Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-07-09
THE CRIME OF 10"

A-Apt1c0 ING AU~
surd Fabrications About the Act of 1878
Bli Yves Discussed For Three Years-No
One Thought Of Remoneti2ina silver,
Which Was Practically Demonetiaod In
isss-How the Act Went Through Con-
gress 'IIke the Silent Tread of a Cat.
Dor the benefit Of the thousands of
intelligent people who honestly believe
Mat q crime was committed surrepti-
uously against silver In 1873, Congress
man j. 7. McCleary Of Minnesota de-
voted considerable time, in his great
speech OF Feb. IL, to a presentation of
the important facts connected with the
passase Of the coinage act Of 1878. The
facts stand out 6 clearly and tell such
a straightforward story that it would
seem impossible that any fair minded
mar should, after reading them, con-
tinue to believe that there was any
conspiracy" by anybody that caused
the passage Of this act. We can give but
. few Of the more salient points from
Dir. McClenry's speech on this point:
The original bill was prepared in the
treasury Department In the winter Of
1S69-70, by John Jay Knox, then deputy
comptroller of tho currency, under the
direction of George 8. Boutwell,, then
secretary Of the treasury. The laws re-
lating TO the mint had not been revised
for more than o generation. and much
confusion existed. This bill was largely
a codifcation Of existing law, with such
improvements as experience suggested.
The first draft Of the bill was sub
mitted to leading experts ON coinage
and currency in this country, and to
some in Europe. In this way the views
Of more than 80 men We're obtained.
Their nswer were transmitted to the
house in June, 1870, az a supplementary
report ON the bill. The consensus of
opinion Of these experts, and Of those
who discussed the bill in congress, was
that 1t was simply to recognize legally
what had practically existed, since the
oct Of 1858 made gold the single stand
ard Of value and made silver subsidiary
and legal tender only for sums not ex-
ceeding IS.
The bill IS introduced distinctly dis
continued the silver dollar. One Of the
eight headings to the divisions In the
reports accompanying the bill was as
follows: 'T5) DISCONTINUANCE OF
SILVER DOLLAR" This was printed
in capitals. The discontinuanoe Of the
silver dollar was specifically referred to
In four places in this report.
Contrary to the suggestions and
statements Of many leading free silver
ties, the old standard dollar Of 412k
grains was never Ia the coinage bill
passed in 1878, and therefore it could
not, as they allege, have been omitted
surreptitiously. In May, 1892. a silver
dollar containing 9S4 grains was In
troduced into the bill, Like the silver
half dollars it did not have free coin
age'' or full tender. This was the dol
lar which was afterward dropped out of
the bill and in place Of which the trade
dollar of 420 grains, with unlimited coin
age, but limited tender, was substituted.
From the contemporary records it is
Clear IIdU VIC Dlll WSLS Dt1OLO CObS itoS
for about three years; that it was print
ed Ii times separately and twice in re-
ports Of the comptroller of the currency;
that it was considered at length by the
finance committee Of the senate and by
the coinage committee of the house dur
ing five different sessions; that it was
carefully debated in both houses, the
debates in the senate occupying 66 col
umns and those in the house occupying
rs columns Of The Congressional Globe,
and it finally passed substantially as it
was originally introduced. Every fea-
ture of the bill was thoroughly explained
In the original report accompanying the
bill, and repeatedly afterward in the
debates on the bill itself.
There doubtless were persons Ill both
houses who did not pay attention to
either TIE report or tho discussions, for
at that time such subjects were regard
ed as Of interest only to experts, but it
certainly cannot be truthfully said that
they did not have full opportunity TO
know all about it.
So far as concerns the coinage of gold
and silver, there were just two impor-
tant provisions in the act Of l8f3-name-
IL, the unlimited coinage of gold and
the limited coinage of silver. Both of
these provisions have endured and will
endure, because. as l have shown al
ready, this is the only way in which we
can have the use Of both metals as money
at the same time. And though some
very excellent gentlemen III congress in
1878, when the wave of "free silver
threatened to overwhelm every n OPP
posed TO it, may have said some foolish
things about the act OF 1878, it is a sig
niloant fact that not q single Republican
Of those quoted as saying these things,
unless he lives in a silver producing
state, has ever voted TO repeal the essen
tial provisions Of the act OF 1878 above
cited. Except as TO the trade dollar
(Which was inserted as a special conces-
sion TO the silver producersG the act OF
1873, based upon the experience OF cen
turies, framed by men pre-eminent for
ability and integrity, discussed IN all
its phases during the three years when
it was before congress, viii be recorded
In history as one of the wisest and best
pieces Of legislation eyer enacted By the
TT.l1 C IA IL