The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-08
g 5rst, historical. and the second.

thg 5rst, historical, and the second,
tiory to be true of silver. which are
not historically rue at all. but quite
the reverse of true. You say, for in
stance. Until 1873 the chief use OF
silver was for coinage. It had other
uses. but the demand for its coinage
purposes was steady and constant.
aIonstrousIy isinfOrmed.
"On this point you have been mon
strously misinf0rmed. The first fed
eral coins of silver were coined in 1894
and of sold In 1895. Their ratio was
recommended by Alexander Hamilton
and fixed by Congress; it was Is to 1.
It was hoped thus to keep the two
m tails in equ1librio, but they woulo
not even come into equilibrio on that
ratio. still less would they stay there.
Only 321 silver dollar pieces werc
eoined at the American mint in the
- of 1905, because the silver was
worth more out Of coinage than IN II
and worth more for export than for
tdomes tic money. What was the mat
ter with those silver dollars? Nothing.
only they were too valua bic. Nay l,
1906. there came an order from Presl-
dent Jefferson TO the director of the
mint at Philadelphia, That all the sill
small denominations so the value o.
the largest pieces shall not exceed half
a dollar
THE reason given by the president
for this order was, That considerable
purchases have been made Of dollars
coined at the mint for the purpose or
exporting them and that it is probable
further purchases and expectations
Glll be made
! "The coinage OF silver dollars thus
suthoritatively suspended at the Amer
lean mint, was not resumed there
fer thirty years. In these few facts,
which are official and unquestion-
skble. behold the beauties and advan-
his Of a double standard, the IN
lirSi1ed coinage of both metals, in an
enacted and constant ratio with each
other.
by the law of 1854 the ratio was
substantially put at 1 to 16. But this
was going too far IN the opposite d.
rection. Gold was not worth is in sill
yer in the markets of Europe. Con-
frequently the international current OF
the metals was now for time re- |
versed. silver passing in preference !
abroad to hquidate the balances or !
trade, and gold coming in small guam
titles TO the United States, where it |
was more than per cent dearer in |
silver than IN Europe. By 1853 TIC |
Immense disadvantages of a double /
standard had become so plain to al |
the thinking people that Congress |
wisely determined to abandon the Ut /
teriy futile attempt to secure the par /
sty of The two metals, and 10 make /
gold the legal tender for debts, except !
for sums of So and under.
Demonctizasidn of Silver
SIN the second place, Mr.. Cherry, as
r-. instance OF ar historical assump-
-
Inference, allow me respectfully to can
your attention to the use, in common
with many bimetallists. so-called, OF
the date of 1873 as the time of the
characterization of silver. Unless I am
mistaken the silver dollar is not men
toned at ali. one way or the other. IN
the act of 1873. All the decentralization
oA silver, as I understand it, that ever
caS7e about in this country, happened |
tDNthe law of 1853, after full discussion |
and practically with unanimity, when |
Congrr IS introduced the subsidiary sill
yer &C age, of which a nominal dol
lars worth weighed SCI per cent less
than the silver dollar, and also took
away the legal tender quality OF all
silver in payment Of debts Of over IS
in al 9unt-
Sec. -d-You employ over and over
again in ,5Cur letter the two most COM
mon logical fallacies that enter into
The speech OF algumentdtlVe men
everywhere, namely. putting cause
into the placs of effect. and assuming
that because one thing happened after
another in point of time, therefore it
was the result of that other
Let rs look candidly together at
TIC two or three instances of this
taken at radon. You ask. What Gre
ates demand2' and answer use
8 ssx in my turn. What creates use?'
a IN af4exvf1- 'deTna nd
49, Is It there ts so little use OF
eily1F dollars in this country today.