Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, 1896-09-10

ounces: by 1856 TO 90. 216, 900 ounces.
and by 1895 to l6S,00u, 600 ounces, or
more than five times that of 1856. The
commercial ratio had decryased during
this period from l6 to / down to 81 to l.
1862 Commencement of the period
of paper or war money, which lasted
until the end of 1873. Deprecated
paper was the only currency.
1863 Formation of Latin Union on
coinage. comprising Greece. Spain,
Portugal, France, Belgium, Switzer-
land, Italy and Roumania on the ratio
of 15A to /.
18To-The law suppressing the silver
dollar from the coinage was formulated
by the secretary of the treasury and in
troduced into congress. Itwas printed
thirteen times and was the subject of
public discussion until the passage of
the law February u, 1873. This vas
the 'scrimc.' y
1s7l-Gold standard adopted in Ger
many
Double standard adopted by Japan.
i973-Formation of Scandinavian
Monetary Union. The gold standard
adopted by Denmark, Sweden and Nor
way; also bv Finland and Latin Union
several years later.
Value of divisional coins increased in
the United States and coinage OF dollar
coins, except trade dollars, dropped.
1S78-Law providing for purchase
and coinage of from two to four million
dollars worth of silver bullion per
month by the government. Free coin
age, or coinage on private account,
prohibited.
First international monetary confer
ence in Paris.
In the So years prior TO 1878 about s.
100000 silver dollars had been coined
under free coinage. From 1878 to 1896
81 II ,S9I ,I29 We're coined under limited
coinage. All the silver dollar and
smaller coins coined to July !, 1896.
amounted to 1896, 464 ,043.
All the silver dollars in our currency
are full legal tender at 100 cents each,
except for redemption OF gold certificate
which are not legal tender
Subsidiary silver half dollars. quart
er dollars and dimes are legal tender to
the amount of $40 in any one transac-
tion.
lSS1-Second international monetary
conference in Paris.
l882-Meeting of third International
monetary conference at Brussels.
Gold standard adopted by Austria.
1893 Suspension OF silver coinage in
India. Fall Of silver to the ratio OF
to 81 43. Repeal of the purchasing
clause of 1890.
1887, 1857, 1873, 1893 These were the
panic Years. The causes of the first
two were wild cat banking and Inflated
bank credits, and speculations in real
estate. The panic OF 1873 was caused
by excessive railroad building and OK
panded credits, and By paper money in
hation. The panic of 1873 was caused
by shrinkage of revenues by the demo
cratic tariff, and by excessive silver in
hation.
Silver has always been measured by
gold. Cold was | and silver was va'i-
able and measured by it. In 1856 the
ratio was | to Is: in 1886 it was to 81:
in 1896 it is | to 81
Today ounce Of gold will purchase
as much as 80 ounces of silver. If we
coined silver at l6 TO | therefore we
would be forcing on ourselves d dollar
of purchasing power or debt paying
power of only onehalf the present dol
lar of our currency, all its dollars now
being kept up TO a value of 100 cents
each by the existing gold standard,
Nowhere in the world at the present
time is there any free coinage of silver,
nor has there been since the mints of
India closed wears ago, The few and
unimportant countries that continue to
coin silver charge a profit on it. The
Bryan party offers to do the work free
for all the world. and would nave no
difficulty in getting the contract on
these terms, Josiah Hartzell.