The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-09-12


coined since the opening of the MINI
in 1793 while during the same time we
had coined more than eighty-fve million
of dollars in fractional silver. The trac-
tional coin. halves, quarters and dimes
had always been the popular coins among
orr people because of their superior con
venience. Mr.. Hunter recognizes TINS
fact in his report. From 1893 to 1871
we coined 222,OO0,000 of silver and
only 8 { IUlgjD OF dollar pieces, and
they were nearly all, if not all, coined for
export. 1t was on account of this fact,
so stated in the letter of the secretary
of state in 1906, that Mr.. Jefferson
STONED the mint from coming dollars and
ordered the coinage of halves, quarters
and dimes. The one mint we then had
could only coin about ", roo a year.
1t could not supply the demand Tor
coins for our circulation, and at the same
time coin dollar pieces to be exported
TO Asia to aid persons who were engaged
in that branch of our foreign trade.
President Jefferson thought that the
mint should be operated in coming the
fractional pieces that were demanded
by our people for domestic circulation.
In 1929 new mint was built in Phila-
delphia capable of coming $2O,000,0OO a
year, and in 1884 new mints were estab-
ished at Charlotte, n. c., Dahonega, Ga,
and New Dreams, La. Our mint capac-
it being greatly enlarged, President Jack
son had them opened again to the coinage
of siver pieces, but very small amount
was coined, and that for export. No
one would ever have dreamed of coming
silver dollars for our circulation, either
with or without limit, if silver had re-
manned at premium as it was in 1888.
The silver dollar is an inconvenient
coin, and the law of convenience eX-
PEELED it from our circulation. Mr..
Jefferson, when writing on coinage said
that convenience was the first principle to
be observed in determining the charac-
ter of coins. In 1873 we made the
mistake of coming the dollar pieces in
stead of the halves, quarters and dimes,
and the result is that the silver dollars,
to very large extent, have found their
way into the treasury, and the more con-
venient silver certificate taken out in
their stead. We tried the 20 cent, 3
cent and cent pieces, but they have all
been abandoned because of their incon-
venience. We tried the SO, the So. 80
and the 81 gold piece. They, too. have
all been abandoned for the same reason.
There is no argument to be drawn from
the fact that congress did not limit the
coinage of the silver dollar in
1858, because in that act congress
did not limit the coinage of the silver
dollar in 1858, because in that act con-
gress was not regulating foreign COM
merce, but providing the means for
domestic circulation.
| think have shown that opening the
nints to the unlimited coinage of silver
at 16 to l under present conditions
would inevitably eXpel gold and estab-
ish silver as the standard of value and
make it the only metallic circulation.
object to the silver standard being
adopted in lieu of the existing standard,
because it will defraud all creditors out
If One-half the value of their debts
Every debt contracted since January
|, 1879, was contracted on the gold
standard. The debtor honestly owes
he value of 1922 grains of gold for
very dollar promised, and the creditor
S honestly entitled to receive it. When
t was proposed years ago to demone-
ize all the coined silver of the world
md suppress the further coinage of
hat metal, / Joined with other friends
If silver in denouncing the monstrous
because it was an attempt
o double the debts of the world, and to
bring all debts in this country con-
racted on q paper standard, much of
t at less than so cents ON the dollar, to
,ar with gold. is not the proposition
low to substitute the silver dollar on
he silver standard for the gold dollar
he same that we all condemned, except
t is the creditor who now is to be the
'ictim, instead of the debtor then?
Whenever it has been proposed to
.hange our standard of value, our states
tbn of
he subject and acted with the greatest
and circumspection. In
1874, when they changed the relative
'alues of the metals in our circulation,
hey did not change the weight of the
ilver dollar because it was the standard
# value upon which all existing con-
racts were made, and it was the money
# payment. In 1858 they did not
hange the weight of the gold dollar
because at that time it was the stand
lrd of value of all existing contracts
md the money of payment. In each
'ase they changed the weight of the coin
that did not affect contracts. When
was about to establish the
irst mint of the United States, MIR.
Hamilton, then secretary of the treas
Try, submitted his report on that sub
ect to Mr. Jefferson for his eXamina-
ion. and such suggestions as he thought
proper to make. Mr.. Jefferson said to
lin in reply: 81 very much doubt
light now to change the value, and es-
,ecially to lessen it. 1t would lead to
10 easy mode of paying off their
lebts." No person would receive the
east benefit from the change of stand
Ird to silver except the man who owes
90 cents and wishes to pay 1T with 90.
lie would, under the silver standard,
,e able to discharge his debt by paying
,ne-half of what he promised. lie
would have the other half of his neigh,
,or's property for nothing. This would
,e a gigantic scheme to enrich one-halt
# q community and be despoiling, the
,ther half. Wherever there is debt
II there is creditor, and he rs entitled
o the same protection as the debtor,
Democracy stands for equal and exact
Justice to all, or it stands for nothing.
congress has the power to discharge in
olvent debtor by bankrupt law,
tut the adoption of the silver standard
low would discharge all solvent debt
RS from ene-half the obligation of their
contracts, even though as a class they
night be the Weather part of the COM
nunity.
/ object to the silver standard again
because it is not the standard OF the
with which we conduct our
argest commerce. Mr.. Jefferson says:
TO trade on equal terms the common
Measure of value should be as nearly
Is possible on par with that OF It's
nation, whose medium IS
IL Il sound state" The reason for II
Il nlNNn