The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-03
SOME EARLY MINT HISTORY,

In one of his recent speeches Mr.. Bryan
referred to the statement that the mints
could not coin silver as fast as it would
be produced. and said: ..tThen we will es-
tablish branch minis in every town in the
United States if necessary. l know a good
many towns that would be glad to have
one." This willingness to multiply minis
is as different from the early record of the
Democratic party as is Mr.. Bryan's anx-
iety to multiply silver dollars. 1t is well
known that President Thomas Jefferson is
sued an order in 1906 directing that no
more silver dollars be coined, and that
none were coined for thirty years there
after. Another interesting fact not so well
known is that during more than twenty
years of our history, if Mr.. Jefferson's par
ty had had its way, the mint itself would
nave been abolished. From 1900 to 1926 it
lived from hand to mouth, and it's exist
ence was only prolonged by successive acts
of Congress-. The mint was scarcely in
operation before it began to excite hostil-
ity because it had been established under
an act drafted by Alexander Hamilton,
one of the leaders of the Federal party.
Prior to the establishment of the mint the
metallic currency of the country consisted
of foreign coins, which, by an act of 1898,
were made legal tender for three years after
the mint should get into operation. The
limit above expired in 1898. Professor Nc
Master, the historian, thus describes the
situation at that time:
But when the prescribed time expired
eagles and dollars. dimes and half dimes
were almost as scarce as II no mint eX-
listed. The reason is plain. The admins
tration was trying to do what no power
has ever yet succeeded in doing-it was try
ing to put IN c~lrcuiaaon, slae by Slde, a
sound and an unsound currency. The for
eign coins-oid, worm, clipped and light of
weight-drove out the new American dol
lars and eagles, which, sound and of full
| weight, were of far more value as a COM
modify in foreign markets than as a cir
culating medium at home. They were,
therefore. exported in such numbers that
enough could not be had to pay the dues
of merchants at the custom house. and in
1898 the law was suspended and foreign
coins remained a legal tender till 1902. But
the expectation of our coin still went on,
and wnen 1902 came, the country was as
far as ever from enjoying q metallic cur
rency of its own. Popular sentiment,
mint. 1t was denounced as another of the
many costly and useless pieces of political
machinery saddled on the people by the
Federalist oarty. "Thi mint 1T was said
in 1900. has been seven years in existence.
yet the entire output of coins, gold, silver
and coDoer. is short of g. 500. 900. while the
AOA1 VI
To coin ten dollars entails an outlay of one
dollar, and when the ten are coined, half
of them are instantly gathered up and
sniIped to London as bullion. For the few
pieces which remain locked W in the
vaults of banks, we pay. accordingly. 20
per cent. OF their value for the privilege
OF trying to have a national coinage. The
game is not worth the candle. The burden
is too great to be borne.
The a~nti-Hamilton and anti-mint feeling
became so strong that in 1900 a committee
of the House of Representatives reported
in favor of closing the mint, and in 1902
a bill TO that effect actually passed a Dem
ocratic House. but failed to pass the SEN
ate. If it had passed the Senate Thomas
Jefferson, who was then President, would
probably have approved it. For twenty
five years after that the mint only existed
by virtue of special acts of CONGRESS. In
1901 an act had been passed directing the
mint to continue at Philadelphia till
March, 1903. On the Sd of March, 1868. an
act was passed continuing the act of 1891
five years longer. In 1905 an act was