The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1896-07-15
"THE CRIME OF '73."
1T EXISTS ONLY IN THE MINDS OF
THOSE WHO 90 NOT KNOW
THE FACTS.

Bill Was Discussed For Three Years-No
One Thought of Remonetizing Silver
Which Was Practically Demonetized In
1s53-How the Act Went Through Con-
eress '.Like the Silent Tread of a Cat"
For the benefit Of the thousands Of
intelligent people who honestly believe
that n crime was committed surrepti-
tiously against silver in 1878, Congress
man J. r. McCleary Of Minnesota de-
voted considerable time, in his great
speech Of Feb IL, to a presentation OF
the important facts connected with the
passage of the coinage act Of 1878. The
facts stand out so clearly and tell such
o straightforward story that it would
seem impossible that any fair minded
man should, after reading them, con-
tinue to believe that there was any
Conspiracy" by anybody that caused
the passage of this act. Wecan give but
a few Of the more salient points from
Mr.. McCleary's speech on this point:
The original bill was prepared in the
treasury department in the winter of
1869-7O, by John Jay Knox, then deputy
comptroller Of the currency, under the
direction of George S. Boutwell,, then
secretary Of the treasury. The laws re-
latine to the mint had not been revised
for more than generation, and much
confusion existed This bill was largely
a codifcation Of existing law, with such
improvements as experience suggested.
The first draft Of the bill was sub
mitted to leading experts On coinage
and currency in this country, and to
some in Europe. In this way the views
of more than 30 men were obtained
Their answers were transmitted to the
house in June, 1870, as supplementary
report on the bill. The consensus Of
opinion Of these experts, and Of those
who discussed the bill in congress, was
that it was simply to recognize legally
what had practically existed, since the
act Of 1853 made gold the single stand
ard Of value and made silver subsidiary
and legal tender only for sums not ex-
ceeding SIS.
The bill as introduced distinctly dis
continued the silver dollar. One OF the
eight headings to the divisions i'll the
reports accompanying the bill was as
follows: "(5) DISCONTINUANCE OF
SILVER DOLLAR. F" This was printed
In capitals. The discontinuance of the
silver dollar was specifically referred to
in four places in this report
Contrary to the suggestions and
statements of many leading free silver
ties, the old standard dollar Of 412h
grains was never in the coinage bill
passed in 1878, and therefore it could
not, as they allege, have been omitted
surreptitiously. In May, 1892, a silver
dollar containing 384 grains was in
troduced into the bill. Like the silver
half dollars it did not have "free coin
age" or full tender. This was the dol
lar which was afterward dropped out of
the bill and in place Of which the trade
dollar of 420 grains, with unlimited coin
age, but limited tender, was substituted.
From the contemporary records it is
clear that the bill was before congress
for about three years; that it was print
ed II times separately and twice in re-
ports Of the comptroller of the currency;
that it was considered at length by the
finance committee of the senate and by
the coinage committee of the house dur
ing five different sessions; that it was
carefully debated in both houses, the
debates in the senate occupying 66 col
umns and those in the house occupying
rs columns of The Congressional Globe,
and it finally passed substantially as it
was originally introduced. Every fea-
ture Of the bill was thoroughly explained
in the original report accompanying the
bill, and repeatedly afterward in the
debates on the bill itself.
There doubtless were persons in both
houses who did not pay attention to
either the report OF the discussions, for
at that time such subjects were regard
ed as of interest only to experts, but it
certainly cannot be truthfully said that
they did not have full opportunity to
know all about it.
So far as concerns the coinage of gold
and silver, there were just two impor-
tant provisions in the act of 1S73-name-
ly, the unlimited coinage Of gold and
the limited coinage Of silver. Both of
these provisions have endured and will
endure, because. as l have shown al
ready, this is the only way in which we
can have the use Of both metals as money
at the same time. And though some
very excellent gentlemen in congress in
1878, when the wave Of free silver"
threatened to overwhelm every one op-
posed to it, may have said some foolish
things about the act of 1878, it is q sig
nificant fact that not single Republican
of those quoted as saying these things,
unless he lives in silver producing
state, has ever voted to repeal the essen
tial provisions of the act of 1878 above
cited. Except as to the trade dollar
(Which was inserted as special conces-
sion to the silver producers), the act Of
1873, based upon the experience of CEN
turtles, framed by men pre-eminent for
ability and integrity, discussed in all
its phases during the three years when
it was before congress, will be recorded
in history as one of the wisest and best
pieces of legislation ever enacted by the
congress of the United States Its de-
tails may be changed, but its funda-
mental principles will endure.
Occasionally we hear man ask,
"Why didn't the newspapers say more
about the act at the time of its passa se?"
The answer is plain. 1t was because of
their being newspapers, not alcient his
tories There was nethinc now in nrin.