The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-07
ANOTHER EXPOSURE OF COINS
FINANCIAL SCHOOL"

The dclusive publication called COINS
Financial school, Is not entitled TO the
confidence and consideration 1t has re-
ceivod, but thoughtloss people read il
and are unwilling 10 take the trouble TO
discover its falsehoods and fallacics for
themselves aud many are. therefore, i'm
posed on by ii. and We feel bound, there
fore, to continue making exposures Of its
misleading and false statements.
There was no American silver I'm this
country in 1873. when The demonetzing
act was passed except loout SSl0o,eO
Of minor cons-half dollars. quarters,
oic.-which were oyerNalued, and not
worth their face. and were only legal
tender for s., and consequently no bust
ness Transactions were based upon them.
TO avoid the crushing effect of this fact
upon his theories. the author Of this
precious book invcnts a fairy tale. lie
tries TO make out that there was a vast
quantity Of foreign silver circulating
here. We nni an exposure d this by Mr..
Horace White. editor of the New York
Evening Post. lie says:
Al this point GA the exercises We read
that "Noung Medil" starts up Uhere
Is no such person as young MedilD. and
wants TO know why 10 was that "A great
many foreign silver coins circulated I'm
this country AT their value as bullion be-
fore the year 1S0o Coin" has an an
swcr ready for him. 1T had all been
made legal tender" ne says "by act OF
Congress We needed more silver than
We had. ana Congress passed laws max
ing all foreign silver coins legal tender
in this country" II is one OF the
aNioms OF the Silyerites that coins cir
culate by reason OF their legal tender
faculty and not of their metallic value
This is fundamental proposition IN
Coins Financial school" Hence. when
confronted by the fact that upwards OF
TWO hundred different foreign silver coins
circulated in this country prior TO 1862
he must needs tell a lie (harsh language,
but justiheH to account for something
which really knocks the bottom out of
his whole system.
Coin quotes the law. which. he says
sustains his statement. thus:
"And be 1t further enacted That from
and after the passage OF this act the
following foreign silver coins shall pass
current as money within the United
States, and be receivable by tale for the
payments OF all debts and demands at
the rates following that is 20 say. The
Spanish pillar dollars. and the dollars of
Mexico, Peru. and Bolivia, etc"
The act referred TO Is that Of March
3, 1913 The lie here consists in tho in
significant "etc.." which is intended TO
include all other foreign silver coins cir
culating in the United States prior TO
1860 In order to show the fasity of this
we quote the remainder of this Law.
which Is left to the readers imagination
In the "etc" II is:
"Of not less than $4,000 IN hneness
and as grains In weight, az 100 cents
each. and the five-franc pieces OF France
OF not less than 9o-lo0 I'm hneness and
3S' grains In weight, at 80 cents each
BY putting these two pieces together
the reader will see that the only for
eign silver coins made legal tender by
this act were The dollars of Spain Mexico
Peru and Bolivia. and the five-franc
pieces mot the smaller cons) OF France
But the writer says that 1T (mean-
ing the foreign silver circulating here al
that time. had all been made legal
tender IN the United states by act OF
Congress.
The truth IL that Congress made only
two foreign silver coins legal tender.
the dollar Of Spain and the hve-franc
piece OF France The Spanish dollars.
which found their way hither, being most
iy coined In the Spanish-American minis.
Il became necessary -A~@ tAA-~ colonies