The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-02

Cannot vote intellScntJ All NV Nn
election unless they do. We make no
apology. therefore, for going over them
again.
When we formed our Union OF states,
under the Constitution OF the un'te
states. ono or the arst subjects TO en-
e,~a tho attention OF tho nation was
the question OF a financial system n
himotallic system OF silver and gold was
determined on, and Thomas Jenerson
and Alexander Hamilton. two members
Of General Washington's first Cabinet
though leaders Of the opposing poiiucai
parties. laid their party joalousies and
rivalries aside. d cordially undertook
together 10 frame the best possible sys-
TEN FOR the people Of the United States.
After making a thorough investigation,
they came TO the conclusion that gold
and silver then stood towards each other
in the markets Of the world at a ratio OF
Is TO that IS. one ounce Of gold was
worth in the markets fifteen ounces OF
sLyer-and they accordingly resolved to
establish that as the ratio at which the
two metals should be freely coined at the
minis CT the United States. An act OF
Congress was therefore passed in 1872
providing FOR the coinage OF both gold
and silver at the ratio OF Is TO ], and
coinage Of the two metals Immediately
began.
D.s ~ftLAn 4h. E~tfn NO urnnC1w as
tablished or ono OF the metals became
more abundant than the other, and IT
was soon found ont that an injustice was
done gold. and that it would not circu-
The injustice was very slight. the gold
dollar being worth only about enc and
onc-eighth cents more than the silver
dollar. but it was enough to drive all
gold out CT circulation. and the entire
money Of the country became silver. But
I'm 1896. when Mr.. Jefferson was Presi-
dent. Il was found that the new silver
dollars We issued from our mint also
disappeared. The reason for that was
this: Congress had made certain Span
ish and Mexican silver dollars legal ten
der for debt. and a number Of them had
been worn by abrasion until they were
worth less than our new dollars, were
circulating here. and our new dollars
| consequently refused TO circulate by their
sides. ami left the country as bullion
or were boarded. Consequently, in
1s06. when our mints had turned out some
S.OOO.ODO of the silver dollars, Mr.. JEFF
ferson. by d great stretch of authority,
forbade the minis to coin any more sill
yer dollars. and no more ever were coin
cd after that before 1873. except about
ss.WO.O0o. SO that in 1873. when the
act "demonetizing' silver, as it was call
ed. was passed, this country had never
had but 100000 OF silver dollars, and
almost every one OF these had left the
country or was In a museum as a Gu
rioslty.
We remained on a silver basis until 1874,
when. during Andrew Jackson's admin
i~stration. it was resolved 10 bring gold
back into circulation. An act was ac-
| cordingly passed In that year., which
took enough gold out Of the gold dollar
10 make the coinage ratio 15 TO l, whe e
it has ever since been. But this did
silver an injustice, the silver dollar under
IL being worth about one and one-half
cents more thar the gold dollar, and no
silver dollars consequently were coined
under II. Thus we stood until the war
came on, our money being entirely gold
and State bank-notes for large transac
tons. and silver halves. quarters, dimes,
aud l.alf-dimes for petty transactions.
When the war commenced, the country
went upon a paper basis, and was on
It in 1873, when the demonetizing act was
passed.
This fact ought TO be mentioned in
this connection: When the act Of 1872
was passed. it provided that two half
dollars, four quarters, and ten dimes
should have as much silver in them as
a silver dollar. Consequently, when the
ratio Of 1884 Of 1G 10 / was established,
! IL tlQ the sAilt lHJuaAi'N ~ ~ oND''~.N@
coin as to the dollar pieces. and they
left the country also. The result was
that by 1853 the country had no small
change. and the inconvenience was very
great. 1t became the era Of Shin
plasters," when individuals issued their
small notes. Accordingly. the subject
was taken up in Congress, and Hon. L.
N. r. Hunter. who was chairman of the
Finance Committee Of the Senate, made
a very famous report upon the subject,
in which ne recommended that the silver
in the halves, quarters, &c, should be
reduced until two halves, &C., became
! considerably less valuable than one gold
dollar. This was done, and our small
silver stayed here thereafter.
We are now IN a position 10 know how
much silver was in thu country in 1873.
We mad never coined but 100000 Of
silver dollar pieces. all Of which had
disappeared, so that none of them were
here. We had the foreign silver that
was here. and nobody knows how much
that was, but it was no very great sum.
and we had the halves, quarters, &c.
coined since 1853, which amounted to
$s0O4I@6. 20. (See Report. Director Of the
Mini for 1898. p. 26s.) This was the