The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-05-27

silver shall be of equal value in all
payments with one pound weight Of
pure gold Nor was the silver export
ed prior to 1884, as stated by Mr.. At
kinson. on the contrary. all the gold
was exported, and II was TO remedy
this that the act of June IS. 1894. was
passed. changing the ratio from II to l
to is to L. This was done by reducing
the pure gold in each eagle $50 from
247ik grains to 232 grains about per
cent?. and the smaller gold coins in
the same proportion. The silver dollar
remained unchanged i'm weight, and
was the only dollar or unit provided
for by statute until 1873. when the gold
one dollar piece was made the unit of
value The token coinage was not es-
tablished in 1885. as Mr.. Atkinson in
Inmates but. on the contrary, the min
or silver coins contained the same pro-
portions of pure silver as the dollar.
and were legal tenders Of payment
according to their nominal value for
any sums whatever, until 1885. IL was
during this later period that under the
influence of the French ratio of l5l2 To
l. all our silver flowed away. just as
the gold had done previous to 1885, be
| fore the change in ratio from IL To l6
had been made. The people meantime
| depended largely for their silver circu-
| lation Of all denominations upon for
! eign coins, which by statute were made
| to pass current as money within the
| United States. and be receivable by
| tale for the payment of all debts and
| demands at certain fNed rates. In or
| der 10 prevent the expectation OF the
minor silver coins an act was passed
i'm 1858 reducing their weight and max
| ing them legal tender for s. only. The
| silver dollar land silver bullion) con-
| tinued TO flow towards the French
| mint. the same as before.
From the foundation of the govern
| ment until 1873 the gold pieces were
| hx-c ct tIfn "A y
dollars or units" AS the only lawful
1 dollar or unit" under the statutes was
the silver dollar containing 31h grains
pure silver. it follows that under the
| provisions for the coinage of gold its
| valuation was stated in terms of silver.
In accordance with this principle. the
| integrity of the silver dollar has al
| ways been kept inviolate. and tn"
| change i'm the ratio was effected by a
reduction in the weight Of the gold
coins. If Mr.. Atkinson had kept TINS
fact i'm mind, he would not have sald
| 1.-THE weight of the silver dollar was not
| changed, for what reason il does not
lappear." 1t was not until the act OF
| March 3. 1S49, that the coinage OF a
| gold one-dollar piece was authorized,
and these pieces also were rated To me
| silver dollar, being declared To be
each of the value of one dollar or
| unit"
In 1873 the gold one-dollar piece was
made by statute the absolute unit OF
value"
Mr. Atkinson further states that the
| Sherman act (of lS90) contains pro-
vision which is mandatory upon the
secretary of the treasury To maintain
every coin and obligation of the gov
eminent at a parity" and that the sec
rotary has full power to sell bonds IN
order to provide the necessary coin for
the redemption OF any and all notes.
In order to maintain their parity, such
| cCin must be gold" The clause in the
Sherman act upon which Mr.. Atkinson
bases this statement reads as follows:
THE secretary OF the treasury shall
| redeem such notes in gold or silver
coin. at his discretion, it being the es-
tablisiQl policy of the United states
to maintain the two metals on parity
with each other upon the present Legal
ratio"
The provision Of the law as to re-
demption of the notes is plainly dis
cretionary rather than mandatory. 1t
is well known that two years ago, i'm
| March, 1893, Secretary Carlisle allowed
il to be understood that i'm his judg-
ment the eXigencies Of the treasury
might require the enforcement ~ the
discretionary authority conveyed by
that law, and in consequence the re-
demption of the United states notes
i'm silver, but Mr.. Cleveland interviewed,
and announced the purpose of the exc
cutive to see that gold should be paid
To all who asked for IT. President
Cleveland maintains that i'm fulfilment
of the established policy" all treasury
notes should be paid in gold at the
discretion" or option, not Of the Sec
rotary, but Of the holder In this view
he has had the almost unanimous sup
| port of the Eastern states, but opinion
as to it's wisdom has been divided In
| the West and South. While the inten-
| ton has been most excellent and cred
liable. the actual effect has been tC
put the government in the anomalous
position of being obliged to receive pay
ment of all debts due to IL i'm paper
silver or gold, at the debtors option
but at the same time held TO pay It's
own debts in gold at the option of the
creditor Thus it is that. while the
total stock of gold in the United States
is nearly as large as ever, the brun
of the demand for gold for export ha,
ury alone. instead Of upon the banks
and the treasury has thereby been i'm
povershed. The foreign current hai
also provoked an increased internal de
, mand for gold on the part Of the banks
, not the people. as the treasury's Iii
minishing reserve. daily published Il
the world. has suggested a possible
scarcity of the yellow metal"
, 1t is interesting To compare the prac
tice of the United States treasury il
' this respect with that Of the bank o
! | France so clearly outlined in an edito
4 rial of your isue of March %. witt
! ! precisely the same object i'm view, tn
maintenance of the credit Of it's notes ol
a parity with gold, the bank Of Franc
has pursued a practice diametricall.
! opposed to that OF the United State
Q ! treasury. The bank has almost inVaria
D bly, declined To pay out any mportan
F. amount of gold Even to-day. with IL
5 enormous resources, while there is a.
export demand for gold. the bank r.
fuses to part with napoleons except il
! paltry amounts. II will sell its foreigl
: | gold (at a premium, but French gol
! coin. IL wanted for export, must b
: | gathered up from the circulation o
: from the money changers. often al
small premium.
EDWARD TUCK.
, A WIFE'S RUSE.