The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-19
"COIN's IINANCIAL sCHOOL"-sEV-
INIu ARIICIT-TnE DEMONETIZ.
ING ACT OF 1873

The 'crimc OF ls73" shall be our theme
today. u has drawn more tears from
the author of the book under review
than its expressions have drawn from IT'S
victims even. AS has been fully shown,
whom the VAR came on. We had no silver
in this country bat some foreign coin-
acc. the amount Of which cannot Doe
stated. though 10 was not large and the
minor silver coined since 1853. two half
dollars or four quarters of which were
worth considerably Jess than gold dol
lar. amounting 10 S.s.9a5.54s.-o in 1913. and
some twenty-five millions less 100 1851. ana
legal tender for sums of s. only.
our coinage Jaws are IN state Of
considerable .onfuslon and in need of
revision and oodIncatlon In 3s67. Mr.
Boutwell, Secretary Of the Treasury, di-
rcctod the late John Jay Knox. so long
ana so favorally known 10 the country
as Comptroller of Tho Currency, At that
time an officer of the Treasury, 10 un-
dertako revision of tho coinage laws.
Dr. Lirderman. long time an officer and
Dirc.tor of the Mint al one time, being
associated with him They made com
rlcic ov.rhaulms Of tho coinage laws
and prepared hin which was "a com
olete codlGcatiou Of them. lo~ the res-
SONS trat have been already fully set
ont. their revision and coiihcaton omit
icl AN provision for silver dollar while
retaining the provisions OF the act of
1883 for the silver coins less ,han a doll
lar. Tn thing was done openly and
above board. and copies of their bill were
sent TO many eminent men IN the United
states. with a communication ,'ilins
their attention to the fact shat an pro-
,ieion for the silver dollar was dropped
and asking their comments ON the new
bill When the bin was completed 10 was
submitted aloas with an elaborate report
ON 81 20 the Secretary OF the Treasury.
This report discussed very fully the fact
that the bin hal dropped an provision
for the coinage OF tho silver dollar ana
Il sot out the reasons tor 10 ass trey
wore detailed hy us yesterday. The Sec
rotary OF the Treasury was satisfied with
the hin and the reasons given for drop-
ping the silver dollar. and ac transmitted
the bin and the report 20 the chairman
Of he Finance Committee OF the sen
ate. with letter recommending that the
bin should be passed in the form pre-
scented" The bHl was before Congress
nye sessions. and 1t and the report ac-
companying 81. were many times printed
and the bill finally became law in the
carly part OF 1873. almost exactly as Mr..
Knox had prepared II. We take from
Ianehun's History Of BlmetAlllsm in tho
United states" the following compcn-
dious statement Of the stages through
which the bill passed. while before Con-
grsss:
Proceedings. Senate. House
Submitted by Sec
rotary of Treas
ury. ............. Apr p. 1870
Referred 20 Sen
ate Finance
Committee. .... Apr. 2s.lS7O
Five IN r
copies printed. May 2 1870
Submitted TO
House. .......... June %. 1870
Reported amend
ed and ordered
printed. ......... Dec 49, 1870
Debated. ......... Jan. 9. 1871
Passed 10 vote.
35-lf. .......+.,... Jan ~ 1911
Senate bill order
ed printed. .... Jan. -. 1871
Bll reported
with substitute.
and recOmmit-
ted, .t....sss.s.ts 1'" - '''-