The morning times., 1896-07-12
CHOSE SILVER BASIS.

GroSSbeck and Bland advocated the ex-
listing ration.
CHOSE SILVER BASIS.
Prior TO the submission of these reports,
Mr. Bland introduced bill in the House
aimed ut the unlimited issue OF coin notes
with silver basis, and at tie same time re-
introduced the measure, known as tie Kelley
bill providing for the coinage OF the silver
dollar and the restoration OF its lcgaltendcr
quality.
This last came up as a substitute for
pending legislation. and was passed Dy the
House by a vote of 16T to So
The Senate declined 20 act upon II, rend-
ing the preparation OF the report or TIE silver
commission, and in the following autumn
the Kelley bill, slightly altered, WIS 4 gam
introduced by Mr.. Bland, and again passed,
the vote being 1853 for and ga against TIE
measure.
Tns nil reached tie Senate December b'
1877. and was made the special order iof
December IL. 1t provided Tor the cnlnaee
of a silver dollar of 412 1-2 grains troy.
of fuIi LEGAL tender for all debts pubic anu
private. except where the contracts should
snec:fy otherwise. and giving any owner
OF silver bullion the right IL deposit the
same at the mintS to he coined into uoiars
for his benefit upon the same terms and c"h-
,iitions as gold bullion was being depoilteu
and coined.
1t was in charge of Senator Allison. oil
the Committee on Finance. WIN had re-
ported IL with sundry important amend
mepts, the chief being provision for the
purchase by the government, with privilege
of remaining sei.niorage. and coinage INTO
silver dollars monthly OF cot less thhh
$1,000 900 Onormore thanS4 ,OOo.ooo worth
of silver. This was substitute Tor the
House provision for free coinage ana was
adopted in the Senate by vote nf AZ to
90. 4 provision for the issue OF silver GER
tificates was also passed by vote "i ~
TO 10. and the bill as amended was adopt
ed February 10. 1878, bya voteo is To :
HAYES VETOED 1T.
Tho Uouse concurred. by i vote of 81 TO
oo5. but President Hayes vetoed the bill.
subsequently both houses passed II over
the veto. THIS act. now known as the coin
age act of 1878 contained a bid FOR inter
national free coinage 10y directing the
President to invite a conference WIN tnis
government of the countries composin. the
Latin union. with the view or adnpune
common ratio between gold and SILVER
for the purpose nf establishing International
Iy bime;aIiic money and securing nNlty OF
relative value etween those metals
Tne Droyiso for the use of silver ccrf.fi-
Gates gave the owner of bullion the privi-
Ierc OF depOsting IL ut the Treasury. IN
sums Of not less than $40, and receiving
therefor certificates of not less than II"
each. corresponding IN denuInina'ioas with
tie United states notes
Represcntative Bland again attempted.
February. L. irs6. TO get a free COMA se
biu throaEh. hat 10 was returned 10y the
Committee on Coinage. Weights aud Meas
ures with an oppression OF unqualified
condo m nat lou.'
Later in tn. same year rider was placed
upon the sundry civil h.li. authorizing th'
Secretary OF the Treasury 20 issue silVe-
certificates In denominations OF u, -
and SIS in lieu OF silver certifcdtes OF larger
denominations. or IN exchange th"Fri"'-
SECRETARY wINpoMs PLAN
The largest use OF silver as the basis OF
currency was proposed by Secretary Win
dom OF the Treasury Department. III MS
annual report for 1853.
His plan was In substancc. TO repeal ths-
portson of the law of 1873 requiring the
purchase and coinage OF not less Tran
So 900 900 nor more than S4.oOo,O
worth OF silver Per month, ana To pass a
law authorizing the purchase or silver
bullion without limit, at its market value.
to be- paid for in legaltender notes. re-
deemable in gold OF in silver bullion at its
market price at the time or REDEEM ton, al
the pleasure OF the government, or In Sill
yer dollars. at the pleasure of the holder.
These views We're embodied in bill intro
duced in each house of Congress.
The bill was reported back 10 the House,
with some amendments by majority of the
committee. but Messrs. Bland and Williams
made a minority report. recommending the
free coinage OF silver.
Senator Jones reported from the Finance
Committee to the Senatei in February, 1880,
q substitute measure for all pending bis
upon that subject. 1t provided Tor tile pur
chase OF bullion monthly, in nmountsnot ex-
cceding 81 800 900, and to issue in payment
therefor silver certificates in denominations
OF 81 to 81 900. 1t also contained 4 clause
authorizing the coinage OF gold and silver
bullion in sufficient amounts to redeem
the notes.
There were many differences between the
partisans OF the several bills presented fc.-
consideration, and the Republicans eau
cussed, and a new bill was reported April
"a by Representative Couger, which call
cd for the purchase OF $4,000 600 ounces
OF silver monthly. and make tile notes pay
able in coiu" This measure passed the
House June 6.
When 1t reached the Senate 1t was
amended. on motion OF Senator Plumb,
by engraftiug a provision making the dol
lar tue unit OF value. the silver coin OF that
denomination to contain 412 2 grains
OF pure metal, the gold dollar 20. grains