West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1895-09-12
"SiLyER THREADS AMONG THE
GOLD
Money and other Things.
by AARON w. ERnnrnlc,

ARTICLE III.
From the Library OF Universal
knowledge, 1881, the Americanizcd
Chambers Cyclopedia, the sub.
joined extracts along the line of
our financial legislation are copied /:
HaHH
On April 1, 1902, in tho law cs-
tablishing "a mint. it enacted that
"the money Of the United States
shall be expressed in dollars or
units;" the dollar "to be OF the
value of Spanish milled dollar as
the same is now current" and to
contain 81 and one-four.h grains
Of pure silver. In
1884 the weight of pure gold in the
eagle was reduced to 232 grains. no
change being made in the weight or
tineness of the silver. dollar.
In 1887 the com.
position Of both gold and silver
coinage was changed, but the dol.
lar retained the same quantity of
pure silver. while the quantity of
pure gold in the eagle was increased.
y The quantity Of pure
silver in the unit dollar has remain.
ed unchanged. The
weight Of the gold eagle has been
changed twice. After
the ratio of 16 to L, made by the
law of 1884. until 1874, the silver
dollar bore premium over the gold
dollar in the London market OF from
l to 3 per cent.
The laws which control tho oual-
itios and quantities OF money,
whether Of coin or paper, have an
influence on the public veal, vast
and sudden beyond those enacted
on any other subject. They strike
at once every material interest of
every citizen of the country which
is subject To the laws.
The slightest modification of ma.
tlonal laws concerning it affects
every trade, industry, investment.
Yet small number of the whole
people, those whose business it is TO
deal in money as lenders or bank.
ere, alone keep that close watch of
legislation which enables them to
control it unduly; so as to promote
their own interests when laws are
changed. That pros.
perity or adversely may result to n
majority of an entire people by n
simple act of legislation on money,
with rapidity and certainty that
Legislation on no other subject can
parallel, has become obvious to all
intelligent people.
nn
The act OF Feb. II. 1873. now
known rs the demonetizIng act was
one OF 67 sections. 1t
was presumed TO collate and en-
brace in one act all previous legis.
lation on u. s. money. 1t did not
demonetize the standard silver dol
lar. 1t did not make anything else
the unit OF value. But it only
authorized the coinage of silver
into half and quarter dollars and
dimes. The act contained no
change in the old unit dollar. 1t
simply omitted to mention IL as one
Of the coins to be made at the mint,
and practically accomplished it's
demonetization by the following
words in Sec. 17 "No coins eth
er of gold, silver, or minor coinage
shall hereafter be issned from the
mint, other than those Of the de-
nominations, standards, and
weights, herein set forth" The
legislation in Congress TO complete
the demonetization of silver was
closed in these words: "Tbe silver
coins OF the United States shall be
legal tender at their nominal
value for any amount not exceed
ing five dollars in any one pay
ment." Thus the stop OF coinage
Of silver dollars by the act Of Feb,
1873, was phrased in the revised
statutes go ss to destroy the legal
tender Of the SILVER dollar without
any act having been passed to that
purport. In the language Of the
report Of the joint monetary com.
mission Of the 44th Congress ap.
pointed August 10, 1876.
I1Gl
"Thc ancient money Of the coun.
try, without being Intentionally
legislated out Of existence by Con-
gress, was revised out Of existence"
The main reason given in Congress
at the time Of the passage Of the
coinage act for ceasing to coin the
silver dollar. WAS that its value was
3 per cent. above the standard for
q gold dollar. II (tbe covert at
tack on sIIver) was = part OF well
concerted policy begun m Europe
to bring about the single gold
standard, but which inaugurated q
revolution IN money far more
momentOus in its consequences
than its supporters themselves had
any conceptions Of.
tlli
The conclusions Of the majority