
DOLLAR.
Now about the law of 1879. That law was
prepared previous 10 1870. 1t was drafted by
number of experts. who were consulted in vari-
Gus parts OF the Union. Among them were Mr.
Boutwell,. Secretary OF the Treasury; John j.
Knox Deputy Controller Of the Currency; Mt
Linderman. Director OF the Mint. and Mr. Par
sons Superintendent Of the Mint at Philadelphia.
After a correspondence with large runber Of
experts upon minis and coinage, the b!A was
framed. and with the correspondence was sub
IN, he tlnC
and with an elaborate report from Mr.. Knox eN-
planning It's provisions. There was nothing secret
about the matter. Every step taken IN the IN
cipiencv OF this measure open as the
light Of day Thousands Of copies - TN" bill W.
sent broadcast to all parts Of The country. ne
Bankers Magazine" In its number ~ july Is'O;
nriutod the report Of Mr. Knox and commented
on the same. The bill. with the report 81 Mr'
Knox containing the entire corresi ondcn, - was
sent to John Sherman. chairman OF the FINANCE
Committee II the senate. by Mr.. boutwell, H"Ir-
tarv Of the Treasury, with a letter dated Aprll
o. 1870 The TN as then drafted Dl'oiIED
THE SILVER DOLLAR FROM TIE CD III,
or THE UNITED STATES AND MADE THE
GOLD DOLLAR THE UNIT OF VALUE IN TINS
country. In the report Of Mr Knox this fact
was explicitly stated. The words used IN ieI rS
from Mr. Patterson make part Of MS report. me
"a nitals used in the several extracts given bc.n"
are ours The words OF Mr.. Patterson. III MI.
Knox's report, are:
The silver dollar half dime and threeccentr pefe
CONES THE STANDARD MONEY. Or WHIGh
THE GOLD DOLLAR is TIE MI 9iIF.r FL. - III SuS
dollar '''''' '-'''"
Mr. Krox further says in his own words:
The Of The T 2ffs& !ef 1 h n hs
,,ronoscd I'm II rs by law the dollar unit ana az.
si,n1inc The value Of gold be fifteen and one-haf
times that Of s.lycr-beinS about TIC mean rGuo
for the last six years. worm ID tC!d premium t
o: about per cent Gts value being lo3l2l ana IN
trnscalIy more than , per , pGr' ir,n 67 q The
present laws consequently authoF'He IN Il tolI-
eanh other in intrinsic value. The present gold,
dollar piece is made the dollar uhit M N" PIopoSc'
biz. and the sllver-dol,ar piece IS DISCONTINUED
Is there anything hidden In those statements?
Mr.. sherman made the following statement
upon the floor Of the Senate in his speech Of Au-
gust 80. 1898:
Mr. President. the Finance Committee carefully
about IT, Il was sent 10 ua IN AhT: lSp ~ Dr
careful examination after having me d." pi'm'sa
AMI gent by order OF the senate TO rvrry one VINO
desired to read 1t or look over it, reported 1t Unani-
nously. 49,. CT.
man, Williams of oregon. Cattel Morrill,, War
ner. Fenton and bayard TIE bii was rcporled 20
connlttee-rooIn for eight months The nature Of
the bin have already GcsTlpei ~ H H uola, W.
IesSnry Thn WarGc coast had six intelgcnt
able and competent Senator's on this floor. repre-
sentng population jnsn OF o n% bnS Se' cd ,nnm
mo3 II 3a h esy % of sv "%' If hc b
affcctcd them iniurcusy. But the silver dollar at
that time was worth more than me gold dollar
Az 7 said. the hill was printed over ard over
again finally reported and brought before the SEN
ale II was debated here for three DAYS and have
The volurnrous record upon the subject.
The bill came 10 final vote on the 10th Of |
January. 1871. It passed by yea and ray
vote thirty-siX Senatorg voting IL It's favor and |
fourteen in the negative. The Senator'S from tho |
Pacific slope. including Mr.. Stewart Of Nevada !
voted for the bill. and Mr. Sherman voted against |
IT, Mr. Sherman tells us that he so voted. not +!
because the bill dropped the coinage of the !
standard silver dollars. but because 1t compelled
the nints to coin gold free of charge. and that |
at that time he was opposed TO such condition |