The record-union., 1896-08-16
REPUBLICAN PRESIDENTIAL
CAM! pAIGN OPENED IN OHIQ.

nor silver was found in any considerable
quantity in the thirteen States then
forming the Union. When the new
| American coins were issued it was found
| that the abrased or worn coins of other
countries filled the channels of circula-
ton, and the new and bright dollars of
the United States were exported. This
led to the discontinuance in 1906 by
President Jefferson of the coinage of the
silver dollar, and after that date none
were coined for more than thirty years.
Ihls order of Jefferson l suppose would
be called by our Populistic friends the
| crime of 1906 In the meantime France
anC other countries adopted the ratio of
fifteen and half ounces of silver as the
equivalent of one ounce of gold To
aVold this embarrassing change, Eng
land in 1916, adopted gold as the single
standard in that country and silver as
subsidiary coin
In 1884, during the Administration
of President Jackson, and under the
| leadership of Daniel Webster and
Thomas H. Benton, Congress adopted
the ratio of 16 ounces of silver to | of
geld by reducing the number of grains
in the gold coin. AS silver was thus
coined. Silver could be coined in
France at the ratio of 151a to /, and the
owner of silver bullion could send it to
France and have it converted into coin
at that ratio, thus receiving about g
per cent. more for his bullion than if
coined at the American ratio of 16
to l. Gold became the only American
coin in circulation, and the avowed
purpose of the passage of the law of
1884 was to make gold the standard.
This was declared by the committee of
the House of Representatives who had
charge of the bill, who said in their re-
port: The committee think that des-
lderatum in the monetary system is
standard of uniform value; they can
not ascertain that both metals have
ever circulated simultaneously, concur
rently and Unfortunately in any
country where there are banks or
money dealers, and they entertain the
conviction that the nearest approach
to an invariable standard is it's estab-
lishment in one metal, which metal
| shall compose exclusively the currency
for large payments This law, heart
lily approved by Andrew Jackson, would
now be called the crime of 1884
In 1888, upon the report of Senator
Hunter when Pierce was President,
and when all branches of the Govern
ment We're under Democratic control.
Congress reduced the quantity of sill
yer fractional coins (half dimes. dimes.
quarters and half dollars) more than q
per cent, directed to purchase of the
silver for their coinage on Government
account, abolished the law for their
free coinage and made them a legal
tender for 50 only, leaving gold still
practically the only full legal tender
United States coin. At this time the
silver dollar, which had disappeared
from the current coins of the United
States, was practically and purposely
demonetized. This, 1 suppose, would
now be called the crime. of 1858 Silver
was practically demonetized by this Act
and the Act of 1884.
1t is certain that from 1901, when Mr..
Jefferson became President, to .he close
Of Buchanan's Administration in 1861
the Democratic party was a gold party,
opposed to silver and all forms of paper
money.
When the Republican party came
into power in 1861, by the election of
Mr.. Lincoln, it had to face a formida BILE
rebellion. Gold and silver We're alike
b2nished from circulation, and ire
: deemable paper money of all denomi-
nations from ten cents to 81, 900 was
substituted in place Of coin. When the
war was over the Republican party
sought to restore specie payments as
soon as practicable. In March, 1869, it
pledged the faith of the Nation to pay
nnent in coin or its equivalent of all
bonds of the United States, and to re-
deem the United States notes at the
earliest practicable moment in coin.
In order to carry out this pledge ii
became necessary 10 revise the various
coinage laws of the United States.
| This was promptly and very carefully
done by a bill framed in the Treasury
Department, while Mr.. Boutwell, was
Secretary. This bill omitted from the
coins of the United States the silver
dollar, precisely as was done in 1853
but provided for the coinage of the
fractional parts of the dollar in accord
ance with the Act of that year This
bill was pending in Congress for three
years-was carefully considered in both
houses, and special attention was
called to the omission of the 412A
grain silver dollar, which was never
in the bill at any stage. and the reasons
for this omission given. The bill passed
both houses and became a law Febru-
ary II, 1873, by practically a unani-
nous vote of both parties, and was es-
pecially supported by the Senators and
: ,1,.N,.c TV1.:
has been called the crime of 1879 and
as the bin was under my charge in the
Senate. / was held to be the chief Grim
inal. 1t was. in fact, a wise measure of
public policy, carefully discussed and
considered during three years.
1T is strange that the very men who
supported the coinage of 1873, and de-
manded the exclusive use of gold, are
the very men who demand the free coin
| age of silver and denounce as 'goidites'
end robbers all those who believe in
| the coinage of both gold and silver"
Senator Sherman quoted from
! speeches delivered in 1874 by Senators
Jones and Stewart of Nevada favoring
a gold standard. and continued:
Senators Jones and Stewart, and all
the Representatives and Senators of all
! the silver States, were honest and ur-
| gent in saying that gold was the best
and only standard of value, but they
| changed their minds when the largely
| Increased and increasing production of
silver in Nevada and other States re-
duced the market value of silver below
! that of gold at the established ratio of
/ l6 to /. When the coinage law of 1873
vas enacted neither gold nor silver was
used in domestic transactions, but we
| collected orr prStor,1c ls1+;ac ~ .ro1,3