The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-07-31
will get out of saying 'We told you sol
after tho first Monday in September.
STRIKING DOWN SILVER.

ana thus opened veritable Pandora
oox from which have come forth all the
evils that have since afflicted US. Where
the blessings since that date came from
the silver man does not tell US; indeed
ehe silver man strongly saturated witt
MS theory does not admit that there
nave been any. To him the road has
been downward since 1878, and We have
beea gradually travelling toward hope
lessness and despair, all because silver
was struck down" in that year.
Now let us see what all this talk about
striking down" silver amounts to.
when one says thing is tstr1ck down.
the implication is that the thing has
been up. What was the fact about
silver coin in 1892 There had not besn
dollar of it in circulation for eleven
years. Nobody in this CO untry had seen
silver dollar ontside of museum OF
curiosities during all that period. But
that is not all. For over 20 years before
that an American silver dollar was rare.
~ to be seen, and 1t never got into circu.
iatlon during that time. Nay, more,
from the foundation of the government
up to 1873 when they tell us silver was
struck down" the total coinage OF
American silver dollars was but little
over $4,000, 600. There were q great many
silver dollars in circulation, to be sure,
but the most of them were dollars of for
eign coinage, but Congress in 1867
'SfFunk 60"nb tboc doll I
pealing their legal tender quality, SO that
from that date until 1878 no silver at all,
exoept subsidiary coins. were in use in this
country. Now that is the fact, and no.
body can gainsay it. What did the
law of 1878 do. 1t simply recognized an
existing fact. 1t did not strike down
silver because there was no silver to
strike down and had been none for at
least II years. Press free silver man on
this point and he will be compelled to
admit that what we have said is strictly
true. We know he will go on to talk
feelingly about the destruction of the
silver unit fixed by the law of 1892, and
the degradation of silver from its proud
position of a measurs of value to that of
mere subsidiary coin; he will give you
a long disquisition on primary money,
but nevertheless he will be compelled to
admit that as matter of fact no concrete
change was made as regards silver ex-
cept to reduce it's legal tender quality to
So, and that was corrected a few years
later. This law OF 1878 was before Con-
for rrrN nd
Congress or out of Congress opposed it as
q blow to silver or complained that it
was striking down of one half the
money motal of the world. AS long as
the bullion value of the silver dollar ex-
ceeded its coined value, as 1t did when
the silver dollar was struck from the lis t
of coins in 1873, nobody discovered that
silver had been STRUCK down"
But few years subsequent to 1878 the
price of silver began to fall. and the
nominal value of silver dollar contain
ing 416 grains of standard silver was
greater than it's bullion value, and then
it Was that it was discovered that the law
of 1878 had ''struok down" silver. AS
long as the silver mining kings could
get more for their bullion in open market
than by getting it coined at the mint
there was no complaint of the law Of 1878.
But when the conditions were reversed
there went up great cry that silver had
been struck down, and an agitation be-
gun for its restoration to free coinage. In
1878 this was so far successful that Con-
1axxy tha 30
veto ordering the Secretary of the Treas
ury to purchase each month not less than
So, 100000 worth nor more than 81, 600, 900
worth Of silver and coin it into dollars
each month. This act also restored the
legal tender quality of silver to any
amount.
Now the free silver agitator will tell
you that the reason that silver is so low
is because it is Disseminated against in
our coinage. At the time of the passage
Of the law of 1878 its ratio between gold
and silver was very nearly as one to six
teen while now it is about one to thirty,
and the silver apostle will affirm that
the reason of this difference Is to be found
In the discrimination against silver by
the law of 1878. The law that fixes th Q
price of an article. whether silver or
pork, is that of supply and demand. 1t
makes no difference what the demand is
for, if 1t exists. If there should be de-
mand for pork for fuel it would have
just as much effect on it's price as if the
demand for 1T were for food. 1t makes
no difference whether the demand for
silver is for silver for primary" money,
or secondary money. 1t makes no differ
snce whether silver is wanted as unit of
value or not, so long as it is wanted. The
only discrimination against silver which
can affect its price is one that shall affect
It's use. The law of 1878 did not dilnin-
ish its use and hence did not diminish
the demand for it. During the five years
1873 we coined at our minis
$40, 600, 90 Of silver in round mum bers.
This was at the rate of almost $15 600, 900
a year. From 1892 down to that date the
largest average yearly coinage was but one
sixth Of this amount. from 1899 to 1873 the
total silver coinage of this country was
but S147, 900, 900 in round umbers, while
Al i