The times. [volume] (Richmond, Va.) 1890-1903, 1895-04-05
An ERRING KOOk

The readiness with which men in the
bulk allow themselves TO be gulled is
one of the most curious AMI surprising
things that we meet with In our jour
ney through life, of which what we are
going to narrate is a most signal nlustra-
ton.
4 book has recently been issued called
"CHn's Financial School," by ". II. Har-
Vey. and il is being read by hundreds OF
thousands of readers who believe it to be
an infallible essay upon money and polit-
ical economy. It is written TO prove that
this Government ought TO throw It's minis
open TO the free and unlimited coinage
of silver at the ratio of 16 10 /.
The greater part OF the book consists
of the customary denunciation OF Wall
street, Shylocks. bondholders. and pros
porous people,. but it is built upon two
fundamental propositions which we shall
examine this morning with entire can
dor, and we shall then ask any person
who tas read this book how he can pay
any sort Of attention to any other part
of 1t when we lay its foundations bare.
and show them TO be utterly rotten and
with no substance in them whatever.
The foundation proposition of the book
is that the first act Of Congress pro-
vidins a monetary system for the United
States made 81 Ii grains of pure silver
tho dollar CT unit. That it dill not pro-
vide for gold dollar at ALL but only for
a silver dollar, that The silver dollar has
ever since remained coin containing
81 Ia grains of pure silver, that our
whole financial establishment has been
built up upon the idea that the unit or
dollar was and was to be the silver dol
lar, and that It is now total overthrow
of our whole system to attempt to change
the foundation of business from the
silver dollar containing 81 IA grains Of
pare silver TO a gold dollar containing
90 grains OF pure gold. The author
Pounds his contention upon this language
in the 9Th section Of the act OF 1892.
providing for our money system and es-
tablishing the mint-to-wit:
Dollars or units, each to be Of the
value of a Spanish m!llad dollar as the
same is now current and 10 contain
three hundred and seventy-One grains
and four-sxteenths parts OF a grain Of
pure or four hundred and sixteen grains
Of standard silver
There. says he is the authoritative es-
tablshment of the dollar or unit. and
there was never any other establishment
Of ANY other dollar until the act of 1873.
Now the whole section from which this
writer has quoted. reads IN its entirety
thus:
And be IL further enacted. that there
:, all be from time to time struck and
coined at the said MINI, coins Ct gold,
silver. ana copper OF the following de-
nominati ,ns, values and descriptions,
viz, Eagles. each 10 be of the value of
ten dollars or units. and to contain two
hundred and fifty-seven grains and
fOur-eightns of d grain of pure, or two
hundred and seventy grains Of standard
gold Half eagles. each to be of the
value OF five dollars, and 10 contain one
hundred and twenty-three and six~eighths
OF a grain Of pure, or one hundred and
thirty-iive grains of standard sold. Quar-
ter engles. each TO be of the value Of
two dollars and half dollar, and 10
contain sixty-one grains and seven
eishths of pure. OF siXty-seven grains
and four-eighths of a graia Of standard
gold. Dollars o. units. each 10 he Of the
value of Spanish milled dollar, as the
same Is now current, and to contain
three hundred and seventy-one 81 aims
and four-s.xteenths parts of 4 grain OF
pure. o. four hundred and sixteen grains
OF standard silver"
The rest of the section provides for
the smaller coins which were to be OF
silver and ratiable parts of the silver
dollar.
This act established our gold and silver
coinage OH the basis Of 10 to l. 1t was
found that this wrongly valued the
metals and in 1884 the ratio was changed
TO i6 TO l.
Now. IN point OF fact. this Government
never coined. prior to 1873. all told, as
much as 100000 OF silver dollars. and
all OF those were undervalued. and left
the country as bullion. The same hap
pened TO all the smaller silver coins
struck prior to 1856. In that year we d.
minished the quantity of silver in the
coins below dollar. SO that all the
silver that was In this country In 1873
was foreign coins and the small sum in
minor coins that we struck between 1856
asld 1878. When. therefore. contracts
were made prior to 1873 that used the |
word dollars" gold dollars were neces-