Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-24
NOT SECRETLY PASSED.
Senator Sherman Explains the Pass
age of tie Act of 1873.

Senator Sherman Explains the Pass
age of tie Act of 1873.
A Cincinnati paper yesterday published
a signed article from Senator Sherman,
dated at Mansfield, Ohio, in which he
plies to Mr.. Bryan and others who refer TO
the decentralization of silver in 1873 Sena-
tor Sherman says that many pages of the
Congressional Record show intlsputable
proofs that the clause in the act of 1873
stopping the coinage of the silver dollar
was not surreptitiously and clandestinely
passed through Congress. The Senator re-
views the history of that legislation, ard
says that there was an unusually long agf-
tation, not only in both branches of Con-
gress, but also in the committees of both
houses, and also in the Treasury Depart
ment, before the bill was prepared. The
Senator says:
tive could have existed for secrecy in this
matter. On April 25, 1870 when the bill
was sent to the committee on finance by
| the Secretary of the Treasury, the silver
dollar was worth $1.O3l2 in the markets of
| the world. Germany had not yet sold her
| silver or adopted the gold standard. There
was no indication whatever of the fall of
silver, and no one could foresee that it was
destined to rapidly decline in price. No
one asked to have the dollar coined, and no
one was opposed to its discontinuance."
The Senator refers to the frequent mes
| sages between the Treasury Department
| large number Of copies of the reports on
| the bill and the bill itself that were or
| dered printed for distribution. The bill was
| studied by many men outside of Congress
| during the three years more of it's con-
sideration, and many of these financiers
| were given hearings on this bill by the
| committee. The Secretary Of the Treasury,
in his annual reports Of 20, II and II,
| called the special attention of Congress to
| this bill. In his report Of 1872 the Secretary
| of the Treasury said: Il suggest such al
| teration as will prohibit the coinage of the
silver dollar for circulation in this country
dwelling upon his reasons therefor at
length. This bill came to Congress April
D. 1870, and became a law February IL,
1873, nearly three years after it's introduc-
ton, and during which time 1t was con-
stantly before the public. The Senator con-
clhdes his article thus:
There was not only nothing secret OF
surreptitious in the passage of the act OF
1873. but every step accompanying its or
igin, Introduction, consideration and pas
sage received as much publicity as could
be given to bill But the silver dollar
was out Of circulation long before the law
of 1873 was enacted 1t was a thing of the
past, lost to sight, conceived by Hamilton
in 1892 suspended by Jefferson In 1905
practically demonetized by Benton and thu
men of 1894 under Andrew Jackson, ignored
by two generations. except as a conven.
fence for tho expectation of silver bullion
| and called back to the mind Of the present
In price and 10 deemed more valuable a
| coin than as bullion. Never was q NOR
| unjust or unwaTrantable charge made thar
| that the act Of 1873 was passed secretly
by stealth and with the object Of concealinI
any part OF 1t from the public"