The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-16

tr44o akopss1 SAs resfe OF - eu.cD =.
silver A. the equivalent o. one q 49,
TO avrss tbcse ~rn5arrasszag changes
EnrIana r. rsls ADOPTED gosd a. tne single
e.araa-f "a rnst country and silver as
s.se~~E<ss.rx coins. IL fss@. during tne sc-
,,srt.frsffou Of President Jackson. snc
rrta~ tie les1ershtp OF Dzniei Webster
ard Thomas IL Benton, congress Anopt~2
the ratio OF E oaress OF silver 70 one
81 rosd bv re<aesng the NUMBER OF gra1ns
IN -. rotr eofr. A. silver war thus slight
IL andsrvslus1 70 was rot largely coined.
The First Demonstration OF silver.
-.ssvsr could Be coined m France ., tbs
ratio OF IS 20 /. and the owner Of siiver
buIIson could ssnd 10 20 France and have
II convers-1 into coin a. thai ratio, nus
Receiving about per cent more for his
nsslsou than n coined a. the American
ratio OF Is 70 / Cold became the only
American coin In czrculstteu. and the
avowsd purpose of tina passage OF the law
OF 1884 was 20 make gold the STANDARD
TaIs vas declared by ne committee OF
the house o. representatives VINO ha1
eharxa OF che btu. VINO said IL their re-
port. The COMMITTEES th.nk that the de-
ss1sratum IA the moretary system Is
etzrsdzrd OF uniform value They cannot
ascertain thai both metals have ever cir
cuiatsd simultaneously, coneurrently and
fndiscr1minassiy In any country where
fhey entertain the conyfcrfor that the
nearest approach TO an invariable stand
ard Is It's establishment In one metal.
which metal shall compose exclusively
the currency for large payments This
law heartily approved by Andrew Jack
con would now be called the crime OK
13s'
Hunter, when Pierce was president and
when all branches of the government
were under Democratic control. congress
reduced the quantity Of silver ia the frac-
tlonai coins fhaif-dimes dimes, quarters
and haif-doliarsl more than s per cent,
directed the purchase OF the silver for
their free coinage ard made them a legal
tender for s. only. leaving god still prac-'
ticaliy the only full legal tender, United
States coin. At this time the silver dollar
had disappeared from the current coins
OF the United States. and was practically
and purposely demonetized. The purpose
OF this act IL thus stated by the chairman
OF the committee having the bill in charge
IN the house OF representa- lves: We pro-
pose. 30 far az these coins are concerned.
10 maks silver subseryient 10 the gold
coin OF the country. We intend to do
what the best writers on political econ
omy have approved what experience.
where the experiment has been tried, has
demonstrated 70 be the best. and what
and pTopsr--to make but one standard
currency and TO make all others subser-
Went 10 II. We mean 10 make gold the
standard COIN This, | suppose would
now be called the crime OF lisa Silver
was practically demoneilzed by this act
and the act OF 1884.
1T Is certain that from 1901. when Mr.
jefferson became president, 70 the close
or Baehanans administration, In 1861. tha
1AnlnHraff.s nrt~ ~ A..
TO silver and all forms OF paper money.
AZ l have already stated. Mr.. Jefferson
In fsaS suspended the coinage OF silver dol
lars. and II remained suspended for more
than thirty years Tho act OF congress Of
lisa established gold practically the only
coin In circulation. AL Democrats were
then 'goldbngs.' Senator Hunter. In fs5s
during Pisrces administration. secured the
passage Of a law which reduced the silver
In the half dimes. dimes. quarters and half
dollars, making them subsidiary coins
abolished their free coinage and limited
legal tender to s.. The silver dollars vera
not mentioned and were practically ex-
ciuded from coinage or circsilation--yet
now the Democratic party. upon tho de-
mand OF the Popnlst party, and when sill
yer has fallen In market value 10 nearly
one half It's former value. seeks 10 Demon
etize gold and TO establish silver as thu
sole standard of value,
Tho Crime OF 1878"
when ths Republican party came into
power In 1851 by the election OF Mr.. lincoln
II had to face . formidable rebellion. Gold
and silver alike were banished from cir
cnladon and trredssmable paper money OF
all denominations from 10 cents 10 s.. 900
was substituted In place OF ooIn. When the
war was over the Republican party sough.
TO restore specie payments as soon as
practicable. In March. 1862, 1t pledged the
faith OF the nation to payment IN coin or
its equivalent OF eli bonds OF the United
States. and to redeem the United States
notes At the earliest practicable moment
tn coin. In order 10 carry out this pledge
X became necessary to revise the various
coinage laws OF the United States This
vas promptly and very carefully zone by
q blu framed In the treasury department.
while Mr.. Boutwell, was secretary II was
thoroughly considered BY the experts OF
that department. and was printed and sub
mitted to all persons in the United States
who were supposed 20 be familiar with the
coinage laws, The bin. containing sixty
seven sections. accompanied by a mass OF
Information that nils volume was sent
20 congress on April 3. 1870. by Secretary
Boutwell,. and its passage was strongly
recommended by him.
This bin omitted from the coins OF the
as was done In isSs. but provided FOR the
coinage OF the fractional parts OF the dol
lar In accordance with the act OF that
year. This biz was pending Ia congress
Tor three years. was carefully considered
IN both houses. and special attention was
called 70 the omission Of the sissS grain
silver dollar. which was never In the bin
at any stage. ard the reasons for this
omission given. IL was finally deter
mined. at the urgent request 81 members
from the Pacific coast. 20 insert among
tbs silver coins a trade dollar containing
"a grains Ok standard silver. but this doll
tender for SO only. There was but ore
YEA and nay vote on the bill and that
was on the proposition 70 repeal the charge
made by the mint for the coinage o. gold.
/ yuted against IS repeal The bill passed
both houses AMI became Law on Feb
rpary y. iS.3 by a practically unanimous
vote 81 beth parties and was specially
supported and voted Tor by the senator.
sna members from the silver states
''rhis has been called the crime OF 1871.
ard. the bill was under my charge in
the senate I was held 20 he the chief
criminal Il was in fact wise rnea SURE O.
pubiic policy. carefully discussed and con-
s;dere8 during three years.
When we test the cutlery against th,-
act With the sober facts shown BY 0snetsl
records. Il apears simply lH3tsrons. TIE TO-
tsl number OF silver dollars coined from
r7s9 - 1878 vas s osi - while the number
% txste dollars Issued under the eolnaxs
act az 1S-S. containing "a grains more Ssf-
var than The old dollar. was - ess $50 ana
the nur,he~ OF standard silver collars
coined under the Blan3-Allison acs OF 1875
vas 49, Nc. a<i or ffty~foGF times the NUM-