Crittenden press. [volume] (Marion, Ky.) 1879-1907, 1895-04-25

The ability )f Hamilton, through
these laws, soon established confidence
and prosperity in commercial affair,
aud bis genius triumphed over every
obstacle. The spirit Of antagonism
and opposition that prevailed between
Jefferson and Hamilton is well known
but this law afo,ds an instance, and
the only one upon which they we've
ever agreed The wisdom aud justice
Of it being 80 apparent. Jefferson en-
dorsed it, and upon Hamil;on's re-
commentator it was passed by Con.
gress.
In 1884 Congress by amendment
changed the ratio from ID TO TO 10
TO /, and iu complying with this law,
and making the change ia coin, alres-
dy miuted, the unit or silver dollar
was too much respected to alter its
size Sc the gold coins ,were reunited
and their size reduced.
Under this system OF coinage our
country progressed aud prospered.
The money was 50 well adapted to the
wants Of the people in their trade and
commerce, that the advancement
made in these lines was unprecodent.
Ell III the history of the world. Gold
ans Aered the few, the rich, the money
hoardert: our 81 yer the many, scat
tered throughout the country, and in
every avenue of trade it constituted
the money Of the people. 1t was i'm
possible for money speculators to get
posserdon Of sufficient silver and TO
hoard Il 40 - 70 contract tbs carrsn-
cy. Both were money Of redemption
for paper money. II one became
scarce the Government would redeem
with the other, and frequently this
option of the Government came about
and was exercised. IL one became
scarce and went out Of the country,
it found il Was hardly missed, ana
came back again. During all the
time from 1892 to 1873. no further
legislation was needed to keep silver
at parity with gold; the fact is sill
yer needed no further help aud main
tanned itself.
United States Treasury reports
show statistics compi ed year by year
from 1870 10 1873, in which it APP
pears that the commercial ratio of the
two metals during the whole time on
ly varied two points, and in no series
of thirty to fifty years was any varia'
ton perceptible.
Ia 1873 the browning infamy of the
century was inflicted. In February
Of that year an act was passed, with
out argument or excuse, now disown-
ed by its promoters and repudiated by
the President who signed il; an act
conceived in bribery, born in fraud,
and nurtured and matured at the ex.
pense Of the people and to the detri-
ment of the country. BY this act of
1873 the act of 1892, making the sill
yer dollar the unit of value, was
changed SO as to read; That the gold
coins of the United States shall be
the dollar piece, which at the stand
ard weight of 20 $40 grains shall be
the unit of value" The act then pro-
vided for the coinage of the other
gold pieces, and tor silver tlade dol
lar, disseminating the coinage Of the
standard silver dollar, made gold
coins legal tender in payment Of all
debts and dues whatsoever. aud the
silver coins, including the trade dol
lar thus provided for, in payment of
sums TO the amount of $500 only.
This act by direct language did net
stop the free coinage of silver into
trade dollars, but it did fix the legal
tender character of that dollar at 81,
thus discriminating between gold ard
sill by making the gold coins legal
tender in payment for all debts in any
amount. This act OF 1873 was fol-
lowed, however. in 1876 by an act
which destroyed the legal tender val
ne of the trade dollar, and stopped
its coinage altogether. The act reads
as follows: THAT the trade dollar
shall not hereafter be a legal tender.
and the Secretary of the Treasury is
hereby authorized to limit from time
to time the coinage thereof to such
an amount as he may deem suihcient
to meet the export demand for same
Under this act the coinage Of trade
dollars was stopped; thus the last YES
tige of free coinage was swept away.
The demand for it heretofore by our
Government having ceased it became
commodity, was thrown on the mar
ket like wheat, corn, cotton and other
commodities 70 be priced in gold and