The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-06-25

The answer is plain. 1t was because OF
their being newspapers, not ancient his
tories. There was nothing new in prip-
eiple or practice in tho bill. 1t was
largely y re-enactlncnt of existing law,
properly codifed. Why did the bill give
gold unlimited coinage aud tender: Be-
cause all mint laws i'll existence did so.
Why did it restrict the coinage Of sub.
sidiary silver an. limit its tender to as?
Because these Were the provisions Of the
set of Feb. 81. 1858. Why did It omit
! from coinage the old standard silver
dollar? Because that had been the intent
of tho act of 1883. In 1858 the dollar
was entirely out Of circulation, and no
attempt wa mado to bring it buck into
circulation. Why did it make the gold
dollar tho unit of value? Because it had
really been the metallic unit since 1884.
And this was the avowed intention Of
the act of 1853.
The truth WAC that in 1879 the silve,
dollar was worth for bullion az cents
moro than tho gold dollar and that sill.
yer dollars had not bcen in circulation
for many years. AS Congressman Hoop
er said Oh April 0, 1872, when discuss
ing tho silver dollar 1T docs not circu-
lato now in commercial transactions
with any country, and tho convenience
of these manufacturers i'll this respect
can better be met by supplying small
stamped bars Of tho same standard,
avoiding tho useless expense Of coming
the dollar for that purpose"
k,l NJ, V.ll.. ..l-. l.. 1919 IL
having said afterward that he did not
know that the bill omitted tho standard
silver dollar, " said OIL this Same day F.:
1T IL impossible to retain tho double
standard. The values Of gold and silver
continually fluotuate. You cannot de-
termino this year what will be tho rela-
tive values Of gold and silver next year.
They were 10 to l u short time ago.
They arc 10 to l now.
Hence all experience has shown that
you must have IL standard coin which
shall be a legal tender for all others,
II then you may promote your domes-
tic convenience by having n subsidiary
coinage Of silver, which shall circulate
in all parts of your country as legal ten
der for q limited amount and be re-
deemable Mt its face value by your gov.
ernment."
In another place i'll the same speech
Mr.. Kelley said, Every coin that is not
| gold is subsidiary"
Even Mr.. Stewart, then as VOW a sen.
ator from Nevada, said on Feb. 20, 1874
by this process we shall come t.
specie basis, and when tho laberinl
man receives u dollar it will have tn,
purchasing power of n dollar and Ii,
will not DO called upon to do what il
impossible for him or the ~produoin,
CLASSES to do, figure upon thu exchanges
figure upon tho fluctuations, figure y
tho gambling i'll Now York. But II
will know whit his money is worth
Gold is the universal standard of tn
world. Everybody knows what "a dolla
i'll gold is worth"
The remarks Of Mr.. Kelley in tn
house in 1872, and those of Senate
Stewart in 1874 show that at TINT time
before tho tremendous output Of silve
turned men's heads, thero was practl
cally undivided opinion on tho subject
The bill had been before congress tire
years, it had been repeatedly discussed
there was nothing now or startling /
1t, and hcnce there was no call for OH
extended notice Of its passage.
But the facts are seen t. be TINT tn
bill was passed openly and honestly. ]
embodies the principles Of sound mint
age, and it undoubtedly saved us fror
going to a silver basis on tho resumptio
of specie payments. And, therefore, tn
men who framed it and those who passo
1T deserve and will receive the grateful
thanks Of ourselves and Il postcrity.
After becoming acquainted with tn
facts how ridiculous seems the followin
statement from Coins Financial School
I'm the language of Senator Daniel @
Virginia, it (the act of 1879 secms I
have gone through congress like tn
silent tread of a cat Yet this is bu
n sample Of the false statements mad
by most Of tho leading silverites. TIL
following summary of procedure indi
Gates how like tho silent tread of
cat" the act Of 1878 stolo through con
gress: