The sea coast echo. [volume] (Bay Saint Louis, Miss.) 1892-current, 1896-08-08

and III the payment
of debts, and we de-
mnnd that all paper
currency shall be
Kept Mt par with
aud reedeemable In
snch coin. We in-i
sis 3 upon this policy
as specially neeossa.
ny for the protection
OF the farmers and
laboring classes, the
first and most de-.
ienceless victims of
unstable money andI
huctuating cur.
rency.
Though VIC will forego criticism
on the plank, we will however, in
dulge in brief historical review OF
the momentus question, beginning
with American coinage.
In 1888, after peace was declared
some OF the prominent patriots, no.-
ably, Morris, jefferson and Hamil.
ton, began to agitate the necessity
OF establishing an American mint.
This naturally brought on the char
acter OF the mintage, and thus wa;
born the coinage question in the Un-
tied States; and while II was earnest.
ly discussed, it did not resolve Itseli
into that bitterness which character.
ICES the present campaign.
Morris, who was then superinten-
dent OF finance and ought to have
known something of the character OF
The mintage, came TO the conclusion,
that, inasmuch as the relative values
Of gold and silver we're constantly
changing, there could be no ratio es-
tablished between them which would
admit OF sufficient stability for pur-
poses of law. Therefore, he reason
cd, the only thing for the govern
mont to do would .-e-'s ~aopt siluar
alone as its metallic money and pro-
ceed to coin it. He was a silver
monometallist.
Owing to Hanilton's master OF
finance, his views we're also courted.
He also made 1t plain that he was a
mono -metalllst like Morris, but re-
cognizing the greater value of gold
its higher place among the CONNER
cial nations, and its lesser liability to
sudden and extreme fluctuation in
price, he preferred II TO silver as the
metallic standard. During this mon
etary discussion the new constitution
appeared (l787) with its provisions
as to money and coinage: The con-
gres shall have power to coin money,
regulate the value thereof and fix the
standards of weights and measures.
Article H.; section 8. Again, No
state shall coin money, emit bills of
credit, make anything but gold and
silver coin tender in payment of
debts. Article /. section 10.
Hamilton made OF the question a
full and able report to congress IN
1871. He adhered to the belief that,
in the abstract, C mono metallic
standard would be best, but that
such standard should be gold instead
of silver. However, reasoning on
the line of expediency, he feared
that the adoption of a single stand
ard would tend to limit the amount
Of the circulating medium, which was
not desirable nor advisable at tnat
period. He finally concluded that
double standard would be best in
pratice. His view Of the question
was accepted, and the ratio Of fifteen
10 one vas established.
The first coinage act provided for
The free and unlimited coinage of
both gold and silver, and thot both
coins should be legal tender. Thus
section Ia reads:
1T shall be lawful for any person
Or persons to bring to the said mint
gold and silver bullion In order to
heir being coined, and that the bul.
ion so brought shall be assayed and
coined tree Of expense to the per-
ION or persons by whom the same
'hall have been brought"
Section 16 Of the same act contain
ID the legal tender clause, making
he coins Of both metals, including
fractional silver coins as legal ten
Ter.
But our coinage law placed too
ow commercial ratio on gold, as it