Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1896-10-01
HAS SILVER BEEN STRUCK DOWN.

49, - =
stealth in 1878. Now let us see what
are the facts in the case. The bill
which finally became the "crime OF
1873 was submitted to congress by
the Secretary Of tile Treasury April
|25, 1870, was printed thirteen times
and discussed to the extent of IA
columns OF the Congressional Globe,
passed the House May ~, 1872 by
ITO yeas, ID nays, and the Senate
January II, 1873, without dis
senting vote, and was signed by
President Grant February II, 1873.
The bill never contained any pro-
visions for the coinage of the stand
ard silver dollar. of 412A grains,
which fact was noted and discussed
in the House, but the bill proposed
the coinage of a dollar of 3S4 grains,
made smaller on purpose to make it
circulate. 1t was this dollar that
was eventually stricken from the bill.
the maintenance OF a double stand
ard being recognized as impossible,
and in it's place a trade dollar Of
420 grains substituted, designed for
trade with China, and made legal
tender for five dollars in this country.
The law was not passed surrepti-
tiously or secretly or without due
consideration. Some OF the hottest
silver men were then in congress and
voted for it, and il silver had not de-
clined in value, the howl about q
crime would never have been heard.
The standard silver dollar was dis
continued in the bill because none
were or had been in circulation for
years. At that date a silver dollar,
as measured in gold, was worth over
1.O3. Since 1884 when the ratio
was changed to 16 to 1 gold had
been in fact the standard and meas
ure OF value, and there was practical
~ no silver in circulation. The law
therefore recognized an existing fact.
The stamp is but the government
guarantees ofthe,weight and fineness of
the metal, and to have continued the
coinage Of the dollar under the con-
ditions then existing would have
benefited only those who had silver.
to sell or export.
But as soon az the. price OF silver
declined below par at the ratio Of 16
to 1 then and not till then we're the
silver miners anxious to bring their
silver to the mint. When the price
Of silver fell so that the 42O grains in
the trade dollar was worth less than
a dollar it became profitable for
silver owners to coin and put these
in circulation at home. Their coin
age was free and $35,964,924 were
coined until 1878, when this coinage
was discontinued. The total coin
age OF dollars and fractional silver
during five years under the act
amounted to $79,12O,771. But sill
YER production increased, and to
satisfy the clamor of the silver pro-
ducers the Bland Allison act of 1878
was passed which compelled the
government to purchase silver bull
lion and to coin not less than 2, OOO,-
900 silver dollars per month. The
whole number of silver dollars coined
under this act was 1918, 166, 793.
But silver continued to fall in price
and the silver men demanded still
larger purchases. Accordingly the
Sherman law was passed in 1890 re-
quiring the purchase of 100000
ounces OF silver per month, or $3.50
tons per year, and to issue treasury
notes therefor. Under this law, un-
til it's repeal in 1898. the government
purchased 168, 764, 682.53 fine oun-
ces at a cost OF $3.50, 931,O02 In
1895 there was$5 sos, 1OO.25in silver
coined, and in the first six months OF
1896, So 1856, 713.7O in silver. Alto
gether since 1873 overseas 100000
of silver has been put in circulation.
From 1892 to 1873 only So OBI ,23S
silver dollars had been coined and
total OF only $143, 465, $50 in dollars,