San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-07-01


1t was largely reenactment of exist
ing law, properly codifed. Why did
the bill give gold unlimited coinage and
tender? Because all mint laws in eX-
istence did so. Why did it restrict the
coinage of subsidiary silver and limit
its tender to five dollars? Because these
were the provisions of the act of Feb
ruary 21, 1853. Why did it omit from
coinage the old standard silver dollar?
Because that had been the intent of
the act of 1853 In 1858 the dollar was
entirely out of circulation. and no at
tempt was made - bring il back into
circulation. Whv "a 10 make the gold
dollar the unit Of value? Because il had
really been the metallic unit since 1894.
And this was the avowed intention Of
the act of 1858.
The truth was that in 1872 the silver
dollar was worth for bullion SI4 cents
more than the gold dollar and that sill
for many years. AS Congressman
Hooper said on April 6, 1872, when dis
cussing the silver dollar: 1T does not
circulate now in commercial transac-
tons with any country, and the con-
venience of these manufacturers in this
respect can better be met by supplying
small stamped bars of the same stand.
ard, avoiding the useless expense of
coming the dollar for that purpose"
And Mr.. Kelley, who is reported as
having said afterward that he "did not
know that the bill omitted the standard
silver dollar" said on this same day:
at is impossible to retain the double
standard. The values of gold and silver
continually fuctuate. You cannot de-
termine this year what will be the rela-
tive values of gold and silver next year.
They were fifteen to one a short time
ago. They are sixteen TO one now"
"Hence all experience has shown that
you must have one standard coin which
shall be legal tender for all others,
and then you may promote your domes-
tic convenience by having subsidiary
coinage of silver, which shall circulate
in all parts of your country as legal
tender for a limited amount and 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 Mr.. Stewart, then as now a
senator from Nevada, said on'February
20, 1874:
by this process we shall come to
specie basis, and when the laboring
man receives a dollar it will have the
purchasing power of a dollar and he
| will not be called upon to do what is
impossible for him or the producing
classes to do, figure upon the exchanges,
| figure upon the fluctuations, figure upon
the gambling in New York. But he
win know what his money is worth.
Gold is the universal standard of the
world. Everybody knows what dol
lar in gold Is worth"
The remarks of Mr.. Kelley in the
house in 1872 and those of 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
mintage, and it undoubtedly saved us
from going to silver basis on the re-
sumption of specie payments. And
therefore, the men who framed it and
those who passed it deserve 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 a sample of the false state
ments made by most of the leading sill
verites. The following summary of pro-
cedure indicates how like the silent
tread of cat" the act of 1873 stole
through congress:
e EEFGeGag gge