The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-17
was to make gold the stan dard.-

ernment were uDueF OenOcrRtlo GontIol,
Congress enacted law reducing the
quantity of silver in the fractional coins
more than per cent, abolished the law
for their free coinage and made them
legal tender for SIS only, leaving gold still
practically the only full legal tender
United States coin. At this time the sill
var dollar had disappeared from thei cur.
rent coin of the United States and
was practically and purposely demone-
lied.
This, I suppose, would now be oallod
the crime of 1882 Silver was practical
" demonetized by this act and the act of
l 1884,
It is certain that from 1901, when Mr..
os4 erson became President, to the close
81 u b1ohanan's administration in 1861,
we oomoeratic party WIS gold party,
UNUSED TO silver and all forms of paper
.no'4ey. Yet dow theg Democratic party
s up1n the demand of the Populist party
s9Ehs 10 demonetizs gold ana to establish
| ''i W. as Lhe sols standard of value.
nen the Repu blican party come into
power III 1851 by the election of Mr..
ii;;dnool1, IL mad to face a formidable rebel
il1n. dold and silver were alike ban
islea IRON circulation and irredsemahlo
paper money Of all denominations; from
~ oohos 10 sl,GOO was substituted in
place OF coin. When the war was over
tho Republican party sought to restore
specie payment as soon ma practicable.
In March, 1869, it pledged the faith of the
nation to payment in coin or its enuiya-
lent OF all bonds of the United States.
anu 10 redeem the United States notes
at the earliest practicable moment in coin.
In order to carry ont this pledge 1t be.
came necessary to revise the various coin
age laws OF tho United States. This was
promptly and very carefully done by a
Dill framed in the treasury department.
while Mr.. boutwell, vas secretary.
The bill was sent to Congress April
25th, 1870. by Secretary Boutwell,. This
Pill omitted from the coins of the United
States the silver dollar, but provided for
the coinage of the fractional parts of the
dollar. This bill was pending in Congress
Tor three years and special attention was
called to the omission Of the 41215 grains
silver dollar which was never in the bill
at any stage and the reasons for this
omission given. liz was finally undetermined
at the urgent request Of members from
the Pacific coast to insert among the
silver coins trade dollar containing 400
grains of standard silver but this dollar
was made like the minor coins, legal
tender for So only. The bill passed both
Houses and became law February IL.
1878, by practically unanimous vote Of
both parties.
This has been called the crime of 1879 -
The bill was infaot, a wise measure of
public policy, carefully discussed and con-
sidersd during three years.
When we test the cutlery against this
act with the sober facts shown By official
re cords it appears simply ludiorous The
tot al number of silver dollars coined
from 1872 to 1878 was 8, OBJ, 23S, while the
number of trade dollars issued under the
coinage act of 1873 containing ~ grains
more silver than the old dollar, WAS
30, 800, 924 and the number of standard
silver dollars coined under the Bland
Allison act OF 1878 was $50, 100, 041. or 81
times tho number issued before 1878.
1t is strange that the very men who sup
ported and urged this coinage lew of 1878
and demanded the exclusive coinage OF
gold, are the very men who now demand
the free coinage of silver and denounce
MS tgoliitts' and robbers all those who
believe in the coinage of both gold and
silver.
Senator Sherman declared that the
charge that the dropping of the silver
dollar in the coinage act of 1873 was sur
reptitiously done was false and quoted
from the debates in the senate to sustain
his charge, especially from the speeches
OF Senators Stewart and Jones during the
session OF the Senate in the year 1874 in
which both of those gentlemen were
shown to have favored the gold standard
Continuing he said: 1t was not until
JANUARY, 1919, bnaG Gue ursb SG6p Was GitK-
en- to resume specie payments. nor did
we resume until January, 1879. In an
ticipation of the resumption of specie
payments the resumption act of 1875 pro-
yided silver coins, of dimes. quarters
and half dollars for the redemption of the
fractional currency then in general use
in our country. They were limited IL
legal tender qualities TO $40. At this
time Mr.. Bland. of Missouri, introduced
his bill for the free coinage Of silver at
the ratio of IL to OIL the demand of the
holders of silver bullion. The Bland bill,
II it had become law as it passed the
House would have deInonetized gold. An
amendment by Senator Allison changed
It's scope. 1t directed the Secretary Of
the Treasury to purchase from time to
time silver bullion at the market price
not less than So 600, goo nor mors than
81, 000 600 per month.
This bill 80 amended passed both
Houses. 1t was vetoed by President
Hayes, but became law over his veto.
Under it's provisions the United States
purchased over 29l, 900, 900 ounces of sill
yer at the cost of 1905, 27e, 260. In spite
of this enormous purchase, silver steadily
declined and at the present price the loss
to the government on the purchase of
silver under this act amounts to over
500, 900, 600
On July IA, 1890. Congress passed a
bill by which the Secretary of the Treas
ury was directed to purchase from time
to time silver bullion to the aggregate of
4, 900, 900 ounces month ut the market
price and to issue in payment of such
purchases treasury notes of the United
States which were made legal tender
in payment of all debts But the market
yaluo of silver continued to decline. Tbs
government purchased under the act OF
July IA, 1890, 1858, 900. 900 onnoes at cost
of 1856, 900. 0D0. This proved to be an ex-
pensiye experiment and the act was re-
pealed Novem Der l, 1898, accompanied by
q declaration that 1t is the policy OF the
United States to continue the use of both
gold and silver as standard money and
to coin both gold and silver into money
of equal intrinsic and exchangeabls val
ne. such equality to be secured through
International agreement, or By such safe
guards of legislation as will insure the
maintenance of the parity in value of the
coins of the two metals
And here. fellow citizens, we ought to
stand. I appeal to Democrats and Re-
publioans alike.
But now we are brought face to face
W W hjrb if agreed To.