Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1896-08-06

really been the metallic unit since 1884.
And this was the ayowed intention Of
the act of 1853.
The truth was that in 1872 the silver
4 dollar was worth for bullion 81 cents
more than the gold dollar and that sIi-
yer dollars had not been in circulation
7 for many years. AS Congressman
Hooper said on April s, 1s72, when dis
cussing the silver dollar: 1T does not
circulate now IN commercial transac-
tions with any country, and the con-
( venienee Of these manufacturers IN this
( respect can better be met BY supplying
+ small stamped bars Ct the same stand
ard, avoiding the useless expense Of
I eoining the dollar for that purpose"
And ar. Kelley. who is reported as
/ having said afteryvard that he did not
know Chat the bili omitted the standard
! silver dollar" said on this same day:
1T is impossible TO retain the double
standard The values of gold and silver
+ continually auetuate. You cannot de-
teraine this year what VIII be the ela-
tive yalpes 81 gold and silver next year.
They we're hiteen to one shprt time
ago. They are sixteen to one now
Whence alb experience has shown that
You must have one standard coin which
shah Sc legal tender for an others.
and then you may promote your domes-
tic convenience By having q subsidiary
coinage Of silver. which shall circulate
in an parts Of your country as legal
tender f7r q limited amount ard be
redeemed at its face value by your gov
eminent"
In another place in the Same speech
Mr.. Kelley said: Every coin that is
not gold is subsidiary.
Even Ar. Stewart. then is now a
senator from Nevada, said on'February
%. 1871:
Spy this process we shah come to
specie basis, and when the laboring
man receives a dollar it win have the
purchasing power OF a dollar and he
viii not be called upon to do what is
impossible Cor him or the producing
classes to do, figure upon the exchanges,
figure upon the fluctuations, figure upoE
the gambling in New York. But he
will know what his money is worth.
Gold is the universal standard Of the
world. Everybody knows what a dol
lar in gold is worth"
The remarks of Mr.. Kelley in the
house in 1872 and those { Senator
Stewart in 1874 show that at that time.
before the tremendous output of silver
turned mems heads, there was practi-
cally undivided opinion on the subject.
The bill had been before congress three
years, it had been repeatedly discussed,
there was nothing new or startling in
it, and hence there was no call for any
extended notice of its passage.
But the facts are seen to be that the
bill was passed openly and honestly.
1t embodies the principles of sound
mfntage, and it undoubtedly saved us
fram going to a silver basis ON the re-
sumption of specie payments And,
therefore, the men who framed it and
those who passed it deserves and will
receive the grateful thanks of our
selves and our posterity.
After becoming acquainted with the
facts, how ridiculous seems the follow
ing statement from Coins Financial
School: In the language of Senator
Daniel, of Virginia, it (the act of 1879
seems to have gone through congress
like the silent tread of cat" Yet
this is but sample of the false state
mcnts made by most of the leading sill
verites. The following summary of pro-
cedure indicates how like the silent
tread of a cat the act of 1873 stole
through congress-: