Delaware gazette and state journal., 1896-07-23
wILaIsGroS, THURSDAY, JULr ss.
..Thr crl,ne of 1sTa. b

In that year, they assert, silver was de-
monetized by act Of Congress. They |
claim that 1t was done secretly and
surreptitiously, and some of the most
foolish even insist that "a half million
Of British gold'' was corruptly ex-
pended for the purpose of inducing
members of Congress to vote in favor
Of dropping silver from the order OF
coins to be made at the mints Of the
United States.
Notwithstanding the frequency with
which this shallow lie about the de
monetization of silver has been ex-
ploded, the untruthful advocates of
free silver coinage persist in giving it
circulation. They howl furiously
about the crime of 1873, when there
was no crime. There was not even an
attempt at deception. Silver was
simply dropped because, at that time,
1t bad more value as bullion than as
ccfn, at the coinage ratio between gold
and silver then in force. One of the
clearest explanations of the demoneti-
ration of silver by Congress in 1873.
was recently given by the Philadelphia
Times, in response to letter of in
quiry from correspondent in this
city, Mr.. j. S. Richardson. We repro
duce it entire, as follows:
Silver was demonetized in 1873, by
mere omission, simply because it had
demopetized itself for nearly 40 years
before that date. There was no special
or formal decentralization of silver in
the act of 1878. 1t omitted from the
list of coins one that had not been in
circulation for nearly 40 years, and
that could not have been coined with
any hope OF circulating it as money, as
from 1885 until 1873 the silver dollar
was worth more than the gold dollar.
1t was thus entirely retired from cir
culation because it was exported as
bullion, being worth more than its
face value as money.
From 1885 until 1878 there were no
silver dollars in circulation, and from
1861 until the resumption of specie
payments there wal no subsidiary sill
2 yer coin in circulation. Tho silver
dollar being entirely unknown in the
circulating money of the country for
nearly 40 years prior to 1878, the act oil
lndt 1tdI plullttll IL ll6 IIbl VI
coins to be coined at the mint without
any intent whatever to affect the value
Of silver or to hinder its use as money.
The act of 1878 was more deliberately
and iDtelligently considered by Con.
gress than any other act that We car
recall relating TO our money system.
it was discussed during three sessiont
of Congress, necessarily embracing two
Congresses, and covering period oi
three years. Tho question of demone
iiZipg silver was not discussed ol
thought OF, and the act was supported
ny number of those who are nov
most blatant free silverites and denun
ciatory of the act that they supported
Among the supporters of the act o
1873 was Senator Stewart of Nevada
now the great apostle of free silver.
In point of fact there was no demone
tization of silver in 1873. That ac
did not make single practical chang
in silver as a circulating medium
The silver dollar had gone out of exist
ence for more than a generation, ant
as neither silver nor gold was then il
circulation at all as money in thi
country, there could have been no pur
pose on the part of Congress to de
monetiZe silver. The act of 1873 onl
recognized an established fact abou
which there was no dispute whatever
q Even If silver had been demoneti2e
by the arbitrary mandate OF law it wa
more than restored in 1878, when tn
present legal tender silver dollar wa
authorized, and since when the goy
ernment has coined nearly so times 4
many silver dollars as had been coine
in the whole previous history of ii
government from it's foundation. Ever
act of the government relating to silvt
has been TO aid its circulation
money, and the credit of the govern
ment has been strained TO the ute
most 10 keep in circulation silver do
lars which are worth but 53 cent
They pass solely because the goverl
ment is responsible for them, and mu
redeem them in gold. ....
Not only has silver been special
favored by this government to an extei
that has negar been dreamed Of by al
other producers in the land, but t
day the government will pay the e
press charges on silver dollars and sci
!. them TO any part of the country in e
change for currency to get them in
circulation, and yet with all the di
elimination nl the government in faV
Of silver TO promote its circulation, Il
government cannot get onc-eighth
the silver dollars now coined into aCtu
circulation among the people.
So far from tho government seekil
to hinder the circulation Of silver
money, or to lessen its value, it h
exercised its power 10 the uttermOgt
strengthen silver and to MAINTAIN it
a circulating medium until the til
has come when even the credit of I
government is hardly equal to the Il,
of sustaining 53cent dollars.
This recital is a matter Of histor
1t is so plain that the wsyfaring ma
though fool, " may read and uud,
stand it, 1t is an object. lesson.
teaches that coin value in coin mon
means everything. If, perchance, me
bullion be put into coin than its ia
value calls for, that coin will be talk
out of circulation and used for co
mercial and manufacturing purnos
This was the case with silver, prior
1873, when the coin value Of sill
dollar was about l03 cents. Now IL
silver is cheap. and its coin value
but 50 cents, the result is vastly d
ferent.
Wo hope the explanation given abe
will be clear to all the readers of 4
Gazette, ard that there will be
further occasion to refer TO this mis-
able Populistic rot about the cri