The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-16

coinage laws. It was prepared in the
| treasury department by John j. Knox
| deputy comptroller of the currency, un'
| der the direction of George ;. Boutwell,
secretary of the treasury. The bill DID
not contain the standard silver dollar
The report which accompanied the b-l
stated that the coinage OF the silver collar
! piece was discontinued and the gold do4laf
! piece was made the unit in the bill The
bill, which as said, did not contain the
! silver dollar. passed the senate on Jan.
| TO- ISL Senator Sherman voted against
| the bill, while Senator Stewart voted Tor
| II. 1t did not, through lack or time at the
! close of congress, pass the house at that
| session. In the first session of the Forty
second congress, on March !, lSd, MT
| Kelley reported the bill TO the house: on
! Jan. 8, 1S72, the bill was brought up in the
1 house for discussion. Then 1t was found
| that some members wanted dollar piece.
| though ii was agreed by all that It should
be simply the equal of two half dollars
| IL, 1S12, the bill was reported back 10 the
! house by Mr.. Hooper, containing provi-
sion for a dollar piece Of 34 grains and
coin to $. The bill passed the house
May q, 1872 containing the provision for
the dollar OF 3S4 grains. actually the
weight of two half dollars, and like the
/ tender. 1t was not the old standard
dollar of 4121a grains, and DID not have
free coinage or full tender This was the
dollar which was afterwards dropped out
of the bill and in place of which, the trade
dollar OF 400 grains with unlimited coin
age and limited tender, was substituted.
The bill became law IN this form on
Feb. II, 1873 The silver dollars previous
~ coined, maintained their qualisE as
legal tender. but the coinage of new, full
legal tender dollars, whether on govern
ment or private account, was dlscontIn-
ued. The charge that the silver dollar
he hx-o
been refuted so often that ii Is not nee
essary to consider 1t again 1t had not
been coined to any extent for years, ana
there was no demand for It's retention.
The ira de dollar was inserted at the de-
mand of representatives from the Pacihc
coast, and they got exactly what they
asked for. Neither gold nor silver had
been I'm circulation for years. and but
by the public generally. About as much
consideration was given to 1t as to the
act of January Il, 1896, which codif1ed the
laws relating to public printing, very
important act, far-reaching in its provi-
SONS and effects, but 1t is probable that
not one person in a thousand IN the United
States knew that such an act was passed
The act of 1873 did not change the law
in reference to the coinage of the half
dollars. quarters and dimes. Their coin
age had not been free for twenty years
at that time, and the owner OF the silver
bullion did not have the right to nave IL
coined into any of these minor coins. This
legislation was had before the wonderful
Increase in the production OF silver The
silver in the silver dollar was worth more
than it was taken for at the mint, so no
one was Interested in hang his bullion
coined into silver dollars. He would
"a Their sell IL to some jeweler or dealer In
precious metals, for he could obtain
better price than he could by having II
formed into silver dollars at the mint IL
is proper that the truth should be told
about the act of 1873 1t was pending
in con gwess for three years. 1t was print
ed eleven times separately and twice in
reports of the comptroller of the currency.
It was considered at length by the finance
committee OF the senate and by the coin
age committee of the house during FIVE
different sessions. II was debated in both
houses The debate in the senate occupy
ing Sc columns, and in the house Is col
umrS of the Congressional Globe lt
finally passed substantially as it was
originally introduced Every feature OF
the bill was thoroughly explained in the
original report and in the debates. The
standard silver dollar of 412is grains was
never in the bill at any time from first
to last and consequently could not have
been dropped by a trick
OF 1873 AND 1890.
From 1873 to 1873. the coinage Of the trade
dollar was free and unlimited, and
large amount of silver bullion was pur-
chased by the government during that
period for the coinage of subsidiary silver
coins. In 1873. the coinage of the STANDARD
silver dollar was resumed u~de 20 X To-
Allison act. the government pure Ia q;
tvo million dollars worth Of si'Vrr ea-h
T1o1t1 f. the eCi~s II t8sSe GUiiaI-.
This continued UNI 1899. when the Sher
man law was enacted. Under II, the gov
ernment purchased monthly four and a
half million ounces of silver and paid for
the same in treasury notes. Two million
ounces of the silver bullion purchased
under this act was required to be coined
each month into dollars until July !. 1881,
and since that da te a sufficient number of
dollars have been coined each month 10
redeem the treasury notes provided by the
act
In 1899. that part Of the act that required
the purchase OF silver by the government
each month, was repealed, but the coin
age Of silver dollars has been continued
The number coined during the fiscal year
ending June So 1895. being $3.50 So. or
YER dollars under free coinage from 1872 I
TO 1S7s. Certainly this government has /
rot been unfriendly TO silver since 1873. 1
We have coined over slfn. 0f0. 0cG silver dol !
lars since 1S-S and added them TO the |
circulating medium, and this. notwith- !
standing the fact that the leading COM /,
merciai nations of the world have been l
using less silver each year as money
WHAT Is DEMANDED.
The question now is. can this nation, /
alore. open its minis to the free and IN /
limited coinage OF silver at the ratio or 1
Is 10 !. and II Il does, what VIII be the 1
erect? II is well 10 observe that while 4
silver was worth 40 an ounce in ls73, 1
that II is only worth s. cents an ounce /
now. II is also well TO remember that N 4
the event OF our opening our minis 10 the /
Tree coinage OF silver, one or two things 4
will happen:
Either. first, silver will rise TO 8 = an
ounce, and II IL does gold VIII remain in
circulation with silver and no injury VII i
come TO anyone. but a great benefit VIII
result 10 The owner of the silver bullion.
by the raising Of the price OF silver 10 that
figure.
a. ounce our gold viii 20 out OF c-rc1la-
ton and we viii not have o.IIistail.s' out
we vii 6rC9 % a silver basis with silver
as the sole measure Of values.
Can tbs country alone. by the opening
o. its minis, raise the market price % I
maintain 4 a. that Agr-e@ II believed
Il oould. would Be In favor OF The free
ard unlimited coi-R &c OF silver
SUPPLY or SILVER COMPARED.
What ara the condition no~ as CON-
pared with lS73 when silver was worth !
sl-3g an ounce in the markets The prize
% silver. Ike wheat or corn depends aEso,
The supply. the demand and the cost o
profuct.c1. In 1873 The worlds prosuc-
ron % silver was $. oss,sse csEceS- Slice
hat tirze there hsS been steady Increase
In the amount until T. LsS tie ToEil Dro-
1uce1 l6s. go ounces, which Vas 90
a. co ounces more thai w6s produced n
81 Ea5e- ordinary conditions. With such
: vast iucreaSs n .h@ supply. H1lfSs there
-ss been = co--espoc1.az frcrezse Y the
tenrzrd- the Price CT this commodity must
fan
Has there been an Inerez<e or c=c-@sss
z the demand ssnce Is-3, There hze been