Crittenden press. [volume] (Marion, Ky.) 1879-1907, 1895-04-25

nsncial breake.s just beyond.
The ability IF Hamilton, through
these laws, soon established confidence
and prosperity in commercial Affairs,
and his genius triumphed over every
obstacle. The spirit Of antagonism
and opposition that prevailed between
Jefferson aud Hamilton is well known
but this law afo. ds an instance, and
the only one upon which they werc
ever agreed. The wisdom aud justice
Of it being 80 apparent. Jefferson en-
dorsed it. and upon Hamilton's re-
commentator it was passed by Con
gress.
In 1884 Congress by amendment
changed the ratio from 10 to ] to IL
to !, and in complying with this law,
and making the change in coin, aires.
dy miuted, the unit or silver dollar
was too much respected to alter its
size re the gold coins were reunited
aud their size reduced.
Under this system OF coinage our
country progressed aud prospercd.
The money was 50 well adapted to the
wants of the people in their trade and
commerce, that the advancement
made ia these lines was unprecedent.
ell IN the history of the world. Gold
ans sered the few, the rich, the money
hoarder: our 81 yer the many, scat.
tered throughout the conntry, and in
every avenue OF trade it constituted
the money Of the people. Ii was i'm
possible for money spectators to get
possession Of sufficient silver and 10
hoard il 80 a. 70 contract the curren-
Icy. Beth were money Of redemption
for paper money. II one became
scarce the Government would redeem
With the other, and frequently this
option Of the Government came about
aud was exercised. IL one became
scarce and went out Of the country,
il found il was hardly missed, ana
came back sgain. During all the
time from 1892 to 1873. no further
legislation was needed to keep silver
at a parity with gold; the fact is sill
yer needed no further help and main
tanned itself.
United States Treasury reports
show statistics compi ell year by year
from 1870 to 1873, in which it sp-
pears that the commercial ratio of the
two metals during the whole time on
ly varied two points, and in no series
of thirty to fifty years was any saria'
ton perceptible.
In 1873 the crowning infamy OF the
century was inflicted. In February
Of that year an act was passed, with
out argument or excuse, now disown-
ed by its promoters aud repudiated by
the President who signed il; an act
conceived in bribery, born in fraud,
and nurtured and matured at the ex-
pense Of the people and to the detri-
ment of the country. by this act of
1873 the act OF 1892, making the sill
YER dollar the unit of value, was
changed SO as TO read: THAT the gold
coins of the United States shall be
the dollar piece, which at the stand
ard weight Of % $40 grains shall be
the unit of value" The act then pro-
vided for the coinage of the other
gold pieces, and tor a silver tiade dol
lar, discontinuing the coinage of the
standard silver dollar, made gold
coins legal tender in payment Of all
debts and dues whatsoever, and the
silver coins, including the trade dol
lar thus provided for, in payment of
sums to the amount of $500 only.
This act by direct language did net
stop the free coinage of silver into
trade dollars, but it did fix the legal
tender character of that dollar at 81,
thus discriminating between gold ard
silver by making the gold coins legal
tender in payment for all debts in any
amount. This act OF 1873 was fol-
lowed, however. in 1876 by an act
which destroyed the legal tender val
ne of the trade dollar, and stopped
its coinage altogether. The act reads
as tollcw VS.: THAT the trade dollar
shall not hereafter be legal tender,
and the Secretary Of the Treasury is
hereby authorized to limit from time
to time the coinage thereof to such
an amount as he may deem sufficient
to meet the export demand for same
Under this act the coinage Of trade
dollars was stopped; thus the last YES
tige of free coinage was swept away.
The demand for it heretofore by our
Government having ceased it became
commodity, was thrown on the mar
ket like wheat, corn, cotton and other
commodisis 70 b priced in gold and