The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-06-25
Iha ABSURD fahrlOations About the Act Of '73
Explained by Congressman McCIsary,
BILL WAS DISCUSSED FOR THREE YEARS
aoheay Thought of Demonstrating
silver Which Was Practically
Done I'm 1sS3-How Ii Act Went
Throngh Both House of
"tike the silent Tread OF Cat"

tiously against silver in 1878, Congress
man j. L. 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 toll such
a 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. We can give but
n few of the more salient points from
Mr. McCleary's speech ON this point:
The original bill was prepared in the
treasury department. i'll the winter Of
lS69-70, by John jag Knox. then deputy
comptroller of the currency, under the
direction of George S. Boutwell,, then
secretary of the treasury. Tho laws re-
lating to the mint had not been revised
FOR more than n generation, and much
confusion existed. This bill WAS largely
q codification 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 III Europe. In this way the views
of more than 80 men were obtained.
Their answers were transmitted to the
house i'll June, 1870, as Il supplementary
report ON tho bill. The consensus of
opinion of these exports, and of those
who discussed tho bill i'll congress, was
that 1T 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-
oeeding s5.
The bill as introduced distinctly dis
continued the silver dollar. One of the
eight headings to the divisions in the
reports accompanying tho bill was as
follows: 100 D1SCONTINUANCEO OF
SILVER DOLLAR" This was printed
In capitals. Tho discontinuance OF tho
silver dollar was specifically referred to
i'll four places in this report.
Contrary to tho suggestions and
statements Of many leading free silver
ties, the old standard dollar of 4l2lS
grains was mover in tho coinage bill
passed i'll 1878, and therefore it could
not, rs they allege, have been omitted
surreptitiously. In May, 1892, u silver
dollar containing 3S4 grains was in
troduced into the bill. Like the silver
half dollars it did not have free coin
ago" or full tender. This was tho 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 IL times separately and twice in re-
ports OF the comptroller of the currency A;
that 1t was considered at length by the
finance committee of the senate and by
the coinage committee of tho house dur
ang five different sessions; that it was
carefully debated in both houses, the
debates In the senate occupying SO COL
umns and those in tho house occupying
rs columns of The Congressional Globe,
and 1t finally passed substantially as it
was originally introduced. Every fea-
ture of the bill was thoroughly explained
In the original report accompanying tho
bill, and repeatedly sfterward in the
debates on the bill itself.
There doubtless were persons in both
houses who did not pay attention to
either b report or the discussions, for
at that time such subjects were regard
ed as of interest only to experts, but it
certainly ann be truthfully said that
they did not have full opportunity to
know all about it.
SO far as concerns the coinage of pold
and silver. there were Just two impor-
tant provisions in the act of 197S-nnme-
~, the unlimited coinage of gold and
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
q have the use Of both metals as money
at the same time. And though some
very excellent gentlemen i'll in
1873, when the wave of free s~ilyer''
threatened to overwhelm every one op-
posed to it, may have said some foolish
things about the act Of 1873, it is a sig
nificant fact that not q single Republican
Of those quoted as saying these things,
unless he lives in a silver producing
state, has ever voted to repeal the essen.
sial provisions of the act of 1878 above
Cited. Except as to the trade dollar
(Which was inserted as q special conces-
sion to the silver producera), the act Of
1878. based upon the experience Of CEN
t%uries, framed by men pre-eminent for
ability and integrity, discussed in all