The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1896-10-16
was brought about as a logical result of
Policy of Germany.


The succeeding steps were forced by the
acts Of the great nations and were as fol-
lows:
Ihird-Norway, Sweden and Denmark
concluded monetary treaty demonetiz
ing silver in 1878.
Fourth-Holland followed the example
of Germany in 1875.
Fifth--Russias suspended the coinage Of
silver, except such an amount as might
be required for trade purposes with China,
in 1876.
Sixth-The free coinage of silver was
suspended in Austria Hungary in 1873.
Seventh-On the goth of June, 1898,
India closed her mints to the coinage of
silver on private account.
Throughout the whole movement not
a demand ever came from the people for
the overthrow of silver, it was planned
and carried out by the money power,
''formed in the interest of the English
System of commerce and finance-de-
"vised in the interest Of the bankers and
"the owners of the bonds and securities
"of nations"
After the effect Of the act of 1878 be-
came known, general clamor was made
P. Bland introduced in the house bill
providing for the free coinage Of silver
which passed that body, but in the SEN
ate an amended bill striking out the free
coinage clause was substituted by Sena-
tor Allison which provided for the pur-
chase Of not less than two million dollars
worth and not more than four million
dollars worth Of silver bullion each
month, and that the dollars thus coined
should be full legal tender, "ercept schere
othcrcase expressly stipulated IN the con-
tnct." This was passed over the presi
dents veto and took the name of the
Bland Allison act
Sherman as secretary of the treasury
was Of course entrusted with the execu
tion of the provisions of this bill and he
never exceeded the minimum purchase.
He claimed thai but S50,000,000
Could Be Safely Coined,
and the bankers excluded the silver dol
lar from the clearing house and derded
it as "debased" and "dishonest" dollar
Just as the gold bug press and speakers
are doing today the followers Of silver
were denounced as "anarchists,' "repu-
diationists" and "lunatics" Yet what
followed? Prosperity came with the in
| crease Of money and for some years there
was substantial improvement in the
times. To our stock OF money $376,2G5,-
122 was added, but the act did not go far
enough, the mistake was to put any re
striction whatever upon the coinage Of
silver as it discredited the metal which
for 80 years before 1878 had enjoyed all
the privileges of our gold.
The producing classes still continued
to demand more thorough relief and the
5Oth congress in answer to the agitation
passed the Sherman law, which, as first
| introduced, provided for the purchase of
IL,
| but was amended to read "ounces" in
stead of dollars" We are told that leg
islation does not increase value, but un-
der the operation of the Sherman law
silver rose from about so cents to $1.20
per ounce. Yet all sorts of dire predic-
tions were made for the law and ruin was
| fOretOld by men of the Sherman Strine as
the result of its action. 1t was benef-
cent, however, in so far as It provided
| some measure of increase of money, but
! like the
| 1slanl-A1lison Act
it made silver commodity and SO robbed
it of the most vital feature of the money
function. The government went into the
markets to "bear" the metal and to buy
as little as possible, and so all the power
of the administration of President Harri-
son was used to discredit the money of
the people. Another step was to follow.
1t is thus related by Wharton Barker:
ain October of 1891 one Phineas Pierce
presented a treasury note for 81 900 at the
sub-treasury in Boston and demanded
payment in gold. The assistant treasurer
refused to surrender to the note holder
the option vested in the secretary of the
treasury to pay either gold or silver and
rendered silver. This was refused by the
holder of the note who forthwith brought
the matter to the attention of Mr.. Foster,