The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-13
ALEXANDER STEVENS ON SILVER.

fnat, AT least. the Cuitl tdhSS W tAS NV
preston in the price of silver was the
Act Of 1873. Mr.. Stevens said in 1882
1.-THE presen depreciation of silver bul-
ion arises solely from the degradation
Of silver by act of Congress in 1873"
His letter in full is as follows:
National Hotel,
Washington, y. e., Jan. 20, 1882.
Mr.. II. d. Burrows Los Angeles, Cal.
"Nv Dear Sir: Your letter of the
18th instant, with enclosed slips was
received this evening. Allow me to
thank YOU for it., The subject is one of
the gravest that now occupies the at
tention OF Congress, and the thinking
men throughout the United states.
The reason that silver bullion has been
depreciated since 1879 i'm this country
is that Congress in February, 1873,
struck silver from the lists of money
of the United States. The moment
that this act of Congress was passed
gold was made the only legal standard
of values in this country. That was
great error and was attended with M
finite mischief in the United States.
I'm 1892 Mr.. Hamilton and the patri-
otic statesmen of that day recognized
in our coinage the bimetallic system
of money; that is, he and they reeog-
niZed silver as money as well as gold
Mt the ratio of about sixteen parts OF
silver as equivalent to one OF gold. Tn
der this regulation and coinage we
were prosperous in 1873. When silver
was deprived of it's debt-paying power
as an equivalent to gold at the ratio
stated. silver in the markets of the
world was at a premium over gold.
1t is useless to go into reasons why this
change was adopted in our system or
by what unseen hands it was effected.
The true policy of this country is to
return to the system of our fathers. If
the Government should now, as 1T
ought to, retrace it's steps and provide
for the free coinage of silver as IL does
of gold, and make 412h grains. OF
standard silver equivalent TO 23-8-
tenth grains of gold, then silver would
immediately return to it's original
dignity in the markets of the world in
purchasing and debt-paying power.
This is the real function of money and
in this country this equality III this
function at the ratio stated should be
maintained.
THE debts and bonds of the United
States provide for payment In god or
silver coin at the then standard value;
it was a great wrong to the taxpayers
on whom rests the payment OF the
public debt to strike silver from the
fist of money as was done IN 1873. 1t
was that blow which changed the
values of the property of the United
States. More than half of the money
o. af haf
The whole amount in the world in 1873
was estimated at $4,000, 100000; of
these 81. 900 were silver, ard
So, 500 900 900 were gold in round num-
bers. The ruinous consequences which
attended this bad act of administration
were seen in the failures Of mercantile
houses and business men amounting
To more than half the public debt Of
tie nited States within the last nine
wears. Now. | am for the free coinage
of silver bullion Just as of gold. Gold
and silver should be put upon per
feet equality as of yore in the ratio OF
16 to /. This would not only add 10
the value of real estate and all sorts OF
property in the Unitel States, but it
would greatly encourage and stimu-
late the mining of silver in this count
v.
that can be produced to our nlints
should be coined alike. The coin
should be kept in the vaults of the
Treasury and certificates are prefer
red. These coin certificates should be
the currency Of the country; 1T would
be the best in the world In this age
we do not wish to burden with the
weight of either gold or silver in ordi-
lary business transactions extending
To distant places in the country, but
xe do want paper currency redeem
able at the viii of the holder in coin
dollar for dollar Bank bills which
are so common in use are only prom SEES
to pay in coin and are often issued IN
amounts 81 two and some times to
three for one of coin in the vaults; but
under the plan advocated by me the
certificates would in no case repre-
sent ANYTHING but dollar for dollar.
Il haven't time to say more to you
now. / will barely add that the pres
emit depreciation of silver bullion and
OF the silver standard dollar arises
solely from the degradation of silver
by act OF Congress in 1873. Let Con-
gress declare. as it ought to. that
412th grains of standard silver is and
snail ne ttiuiNHitllt W - CIV 5iatiAis' ~
gold in its purchasing and debt-paying
power and Instantly silver will be on
a par, If not above par, compared with
gold.
"To increase the quantity of silver
in the present dollar of 412A grains
MP to $50 grains, 10 make IT cquiva-
| lent to the present current value OF
| 25 $40 grains of gold would be great
wrong to the laboring masses IN the
union whose taxes have to meet the
| public debt; the holders of the pubic
| debt at the time they received the
| bonds received them under the express
| stipulation that they were TO be paid
| i'm United States coin, gold or silver,
| at it's then standard value. and all that
is wanting TO make gold and silver
| equal in the markets of the world TO
| Is $40 gold, is for Congress to put sill
yer back on the list of the moneys of
| the United States as il was in 1873.
have lately made a report TO the
House of Representatives upon our
| coinage. in which ] urge not only the
| restoration Of silver to its debt paying
| power, but also the adoption OF me-
Il