The Dawson news. (Dawson, Ga.) 1889-current, 1896-01-22
CRISP ON COINAGE.
THE LAW AND THE FACTS
STATED.

Ringing Words in Favor of Free Coinage
and Coin Payments--The Experiment
of Single Gold Standard Has Gone
Far Enough.
From the Congressional Record.
Mr.. Crisp-Mr. Speaker: I will say,
neutrality-suspicious. owe it to myself to
do so in view of what has gone before
that do not believe the experiment of
single gold standard should be continued
longer. do believe in real bimetallism,
and that we can reach it by providing
for the free and unlimited coinage of
silver. l do not believe that we should
retire the Sherman notes and the green
backs, thus contracting the currency
about $500, 900, 900, nor do approve of
the proposition to enlarge the privileges
of the national banks. / believe we
should repeal the 10 per cent tax on
state bank circulation, thus permitting
the people of each state to have a good
and ample local circulation. l believe
oul unit of value should rest on both gold
and silver. | do not believe In Cypress
ing the debtors of this country land of
the world as they would DE oppressed
by basing our standard of value wholly
upon one metal (Applause.) 1 believe,
Mr.. Speaker, this view is shared by
large majority of the people of the Units
ed States.
Look for moment at the history of
our bond transactions and coinage laws.
Until 1878 the law permitted the unlim-
tied coinage of both gold and silver at
the ratio of 16 to /, and made either coin
full legal tender in payment of all
debts or dues, public and private. In
that year, when silver bullion was at
premium as compared with gold, silver
was demonetized, its legal tender quail
ty was destroyed and it's coinage discon-
tinued. In 1869 an act was passed.
which pledged the government to redeem
all it's outstanding obligations in coin of
the then standard of weight and fineness.
The act of 1890 authorized the issue OF
bonds payable in coin of the then stand
ard value. The act of 1895 provided
for bonds payable as were the bonds
authorized by the act of 1870. In 1877,
when bonds were to be issued under the
act of 1875, silver had been demonesized
and its coinage discontinued, and we
, find Mr.. Sherman, then secretary of the
treasury, inquiring of the attorney gen.
eral whether the bonds issued under that
act should be made payable in coin of
tie standard of 1870. If they were pay
able in coin of the standard existing at
the date of issue, they were payable in
gold; if in the coin of the standard or
1890 they were payable in either gold or
, silver, at the Opt On of the government.
The attorney general replied that the
bonds should have been made payable in
coin the standard of 1870. And later, to
set all matters at rest, Mr.. Stanley
Matthews, of Ohio, afterwards a Judge
of the supreme court of the United
States. submitted the following resolu-
tion. which was considered by the house.
The preamble and resoluti IN are as fol-
lows:
oWhereas. by an act entitled "An act
to strengthen the public credit, approx
ed March IS, 1869, it was provided ana
declared that the faith of the United
States was thereby sOlemnly pledged to
the payment in coin or lis equivalent OF
all the interest bearing Obligations OF the
United States, in cases where the law
authorizing the issue of such obi cations
had previously provided that the same
might be paid in lawful mouey or other
currency than gold or silver ana
"Whereas. all the bonds of the United
States authorized to be issued by the act
entitled "An act to authorize the refunds
inc of the national debt" approved July
Ia 1870. by the terms of said act were
declared to be redeemable in coin of the
then standard value, bearing interest
navable semi annually in such coin, and
.tWhereas, all bonds of the United
States authorized to be issued under an
act entitled IAN act to provide for the
resumption of specie payments APPROX
ed January II, 1875, are required to be of
the description of bonds of the United
States described in the said act of con-
Dress approved July IA, 1870, entitled
Gan act TO authorize the refunding of
the national debt;' and
"Whereas, at the date of the passage
of the said act of congress last aforesaid,
to.wit, the 14th day of July, 1870, the
coin of the United States of standard
value of that date included silver dollars