The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-07-11

double the value of all the silver in the
world and maintain it at am increased
value together with the annual produc-
ton of $20O,000,000? The capacity of
our minis is only $40000,000 annually.
1t would take four years to coin the bull
hon the government has on hand, and
by that time the accumulation would be
sufficient to keep them running 20 years
longer. The opening of our minis would
not, in my Judgment, appreciably affect
the price of silver; if so, it would be a
feat more remarkable than that of the
tail wagging the dog. The only effect
would be to drive out our gold and force
us to a silver basis. 1t is claimed that
silver never would have fallen in value
mad 1T not been for the discrimination
against 1T by our own and other govern
ments in 1873 and since. 1t is said that
even members of congress did not know
what the provisions of the act of 1873
We're. There is nothing startling about
that, My experience of 10 years as a
member of the house has led me to believe
that not 10 members of that body ever
DO know what is being done. From a read
ing OF the provisions of that act it is diff
cult to understand how any one who ex-
amlned 1T could have been misled. / am
inclined to the opinion that the silver
question was deemed of such little conse-
quence. at that time that no one felt
much interest in the subject. therefore
paid no attention to the details of the meas.
ure. Gold had been standard money
with us ever since 1884; we had coined
but 100000 of silver dollars and they
had all left the country All the silver
we had was in small coin, a legal fender
to the extent of only S.. 1t, however is
not necessary to contend over the question
as ito how the act of 1873 was passed
that makes no difference now. we must
now meet conditions as they are, not as
they ought to he. 1t is insisted, however.
that the act of 1873 destroyed the demand
for silver and as a consequence the price
began TO go down. Up to 1873 we had
coined but 100000 of silver dollars
and .S131 100000 of subsidiary coin. The
total coinage during the &c years of the
operation of our mints prior to 1873 was
only $145,000,000. While it is true that
the act of 1873 did not embrace the stand
ard dollar, provision was made for the
free coinage of the trade dollar, to CON
tam 40 grains of standard silver, while
subsidiary coinage was continued under
government control. In 1871 we coined
81, III, 1876, and in 1872, $1,11S,60O of
standard dollars. In 1874, the first year
after the passage of the act of '73, there
were coined in trade dollars S4,010,0OO
and in subsidiary coin 81 ,406, $50, making
u total OF S6,216,5 6O as against q total
of S4,O29,317 the preceding year. In 1875
the coinage of trade dollars reached &c.
10000 and of subsidiary coin, $5,117,-
100, making a total of over $11 100000
In 1876 the total coinage exceeded S13,-
10000, and in 1877 more than 100000
600. From 73 to rs, during which time
it is popularity supposed that our minis
We're idle, we coined over 500, 100000 of
silver. Thus we see that during the first
four years after the passage of the coin
age act of 1873 we coined over 500. 000,-
600 of dollars of silver, as against S145,-
100000 during the 76 years previous, and
yet it is earnestly and apparently serious
ly insisted that the act of'73 was the cause
of the fall in the price of silver, which be-
gan about that time.
In rs we again commenced to coin the
standard dollar, and up to and including
a part of 1893 had coined $415,000,000,
besides over $30,O0O0OO of subsidiary
coin, and purchased, under the provisions
of the Sherman act. and have on hand
sufficient bullion to coin$215, 900, 900 more.
The consumption of silver by us since
1873 has been more than $3.50, 100000 of
coinage value and yet it is boldly asserted
that the cause of the fall in it's value was