Pike County press. (Milford, Pa.) 1895-1925, 1896-07-10

threatened to overwhelm every one op-
posed to 1t, may have said some foolish
things about the act Of 1878, 1t Is a sig
nificant fact that not single Republican
of those quoted as saying these thingE
unless he lives in a silver producing
state, has ever voted TO repeal the essen
tial provisions of the act of 1873 above
cited. Except as to the trade dollar
(Which was inserted as a special conces-
sion to the silver produoers), the aot Of
1878, 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
1t was before congress. will be recorded
in history as one Of the wisest and best
pieces of legislation ever enacted by the
congress of the United States Its de-
tails may be changed, but its funda-
mental principles will endure.
Occasionally we hear q man ask,
why didn't the newspapers say more
about the act at the time Of its passageH"
The answer is plain. II was because Of
their being newspapers, not ancient his
tories. There was nothing new In prin-
oiple or practice In the bill. It was
largely q re-enaotnent Of existing law,
properly codified. Why did the bill give
gold unlimited coinage and tenderH Be-
cause all mint laws In existence did So
Why did it restrict the coinage of sub
sidiary silver and limit its tender to $5i
Because these we've the provisions of the
act Of Feb. 2i, 1853. Why did IL omit
from coinage the old standard silver
dollarp Because that had been the intent
of the aot of 1853. In 1853 the dollar
was entirely out Of circulation, and no
attempt was made to bring It back into
circulation. Why did it make the gold
dollar the unit Of value2 Because it had
really been the metallic unit since 1884.
And this was the avowed intention Of
the act of 1853.
The truth was that In 1879 the silver
dollar was worth for bullion 8M cents
more than the gold dollar and that sill
yer dollars had not been in circulation
for many years. AS Congressman Hoop
er said on April o, 1879, when discuss
ing the silver dollar: "It does not circu-
late now In commercial transactions
with any country, and the convenience
Of these manufacturers in this respect
can better be met by supplying small
stamped bars Of the same standard,
avoiding the useless expense Of coming
the dollar for that purpose.
And Mr.. Kelley, who Is reported as
having said afterward that he did not
know that the bill omitted the standard
silver dollar" said on this same day
''It Is impossible to retain the double
standard The values Of gold and silver
continually fiuctuate. You cannot de-
termine this year what viii be the rela-
tive values Of gold and silver next year.
They were 10 10 q short time ago
They are 10 to 1 now.
Hence all experience has shown that
you must have one standard coin which
shall be a legal tender for all others,
and then you may promote your domes-
tic convenience by having q subddiaxy
coinage Of silver, which shall circulate
In all parts Of your country as legal ten
der for limited amount and be re-
deemable nt its face value by your gov
ernment.
In another place In the same speech
Mr.. Kelley said, Every coin that is not
gold is subsidiary"
Even Mr.. Stewart, then as now a SEN
ator from Nevada, said ON Feb. 30, 1874;
"By this process we shall come to
specie basis, and when the laborinR
man receives dollar 1t will have the
purchasing power Of a dollar and he
will not be called upon to do what Is
impossible for him or the producing
Glasses to do, figure upon the exchanges.
figure upon the fluctuations, figure upon
the gambling In New York. But he
will know what his money is worth
Gold is the universal standard Of the
world Everybody knows what dollar
In gold is worth Z"
The remarks Of Mr.. Kelley In the
house in 1879, and those Of Senator
Stewart in 1874 show that at that time,
before the tremendous output Of silver
turned mems heads, there was practl-
cally undivided opinion on the subject
The bill had been before congress three
years, 1t had been repeatedly discussed.
there was nothing new or startling in
1t, and hence there was no call for any
extended notice Of its passage.
But the facts are seen to be that the
bill was passed openly and honestly. Il
embodies the principles Of sound mint
age, and it undoubtedly saved us from
going to a silver basis ON the resumption
Of specie payments. And. therefore. the
men who framed 1t and those who passed
it deserve and will receive the grateful
thanks Of ourselves and our pOsterity.
After becoming acquainted with the
facts how ridiculous seems the following
statement from Coins Financial School;
''In the language Of Senator Daniel of
xr.-.-.s..t a ~, ,,ok - fQ7QN oaavna A.,